N-CSRS 1 filing6515.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number    811-04008



Fidelity Investment Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)



Margaret Carey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)





Registrant's telephone number, including area code:

617-563-7000





Date of fiscal year end:

October 31





Date of reporting period:

April 30, 2023



Item 1.

Reports to Stockholders







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, 2023

Contents

Fidelity® Series Emerging Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series Emerging Markets Opportunities Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Growth Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Small Cap Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Value Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
7.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.2
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.0
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.1
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.5
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
2.0
 
HDFC Bank Ltd.  (India, Banks)
1.8
 
LG Chemical Ltd.  (Korea (South), Chemicals)
1.8
 
ICICI Bank Ltd.  (India, Banks)
1.7
 
NetEase, Inc. ADR  (China, Entertainment)
1.5
 
 
32.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.0
 
Information Technology
17.3
 
Consumer Discretionary
15.1
 
Communication Services
11.4
 
Consumer Staples
7.8
 
Materials
6.1
 
Industrials
5.4
 
Energy
4.8
 
Health Care
4.3
 
Utilities
1.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.5%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series Emerging Markets Fund
Common Stocks - 92.5%
 
 
Shares
Value ($)
 
Australia - 0.1%
 
 
 
AngloGold Ashanti Ltd.
 
130,800
3,495,834
Brazil - 4.3%
 
 
 
Azul SA sponsored ADR (a)(b)
 
1,505,000
9,797,550
Hapvida Participacoes e Investimentos SA (a)(c)
 
40,997,194
22,685,804
Localiza Rent a Car SA
 
1,468,133
17,074,942
Localiza Rent a Car SA rights 5/11/23 (a)
 
1,939
6,671
Lojas Renner SA
 
4,890,905
15,532,286
Natura & Co. Holding SA
 
2,479,867
5,498,883
Pet Center Comercio e Participacoes SA
 
12,853,384
15,899,872
Raia Drogasil SA
 
4,947,987
26,070,231
Vale SA
 
1,044,152
15,156,302
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
7,190,674
17,616,993
TOTAL BRAZIL
 
 
145,339,534
China - 32.1%
 
 
 
Airtac International Group
 
1,002,993
36,377,677
Alibaba Group Holding Ltd. (a)
 
9,860,699
104,263,351
Alibaba Group Holding Ltd. sponsored ADR (a)
 
157,400
13,330,206
Baidu, Inc. sponsored ADR (a)
 
90,099
10,866,840
BeiGene Ltd. ADR (a)
 
34,866
8,889,435
Bilibili, Inc. ADR (a)(b)
 
573,610
11,678,700
BYD Co. Ltd. (H Shares)
 
631,237
19,143,052
China Construction Bank Corp. (H Shares)
 
69,357,686
46,367,445
China Life Insurance Co. Ltd. (H Shares)
 
16,890,492
32,449,262
China Petroleum & Chemical Corp. (H Shares)
 
33,945,833
22,248,631
China Resources Beer Holdings Co. Ltd.
 
941,787
7,275,100
Contemporary Amperex Technology Co. Ltd.
 
253,960
8,517,953
ENN Energy Holdings Ltd.
 
2,048,195
28,084,046
Flat Glass Group Co. Ltd.
 
76,000
213,659
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
32,741,340
20,434,430
Haier Smart Home Co. Ltd.
 
6,908,077
22,517,452
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
1,567,220
2,859,084
Industrial & Commercial Bank of China Ltd. (H Shares)
 
36,214,791
19,483,712
JD.com, Inc. sponsored ADR
 
454,455
16,233,133
Kunlun Energy Co. Ltd.
 
12,098,244
11,215,167
Kweichow Moutai Co. Ltd. (A Shares)
 
117,946
30,094,455
Li Auto, Inc. ADR (a)
 
609,404
14,320,994
Li Ning Co. Ltd.
 
3,083,438
22,051,571
Meituan Class B (a)(c)
 
3,925,440
67,087,564
NetEase, Inc. ADR
 
586,292
52,256,206
New Horizon Health Ltd. (a)(c)
 
3,283,953
11,784,599
PDD Holdings, Inc. ADR (a)
 
384,452
26,200,404
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
6,483,292
47,298,991
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
723,861
32,725,553
Shenzhou International Group Holdings Ltd.
 
1,491,447
14,325,596
Silergy Corp.
 
655,085
10,332,851
Sinopharm Group Co. Ltd. (H Shares)
 
543,000
1,923,457
Sinotruk Hong Kong Ltd.
 
13,571,598
20,740,682
Sunny Optical Technology Group Co. Ltd.
 
835,139
8,825,172
Tencent Holdings Ltd.
 
3,856,973
171,311,760
Trip.com Group Ltd. ADR (a)
 
1,329,474
47,209,622
Wuliangye Yibin Co. Ltd. (A Shares)
 
782,068
19,151,922
Wuxi Biologics (Cayman), Inc. (a)(c)
 
3,175,673
18,936,028
Zai Lab Ltd. ADR (a)
 
293,732
10,274,745
Zijin Mining Group Co. Ltd. (H Shares)
 
15,918,889
26,951,565
TOTAL CHINA
 
 
1,096,252,072
Hungary - 0.4%
 
 
 
OTP Bank PLC
 
178,830
5,440,674
Richter Gedeon PLC
 
364,506
8,796,336
TOTAL HUNGARY
 
 
14,237,010
India - 15.6%
 
 
 
Axis Bank Ltd.
 
1,305,668
13,797,056
Bharti Airtel Ltd.
 
3,085,187
30,233,830
HDFC Bank Ltd.
 
2,985,869
61,798,608
HDFC Standard Life Insurance Co. Ltd. (c)
 
3,156,812
20,515,705
Hindustan Aeronautics Ltd.
 
226,072
8,104,458
Hindustan Unilever Ltd.
 
1,001,547
30,178,065
Housing Development Finance Corp. Ltd.
 
959,376
32,722,210
ICICI Bank Ltd.
 
5,253,582
59,328,645
Infosys Ltd.
 
2,133,841
32,958,131
ITC Ltd.
 
7,094,836
37,036,915
Larsen & Toubro Ltd.
 
1,553,594
45,090,075
NTPC Ltd.
 
10,939,148
23,096,876
Reliance Industries Ltd.
 
2,864,800
85,166,184
SRF Ltd.
 
172,300
5,374,940
Tata Consultancy Services Ltd.
 
229,329
9,076,474
Tata Steel Ltd.
 
10,532,663
13,978,613
Ultratech Cement Ltd.
 
252,376
23,388,140
TOTAL INDIA
 
 
531,844,925
Indonesia - 3.4%
 
 
 
PT Bank Central Asia Tbk
 
51,910,247
32,124,735
PT Bank Mandiri (Persero) Tbk
 
72,557,542
25,649,097
PT Bank Rakyat Indonesia (Persero) Tbk
 
79,977,601
27,870,534
PT Telkom Indonesia Persero Tbk
 
25,973,197
7,523,106
PT United Tractors Tbk
 
11,454,327
22,611,715
TOTAL INDONESIA
 
 
115,779,187
Korea (South) - 12.8%
 
 
 
Db Insurance Co. Ltd.
 
349,584
21,984,110
Hansol Chemical Co. Ltd.
 
69,022
11,509,272
Hyundai Fire & Marine Insurance Co. Ltd.
 
246,310
6,922,557
Hyundai Motor Co. Ltd.
 
245,080
36,317,913
JYP Entertainment Corp.
 
102,086
6,908,641
KB Financial Group, Inc.
 
521,854
19,376,921
Kia Corp.
 
511,191
32,388,251
Korea Aerospace Industries Ltd.
 
160,310
6,587,483
LG Chemical Ltd.
 
107,566
59,774,810
LG H & H Co. Ltd.
 
9,730
4,545,188
LG Innotek Co. Ltd.
 
22,275
4,435,169
NAVER Corp.
 
105,399
15,275,771
POSCO
 
38,260
10,832,049
Samsung Electronics Co. Ltd.
 
3,604,535
177,428,144
SK Hynix, Inc.
 
343,612
23,128,574
TOTAL KOREA (SOUTH)
 
 
437,414,853
Mexico - 3.9%
 
 
 
America Movil S.A.B. de CV Series L
 
9,360,981
10,095,354
CEMEX S.A.B. de CV sponsored ADR (a)
 
1,269,623
7,617,738
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
166,969
16,199,332
Gruma S.A.B. de CV Series B
 
1,081,725
16,932,054
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
138,696
3,980,871
Grupo Financiero Banorte S.A.B. de CV Series O
 
5,974,079
51,661,604
Wal-Mart de Mexico SA de CV Series V
 
6,956,934
28,049,064
TOTAL MEXICO
 
 
134,536,017
Peru - 0.2%
 
 
 
Credicorp Ltd. (United States)
 
54,594
7,396,395
Russia - 0.1%
 
 
 
LUKOIL PJSC (d)
 
568,462
204,715
Sberbank of Russia (d)
 
5,098,115
36,469
Yandex NV Series A (a)(d)
 
273,678
2,079,953
TOTAL RUSSIA
 
 
2,321,137
Saudi Arabia - 3.5%
 
 
 
Al Rajhi Bank
 
1,216,852
24,916,478
Alinma Bank
 
3,335,931
28,150,003
Dr Sulaiman Al Habib Medical Services Group Co.
 
408,369
31,248,008
Saudi Telecom Co.
 
1,342,134
16,102,602
The Saudi National Bank
 
1,379,954
17,991,242
TOTAL SAUDI ARABIA
 
 
118,408,333
Singapore - 0.6%
 
 
 
Sea Ltd. ADR (a)
 
282,200
21,495,174
South Africa - 3.7%
 
 
 
Absa Group Ltd.
 
3,164,829
30,733,920
Bid Corp. Ltd.
 
1,016,916
23,142,935
Gold Fields Ltd. sponsored ADR
 
566,100
8,808,516
Impala Platinum Holdings Ltd.
 
1,502,130
14,624,440
MTN Group Ltd. (b)
 
3,843,674
26,962,977
Naspers Ltd. Class N
 
118,722
21,165,843
TOTAL SOUTH AFRICA
 
 
125,438,631
Taiwan - 10.9%
 
 
 
Chailease Holding Co. Ltd.
 
3,675,336
26,749,238
eMemory Technology, Inc.
 
304,416
18,188,855
HIWIN Technologies Corp.
 
1,906,396
14,633,167
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
3,055,425
10,404,237
International Games Systems Co. Ltd.
 
571,689
9,977,251
MediaTek, Inc.
 
1,250,763
27,177,392
Taiwan Semiconductor Manufacturing Co. Ltd.
 
16,248,342
265,890,288
TOTAL TAIWAN
 
 
373,020,428
Thailand - 0.9%
 
 
 
Bangkok Bank PCL (For. Reg.)
 
2,921,081
13,472,239
CP ALL PCL (For. Reg.)
 
5,070,933
9,637,842
Thai Beverage PCL
 
13,122,901
6,306,334
TOTAL THAILAND
 
 
29,416,415
 
TOTAL COMMON STOCKS
  (Cost $2,966,429,091)
 
 
 
3,156,395,945
 
 
 
 
Nonconvertible Preferred Stocks - 2.5%
 
 
Shares
Value ($)
 
Brazil - 2.5%
 
 
 
Banco Bradesco SA (PN)
 
2,424,400
6,732,014
Gerdau SA
 
2,280,926
11,514,840
Itau Unibanco Holding SA
 
6,260,861
32,535,691
Petroleo Brasileiro SA - Petrobras sponsored ADR (b)
 
3,279,083
34,823,861
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $82,415,859)
 
 
 
85,606,406
 
 
 
 
Government Obligations - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.2%
 
 
 
U.S. Treasury Bills, yield at date of purchase 4.45% to 4.58% 6/1/23 (f)
  (Cost $4,960,651)
 
4,980,000
4,961,657
 
 
 
 
Money Market Funds - 9.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (g)
 
288,813,824
288,871,587
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
35,035,809
35,039,313
 
TOTAL MONEY MARKET FUNDS
  (Cost $323,910,899)
 
 
323,910,900
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.7%
  (Cost $3,377,716,500)
 
 
 
3,570,874,908
NET OTHER ASSETS (LIABILITIES) - (4.7)%  
(160,055,401)
NET ASSETS - 100.0%
3,410,819,507
 
 
 
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)
1,027
Jun 2023
50,538,670
1,465,660
1,465,660
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.5%
 
 
 
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 $143,868,784 or 4.2% of net assets.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(f)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,391,764.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
175,911,032
1,276,051,844
1,163,091,290
3,766,096
-
1
288,871,587
0.7%
Fidelity Securities Lending Cash Central Fund 4.88%
9,725,325
178,675,706
153,361,718
178,673
-
-
35,039,313
0.1%
Total
185,636,357
1,454,727,550
1,316,453,008
3,944,769
-
1
323,910,900
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
392,768,165
149,457,853
241,230,359
2,079,953
Consumer Discretionary
508,421,540
169,892,360
338,529,180
-
Consumer Staples
260,118,320
115,892,499
144,225,821
-
Energy
165,055,106
34,823,861
130,026,530
204,715
Financials
713,505,555
205,558,021
507,911,065
36,469
Health Care
150,123,049
81,894,328
68,228,721
-
Industrials
188,528,522
48,477,027
140,051,495
-
Information Technology
588,058,946
-
588,058,946
-
Materials
213,027,059
43,097,396
169,929,663
-
Utilities
62,396,089
-
62,396,089
-
 Government Obligations
4,961,657
-
4,961,657
-
  Money Market Funds
323,910,900
323,910,900
-
-
 Total Investments in Securities:
3,570,874,908
1,173,004,245
2,395,549,526
2,321,137
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
1,465,660
1,465,660
-
-
  Total Assets
1,465,660
1,465,660
-
-
 Total Derivative Instruments:
1,465,660
1,465,660
-
-
 
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, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
1,465,660
0
Total Equity Risk
1,465,660
0
Total Value of Derivatives
1,465,660
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Series Emerging Markets Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $33,633,679) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,053,805,601)
$
3,246,964,008
 
 
Fidelity Central Funds (cost $323,910,899)
323,910,900
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,377,716,500)
 
 
$
3,570,874,908
Foreign currency held at value (cost $1,914,645)
 
 
1,910,999
Receivable for investments sold
 
 
1,499,989
Receivable for fund shares sold
 
 
14,033,310
Dividends receivable
 
 
10,463,395
Distributions receivable from Fidelity Central Funds
 
 
1,039,334
Receivable for daily variation margin on futures contracts
 
 
694,667
Receivable from investment adviser for expense reductions
 
 
43,414
Other receivables
 
 
1,011,878
  Total assets
 
 
3,601,571,894
Liabilities
 
 
 
 
Payable for investments purchased
$
148,104,680
 
 
Payable for fund shares redeemed
58,749
 
 
Other payables and accrued expenses
7,549,645
 
 
Collateral on securities loaned
35,039,313
 
 
  Total Liabilities
 
 
 
190,752,387
Net Assets  
 
 
$
3,410,819,507
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,673,583,849
Total accumulated earnings (loss)
 
 
 
(262,764,342)
Net Assets
 
 
$
3,410,819,507
Net Asset Value , offering price and redemption price per share ($3,410,819,507 ÷ 423,467,919 shares)
 
 
$
8.05
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
36,016,676
Non-Cash dividends
 
 
7,004,906
Interest  
 
 
90,725
Income from Fidelity Central Funds (including $178,673 from security lending)
 
 
3,944,769
 Income before foreign taxes withheld
 
 
$
47,057,076
Less foreign taxes withheld
 
 
(4,084,538)
 Total Income
 
 
 
42,972,538
Expenses
 
 
 
 
Custodian fees and expenses
$
403,507
 
 
Independent trustees' fees and expenses
8,682
 
 
 Total expenses before reductions
 
412,189
 
 
 Expense reductions
 
(217,473)
 
 
 Total expenses after reductions
 
 
 
194,716
Net Investment income (loss)
 
 
 
42,777,822
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,749,748)
 
(125,841,314)
 
 
 Foreign currency transactions
 
(2,037,253)
 
 
 Futures contracts
 
192,539
 
 
Total net realized gain (loss)
 
 
 
(127,686,028)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $396,378)
 
547,935,451
 
 
   Fidelity Central Funds
 
1
 
 
 Assets and liabilities in foreign currencies
 
17,983
 
 
 Futures contracts
 
13,270,698
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
561,224,133
Net gain (loss)
 
 
 
433,538,105
Net increase (decrease) in net assets resulting from operations
 
 
$
476,315,927
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
42,777,822
$
74,510,346
Net realized gain (loss)
 
(127,686,028)
 
 
(324,627,707)
 
Change in net unrealized appreciation (depreciation)
 
561,224,133
 
(1,027,426,269)
 
Net increase (decrease) in net assets resulting from operations
 
476,315,927
 
 
(1,277,543,630)
 
Distributions to shareholders
 
(65,273,730)
 
 
(105,313,301)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
954,240,489
 
739,859,925
  Reinvestment of distributions
 
65,273,730
 
 
105,313,301
 
Cost of shares redeemed
 
(456,480,619)
 
(265,266,031)
  Net increase (decrease) in net assets resulting from share transactions
 
563,033,600
 
 
579,907,195
 
Total increase (decrease) in net assets
 
974,075,797
 
 
(802,949,736)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,436,743,710
 
3,239,693,446
 
End of period
$
3,410,819,507
$
2,436,743,710
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
119,786,177
 
84,221,344
  Issued in reinvestment of distributions
 
8,304,546
 
 
9,925,853
 
Redeemed
 
(55,910,644)
 
(29,402,412)
Net increase (decrease)
 
72,180,079
 
64,744,785
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Emerging Markets Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
6.94
$
11.31
$
9.65
$
9.48
$
8.87
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.23
 
.20
 
.17
 
.30 D
 
.01
     Net realized and unrealized gain (loss)
 
1.19
 
(4.24)
 
1.62
 
.22
 
.35
 
(1.14)
  Total from investment operations
 
1.31  
 
(4.01)  
 
1.82  
 
.39  
 
.65
 
(1.13)
  Distributions from net investment income
 
(.20)
 
(.30)
 
(.16)
 
(.22)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
(.07)
 
-
 
-
 
-
 
-
     Total distributions
 
(.20)
 
(.36) E
 
(.16)
 
(.22)
 
(.04)
 
-
  Net asset value, end of period
$
8.05
$
6.94
$
11.31
$
9.65
$
9.48
$
8.87
 Total Return   F,G
 
18.92%
 
(36.53)%
 
18.88%
 
4.16%
 
7.33%
 
(11.30)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03% J
 
.04%
 
.04%
 
.05%
 
.04%
 
.04% J
    Expenses net of fee waivers, if any
 
.01% J
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% J
    Expenses net of all reductions
 
.01% J
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% J
    Net investment income (loss)
 
2.97% J
 
2.61%
 
1.70%
 
1.86%
 
3.24% D
 
.65% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,410,820
$
2,436,744
$
3,239,693
$
2,995,875
$
2,065,165
$
1,431,017
    Portfolio turnover rate K
 
102% J
 
65%
 
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 mutual funds or ETFs 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. 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.
 
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
7.6
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.8
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.6
 
HDFC Bank Ltd.  (India, Banks)
2.8
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
2.6
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.9
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.8
 
Ping An Insurance Group Co. of China Ltd. (H Shares) (China, Insurance)
1.6
 
Sea Ltd. ADR  (Singapore, Entertainment)
1.5
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.4
 
 
30.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.7
 
Information Technology
18.1
 
Consumer Discretionary
14.0
 
Communication Services
9.8
 
Materials
9.0
 
Consumer Staples
6.7
 
Industrials
5.3
 
Energy
4.6
 
Health Care
3.6
 
Utilities
2.9
 
Real Estate
1.5
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Common Stocks - 96.2%
 
 
Shares
Value ($)
 
Brazil - 6.3%
 
 
 
Arezzo Industria e Comercio SA
 
2,394,563
31,867,976
Atacadao SA
 
24,646,000
53,118,509
Dexco SA
 
29,895,811
35,303,406
ENGIE Brasil Energia SA
 
5,663,100
46,812,144
Equatorial Energia SA
 
10,638,200
58,311,959
Localiza Rent a Car SA
 
8,461,721
98,413,015
Localiza Rent a Car SA rights 5/11/23 (a)
 
39,088
134,478
LOG Commercial Properties e Participacoes SA
 
4,552,451
14,959,435
Lojas Renner SA
 
14,021,226
44,527,892
MercadoLibre, Inc. (a)
 
86,367
110,332,979
Multiplan Empreendimentos Imobiliarios SA
 
1,937,700
10,061,837
PagSeguro Digital Ltd. (a)(b)
 
13,698,749
134,795,690
Raia Drogasil SA
 
25,233,500
132,951,678
Rede D'Oregon Sao Luiz SA (c)
 
6,502,900
29,817,018
Rumo SA
 
23,197,600
91,622,102
StoneCo Ltd. Class A (a)
 
8,262,530
101,794,370
Suzano Papel e Celulose SA
 
2,860,700
22,826,870
Transmissora Alianca de Energia Eletrica SA
 
5,446,400
39,823,210
Vale SA sponsored ADR
 
15,622,770
225,124,116
XP, Inc. Class A (a)(b)
 
10,230,065
146,187,629
TOTAL BRAZIL
 
 
1,428,786,313
Canada - 0.9%
 
 
 
Barrick Gold Corp.
 
10,673,200
203,217,728
Chile - 1.1%
 
 
 
Antofagasta PLC
 
6,693,044
122,849,710
Banco de Chile
 
1,190,736,100
126,780,759
TOTAL CHILE
 
 
249,630,469
China - 29.1%
 
 
 
Akeso, Inc. (a)(b)(c)
 
5,034,545
27,650,687
Alibaba Group Holding Ltd. (a)
 
55,674,739
588,683,910
Alibaba Group Holding Ltd. sponsored ADR (a)
 
617,515
52,297,345
Angelalign Technology, Inc. (c)
 
886,600
11,121,216
Ant International Co. Ltd. Class C (a)(d)(e)
 
9,361,123
14,416,129
Antengene Corp. (a)(c)
 
6,459,686
2,231,017
Baidu, Inc.:
 
 
 
 Class A (a)
 
2,279,473
34,310,426
 sponsored ADR (a)
 
450,950
54,389,080
BeiGene Ltd. ADR (a)
 
207,600
52,929,696
Beijing Enlight Media Co. Ltd. (A Shares)
 
17,155,976
25,408,751
Bilibili, Inc. ADR (a)(b)
 
4,195,088
85,411,992
BYD Co. Ltd. (H Shares)
 
5,057,594
153,377,869
C&S Paper Co. Ltd. (A Shares)
 
22,252,600
37,977,954
China Communications Services Corp. Ltd. (H Shares)
 
75,360,000
41,294,620
China Construction Bank Corp. (H Shares)
 
481,252,000
321,729,676
China Gas Holdings Ltd.
 
35,524,400
45,701,081
China Life Insurance Co. Ltd. (H Shares)
 
101,446,690
194,894,868
China Merchants Holdings International Co. Ltd.
 
27,236,494
40,414,122
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
4,509,628
8,916,674
China Overseas Land and Investment Ltd.
 
12,386,400
31,413,697
China Petroleum & Chemical Corp. (H Shares)
 
221,316,000
145,053,975
China Resources Beer Holdings Co. Ltd.
 
15,194,666
117,375,487
China Resources Land Ltd.
 
13,515,720
62,939,413
China Tower Corp. Ltd. (H Shares) (c)
 
135,868,721
17,340,023
China Vanke Co. Ltd. (H Shares)
 
13,349,400
20,869,041
Daqin Railway Co. Ltd. (A Shares)
 
80,892,300
90,194,429
Daqo New Energy Corp. ADR (a)
 
193,772
8,898,010
ENN Energy Holdings Ltd.
 
5,153,900
70,668,255
ESR Group Ltd. (c)
 
5,393,000
8,430,043
Greentown China Holdings Ltd.
 
8,214,000
9,871,950
Guangdong Investment Ltd.
 
49,930,000
47,731,915
Haier Smart Home Co. Ltd.
 
23,547,216
76,754,111
Haier Smart Home Co. Ltd. (A Shares)
 
1,171,203
4,027,055
Haitian International Holdings Ltd.
 
17,099,306
44,428,816
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
20,567,724
37,521,763
Innovent Biologics, Inc. (a)(c)
 
8,269,362
39,759,693
JD Health International, Inc. (a)(c)
 
2,426,058
17,506,735
JD.com, Inc.:
 
 
 
 Class A
 
6,340,397
113,162,423
 sponsored ADR
 
432,593
15,452,222
Jiumaojiu International Holdings Ltd. (c)
 
15,743,199
35,373,609
KE Holdings, Inc.
 
11,300
59,201
KE Holdings, Inc. ADR (a)
 
2,521,200
39,557,628
Kuaishou Technology Class B (a)(c)
 
2,865,134
18,967,592
Kunlun Energy Co. Ltd.
 
60,942,000
56,493,712
Kweichow Moutai Co. Ltd. (A Shares)
 
428,110
109,234,201
Lenovo Group Ltd.
 
7,218,000
7,384,564
Li Auto, Inc.:
 
 
 
 ADR (a)(b)
 
6,575,609
154,526,812
 Class A (a)
 
520,690
6,166,979
Li Ning Co. Ltd.
 
12,806,364
91,586,226
Longfor Properties Co. Ltd. (c)
 
5,616,935
15,370,736
LONGi Green Energy Technology Co. Ltd.
 
1,444,200
7,312,247
Medlive Technology Co. Ltd. (c)
 
10,435,280
11,556,223
Meituan Class B (a)(c)
 
24,898,636
425,529,073
NetEase, Inc. ADR
 
855,952
76,291,002
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
1,404,130
64,014,287
OPT Machine Vision Tech Co. Ltd.
 
242,766
5,263,044
PDD Holdings, Inc. ADR (a)
 
2,816,984
191,977,460
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
48,607,000
354,613,371
Proya Cosmetics Co. Ltd. (A Shares)
 
4,919,730
119,694,390
Shangri-La Asia Ltd. (a)
 
17,378,000
16,031,465
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
1,765,939
79,837,608
Shenzhou International Group Holdings Ltd.
 
2,633,349
25,293,754
Silergy Corp.
 
3,654,196
57,638,723
Sinopec Engineering Group Co. Ltd. (H Shares)
 
49,856,187
25,853,523
Sinopharm Group Co. Ltd. (H Shares)
 
10,756,000
38,100,745
Sinotruk Hong Kong Ltd.
 
16,387,161
25,043,542
Sunny Optical Technology Group Co. Ltd.
 
6,395,057
67,578,547
Tencent Holdings Ltd.
 
23,318,764
1,035,728,923
Tongdao Liepin Group (a)
 
7,274,950
9,321,000
TravelSky Technology Ltd. (H Shares)
 
22,713,000
45,338,055
Trip.com Group Ltd. ADR (a)
 
5,656,392
200,858,480
Tsingtao Brewery Co. Ltd. (H Shares)
 
11,583,384
124,007,442
Uni-President China Holdings Ltd.
 
41,390,000
41,326,593
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c)
 
6,020,987
8,429,276
WuXi AppTec Co. Ltd. (H Shares) (c)
 
2,939,604
25,853,615
Wuxi Biologics (Cayman), Inc. (a)(c)
 
17,685,087
105,453,333
Xinyi Solar Holdings Ltd.
 
14,298,000
15,371,745
Zai Lab Ltd. (a)(f)
 
11,808,902
41,344,155
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
14,363,300
57,970,260
TOTAL CHINA
 
 
6,609,909,310
Greece - 0.7%
 
 
 
Alpha Bank SA (a)
 
86,748,700
108,492,825
Piraeus Financial Holdings SA (a)
 
21,381,847
50,419,806
TOTAL GREECE
 
 
158,912,631
Hong Kong - 0.9%
 
 
 
Huanxi Media Group Ltd. (a)
 
130,621,425
16,500,704
Kerry Properties Ltd.
 
6,340,500
16,359,161
Prudential PLC
 
11,655,048
178,334,360
TOTAL HONG KONG
 
 
211,194,225
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
1,691,900
40,829,289
India - 16.3%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
1,185,900
65,714,921
Bajaj Auto Ltd.
 
833,400
45,281,336
Bajaj Finance Ltd.
 
2,046,177
157,994,710
Bandhan Bank Ltd. (a)(c)
 
29,989,032
84,539,154
Bharat Electronics Ltd.
 
60,507,400
76,711,577
Bharti Airtel Ltd.
 
8,643,091
84,699,484
Campus Activewear Ltd.
 
3,094,577
13,528,512
Divi's Laboratories Ltd.
 
754,000
30,238,425
Embassy Office Parks (REIT)
 
3,840,355
15,498,530
HDFC Bank Ltd.
 
30,718,288
635,777,197
HDFC Standard Life Insurance Co. Ltd. (c)
 
20,348,741
132,243,782
Hindustan Aeronautics Ltd.
 
1,288,300
46,184,281
Housing Development Finance Corp. Ltd.
 
1,511,400
51,550,537
Indraprastha Gas Ltd.
 
10,918,594
66,385,473
Infosys Ltd.
 
2,503,128
38,661,934
Infosys Ltd. sponsored ADR
 
15,425,766
239,716,404
ITC Ltd.
 
33,800,954
176,449,895
JK Cement Ltd. (f)
 
3,988,031
146,559,825
Larsen & Toubro Ltd.
 
5,290,644
153,550,758
Mahanagar Gas Ltd.
 
3,487,034
43,123,398
Manappuram General Finance & Leasing Ltd.
 
30,961,687
49,346,415
Mankind Pharma Ltd. (g)
 
124,117
1,557,725
Mankind Pharma Ltd. (g)
 
124,118
1,557,738
Maruti Suzuki India Ltd.
 
691,192
72,873,888
NTPC Ltd.
 
37,236,845
78,621,735
Oberoi Realty Ltd.
 
962,972
10,819,901
Oil & Natural Gas Corp. Ltd.
 
36,520,100
71,298,522
One97 Communications Ltd. (a)
 
6,085,200
48,846,136
Petronet LNG Ltd.
 
11,584,880
33,683,370
Pine Labs Private Ltd. (a)(d)(e)
 
9,606
5,288,583
Power Grid Corp. of India Ltd.
 
31,955,654
93,018,941
Reliance Industries Ltd.
 
13,780,792
409,682,167
Shree Cement Ltd.
 
315,268
94,100,609
Sona Blw Precision Forgings Ltd. (c)
 
4,741,243
27,948,962
SRF Ltd.
 
2,529,877
78,920,119
Sun Pharmaceutical Industries Ltd.
 
1,592,400
19,282,227
Tata Motors Ltd. (a)
 
2,058,173
12,292,945
Tata Steel Ltd.
 
102,870,800
136,526,827
Torrent Pharmaceuticals Ltd.
 
1,505,272
30,506,220
Vijaya Diagnostic Centre Pvt Ltd.
 
1,766,900
8,177,301
Zomato Ltd. (a)
 
121,356,497
97,145,387
TOTAL INDIA
 
 
3,685,905,851
Indonesia - 2.8%
 
 
 
First Resources Ltd.
 
57,800,646
66,637,412
PT Bank Central Asia Tbk
 
375,840,360
232,589,379
PT Bank Rakyat Indonesia (Persero) Tbk
 
673,246,539
234,612,446
PT Dayamitra Telekomunikasi Tbk
 
54,585,700
2,606,519
PT Sumber Alfaria Trijaya Tbk
 
332,470,200
65,740,084
PT United Tractors Tbk
 
14,247,500
28,125,652
TOTAL INDONESIA
 
 
630,311,492
Japan - 0.2%
 
 
 
Z Holdings Corp.
 
14,880,005
40,759,926
Korea (South) - 11.2%
 
 
 
Coway Co. Ltd.
 
1,069,970
39,301,059
Delivery Hero AG (a)(c)
 
909,670
36,215,461
Hyundai Fire & Marine Insurance Co. Ltd.
 
2,806,240
78,869,538
Hyundai Motor Co. Ltd.
 
121,830
18,053,743
Jeisys Medical, Inc. (a)
 
2,135,054
13,830,441
Kakao Corp.
 
1,985,749
86,989,502
Kakao Pay Corp. (a)(b)
 
525,237
21,592,820
KB Financial Group, Inc.
 
4,613,228
171,293,416
Kia Corp.
 
2,539,592
160,904,522
L&F Co. Ltd. (b)
 
52,600
10,503,760
LG Chemical Ltd.
 
106,766
59,330,247
LG Corp.
 
1,026,038
67,182,402
NAVER Corp.
 
330,883
47,955,795
NCSOFT Corp.
 
48,710
13,789,041
POSCO
 
599,666
169,775,524
S-Oil Corp.
 
802,400
44,958,503
Samsung Biologics Co. Ltd. (a)(c)
 
152,488
89,219,203
Samsung Electronics Co. Ltd.
 
22,302,876
1,097,827,570
Samsung SDI Co. Ltd.
 
264,797
137,476,704
SK Hynix, Inc.
 
2,626,204
176,770,173
TOTAL KOREA (SOUTH)
 
 
2,541,839,424
Mauritius - 0.0%
 
 
 
Jumo World Ltd. (a)(e)
 
2,021
1,918,293
Mexico - 3.6%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
32,622,700
195,736,200
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
13,579,784
42,893,069
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
4,535,800
80,700,635
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR
 
267,933
76,714,577
Grupo Aeroportuario Norte S.A.B. de CV
 
4,411,100
48,489,102
Grupo Financiero Banorte S.A.B. de CV Series O
 
28,335,778
245,037,224
Wal-Mart de Mexico SA de CV Series V
 
30,145,300
121,540,243
TOTAL MEXICO
 
 
811,111,050
Netherlands - 0.0%
 
 
 
CTP BV (c)
 
878,177
11,515,193
CTP BV rights (a)(g)
 
878,177
222,563
TOTAL NETHERLANDS
 
 
11,737,756
Panama - 0.2%
 
 
 
Copa Holdings SA Class A (b)
 
483,822
43,698,803
Peru - 0.5%
 
 
 
Credicorp Ltd. (United States)
 
807,722
109,430,177
Philippines - 0.3%
 
 
 
Ayala Land, Inc.
 
54,350,524
26,222,696
SM Investments Corp.
 
2,355,000
38,096,058
TOTAL PHILIPPINES
 
 
64,318,754
Poland - 0.6%
 
 
 
CD Projekt RED SA
 
1,307,369
35,588,983
Dino Polska SA (a)(c)
 
947,200
96,356,282
TOTAL POLAND
 
 
131,945,265
Russia - 0.7%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(e)
 
5,084,349
1,877,803
Gazprom OAO sponsored ADR (Reg. S) (a)(e)
 
10,986,900
2,509,847
LSR Group OJSC (a)(e)
 
98,230
114,965
LUKOIL PJSC sponsored ADR (a)(e)
 
2,479,000
701,284
Novatek PJSC GDR (Reg. S) (a)(e)
 
648,900
28,551,600
Sberbank of Russia (e)
 
12,899,053
92,273
Sberbank of Russia sponsored ADR (a)(e)
 
19,633,994
349,485
Severstal PAO GDR (Reg. S) (a)(e)
 
6,035,400
142,496
TCS Group Holding PLC GDR (a)(e)
 
4,004,379
35,879,236
X5 Retail Group NV GDR (Reg. S) (a)(e)
 
6,393,700
48,592,120
Yandex NV Series A (a)(b)(e)
 
6,629,608
50,385,021
TOTAL RUSSIA
 
 
169,196,130
Saudi Arabia - 3.0%
 
 
 
Al Rajhi Bank
 
9,858,815
201,870,849
Alinma Bank
 
14,710,200
124,130,917
Bupa Arabia for Cooperative Insurance Co.
 
2,544,832
119,686,556
The Saudi National Bank
 
17,272,200
225,187,453
TOTAL SAUDI ARABIA
 
 
670,875,775
Singapore - 1.5%
 
 
 
Sea Ltd. ADR (a)
 
4,611,455
351,254,527
South Africa - 2.6%
 
 
 
Capitec Bank Holdings Ltd.
 
1,365,561
118,909,999
Discovery Ltd. (a)
 
15,141,500
119,004,699
Impala Platinum Holdings Ltd.
 
20,218,902
196,847,225
Naspers Ltd. Class N
 
552,818
98,556,789
Pick 'n Pay Stores Ltd.
 
22,801,884
54,123,701
TOTAL SOUTH AFRICA
 
 
587,442,413
Switzerland - 0.1%
 
 
 
OPT Machine Vision Tech Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 2/21/25 (a)(c)
 
831,200
18,050,589
Taiwan - 10.7%
 
 
 
BizLink Holding, Inc.
 
4,745,000
40,724,609
BizLink Holding, Inc. rights 5/8/23 (a)
 
121,229
130,040
Chailease Holding Co. Ltd.
 
26,635,341
193,853,048
eMemory Technology, Inc.
 
893,513
53,387,400
Formosa Plastics Corp.
 
6,722,000
20,549,020
MediaTek, Inc.
 
6,840,189
148,628,074
Novatek Microelectronics Corp.
 
1,227,000
16,762,739
Realtek Semiconductor Corp.
 
1,320,000
15,468,785
Taiwan Semiconductor Manufacturing Co. Ltd.
 
105,803,886
1,731,390,572
Uni-President Enterprises Corp.
 
39,464,000
94,543,238
United Microelectronics Corp.
 
2,904,000
4,667,405
Wistron Corp.
 
17,616,000
26,682,266
Wiwynn Corp.
 
1,670,473
63,528,155
Yageo Corp.
 
1,093,000
17,706,187
TOTAL TAIWAN
 
 
2,428,021,538
Tanzania - 0.1%
 
 
 
Helios Towers PLC (a)
 
14,359,600
18,822,424
Thailand - 0.7%
 
 
 
Carabao Group PCL (For. Reg.)
 
25,941,900
54,540,709
Land & House PCL (For. Reg.)
 
52,674,000
15,144,562
PTT Global Chemical PCL (For. Reg.)
 
63,289,400
77,237,713
Supalai PCL (For. Reg.)
 
13,722,800
8,530,245
TOTAL THAILAND
 
 
155,453,229
United States of America - 1.8%
 
 
 
FirstCash Holdings, Inc.
 
1,735,954
178,855,341
Globant SA (a)(b)
 
290,367
45,549,871
Legend Biotech Corp. ADR (a)
 
407,900
28,026,809
Parade Technologies Ltd.
 
238,000
7,284,259
Tenaris SA sponsored ADR (b)
 
1,838,400
52,780,464
Titan Cement International Trading SA (f)
 
5,818,852
93,868,650
TOTAL UNITED STATES OF AMERICA
 
 
406,365,394
Uruguay - 0.1%
 
 
 
Dlocal Ltd. (a)
 
1,456,566
20,391,924
 
TOTAL COMMON STOCKS
  (Cost $19,856,986,469)
 
 
 
21,801,330,699
 
 
 
 
Preferred Stocks - 3.0%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.6%
 
 
 
Brazil - 0.1%
 
 
 
Creditas Financial Solutions Ltd. Series F (a)(d)(e)
 
70,500
20,123,520
China - 0.4%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
399,541
79,508,659
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
769,712
6,827,345
 
 
 
86,336,004
India - 0.1%
 
 
 
Meesho Series F (a)(d)(e)
 
431,274
29,852,786
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
136,312,310
Nonconvertible Preferred Stocks - 2.4%
 
 
 
Brazil - 1.7%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
6,849,800
31,654,816
Metalurgica Gerdau SA (PN)
 
52,885,922
123,631,631
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
12,291,800
116,649,182
 sponsored ADR
 
10,449,335
110,971,938
 
 
 
382,907,567
India - 0.1%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(d)(e)
 
22,959
12,640,077
 Series A (a)(d)(e)
 
5,737
3,158,505
 Series B (a)(d)(e)
 
6,242
3,436,533
 Series B2 (a)(d)(e)
 
5,049
2,779,727
 Series C (a)(d)(e)
 
9,391
5,170,215
 Series C1 (a)(d)(e)
 
1,978
1,088,988
 Series D (a)(d)(e)
 
2,116
1,164,964
 
 
 
29,439,009
Korea (South) - 0.5%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
901,059
74,774,293
Samsung Electronics Co. Ltd.
 
1,072,790
44,865,629
 
 
 
119,639,922
United States of America - 0.1%
 
 
 
Gupshup, Inc. (a)(d)(e)
 
566,129
8,848,596
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
540,835,094
 
TOTAL PREFERRED STOCKS
  (Cost $548,655,437)
 
 
 
677,147,404
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (h)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 4.43% to 4.78% 5/25/23 to 6/1/23
  (Cost $15,351,049)
 
15,410,000
15,353,708
 
 
 
 
Money Market Funds - 2.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (i)
 
186,856,281
186,893,653
Fidelity Securities Lending Cash Central Fund 4.88% (i)(j)
 
325,945,812
325,978,407
 
TOTAL MONEY MARKET FUNDS
  (Cost $512,867,710)
 
 
512,872,060
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
  (Cost $20,933,860,665)
 
 
 
23,006,703,871
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(338,084,821)
NET ASSETS - 100.0%
22,668,619,050
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,334,000,278 or 5.9% 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 $194,304,627 or 0.9% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated company
 
(g)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(h)
Amount is stated in United States dollars unless otherwise noted.
 
(i)
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.
 
(j)
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
12/01/20
10,932,333
 
 
 
Gupshup, Inc.
6/08/21
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.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
723,008,581
7,463,935,389
8,000,050,317
10,117,791
14,130
(14,130)
186,893,653
0.5%
Fidelity Securities Lending Cash Central Fund 4.88%
429,041,537
2,621,276,756
2,724,339,886
2,878,171
-
-
325,978,407
1.0%
Total
1,152,050,118
10,085,212,145
10,724,390,203
12,995,962
14,130
(14,130)
512,872,060
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
JK Cement Ltd.
153,502,664
-
24,315,150
-
(955,592)
18,327,903
146,559,825
LOG Commercial Properties e Participacoes SA
24,979,870
1,289,315
5,346,790
728,098
(3,206,447)
(2,756,513)
-
Pick 'n Pay Stores Ltd.
119,922,945
287,922
35,437,696
825,160
(29,290,770)
(1,358,700)
-
Titan Cement International Trading SA
65,636,709
-
1,270,953
-
(984,987)
30,487,881
93,868,650
Zai Lab Ltd.
25,948,841
3,264,890
3,244,798
-
(6,809,334)
22,184,556
41,344,155
Zai Lab Ltd. ADR
1,098,404
-
1,681,573
-
(196,203)
779,372
-
Total
391,089,433
4,842,127
71,296,960
1,553,258
(41,443,333)
67,664,499
281,772,630
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
2,186,029,374
621,758,008
1,434,377,686
129,893,680
Consumer Discretionary
3,173,909,665
1,000,627,703
2,143,429,176
29,852,786
Consumer Staples
1,533,594,476
458,090,413
1,025,034,140
50,469,923
Energy
1,044,966,504
280,401,584
732,802,189
31,762,731
Financials
5,346,436,007
2,130,976,218
3,142,680,853
72,778,936
Health Care
847,373,689
151,602,812
688,943,532
6,827,345
Industrials
1,187,551,749
439,772,712
747,779,037
-
Information Technology
4,107,951,544
294,164,285
3,770,211,071
43,576,188
Materials
2,002,547,916
1,022,558,311
979,847,109
142,496
Real Estate
369,770,540
118,987,162
250,668,413
114,965
Utilities
678,346,639
176,602,129
501,744,510
-
 Government Obligations
15,353,708
-
15,353,708
-
  Money Market Funds
512,872,060
512,872,060
-
-
 Total Investments in Securities:
23,006,703,871
7,208,413,397
15,432,871,424
365,419,050
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
221,119,750
 
  Net Realized Gain (Loss) on Investment Securities
 
(1,574,410)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
146,281,710
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(408,000)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
365,419,050
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023
$
146,281,710
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $309,896,740) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $20,230,284,999)
$
22,212,059,181
 
 
Fidelity Central Funds (cost $512,867,710)
512,872,060
 
 
Other affiliated issuers (cost $190,707,956)
281,772,630
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $20,933,860,665)
 
 
$
23,006,703,871
Foreign currency held at value (cost $80,488,636)
 
 
75,689,952
Receivable for investments sold
 
 
53,401,846
Receivable for fund shares sold
 
 
49,835
Dividends receivable
 
 
54,662,361
Distributions receivable from Fidelity Central Funds
 
 
1,522,580
Receivable for daily variation margin on futures contracts
 
 
24,807
Receivable from investment adviser for expense reductions
 
 
278,437
Other receivables
 
 
3,053,349
  Total assets
 
 
23,195,387,038
Liabilities
 
 
 
 
Payable to custodian bank
$
2,707,550
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
57,189,002
 
 
Delayed delivery
20,025,629
 
 
Payable for fund shares redeemed
34,705,616
 
 
Deferred taxes
84,019,941
 
 
Other payables and accrued expenses
2,146,939
 
 
Collateral on securities loaned
325,973,311
 
 
  Total Liabilities
 
 
 
526,767,988
Net Assets  
 
 
$
22,668,619,050
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
22,626,492,647
Total accumulated earnings (loss)
 
 
 
42,126,403
Net Assets
 
 
$
22,668,619,050
Net Asset Value , offering price and redemption price per share ($22,668,619,050 ÷ 1,375,885,800 shares)
 
 
$
16.48
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $1,553,258 earned from affiliated issuers)
 
 
$
268,240,654
Non-Cash dividends
 
 
59,985,114
Interest  
 
 
427,075
Income from Fidelity Central Funds (including $2,878,171 from security lending)
 
 
12,995,962
 Income before foreign taxes withheld
 
 
$
341,648,805
Less foreign taxes withheld
 
 
(31,875,815)
 Total Income
 
 
 
309,772,990
Expenses
 
 
 
 
Custodian fees and expenses
$
3,340,429
 
 
Independent trustees' fees and expenses
77,459
 
 
Interest
51,384
 
 
 Total expenses before reductions
 
3,469,272
 
 
 Expense reductions
 
(1,791,339)
 
 
 Total expenses after reductions
 
 
 
1,677,933
Net Investment income (loss)
 
 
 
308,095,057
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $11,909,230)
 
(694,745,816)
 
 
   Fidelity Central Funds
 
14,130
 
 
   Other affiliated issuers
 
(41,443,333)
 
 
 Foreign currency transactions
 
920,822
 
 
 Futures contracts
 
19,646,729
 
 
Total net realized gain (loss)
 
 
 
(715,607,468)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $10,852,581)
 
4,524,248,310
 
 
   Fidelity Central Funds
 
(14,130)
 
 
   Other affiliated issuers
 
67,664,499
 
 
 Assets and liabilities in foreign currencies
 
(1,165,604)
 
 
 Futures contracts
 
4,775,049
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
4,595,508,124
Net gain (loss)
 
 
 
3,879,900,656
Net increase (decrease) in net assets resulting from operations
 
 
$
4,187,995,713
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
308,095,057
$
687,585,060
Net realized gain (loss)
 
(715,607,468)
 
 
(1,069,863,359)
 
Change in net unrealized appreciation (depreciation)
 
4,595,508,124
 
(10,801,411,227)
 
Net increase (decrease) in net assets resulting from operations
 
4,187,995,713
 
 
(11,183,689,526)
 
Distributions to shareholders
 
(559,062,771)
 
 
(3,331,305,613)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,162,520,016
 
7,263,042,676
  Reinvestment of distributions
 
559,062,771
 
 
3,331,305,613
 
Cost of shares redeemed
 
(5,012,173,230)
 
(2,937,614,184)
  Net increase (decrease) in net assets resulting from share transactions
 
(3,290,590,443)
 
 
7,656,734,105
 
Total increase (decrease) in net assets
 
338,342,499
 
 
(6,858,261,034)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
22,330,276,551
 
29,188,537,585
 
End of period
$
22,668,619,050
$
22,330,276,551
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
71,536,716
 
398,835,244
  Issued in reinvestment of distributions
 
35,117,008
 
 
156,693,585
 
Redeemed
 
(307,111,888)
 
(161,208,420)
Net increase (decrease)
 
(200,458,164)
 
394,320,409
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Emerging Markets Opportunities Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.17
$
24.69
$
21.49
$
19.39
$
17.66
$
21.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.48
 
.47
 
.35
 
.57 C
 
.45
     Net realized and unrealized gain (loss)
 
2.47
 
(8.30)
 
3.48
 
2.26
 
2.71
 
(3.52)
  Total from investment operations
 
2.68  
 
(7.82)  
 
3.95  
 
2.61  
 
3.28
 
(3.07)
  Distributions from net investment income
 
(.37)
 
(.68)
 
(.33)
 
(.50)
 
(.41)
 
(.39)
  Distributions from net realized gain
 
-
 
(2.01)
 
(.41)
 
(.02)
 
(1.14)
 
(.23)
     Total distributions
 
(.37)
 
(2.70) D
 
(.75) D
 
(.51) D
 
(1.55)
 
(.62)
  Net asset value, end of period
$
16.48
$
14.17
$
24.69
$
21.49
$
19.39
$
17.66
 Total Return   E,F
 
19.03%
 
(35.33)%
 
18.44%
 
13.66%
 
20.13%
 
(14.82)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03% I
 
.03%
 
.03%
 
.04%
 
.04%
 
.05%
    Expenses net of fee waivers, if any
 
.01% I
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% I
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.58% I
 
2.64%
 
1.82%
 
1.78%
 
3.12% C
 
2.16%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
22,668,619
$
22,330,277
$
29,188,538
$
26,829,783
$
18,675,048
$
13,597,809
    Portfolio turnover rate J
 
41% I
 
37%
 
69%
 
42% K
 
54%
 
64%
 
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 mutual funds or ETFs 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. 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.
 
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
6.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
5.6
 
Nestle SA (Reg. S)  (United States of America, Food Products)
4.9
 
Linde PLC  (United States of America, Chemicals)
3.7
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.1
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.1
 
Safran SA  (France, Aerospace & Defense)
2.9
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
2.8
 
Marsh & McLennan Companies, Inc.  (United States of America, Insurance)
2.8
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.6
 
 
37.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
26.6
 
Financials
17.5
 
Information Technology
15.5
 
Consumer Discretionary
13.6
 
Health Care
8.8
 
Materials
7.5
 
Consumer Staples
5.4
 
Communication Services
1.5
 
Energy
0.8
 
Real Estate
0.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series International Growth Fund
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
Belgium - 0.4%
 
 
 
Azelis Group NV
 
2,117,369
50,162,271
Canada - 3.3%
 
 
 
CAE, Inc. (a)
 
3,768,300
84,803,090
Canadian Pacific Kansas City Ltd.
 
3,176,840
250,423,672
Franco-Nevada Corp.
 
778,228
118,085,480
TOTAL CANADA
 
 
453,312,242
Denmark - 3.8%
 
 
 
Novo Nordisk A/S Series B
 
2,553,200
424,736,308
Vestas Wind Systems A/S
 
3,815,300
105,571,621
TOTAL DENMARK
 
 
530,307,929
Finland - 0.6%
 
 
 
Kone OYJ (B Shares)
 
1,478,100
84,204,741
France - 15.1%
 
 
 
Adevinta ASA Class B (a)
 
4,185,302
32,203,543
Airbus Group NV (b)
 
2,463,100
344,919,283
Edenred SA
 
3,114,536
202,207,973
Lectra
 
1,054,888
34,290,242
Legrand SA
 
2,378,344
224,593,754
LVMH Moet Hennessy Louis Vuitton SE (b)
 
879,196
845,682,220
Safran SA
 
2,582,100
401,567,591
TOTAL FRANCE
 
 
2,085,464,606
Germany - 1.7%
 
 
 
Deutsche Borse AG
 
1,114,045
212,458,015
Vonovia SE (b)
 
1,327,462
28,790,680
TOTAL GERMANY
 
 
241,248,695
Hong Kong - 2.6%
 
 
 
AIA Group Ltd.
 
32,939,501
358,614,842
India - 1.8%
 
 
 
Housing Development Finance Corp. Ltd.
 
3,632,200
123,886,370
Kotak Mahindra Bank Ltd.
 
2,608,100
62,138,440
Reliance Industries Ltd.
 
1,075,000
31,958,129
Reliance Industries Ltd. GDR (c)
 
505,800
30,145,680
TOTAL INDIA
 
 
248,128,619
Ireland - 1.8%
 
 
 
CRH PLC sponsored ADR
 
5,058,440
245,334,340
Israel - 1.3%
 
 
 
NICE Ltd. sponsored ADR (a)(b)
 
859,554
175,357,612
Italy - 1.6%
 
 
 
Interpump Group SpA
 
1,713,520
95,312,686
Prada SpA
 
16,335,900
120,275,997
TOTAL ITALY
 
 
215,588,683
Japan - 11.2%
 
 
 
Azbil Corp.
 
4,869,705
136,189,894
FANUC Corp.
 
2,809,575
94,882,758
Hoya Corp.
 
1,932,100
202,590,426
Keyence Corp.
 
946,287
426,734,083
Lasertec Corp.
 
777,200
105,734,975
Misumi Group, Inc.
 
6,777,406
170,975,026
OSG Corp.
 
2,187,246
30,725,792
Recruit Holdings Co. Ltd.
 
7,681,405
215,491,119
SHO-BOND Holdings Co. Ltd.
 
2,070,100
88,467,693
USS Co. Ltd.
 
3,848,100
64,663,443
TOTAL JAPAN
 
 
1,536,455,209
Kenya - 0.2%
 
 
 
Safaricom Ltd.
 
269,131,800
32,652,020
Netherlands - 6.6%
 
 
 
Aalberts Industries NV
 
682,400
31,415,909
ASML Holding NV (Netherlands)
 
1,222,646
772,638,484
IMCD NV
 
695,554
104,387,896
TOTAL NETHERLANDS
 
 
908,442,289
Norway - 0.3%
 
 
 
Schibsted ASA (B Shares)
 
2,487,454
40,286,436
South Africa - 0.2%
 
 
 
Clicks Group Ltd.
 
1,833,522
26,796,434
Spain - 2.3%
 
 
 
Amadeus IT Holding SA Class A (a)
 
4,452,164
312,920,476
Sweden - 6.7%
 
 
 
ASSA ABLOY AB (B Shares) (b)
 
8,478,401
201,645,239
Atlas Copco AB (A Shares) (b)
 
27,121,944
391,686,038
Autoliv, Inc.
 
1,237,534
106,192,793
Epiroc AB (A Shares)
 
10,438,736
209,119,971
Lagercrantz Group AB (B Shares)
 
1,525,400
19,604,753
TOTAL SWEDEN
 
 
928,248,794
Switzerland - 1.0%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
205,741
45,735,567
 (Reg.)
 
152,992
32,503,419
UBS Group AG
 
2,667,780
53,916,704
TOTAL SWITZERLAND
 
 
132,155,690
Taiwan - 1.7%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
14,356,885
234,938,207
United Kingdom - 5.8%
 
 
 
BAE Systems PLC
 
10,644,900
135,615,855
Compass Group PLC
 
10,896,000
287,446,944
Dechra Pharmaceuticals PLC
 
707,900
33,184,069
InterContinental Hotel Group PLC ADR
 
1,872,230
129,708,094
Rightmove PLC
 
8,998,992
64,939,053
Spectris PLC
 
3,076,386
145,332,267
TOTAL UNITED KINGDOM
 
 
796,226,282
United States of America - 27.1%
 
 
 
Experian PLC
 
5,982,189
211,798,701
Lam Research Corp.
 
143,713
75,317,109
Linde PLC
 
1,396,701
516,011,184
Marsh & McLennan Companies, Inc.
 
2,114,531
381,017,341
MasterCard, Inc. Class A
 
628,731
238,936,642
Moody's Corp.
 
618,359
193,620,570
MSCI, Inc.
 
471,227
227,343,466
Nestle SA (Reg. S)
 
5,215,220
669,058,353
NOV, Inc.
 
3,128,100
52,395,675
Otis Worldwide Corp.
 
971,400
82,860,420
PriceSmart, Inc.
 
571,127
42,080,637
ResMed, Inc.
 
1,238,818
298,505,585
Roche Holding AG (participation certificate)
 
793,944
248,615,789
S&P Global, Inc.
 
507,880
184,147,130
Sherwin-Williams Co.
 
625,341
148,543,501
Visa, Inc. Class A
 
697,970
162,438,558
TOTAL UNITED STATES OF AMERICA
 
 
3,732,690,661
 
TOTAL COMMON STOCKS
  (Cost $8,290,016,536)
 
 
 
13,369,537,078
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $18,859,141)
 
172,113
34,250,487
 
 
 
 
Money Market Funds - 7.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
198,601,976
198,641,697
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
892,574,721
892,663,978
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,091,305,675)
 
 
1,091,305,675
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.3%
  (Cost $9,400,181,352)
 
 
 
14,495,093,240
NET OTHER ASSETS (LIABILITIES) - (5.3)%  
(730,005,855)
NET ASSETS - 100.0%
13,765,087,385
 
 
 
 
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 $30,145,680 or 0.2% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $34,250,487 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
18,859,141
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
350,149,852
1,234,969,138
1,386,477,293
4,333,692
-
-
198,641,697
0.5%
Fidelity Securities Lending Cash Central Fund 4.88%
459,204,500
2,283,178,367
1,849,718,889
634,750
-
-
892,663,978
2.7%
Total
809,354,352
3,518,147,505
3,236,196,182
4,968,442
-
-
1,091,305,675
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
204,331,539
170,081,052
-
34,250,487
Consumer Discretionary
1,866,889,967
235,900,887
1,630,989,080
-
Consumer Staples
737,935,424
68,877,071
669,058,353
-
Energy
114,499,484
82,541,355
31,958,129
-
Financials
2,400,726,051
1,643,628,384
757,097,667
-
Health Care
1,207,632,177
331,689,654
875,942,523
-
Industrials
3,688,870,112
1,679,734,702
2,009,135,410
-
Information Technology
2,126,137,626
1,222,540,467
903,597,159
-
Materials
1,027,974,505
1,027,974,505
-
-
Real Estate
28,790,680
-
28,790,680
-
  Money Market Funds
1,091,305,675
1,091,305,675
-
-
 Total Investments in Securities:
14,495,093,240
7,554,273,752
6,906,569,001
34,250,487
Fidelity® Series International Growth Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $853,173,765) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $8,308,875,677)
$
13,403,787,565
 
 
Fidelity Central Funds (cost $1,091,305,675)
1,091,305,675
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $9,400,181,352)
 
 
$
14,495,093,240
Foreign currency held at value (cost $12,231,771)
 
 
12,174,576
Receivable for investments sold
 
 
24,547,554
Receivable for fund shares sold
 
 
71,200,509
Dividends receivable
 
 
31,829,545
Reclaims receivable
 
 
31,220,055
Interest receivable
 
 
10,973
Distributions receivable from Fidelity Central Funds
 
 
567,725
Other receivables
 
 
28,191
  Total assets
 
 
14,666,672,368
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
4,985,790
 
 
Other payables and accrued expenses
3,935,215
 
 
Collateral on securities loaned
892,663,978
 
 
  Total Liabilities
 
 
 
901,584,983
Net Assets  
 
 
$
13,765,087,385
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
8,715,595,221
Total accumulated earnings (loss)
 
 
 
5,049,492,164
Net Assets
 
 
$
13,765,087,385
Net Asset Value , offering price and redemption price per share ($13,765,087,385 ÷ 856,993,498 shares)
 
 
$
16.06
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
112,122,311
Foreign Tax Reclaims
 
 
6,509,287
Interest  
 
 
11,508
Income from Fidelity Central Funds (including $634,750 from security lending)
 
 
4,968,442
 Income before foreign taxes withheld
 
 
$
123,611,548
Less foreign taxes withheld
 
 
(18,217,728)
 Total Income
 
 
 
105,393,820
Expenses
 
 
 
 
Custodian fees and expenses
$
571,954
 
 
Independent trustees' fees and expenses
42,005
 
 
Interest
20,320
 
 
 Total expenses before reductions
 
634,279
 
 
 Expense reductions
 
(445)
 
 
 Total expenses after reductions
 
 
 
633,834
Net Investment income (loss)
 
 
 
104,759,986
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(171,498,828)
 
 
   Redemptions in-kind
 
105,980,569
 
 
 Foreign currency transactions
 
238,374
 
 
Total net realized gain (loss)
 
 
 
(65,279,885)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $894,469)
 
2,457,644,965
 
 
 Assets and liabilities in foreign currencies
 
2,729,349
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,460,374,314
Net gain (loss)
 
 
 
2,395,094,429
Net increase (decrease) in net assets resulting from operations
 
 
$
2,499,854,415
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
104,759,986
$
182,935,807
Net realized gain (loss)
 
(65,279,885)
 
 
316,466,877
 
Change in net unrealized appreciation (depreciation)
 
2,460,374,314
 
(4,983,117,038)
 
Net increase (decrease) in net assets resulting from operations
 
2,499,854,415
 
 
(4,483,714,354)
 
Distributions to shareholders
 
(434,836,481)
 
 
(1,228,456,975)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
969,017,193
 
3,357,019,808
  Reinvestment of distributions
 
434,836,481
 
 
1,228,456,975
 
Cost of shares redeemed
 
(2,095,954,757)
 
(1,948,259,376)
  Net increase (decrease) in net assets resulting from share transactions
 
(692,101,083)
 
 
2,637,217,407
 
Total increase (decrease) in net assets
 
1,372,916,851
 
 
(3,074,953,922)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,392,170,534
 
15,467,124,456
 
End of period
$
13,765,087,385
$
12,392,170,534
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
63,555,986
 
205,948,049
  Issued in reinvestment of distributions
 
29,420,601
 
 
65,032,132
 
Redeemed
 
(136,969,889)
 
(124,061,175)
Net increase (decrease)
 
(43,993,302)
 
146,919,006
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Growth Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.75
$
20.51
$
18.01
$
17.07
$
14.96
$
16.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.21
 
.20
 
.20
 
.37 C
 
.30
     Net realized and unrealized gain (loss)
 
2.69
 
(5.38)
 
5.19
 
1.38
 
2.74
 
(1.05)
  Total from investment operations
 
2.81  
 
(5.17)  
 
5.39  
 
1.58  
 
3.11
 
(.75)
  Distributions from net investment income
 
(.20)
 
(.28)
 
(.24)
 
(.37)
 
(.28)
 
(.24)
  Distributions from net realized gain
 
(.30)
 
(1.31)
 
(2.65)
 
(.27)
 
(.72)
 
(.27)
     Total distributions
 
(.50)
 
(1.59)
 
(2.89)
 
(.64)
 
(1.00)
 
(.51)
  Net asset value, end of period
$
16.06
$
13.75
$
20.51
$
18.01
$
17.07
$
14.96
 Total Return   D,E
 
20.78%
 
(27.31)%
 
33.10%
 
9.39%
 
22.58%
 
(4.82)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
-% I
    Net investment income (loss)
 
1.58% H
 
1.32%
 
1.06%
 
1.18%
 
2.38% C
 
1.84%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,765,087
$
12,392,171
$
15,467,124
$
11,557,995
$
16,501,791
$
14,113,600
    Portfolio turnover rate J
 
11% H,K
 
22% K
 
24%
 
16% K
 
24%
 
33%
 
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 mutual funds or ETFs 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 1.92%.
 
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.
 
 
Top Holdings (% of Fund's net assets)
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment, Instruments & Components)
3.4
 
Spectris PLC  (United Kingdom, Electronic Equipment, Instruments & Components)
3.4
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
3.3
 
Aalberts Industries NV  (Netherlands, Machinery)
2.7
 
Azbil Corp.  (Japan, Electronic Equipment, Instruments & Components)
2.5
 
Interpump Group SpA  (Italy, Machinery)
2.4
 
CTS Eventim AG  (Germany, Entertainment)
2.2
 
SHO-BOND Holdings Co. Ltd.  (Japan, Construction & Engineering)
1.5
 
Kongsberg Gruppen ASA  (Norway, Aerospace & Defense)
1.5
 
OBIC Co. Ltd. (Japan, IT Services)
1.4
 
 
24.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
31.1
 
Information Technology
17.9
 
Consumer Discretionary
10.6
 
Health Care
8.3
 
Communication Services
6.8
 
Financials
6.0
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
2.9
 
Energy
2.0
 
Utilities
0.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series International Small Cap Fund
Common Stocks - 95.6%
 
 
Shares
Value ($)
 
Australia - 1.1%
 
 
 
EBOS Group Ltd.
 
100,000
2,744,301
Imdex Ltd.
 
10,644,033
14,708,318
Steadfast Group Ltd.
 
6,116,015
24,111,829
TOTAL AUSTRALIA
 
 
41,564,448
Austria - 0.2%
 
 
 
Mayr-Melnhof Karton AG
 
24,700
3,935,568
Wienerberger AG
 
110,000
3,309,006
TOTAL AUSTRIA
 
 
7,244,574
Belgium - 1.7%
 
 
 
Azelis Group NV
 
823,072
19,499,275
Fagron NV
 
522,500
9,707,023
Galapagos NV (a)
 
85,000
3,297,941
KBC Ancora
 
677,579
32,597,617
TOTAL BELGIUM
 
 
65,101,856
Brazil - 0.2%
 
 
 
LOG Commercial Properties e Participacoes SA
 
1,200,000
3,943,221
Orizon Valorizacao de Residuos SA (a)
 
325,000
2,215,406
Pet Center Comercio e Participacoes SA
 
1,400,000
1,731,826
TOTAL BRAZIL
 
 
7,890,453
Canada - 3.2%
 
 
 
CAE, Inc. (a)
 
1,100,500
24,766,022
Cameco Corp.
 
135,000
3,711,150
Cogeco Communications, Inc. (b)
 
70,000
3,392,405
ECN Capital Corp.
 
982,650
2,291,895
Lumine Group, Inc.
 
364,900
4,915,249
McCoy Global, Inc. (a)
 
1,106,750
1,257,995
MTY Food Group, Inc.
 
93,600
4,063,588
North West Co., Inc.
 
130,000
3,813,116
Onex Corp. (sub. vtg.)
 
90,000
4,144,444
Osisko Gold Royalties Ltd.
 
874,700
14,216,256
Parkland Corp.
 
182,500
4,303,705
Pason Systems, Inc.
 
1,235,700
10,762,269
Real Matters, Inc. (a)(b)
 
950,000
3,562,018
Richelieu Hardware Ltd.
 
1,238,420
37,238,979
Total Energy Services, Inc.
 
323,400
1,911,971
TOTAL CANADA
 
 
124,351,062
China - 0.5%
 
 
 
Chlitina Holding Ltd.
 
2,142,000
15,277,988
Kindstar Globalgene Technology, Inc. (a)(c)
 
2,888,000
652,796
SITC International Holdings Co. Ltd.
 
850,000
1,572,230
TOTAL CHINA
 
 
17,503,014
Denmark - 0.5%
 
 
 
Spar Nord Bank A/S
 
1,292,340
20,957,898
Egypt - 0.3%
 
 
 
Energean PLC
 
275,000
4,278,605
Integrated Diagnostics Holdings PLC (c)
 
16,028,734
7,228,959
TOTAL EGYPT
 
 
11,507,564
Finland - 0.7%
 
 
 
Huhtamaki Oyj
 
115,489
4,153,679
Musti Group OYJ
 
908,878
18,818,047
Nanoform Finland PLC (a)
 
450,000
1,110,715
Olvi Oyj (A Shares)
 
74,900
2,442,956
TOTAL FINLAND
 
 
26,525,397
France - 3.9%
 
 
 
Altarea SCA
 
21,100
2,762,111
ARGAN SA
 
87,404
6,818,781
Elis SA
 
340,000
6,743,628
Exail Technologies SA (a)
 
114,000
2,379,178
Exclusive Networks SA
 
450,000
9,718,758
Laurent-Perrier Group SA
 
117,531
15,929,411
Lectra
 
1,059,745
34,448,124
LISI
 
861,095
24,385,203
Maisons du Monde SA (c)
 
270,700
2,848,615
Stef SA
 
65,000
7,534,792
Teleperformance
 
14,000
2,789,129
Thermador Groupe SA
 
33,900
3,511,315
Vallourec SA (a)
 
250,000
2,847,034
Vetoquinol SA
 
295,648
28,961,356
TOTAL FRANCE
 
 
151,677,435
Germany - 5.8%
 
 
 
CTS Eventim AG
 
1,306,770
85,819,820
DIC Asset AG (b)
 
163,800
1,243,585
DIC Asset AG rights (a)
 
163,800
135,368
Gerresheimer AG
 
61,000
6,634,209
Instone Real Estate Group BV (c)
 
400,000
3,195,510
Nexus AG
 
618,016
35,411,575
NORMA Group AG
 
98,900
2,345,205
Rheinmetall AG
 
138,100
40,401,769
Scout24 AG (c)
 
330,500
20,576,054
Stabilus Se
 
398,800
26,014,713
Talanx AG
 
75,200
3,775,233
TOTAL GERMANY
 
 
225,553,041
Greece - 0.1%
 
 
 
Mytilineos SA
 
187,700
5,439,540
Hong Kong - 0.2%
 
 
 
Cadeler A/S (a)
 
950,000
4,139,795
HKBN Ltd.
 
4,000,000
2,822,611
TOTAL HONG KONG
 
 
6,962,406
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
352,100
8,496,952
India - 0.8%
 
 
 
Embassy Office Parks (REIT)
 
3,892,602
15,709,383
Indian Energy Exchange Ltd. (a)(c)
 
7,267,508
13,975,218
One97 Communications Ltd. (a)
 
350,000
2,809,464
TOTAL INDIA
 
 
32,494,065
Indonesia - 0.2%
 
 
 
PT Selamat Sempurna Tbk
 
54,385,260
5,767,030
Ireland - 1.6%
 
 
 
AerCap Holdings NV (a)
 
416,000
23,445,760
Cairn Homes PLC
 
11,532,634
13,131,236
Cairn Homes PLC
 
5,500,000
6,205,901
Greencore Group PLC (a)
 
2,750,000
2,963,574
Irish Residential Properties REIT PLC
 
10,632,916
12,091,335
Mincon Group PLC
 
4,037,729
4,315,698
TOTAL IRELAND
 
 
62,153,504
Israel - 1.0%
 
 
 
Ituran Location & Control Ltd.
 
968,735
20,149,688
Maytronics Ltd.
 
1,003,771
10,484,786
Tel Aviv Stock Exchange Ltd.
 
1,742,857
8,024,341
TOTAL ISRAEL
 
 
38,658,815
Italy - 2.9%
 
 
 
Banca Generali SpA
 
140,000
4,641,864
BFF Bank SpA (c)
 
525,000
5,044,498
Coca-Cola HBC AG
 
125,000
3,807,953
Intercos SpA
 
269,000
4,872,998
Interpump Group SpA
 
1,633,037
90,835,906
MARR SpA
 
131,400
2,056,013
TOTAL ITALY
 
 
111,259,232
Japan - 29.6%
 
 
 
ABC-MART, Inc.
 
68,300
3,881,404
Ai Holdings Corp.
 
416,292
7,287,996
Aoki Super Co. Ltd.
 
309,187
5,483,309
Arcland Sakamoto Co. Ltd.
 
193,700
2,193,851
Artnature, Inc.
 
1,214,900
6,987,995
As One Corp.
 
62,000
2,626,601
ASKUL Corp.
 
470,000
6,263,604
Aucnet, Inc.
 
757,060
8,855,371
Azbil Corp.
 
3,466,390
96,943,714
Bank of Kyoto Ltd.
 
61,153
3,008,877
BayCurrent Consulting, Inc.
 
119,000
4,136,441
Broadleaf Co. Ltd. (d)
 
6,232,673
19,661,922
Central Automotive Products Ltd.
 
183,879
3,909,442
CKD Corp.
 
267,000
4,067,103
Curves Holdings Co. Ltd. (d)
 
5,387,359
31,409,088
Daiichikosho Co. Ltd.
 
2,031,428
36,419,882
Daikokutenbussan Co. Ltd.
 
179,300
7,178,389
Dexerials Corp.
 
90,000
1,712,752
Digital Hearts Holdings Co. Ltd. (d)
 
1,330,250
14,412,187
Dip Corp.
 
163,500
4,033,886
Dowa Holdings Co. Ltd.
 
90,000
2,940,343
Elan Corp.
 
173,200
1,297,015
Fujitec Co. Ltd.
 
475,300
12,661,628
Funai Soken Holdings, Inc.
 
1,121,757
21,503,610
Goldcrest Co. Ltd.
 
1,711,100
22,936,813
i-mobile Co. Ltd.
 
220,000
2,112,187
Inaba Denki Sangyo Co. Ltd.
 
396,300
8,851,746
Invincible Investment Corp.
 
7,000
3,022,302
Iwatani Corp.
 
85,000
4,024,138
Iwatsuka Confectionary Co. Ltd.
 
105,800
3,751,949
JINS Holdings, Inc.
 
123,200
2,653,074
JTOWER, Inc. (a)
 
225,000
9,703,457
Justsystems Corp.
 
100,000
2,642,500
Kamigumi Co. Ltd.
 
445,800
9,770,091
Kansai Electric Power Co., Inc.
 
660,000
7,124,512
Katitas Co. Ltd.
 
118,700
2,318,080
Kobayashi Pharmaceutical Co. Ltd.
 
416,800
26,009,164
Kobe Bussan Co. Ltd.
 
82,300
2,301,800
Koshidaka Holdings Co. Ltd. (d)
 
4,497,659
38,076,995
Kusuri No Aoki Holdings Co. Ltd.
 
255,658
12,267,488
Kyoritsu Maintenance Co. Ltd.
 
107,700
4,347,432
Lasertec Corp.
 
194,360
26,441,907
M&A Capital Partners Co. Ltd. (a)
 
120,000
3,390,005
Maeda Kosen Co. Ltd.
 
167,300
4,003,167
Maruwa Ceramic Co. Ltd.
 
59,600
7,600,488
MCJ Co. Ltd.
 
680,000
4,703,170
Medikit Co. Ltd.
 
695,300
12,067,137
Meitec Corp.
 
201,000
3,396,491
Miroku Jyoho Service Co., Ltd. (b)
 
643,891
8,042,835
Misumi Group, Inc.
 
1,548,865
39,073,538
Mitsuboshi Belting Ltd.
 
292,952
8,392,989
Miura Co. Ltd.
 
147,900
3,939,652
Nagaileben Co. Ltd.
 
1,513,000
23,535,723
Net One Systems Co. Ltd.
 
409,400
9,652,986
Nihon Parkerizing Co. Ltd.
 
5,700,468
44,618,519
Nippon Concept Corp.
 
135,000
1,609,675
Nitto Kohki Co. Ltd.
 
270,000
3,992,207
NOF Corp.
 
232,800
10,636,972
NS Tool Co. Ltd. (d)
 
1,434,000
11,954,995
NSD Co. Ltd.
 
1,373,780
25,272,585
OBIC Co. Ltd.
 
359,600
55,405,447
OSG Corp.
 
2,120,875
29,793,431
PALTAC Corp.
 
135,000
5,179,532
Paramount Bed Holdings Co. Ltd.
 
616,612
10,934,255
Pilot Corp.
 
115,900
3,862,624
ProNexus, Inc.
 
1,319,577
9,693,400
Qol Holdings Co. Ltd.
 
240,000
2,200,217
Raccoon Holdings, Inc. (b)
 
220,000
1,181,967
Relo Group, Inc.
 
273,600
4,253,492
Renesas Electronics Corp. (a)
 
281,200
3,664,725
Roland Corp.
 
100,000
2,997,588
San-Ai Obbli Co. Ltd.
 
1,576,710
16,612,271
Sekisui Jushi Corp.
 
175,000
2,811,001
SHO-BOND Holdings Co. Ltd.
 
1,372,000
58,633,725
Shoei Co. Ltd.
 
1,705,000
31,629,615
SK Kaken Co. Ltd.
 
97,904
31,131,093
Software Service, Inc.
 
181,500
11,631,307
Sumco Corp.
 
471,400
6,491,959
SWCC Showa Holdings Co. Ltd.
 
293,500
3,812,125
Techno Medica Co. Ltd.
 
283,000
3,732,780
The Monogatari Corp.
 
735,288
15,455,546
TIS, Inc.
 
952,836
26,164,614
Tocalo Co. Ltd.
 
1,515,849
14,235,652
Toyo Suisan Kaisha Ltd.
 
105,000
4,687,930
Tsuruha Holdings, Inc.
 
133,635
8,752,523
USS Co. Ltd.
 
1,868,300
31,394,899
Vector, Inc.
 
200,000
1,891,340
YAKUODO Holdings Co. Ltd.
 
740,300
13,532,113
Yamato Holdings Co. Ltd.
 
215,000
3,693,181
Zuken, Inc.
 
98,600
2,503,392
TOTAL JAPAN
 
 
1,141,078,923
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
10,459,846
1,269,025
Korea (South) - 0.6%
 
 
 
BGF Retail Co. Ltd.
 
110,318
15,396,945
Hansol Chemical Co. Ltd.
 
18,660
3,111,515
Soulbrain Co. Ltd.
 
20,000
3,292,229
TOTAL KOREA (SOUTH)
 
 
21,800,689
Luxembourg - 0.1%
 
 
 
Novem Group SA
 
255,000
2,764,887
Mexico - 0.1%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
1,173,400
2,594,213
Netherlands - 4.9%
 
 
 
Aalberts Industries NV
 
2,235,235
102,904,367
BE Semiconductor Industries NV (b)
 
284,000
25,454,507
IMCD NV
 
310,129
46,543,782
TKH Group NV (bearer) (depositary receipt)
 
87,800
4,239,446
Van Lanschot Kempen NV (Bearer)
 
305,761
9,282,092
TOTAL NETHERLANDS
 
 
188,424,194
Norway - 2.6%
 
 
 
Europris ASA (c)
 
1,314,800
9,407,247
Kongsberg Gruppen ASA
 
1,266,008
56,760,419
Medistim ASA
 
433,545
10,699,240
Selvaag Bolig ASA
 
840,200
2,869,770
Sparebanken Midt-Norge
 
721,800
9,333,168
TGS ASA
 
310,000
4,851,999
Volue A/S (a)
 
3,597,000
6,075,415
TOTAL NORWAY
 
 
99,997,258
Philippines - 0.0%
 
 
 
Robinsons Land Corp.
 
5,000,000
1,302,282
Singapore - 0.1%
 
 
 
Boustead Singapore Ltd.
 
9,000,000
5,433,905
South Africa - 0.4%
 
 
 
Clicks Group Ltd.
 
926,731
13,543,926
Spain - 0.9%
 
 
 
Cie Automotive SA
 
248,200
7,471,790
Compania de Distribucion Integral Logista Holdings SA
 
457,000
12,417,994
Fluidra SA
 
759,020
12,988,735
Grupo Catalana Occidente SA
 
40,000
1,291,427
TOTAL SPAIN
 
 
34,169,946
Sweden - 11.3%
 
 
 
AAK AB
 
246,700
4,965,249
Addlife AB
 
1,775,624
20,985,332
AddTech AB (B Shares)
 
6,461,065
129,157,666
Alligo AB (B Shares)
 
650,000
7,251,062
Arjo AB
 
370,000
1,636,579
Autoliv, Inc. (b)
 
433,900
37,232,959
Bergman & Beving AB (B Shares)
 
725,105
10,181,825
Betsson AB (B Shares)
 
590,000
6,368,862
BHG Group AB (a)(b)
 
1,203,200
1,365,693
Dometic Group AB (b)(c)
 
391,200
2,795,417
Hemnet Group AB (b)
 
2,020,100
33,093,627
HEXPOL AB (B Shares)
 
375,500
4,419,564
INVISIO AB
 
1,223,434
25,112,784
JM AB (B Shares)
 
125,000
2,002,672
John Mattson Fastighetsforetag (a)
 
1,057,353
7,299,876
Lagercrantz Group AB (B Shares)
 
10,360,623
133,156,844
MIPS AB
 
36,600
1,972,215
Teqnion AB
 
431,829
7,520,652
TOTAL SWEDEN
 
 
436,518,878
Switzerland - 1.5%
 
 
 
Kardex AG
 
14,990
3,395,956
Tecan Group AG
 
111,285
48,281,393
VZ Holding AG
 
81,662
7,582,867
TOTAL SWITZERLAND
 
 
59,260,216
Taiwan - 0.5%
 
 
 
Addcn Technology Co. Ltd.
 
2,058,764
13,610,459
International Games Systems Co. Ltd.
 
248,000
4,328,155
TOTAL TAIWAN
 
 
17,938,614
United Kingdom - 14.7%
 
 
 
Allfunds Group PLC
 
350,000
2,312,062
Alliance Pharma PLC
 
2,244,435
1,796,782
B&M European Value Retail SA
 
1,921,031
11,581,185
Baltic Classifieds Group PLC
 
3,487,200
7,117,243
Beazley PLC
 
850,000
6,361,354
Bodycote PLC
 
5,348,808
46,416,200
Clarkson PLC
 
778,734
30,338,893
Close Brothers Group PLC
 
1,429
16,307
DCC PLC (United Kingdom)
 
94,000
5,840,570
Dechra Pharmaceuticals PLC
 
780,413
36,583,245
Deliveroo PLC Class A (a)(c)
 
2,000,000
2,749,769
Direct Line Insurance Group PLC
 
2,250,000
4,853,726
Domino's Pizza UK & IRL PLC
 
1,209,100
4,470,476
Dowlais Group PLC
 
2,500,000
4,166,126
DP Poland PLC (a)
 
32,210,430
3,825,403
Dr. Martens Ltd.
 
1,150,000
2,400,581
Endava PLC ADR (a)
 
53,000
3,051,210
Games Workshop Group PLC
 
26,000
3,241,410
Genuit Group PLC
 
900,000
3,398,880
Grainger Trust PLC
 
2,156,700
7,009,179
H&T Group PLC
 
580,000
3,331,142
Harbour Energy PLC
 
875,800
2,721,936
Hill & Smith Holdings PLC
 
385,514
6,666,647
Howden Joinery Group PLC
 
3,987,682
34,308,862
InterContinental Hotel Group PLC ADR
 
205,000
14,202,400
J.D. Wetherspoon PLC (a)
 
633,500
5,676,558
Jet2 PLC
 
130,000
2,003,008
John Wood Group PLC (a)
 
1,550,000
4,390,707
Lancashire Holdings Ltd.
 
1,561,924
12,023,056
Londonmetric Properity PLC
 
1,000,000
2,420,501
LSL Property Services PLC
 
694,900
2,366,685
Mears Group PLC
 
1,234,708
3,437,058
Mitie Group PLC
 
2,200,000
2,543,662
On The Beach Group PLC (a)(c)
 
2,387,000
3,959,818
Petershill Partners PLC (c)
 
1,600,000
3,354,014
Pets At Home Group PLC
 
2,101,500
10,183,928
Rightmove PLC
 
5,469,570
39,469,831
S4 Capital PLC (a)
 
2,136,800
3,926,089
Sabre Insurance Group PLC (c)
 
5,661,270
8,993,109
Softcat PLC
 
280,945
4,720,648
Spectris PLC
 
2,802,228
132,380,705
Spirax-Sarco Engineering PLC
 
387,897
54,062,592
Synthomer PLC
 
5,181,700
7,788,473
Tate & Lyle PLC
 
929,800
9,523,488
Ten Entertainment Group PLC
 
887,600
3,000,672
Vistry Group PLC
 
300,000
2,950,221
TOTAL UNITED KINGDOM
 
 
567,936,411
United States of America - 3.2%
 
 
 
Morningstar, Inc.
 
231,100
41,207,441
NOV, Inc.
 
1,056,900
17,703,075
PriceSmart, Inc.
 
310,551
22,881,398
Ramaco Resources, Inc. (b)
 
220,000
1,788,600
ResMed, Inc.
 
166,300
40,071,648
TOTAL UNITED STATES OF AMERICA
 
 
123,652,162
 
TOTAL COMMON STOCKS
  (Cost $2,808,419,559)
 
 
 
3,688,793,815
 
 
 
 
Money Market Funds - 4.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
149,509,468
149,539,370
Fidelity Securities Lending Cash Central Fund 4.88% (e)(f)
 
21,759,748
21,761,924
 
TOTAL MONEY MARKET FUNDS
  (Cost $171,300,334)
 
 
171,301,294
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $2,979,719,893)
 
 
 
3,860,095,109
NET OTHER ASSETS (LIABILITIES) - 0.0%  
754,489
NET ASSETS - 100.0%
3,860,849,598
 
 
 
 
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 $84,781,024 or 2.2% 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.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
121,291,715
533,255,039
505,007,384
2,764,022
-
-
149,539,370
0.4%
Fidelity Securities Lending Cash Central Fund 4.88%
18,451,075
105,756,678
102,445,829
53,777
-
-
21,761,924
0.1%
Total
139,742,790
639,011,717
607,453,213
2,817,799
-
-
171,301,294
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Broadleaf Co. Ltd.
21,927,817
815,563
-
40,486
-
(3,081,458)
19,661,922
Curves Holdings Co. Ltd.
29,217,035
2,258,897
-
169,668
-
(66,844)
31,409,088
Digital Hearts Holdings Co. Ltd.
18,366,423
-
69,148
94,778
(17,568)
(3,867,520)
14,412,187
Goldcrest Co. Ltd.
20,638,219
1,026,768
1,611,736
497,326
(1,404,296)
4,287,858
-
Koshidaka Holdings Co. Ltd.
26,779,211
9,714,010
2,853,047
133,716
95,100
4,341,721
38,076,995
NS Tool Co. Ltd.
10,526,821
630,552
-
121,631
-
797,622
11,954,995
Total
127,455,526
14,445,790
4,533,931
1,057,605
(1,326,764)
2,411,379
115,515,187
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
265,552,185
194,664,094
70,888,091
-
Consumer Discretionary
396,270,726
201,074,288
195,196,438
-
Consumer Staples
210,627,892
86,800,082
123,827,810
-
Energy
79,376,855
58,740,446
20,636,409
-
Financials
241,309,161
194,013,768
47,295,393
-
Health Care
330,124,864
257,605,008
72,519,856
-
Industrials
1,199,751,052
928,825,726
270,925,326
-
Information Technology
692,676,327
374,071,148
318,605,179
-
Materials
160,719,949
46,277,793
114,442,156
-
Real Estate
105,260,292
55,582,572
49,677,720
-
Utilities
7,124,512
-
7,124,512
-
  Money Market Funds
171,301,294
171,301,294
-
-
 Total Investments in Securities:
3,860,095,109
2,568,956,219
1,291,138,890
-
Fidelity® Series International Small Cap Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $20,568,857) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,695,569,756)
$
3,573,278,628
 
 
Fidelity Central Funds (cost $171,300,334)
171,301,294
 
 
Other affiliated issuers (cost $112,849,803)
115,515,187
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,979,719,893)
 
 
$
3,860,095,109
Cash
 
 
359,579
Foreign currency held at value (cost $341,013)
 
 
339,995
Receivable for investments sold
 
 
8,407,584
Receivable for fund shares sold
 
 
9,346,598
Dividends receivable
 
 
15,408,188
Reclaims receivable
 
 
4,302,417
Distributions receivable from Fidelity Central Funds
 
 
621,243
Other receivables
 
 
8,815
  Total assets
 
 
3,898,889,528
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
7,425,436
 
 
Delayed delivery
135,368
 
 
Payable for fund shares redeemed
7,580,155
 
 
Other payables and accrued expenses
1,137,047
 
 
Collateral on securities loaned
21,761,924
 
 
  Total Liabilities
 
 
 
38,039,930
Net Assets  
 
 
$
3,860,849,598
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,952,485,307
Total accumulated earnings (loss)
 
 
 
908,364,291
Net Assets
 
 
$
3,860,849,598
Net Asset Value , offering price and redemption price per share ($3,860,849,598 ÷ 237,308,429 shares)
 
 
$
16.27
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $1,057,605 earned from affiliated issuers)
 
 
$
31,092,354
Income from Fidelity Central Funds (including $53,777 from security lending)
 
 
2,817,799
 Income before foreign taxes withheld
 
 
$
33,910,153
Less foreign taxes withheld
 
 
(5,441,102)
 Total Income
 
 
 
28,469,051
Expenses
 
 
 
 
Custodian fees and expenses
$
150,095
 
 
Independent trustees' fees and expenses
11,515
 
 
 Total Expenses
 
 
 
161,610
Net Investment income (loss)
 
 
 
28,307,441
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
24,369,342
 
 
   Affiliated issuers
 
(1,326,764)
 
 
 Foreign currency transactions
 
401,762
 
 
Total net realized gain (loss)
 
 
 
23,444,340
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $375,061)  
 
571,503,787
 
 
   Affiliated issuers
 
2,411,379
 
 
 Assets and liabilities in foreign currencies
 
525,072
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
574,440,238
Net gain (loss)
 
 
 
597,884,578
Net increase (decrease) in net assets resulting from operations
 
 
$
626,192,019
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
28,307,441
$
78,778,239
Net realized gain (loss)
 
23,444,340
 
 
170,598,372
 
Change in net unrealized appreciation (depreciation)
 
574,440,238
 
(1,772,210,175)
 
Net increase (decrease) in net assets resulting from operations
 
626,192,019
 
 
(1,522,833,564)
 
Distributions to shareholders
 
(211,666,578)
 
 
(562,935,286)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
234,574,964
 
318,375,461
  Reinvestment of distributions
 
211,666,578
 
 
562,935,286
 
Cost of shares redeemed
 
(246,175,710)
 
(397,219,829)
  Net increase (decrease) in net assets resulting from share transactions
 
200,065,832
 
 
484,090,918
 
Total increase (decrease) in net assets
 
614,591,273
 
 
(1,601,677,932)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,246,258,325
 
4,847,936,257
 
End of period
$
3,860,849,598
$
3,246,258,325
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
14,923,236
 
18,537,989
  Issued in reinvestment of distributions
 
14,026,944
 
 
27,025,218
 
Redeemed
 
(15,787,882)
 
(22,410,759)
Net increase (decrease)
 
13,162,298
 
23,152,448
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Small Cap Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.48
$
24.12
$
17.55
$
16.71
$
16.43
$
18.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.35
 
.29
 
.22
 
.36
 
.38
     Net realized and unrealized gain (loss)
 
2.62
 
(7.16)
 
6.45
 
1.36
 
1.47
 
(.99)
  Total from investment operations
 
2.74  
 
(6.81)  
 
6.74  
 
1.58  
 
1.83
 
(.61)
  Distributions from net investment income
 
(.21)
 
(.47)
 
(.17)
 
(.36)
 
(.37)
 
(.29)
  Distributions from net realized gain
 
(.73)
 
(2.35)
 
-
 
(.38)
 
(1.18)
 
(.85)
     Total distributions
 
(.95) C
 
(2.83) C
 
(.17)
 
(.74)
 
(1.55)
 
(1.13) C
  Net asset value, end of period
$
16.27
$
14.48
$
24.12
$
17.55
$
16.71
$
16.43
 Total Return   D,E
 
19.41%
 
(31.82)%
 
38.60%
 
9.60%
 
12.77%
 
(3.72)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
1.55% H
 
2.03%
 
1.34%
 
1.36%
 
2.28%
 
2.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,860,850
$
3,246,258
$
4,847,936
$
3,653,041
$
3,498,064
$
3,225,502
    Portfolio turnover rate I
 
28% H
 
25%
 
32%
 
24% J
 
23%
 
14%
 
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 mutual funds or ETFs 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.
 
 
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (Netherlands, Oil, Gas & Consumable Fuels)
4.0
 
BHP Group Ltd.  (Australia, Metals & Mining)
3.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.6
 
Toyota Motor Corp.  (Japan, Automobiles)
2.5
 
Siemens AG  (Germany, Industrial Conglomerates)
2.4
 
Sanofi SA  (United States of America, Pharmaceuticals)
2.1
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.1
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
2.0
 
UBS Group AG  (Switzerland, Capital Markets)
2.0
 
AXA SA  (France, Insurance)
2.0
 
 
26.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
32.6
 
Industrials
15.7
 
Materials
13.7
 
Energy
11.9
 
Consumer Discretionary
8.0
 
Health Care
5.2
 
Information Technology
5.1
 
Communication Services
1.9
 
Utilities
1.5
 
Real Estate
0.9
 
Consumer Staples
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series International Value Fund
Common Stocks - 96.3%
 
 
Shares
Value ($)
 
Australia - 8.5%
 
 
 
BHP Group Ltd.
 
16,782,287
498,056,315
Flutter Entertainment PLC (a)
 
211,500
42,302,488
Glencore PLC
 
43,478,127
256,635,441
Macquarie Group Ltd.
 
1,451,038
177,014,777
National Australia Bank Ltd.
 
3,598,957
69,284,097
Woodside Energy Group Ltd.
 
5,529,722
125,471,226
TOTAL AUSTRALIA
 
 
1,168,764,344
Belgium - 1.5%
 
 
 
KBC Group NV
 
1,928,487
137,657,488
UCB SA
 
654,100
60,845,950
TOTAL BELGIUM
 
 
198,503,438
Canada - 0.5%
 
 
 
Nutrien Ltd.
 
1,041,700
72,265,847
Denmark - 0.7%
 
 
 
DSV A/S
 
480,300
90,209,350
Finland - 1.2%
 
 
 
Sampo Oyj (A Shares)
 
3,183,787
161,237,556
France - 12.6%
 
 
 
Air Liquide SA
 
990,099
178,109,139
Airbus Group NV (b)
 
540,387
75,672,890
ALTEN
 
461,608
78,331,462
AXA SA
 
8,205,179
267,818,445
BNP Paribas SA
 
3,633,770
234,790,196
Capgemini SA
 
562,248
102,162,323
Euroapi SASU
 
146,370
1,757,201
Teleperformance
 
258,331
51,465,611
TotalEnergies SE (b)
 
7,715,792
493,038,670
VINCI SA (b)
 
1,092,829
135,109,924
Vivendi SA (b)
 
9,101,855
99,831,991
TOTAL FRANCE
 
 
1,718,087,852
Germany - 11.0%
 
 
 
Bayer AG
 
2,493,482
164,560,511
Covestro AG (b)(c)
 
1,701,300
74,636,785
Deutsche Post AG
 
3,061,607
147,262,064
Hannover Reuck SE
 
800,863
170,846,374
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
450,117
168,882,525
Rheinmetall AG
 
714,641
209,071,404
RWE AG
 
3,845,300
180,290,140
Siemens AG
 
2,027,407
334,182,036
Vonovia SE (b)
 
2,449,641
53,129,077
TOTAL GERMANY
 
 
1,502,860,916
Hong Kong - 2.1%
 
 
 
AIA Group Ltd.
 
10,428,247
113,533,115
Prudential PLC
 
11,254,800
172,210,149
TOTAL HONG KONG
 
 
285,743,264
India - 0.6%
 
 
 
Reliance Industries Ltd. GDR (c)
 
1,486,500
88,595,400
Indonesia - 0.6%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
232,294,937
80,949,964
Ireland - 2.9%
 
 
 
Bank of Ireland Group PLC
 
11,508,200
118,819,898
CRH PLC
 
3,755,008
181,194,064
Ryanair Holdings PLC sponsored ADR (a)
 
1,035,700
99,002,563
TOTAL IRELAND
 
 
399,016,525
Italy - 2.4%
 
 
 
Enel SpA
 
3,707,650
25,331,092
Eni SpA
 
12,248,200
185,038,599
Mediobanca SpA
 
10,576,055
113,391,036
TOTAL ITALY
 
 
323,760,727
Japan - 22.0%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
390,200
13,389,563
DENSO Corp.
 
2,750,596
166,035,903
Fast Retailing Co. Ltd.
 
474,900
112,457,097
FUJIFILM Holdings Corp.
 
1,862,549
97,076,003
Fujitsu Ltd.
 
713,300
95,066,707
Hitachi Ltd.
 
5,218,600
288,664,960
Hoya Corp.
 
575,509
60,345,020
Ibiden Co. Ltd.
 
1,275,444
50,183,919
INPEX Corp.
 
5,952,200
65,135,241
Itochu Corp.
 
5,344,553
177,304,797
Minebea Mitsumi, Inc.
 
4,650,051
86,112,617
Mitsubishi Estate Co. Ltd.
 
5,263,433
64,868,146
Mitsubishi UFJ Financial Group, Inc.
 
35,092,224
219,660,997
NOF Corp.
 
318,100
14,534,453
ORIX Corp.
 
8,438,433
143,559,038
Renesas Electronics Corp. (a)
 
9,089,000
118,451,929
Shin-Etsu Chemical Co. Ltd.
 
6,451,690
184,104,276
SoftBank Group Corp.
 
2,004,537
75,174,990
Sony Group Corp.
 
1,139,145
103,062,717
Sumitomo Mitsui Financial Group, Inc.
 
4,787,563
195,685,117
Suzuki Motor Corp.
 
3,467,182
120,895,356
TIS, Inc.
 
1,932,556
53,067,455
Tokio Marine Holdings, Inc.
 
8,185,145
164,578,987
Toyota Motor Corp.
 
24,569,520
337,340,396
TOTAL JAPAN
 
 
3,006,755,684
Korea (South) - 0.7%
 
 
 
Samsung Electronics Co. Ltd.
 
2,022,715
99,565,289
Luxembourg - 0.7%
 
 
 
ArcelorMittal SA (Netherlands)
 
3,328,845
94,305,676
Netherlands - 4.3%
 
 
 
Shell PLC ADR
 
8,883,648
550,608,507
Universal Music Group NV
 
1,890,387
41,264,575
TOTAL NETHERLANDS
 
 
591,873,082
Singapore - 1.3%
 
 
 
United Overseas Bank Ltd. (b)
 
8,052,389
171,016,311
South Africa - 1.1%
 
 
 
Anglo American PLC (United Kingdom)
 
4,718,076
145,383,643
Thungela Resources Ltd. (b)
 
748,374
6,950,436
TOTAL SOUTH AFRICA
 
 
152,334,079
Spain - 2.3%
 
 
 
Banco Santander SA (Spain) (b)
 
67,611,844
237,399,000
Cellnex Telecom SA (c)
 
1,315,638
55,393,607
Unicaja Banco SA (b)(c)
 
27,183,131
27,541,868
TOTAL SPAIN
 
 
320,334,475
Sweden - 2.1%
 
 
 
Alleima AB
 
595,300
3,052,240
Investor AB (B Shares)
 
9,443,760
202,411,343
Sandvik AB (b)
 
3,803,700
77,334,723
TOTAL SWEDEN
 
 
282,798,306
Switzerland - 4.5%
 
 
 
Swiss Life Holding AG (b)
 
162,130
106,436,073
UBS Group AG (b)
 
13,450,991
272,382,568
Zurich Insurance Group Ltd.
 
491,640
237,500,869
TOTAL SWITZERLAND
 
 
616,319,510
United Kingdom - 8.7%
 
 
 
AstraZeneca PLC (United Kingdom)
 
837,499
123,248,853
BAE Systems PLC
 
21,729,391
276,832,092
Barratt Developments PLC
 
15,580,300
97,902,710
Beazley PLC
 
9,303,117
69,624,028
BP PLC
 
17,450,198
117,073,296
Imperial Brands PLC
 
3,240,767
80,222,268
Lloyds Banking Group PLC
 
227,255,116
138,062,440
NatWest Group PLC
 
25,046,000
82,504,009
Rolls-Royce Holdings PLC (a)
 
10,909,700
20,899,379
Standard Chartered PLC (United Kingdom)
 
24,026,922
189,750,623
TOTAL UNITED KINGDOM
 
 
1,196,119,698
United States of America - 4.0%
 
 
 
Ferguson PLC
 
565,455
79,555,652
Linde PLC
 
481,874
178,028,349
Sanofi SA
 
2,706,506
291,675,429
TOTAL UNITED STATES OF AMERICA
 
 
549,259,430
 
TOTAL COMMON STOCKS
  (Cost $10,322,191,622)
 
 
 
13,170,676,723
 
 
 
 
Nonconvertible Preferred Stocks - 0.8%
 
 
Shares
Value ($)
 
Germany - 0.8%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $126,732,977)
 
1,951,077
108,669,573
 
 
 
 
Money Market Funds - 8.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (d)
 
240,315,815
240,363,878
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
 
875,920,140
876,007,732
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,116,371,610)
 
 
1,116,371,610
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.3%
  (Cost $11,565,296,209)
 
 
 
14,395,717,906
NET OTHER ASSETS (LIABILITIES) - (5.3)%  
(726,875,328)
NET ASSETS - 100.0%
13,668,842,578
 
 
 
 
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 $246,167,660 or 1.8% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
391,984,399
1,838,209,444
1,989,829,965
6,448,452
-
-
240,363,878
0.6%
Fidelity Securities Lending Cash Central Fund 4.88%
513,502,912
2,484,295,849
2,121,791,029
2,479,280
-
-
876,007,732
2.7%
Total
905,487,311
4,322,505,293
4,111,620,994
8,927,732
-
-
1,116,371,610
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
271,665,163
141,096,566
130,568,597
-
Consumer Discretionary
1,088,666,240
140,205,198
948,461,042
-
Consumer Staples
80,222,268
-
80,222,268
-
Energy
1,631,911,375
646,154,343
985,757,032
-
Financials
4,444,548,891
2,213,881,249
2,230,667,642
-
Health Care
715,822,527
62,603,151
653,219,376
-
Industrials
2,148,680,062
741,749,227
1,406,930,835
-
Information Technology
693,905,087
180,493,785
513,411,302
-
Materials
1,880,306,228
347,652,112
1,532,654,116
-
Real Estate
117,997,223
-
117,997,223
-
Utilities
205,621,232
180,290,140
25,331,092
-
  Money Market Funds
1,116,371,610
1,116,371,610
-
-
 Total Investments in Securities:
14,395,717,906
5,770,497,381
8,625,220,525
-
Fidelity® Series International Value Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $816,198,366) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,448,924,599)
$
13,279,346,296
 
 
Fidelity Central Funds (cost $1,116,371,610)
1,116,371,610
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $11,565,296,209)
 
 
$
14,395,717,906
Foreign currency held at value (cost $1,904,406)
 
 
1,905,007
Receivable for investments sold
 
 
103,769,594
Receivable for fund shares sold
 
 
3,908,489
Dividends receivable
 
 
75,733,338
Reclaims receivable
 
 
37,329,724
Interest receivable
 
 
134
Distributions receivable from Fidelity Central Funds
 
 
2,340,522
  Total assets
 
 
14,620,704,714
Liabilities
 
 
 
 
Payable for investments purchased
$
25,661,099
 
 
Payable for fund shares redeemed
50,011,096
 
 
Other payables and accrued expenses
182,209
 
 
Collateral on securities loaned
876,007,732
 
 
  Total Liabilities
 
 
 
951,862,136
Net Assets  
 
 
$
13,668,842,578
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,829,645,534
Total accumulated earnings (loss)
 
 
 
1,839,197,044
Net Assets
 
 
$
13,668,842,578
Net Asset Value , offering price and redemption price per share ($13,668,842,578 ÷ 1,259,440,258 shares)
 
 
$
10.85
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
216,245,007
Interest  
 
 
10,820
Income from Fidelity Central Funds (including $2,479,280 from security lending)
 
 
8,927,732
 Income before foreign taxes withheld
 
 
$
225,183,559
Less foreign taxes withheld
 
 
(19,353,852)
 Total Income
 
 
 
205,829,707
Expenses
 
 
 
 
Custodian fees and expenses
$
379,569
 
 
Independent trustees' fees and expenses
42,005
 
 
Interest
42,483
 
 
 Total expenses before reductions
 
464,057
 
 
 Expense reductions
 
(10)
 
 
 Total expenses after reductions
 
 
 
464,047
Net Investment income (loss)
 
 
 
205,365,660
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
19,899,214
 
 
   Redemptions in-kind
 
65,332,292
 
 
 Foreign currency transactions
 
1,293,562
 
 
Total net realized gain (loss)
 
 
 
86,525,068
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
2,251,769,975
 
 
 Assets and liabilities in foreign currencies
 
4,222,780
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,255,992,755
Net gain (loss)
 
 
 
2,342,517,823
Net increase (decrease) in net assets resulting from operations
 
 
$
2,547,883,483
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
205,365,660
$
571,708,614
Net realized gain (loss)
 
86,525,068
 
 
(148,251,550)
 
Change in net unrealized appreciation (depreciation)
 
2,255,992,755
 
(2,774,795,334)
 
Net increase (decrease) in net assets resulting from operations
 
2,547,883,483
 
 
(2,351,338,270)
 
Distributions to shareholders
 
(425,784,758)
 
 
(770,910,384)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,023,228,674
 
2,577,499,861
  Reinvestment of distributions
 
425,784,758
 
 
770,910,384
 
Cost of shares redeemed
 
(2,270,247,837)
 
(3,188,665,043)
  Net increase (decrease) in net assets resulting from share transactions
 
(821,234,405)
 
 
159,745,202
 
Total increase (decrease) in net assets
 
1,300,864,320
 
 
(2,962,503,452)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,367,978,258
 
15,330,481,710
 
End of period
$
13,668,842,578
$
12,367,978,258
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
98,026,247
 
248,540,462
  Issued in reinvestment of distributions
 
42,493,489
 
 
70,596,189
 
Redeemed
 
(220,287,615)
 
(298,779,921)
Net increase (decrease)
 
(79,767,879)
 
20,356,730
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Value Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.24
$
11.62
$
8.25
$
9.82
$
9.68
$
10.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.42
 
.43 C
 
.26
 
.39
 
.38
     Net realized and unrealized gain (loss)
 
1.78
 
(2.24)
 
3.23
 
(1.43)
 
.10
 
(1.23)
  Total from investment operations
 
1.94  
 
(1.82)  
 
3.66  
 
(1.17)  
 
.49
 
(.85)
  Distributions from net investment income
 
(.33)
 
(.56)
 
(.29)
 
(.36)
 
(.35)
 
(.31)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.04)
 
-
 
(.03)
     Total distributions
 
(.33)
 
(.56)
 
(.29)
 
(.40)
 
(.35)
 
(.34)
  Net asset value, end of period
$
10.85
$
9.24
$
11.62
$
8.25
$
9.82
$
9.68
 Total Return   D,E
 
21.34%
 
(16.40)%
 
44.95%
 
(12.55)%
 
5.48%
 
(8.11)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
-% I
    Net investment income (loss)
 
3.11% H
 
4.09%
 
3.97% C
 
2.92%
 
4.23%
 
3.60%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,668,843
$
12,367,978
$
15,330,482
$
11,605,710
$
15,992,396
$
14,030,676
    Portfolio turnover rate J
 
35% H,K
 
31% K
 
34%
 
36% K
 
41%
 
43%
 
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 mutual funds or ETFs 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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund,   Fidelity Series International Growth Fund,   Fidelity Series International Small Cap Fund and   Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.   Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
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
$365,419,050
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.1 - 20.0/7.7
Increase
 
 
Market approach
Transaction price
$9.50 $55.00/$19.69
Increase
 
 
 
Discount rate
20.0% - 50.0%/21.3%
Decrease
 
 
Book value
Book value multiple
1.4
Increase
 
 
Indicative market price
Discount rate
20.0%
Decrease
 
 
 
Bid price
$11.20
Increase
 
 
Black scholes
Discount rate
4.2%
Increase
 
 
 
Volatility
95.0%
Increase
 
 
 
 
Term
2.0
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, 2023, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims or foreign taxes withheld, 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 Emerging Markets Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund and Fidelity Series International Small Cap Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes or Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
 
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Series Emerging Markets Fund  
$3,426,744,496
$420,347,892
$(274,751,820)
$145,596,072
Fidelity Series Emerging Markets Opportunities Fund  
21,407,947,165
5,288,943,927
(3,690,187,221)
1,598,756,706
Fidelity Series International Growth Fund  
9,443,327,748
5,389,048,965
(337,283,473)
5,051,765,492
Fidelity Series International Small Cap Fund  
2,994,311,987
1,161,165,605
(295,382,483)
865,783,122
Fidelity Series International Value Fund
11,759,837,055
2,993,686,699
(357,805,848)
2,635,880,851
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity Series Emerging Markets Fund  
$   (259,568,802)
$(37,857,752)
$   (297,426,554)
Fidelity Series Emerging Markets Opportunities Fund  
(834,830,045)
-
(834,830,045)
 
 
 
 
 
 
 
 
Fidelity Series International Value Fund
(1,007,762,687)
-
(1,007,762,687)
 
 
 
 
 
 
 
 
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Emerging Markets Fund
1,940,052,033
1,392,476,870
Fidelity Series Emerging Markets Opportunities Fund
4,711,780,877
7,226,091,491
Fidelity Series International Growth Fund
733,651,282
1,491,122,007
Fidelity Series International Small Cap Fund
495,925,545
493,430,244
Fidelity Series International Value Fund
2,250,478,692
3,028,041,113
 
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series International Growth Fund
14,310,643
105,980,569
214,546,284
Fidelity Series International Value Fund
20,829,707
65,332,292
212,630,931
 
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
$742
Fidelity Series Emerging Markets Opportunities Fund
36,393
Fidelity Series International Growth Fund
1,952
Fidelity Series International Small Cap Fund
572
Fidelity Series International Value Fund
3,184
 
 
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series Emerging Markets Opportunities Fund  
Borrower
$   405,211,000
4.57%
$51,384
Fidelity Series International Growth Fund  
Borrower
$86,931,000
4.21%
$20,320
Fidelity Series International Value Fund
Borrower
$   60,929,833
4.18%
$42,483
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Emerging Markets Fund
13,771,431
18,425,558
(4,622,653)
Fidelity Series Emerging Markets Opportunities Fund
34,891,551
140,922,684
11,938,259
Fidelity Series International Growth Fund
19,076,727
47,661,249
(19,547,106)
Fidelity Series International Small Cap Fund
18,676,170
15,288,139
748,566
Fidelity Series International Value Fund
74,470,645
65,739,885
8,812,417
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series International Growth Fund
3,489,700
20,221,102
47,323,914
Fidelity Series International Value Fund
5,171,078
9,807,643
46,949,274
 
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
$19,488
$-
$-
Fidelity Series Emerging Markets Opportunities Fund
$311,671
$-
$-
Fidelity Series International Growth Fund
$70,635
$-
$-
Fidelity Series International Small Cap Fund
$5,550
$1
$-
Fidelity Series International Value Fund
$274,463
$2,429
$-
 
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2026. 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%
$   216,645
Fidelity Series Emerging Markets Opportunities Fund
.013%
$   1,789,394
 
 
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  
$   828
Fidelity Series Emerging Markets Opportunities Fund  
  1,945
Fidelity Series International Growth Fund  
  445
Fidelity Series International Value Fund  
  10
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,189.20
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Opportunities Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,190.30
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Growth Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,207.80
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Small Cap Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,194.10
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Value Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,213.40
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.907946.113
GSV-S-SANN-0623
Fidelity® Sustainable International Equity Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
4.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
3.9
 
Sony Group Corp.  (Japan, Household Durables)
3.7
 
Nestle SA (Reg. S)  (United States of America, Food Products)
3.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.9
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.8
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.5
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
2.5
 
ORIX Corp.  (Japan, Financial Services)
2.4
 
Koninklijke KPN NV  (Netherlands, Diversified Telecommunication Services)
2.1
 
 
30.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.0
 
Health Care
14.4
 
Industrials
12.0
 
Consumer Discretionary
11.3
 
Information Technology
10.6
 
Consumer Staples
10.4
 
Materials
6.2
 
Utilities
4.7
 
Communication Services
2.4
 
Energy
1.4
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 97.0%
 
 
Shares
Value ($)
 
Australia - 1.7%
 
 
 
Bapcor Ltd.
 
13,451
58,695
EBOS Group Ltd.
 
2,369
65,012
TOTAL AUSTRALIA
 
 
123,707
Austria - 2.0%
 
 
 
Verbund AG
 
1,003
89,411
Wienerberger AG
 
1,975
59,412
TOTAL AUSTRIA
 
 
148,823
Belgium - 2.2%
 
 
 
KBC Group NV
 
921
65,742
UCB SA
 
1,006
93,581
TOTAL BELGIUM
 
 
159,323
China - 0.9%
 
 
 
Chervon Holdings Ltd.
 
12,564
63,937
Denmark - 5.8%
 
 
 
Novo Nordisk A/S Series B
 
1,924
320,068
ORSTED A/S (a)
 
758
67,973
Vestas Wind Systems A/S
 
1,327
36,719
TOTAL DENMARK
 
 
424,760
Finland - 1.4%
 
 
 
Neste OYJ
 
2,158
104,485
France - 12.8%
 
 
 
Air Liquide SA
 
418
75,194
AXA SA
 
3,976
129,777
BNP Paribas SA
 
2,076
134,137
Capgemini SA
 
261
47,425
Edenred SA
 
658
42,720
L'Oreal SA
 
267
127,318
LVMH Moet Hennessy Louis Vuitton SE
 
211
202,957
Pernod Ricard SA
 
649
149,749
Worldline SA (a)(b)
 
587
25,472
TOTAL FRANCE
 
 
934,749
Germany - 8.9%
 
 
 
Deutsche Borse AG
 
561
106,988
Deutsche Post AG
 
1,637
78,739
Gerresheimer AG
 
226
24,579
Merck KGaA
 
752
134,694
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
289
108,432
SAP SE
 
390
52,773
Siemens AG
 
900
148,349
TOTAL GERMANY
 
 
654,554
Hong Kong - 4.3%
 
 
 
AIA Group Ltd.
 
16,795
182,848
Hang Seng Bank Ltd.
 
5,273
78,161
Prudential PLC
 
3,778
57,807
TOTAL HONG KONG
 
 
318,816
India - 1.4%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
1,430
99,814
Ireland - 2.6%
 
 
 
CRH PLC
 
2,374
115,213
Dalata Hotel Group PLC (b)
 
15,213
76,356
TOTAL IRELAND
 
 
191,569
Italy - 0.5%
 
 
 
Carel Industries SpA (a)
 
1,384
36,296
Japan - 16.3%
 
 
 
FUJIFILM Holdings Corp.
 
2,396
124,879
Fujitsu Ltd.
 
561
74,769
Hitachi Ltd.
 
2,805
155,158
Hoya Corp.
 
1,231
129,077
Itochu Corp.
 
5,397
179,045
ORIX Corp.
 
10,326
175,671
Persol Holdings Co. Ltd.
 
2,615
53,920
Sony Group Corp.
 
2,981
269,702
TIS, Inc.
 
1,134
31,139
TOTAL JAPAN
 
 
1,193,360
Kenya - 0.2%
 
 
 
Safaricom Ltd.
 
143,462
17,405
Korea (South) - 0.5%
 
 
 
SK Hynix, Inc.
 
526
35,405
Netherlands - 7.4%
 
 
 
ASML Holding NV (Netherlands)
 
340
214,859
BE Semiconductor Industries NV
 
205
18,374
Heineken NV (Bearer)
 
552
63,288
ING Groep NV (Certificaten Van Aandelen)
 
7,151
88,252
Koninklijke KPN NV
 
42,831
156,200
TOTAL NETHERLANDS
 
 
540,973
New Zealand - 0.8%
 
 
 
Contact Energy Ltd.
 
12,034
58,365
Norway - 2.1%
 
 
 
DNB Bank ASA
 
8,313
146,025
Schibsted ASA (A Shares)
 
329
5,829
TOTAL NORWAY
 
 
151,854
Singapore - 0.9%
 
 
 
United Overseas Bank Ltd.
 
2,955
62,758
Spain - 1.4%
 
 
 
CaixaBank SA
 
5,758
21,314
EDP Renovaveis SA
 
683
15,172
Iberdrola SA
 
5,192
67,278
TOTAL SPAIN
 
 
103,764
Sweden - 3.4%
 
 
 
Boliden AB
 
3,404
121,554
Instalco AB
 
1,724
9,044
Investor AB (B Shares)
 
1,541
33,029
Lagercrantz Group AB (B Shares)
 
1,680
21,592
Nibe Industrier AB (B Shares)
 
5,634
62,905
TOTAL SWEDEN
 
 
248,124
Taiwan - 1.9%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
8,450
138,277
United Kingdom - 12.9%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,945
286,232
Barratt Developments PLC
 
5,555
34,906
Beazley PLC
 
3,197
23,926
Big Yellow Group PLC
 
769
11,829
Bunzl PLC
 
594
23,620
Compass Group PLC
 
4,397
115,997
Diageo PLC
 
2,896
132,104
Endava PLC ADR (b)
 
263
15,141
Grainger Trust PLC
 
10,865
35,311
Impax Asset Management Group PLC
 
843
8,306
National Grid PLC
 
3,455
49,538
NatWest Group PLC
 
25,996
85,633
Reckitt Benckiser Group PLC
 
813
65,698
Renewi PLC (b)
 
1,152
8,687
Smart Metering Systems PLC
 
5,149
51,315
TOTAL UNITED KINGDOM
 
 
948,243
United States of America - 4.7%
 
 
 
Ferguson PLC
 
244
34,329
Linde PLC
 
231
85,343
Nestle SA (Reg. S)
 
1,783
228,740
TOTAL UNITED STATES OF AMERICA
 
 
348,412
 
TOTAL COMMON STOCKS
  (Cost $6,569,194)
 
 
 
7,107,773
 
 
 
 
Money Market Funds - 3.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
  (Cost $219,993)
 
 
219,949
219,993
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $6,789,187)
 
 
 
7,327,766
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(3,162)
NET ASSETS - 100.0%
7,324,604
 
 
 
 
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 $129,741 or 1.8% 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.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
225,629
1,803,674
1,809,310
4,969
-
-
219,993
0.0%
Total
225,629
1,803,674
1,809,310
4,969
-
-
219,993
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
179,434
23,234
156,200
-
Consumer Discretionary
822,550
111,262
711,288
-
Consumer Staples
766,897
340,355
426,542
-
Energy
104,485
104,485
-
-
Financials
1,676,812
641,718
1,035,094
-
Health Care
1,053,243
252,854
800,389
-
Industrials
878,126
226,196
651,930
-
Information Technology
774,633
317,391
457,242
-
Materials
456,716
266,309
190,407
-
Real Estate
47,140
47,140
-
-
Utilities
347,737
172,556
175,181
-
  Money Market Funds
219,993
219,993
-
-
 Total Investments in Securities:
7,327,766
2,723,493
4,604,273
-
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,569,194)
$
7,107,773
 
 
Fidelity Central Funds (cost $219,993)
219,993
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,789,187)
 
 
$
7,327,766
Cash
 
 
9,044
Foreign currency held at value (cost $2,296)
 
 
2,298
Receivable for fund shares sold
 
 
4,131
Dividends receivable
 
 
35,938
Reclaims receivable
 
 
5,378
Distributions receivable from Fidelity Central Funds
 
 
1,028
Prepaid expenses
 
 
1
Receivable from investment adviser for expense reductions
 
 
12,854
  Total assets
 
 
7,398,438
Liabilities
 
 
 
 
Payable for investments purchased
$
33,140
 
 
Payable for fund shares redeemed
89
 
 
Accrued management fee
3,794
 
 
Distribution and service plan fees payable
349
 
 
Other affiliated payables
1,371
 
 
Audit fee payable
28,524
 
 
Custody fee payable
6,563
 
 
Other payables and accrued expenses
4
 
 
  Total Liabilities
 
 
 
73,834
Net Assets  
 
 
$
7,324,604
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,133,776
Total accumulated earnings (loss)
 
 
 
190,828
Net Assets
 
 
$
7,324,604
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($388,616 ÷ 44,631 shares) (a)
 
 
$
8.71
Maximum offering price per share (100/94.25 of $8.71)
 
 
$
9.24
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($217,827 ÷ 25,045 shares) (a)
 
 
$
8.70
Maximum offering price per share (100/96.50 of $8.70)
 
 
$
9.02
Class C :
 
 
 
 
Net Asset Value and offering price per share ($216,455 ÷ 25,000 shares) (a)
 
 
$
8.66
Fidelity Sustainable International Equity Fund :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($6,062,213 ÷ 695,188 shares)
 
 
$
8.72
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($219,975 ÷ 25,227 shares)
 
 
$
8.72
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($219,518 ÷ 25,132 shares)
 
 
$
8.73
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
90,004
Income from Fidelity Central Funds  
 
 
4,969
 Income before foreign taxes withheld
 
 
$
94,973
Less foreign taxes withheld
 
 
(11,303)
 Total Income
 
 
 
83,670
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
21,568
 
 
 Performance adjustment
(728)
 
 
Transfer agent fees
6,607
 
 
Distribution and service plan fees
1,949
 
 
Accounting fees and expenses
1,588
 
 
Custodian fees and expenses
9,778
 
 
Independent trustees' fees and expenses
15
 
 
Registration fees
104,636
 
 
Audit
31,898
 
 
Legal
4
 
 
Miscellaneous
10
 
 
 Total expenses before reductions
 
177,325
 
 
 Expense reductions
 
(142,448)
 
 
 Total expenses after reductions
 
 
 
34,877
Net Investment income (loss)
 
 
 
48,793
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(103,726)
 
 
 Foreign currency transactions
 
1,843
 
 
Total net realized gain (loss)
 
 
 
(101,883)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
1,199,531
 
 
 Assets and liabilities in foreign currencies
 
181
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,199,712
Net gain (loss)
 
 
 
1,097,829
Net increase (decrease) in net assets resulting from operations
 
 
$
1,146,622
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
48,793
$
29,662
Net realized gain (loss)
 
(101,883)
 
 
(295,162)
 
Change in net unrealized appreciation (depreciation)
 
1,199,712
 
(661,097)
 
Net increase (decrease) in net assets resulting from operations
 
1,146,622
 
 
(926,597)
 
Distributions to shareholders
 
(29,290)
 
 
-
 
Share transactions - net increase (decrease)
 
1,395,341
 
 
5,738,528
 
Total increase (decrease) in net assets
 
2,512,673
 
 
4,811,931
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,811,931
 
-
 
End of period
$
7,324,604
$
4,811,931
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Sustainable International Equity Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.20
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.06
 
.07
     Net realized and unrealized gain (loss)
 
1.48
 
(2.87)
  Total from investment operations
 
1.54  
 
(2.80)  
  Distributions from net investment income
 
(.03)
 
-
     Total distributions
 
(.03)
 
-
  Net asset value, end of period
$
8.71
$
7.20
 Total Return   D,E,F
 
21.42%
 
(28.00)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
5.74% I
 
7.77% I,J
    Expenses net of fee waivers, if any
 
1.29% I
 
1.30% I
    Expenses net of all reductions
 
1.29% I
 
1.28% I
    Net investment income (loss)
 
1.34% I
 
1.18% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
389
$
185
    Portfolio turnover rate K
 
49% I
 
43% I
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.19
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.04
 
.05
     Net realized and unrealized gain (loss)
 
1.48
 
(2.86)
  Total from investment operations
 
1.52  
 
(2.81)  
  Distributions from net investment income
 
(.01)
 
-
     Total distributions
 
(.01)
 
-
  Net asset value, end of period
$
8.70
$
7.19
 Total Return   D,E,F
 
21.20%
 
(28.10)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
5.97% I
 
8.02% I,J
    Expenses net of fee waivers, if any
 
1.55% I
 
1.55% I
    Expenses net of all reductions
 
1.54% I
 
1.55% I
    Net investment income (loss)
 
1.09% I
 
.91% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
218
$
180
    Portfolio turnover rate K
 
49% I
 
43% I
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
F Total returns for periods of less than one year are not annualized.
 
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 Audit fees are not annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.16
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.02
 
.02
     Net realized and unrealized gain (loss)
 
1.48
 
(2.86)
  Total from investment operations
 
1.50  
 
(2.84)  
  Net asset value, end of period
$
8.66
$
7.16
 Total Return   D,E,F
 
20.95%
 
(28.40)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
6.45% I
 
8.51% I,J
    Expenses net of fee waivers, if any
 
2.05% I
 
2.05% I
    Expenses net of all reductions
 
2.04% I
 
2.05% I
    Net investment income (loss)
 
.59% I
 
.41% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
216
$
179
    Portfolio turnover rate K
 
49% I
 
43% I
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Sustainable International Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.21
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.07
 
.08
     Net realized and unrealized gain (loss)
 
1.48
 
(2.87)
  Total from investment operations
 
1.55  
 
(2.79)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
8.72
$
7.21
 Total Return   D,E
 
21.58%
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
5.53% H
 
7.64% H,I
    Expenses net of fee waivers, if any
 
1.04% H
 
1.05% H
    Expenses net of all reductions
 
1.04% H
 
1.01% H
    Net investment income (loss)
 
1.59% H
 
1.45% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,062
$
3,908
    Portfolio turnover rate J
 
49% H
 
43% H
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.21
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.07
 
.08
     Net realized and unrealized gain (loss)
 
1.48
 
(2.87)
  Total from investment operations
 
1.55  
 
(2.79)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
8.72
$
7.21
 Total Return   D,E
 
21.58%
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
5.48% H
 
7.52% H,I
    Expenses net of fee waivers, if any
 
1.04% H
 
1.05% H
    Expenses net of all reductions
 
1.04% H
 
1.03% H
    Net investment income (loss)
 
1.59% H
 
1.43% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
220
$
180
    Portfolio turnover rate J
 
49% H
 
43% H
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.22
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.07
 
.09
     Net realized and unrealized gain (loss)
 
1.48
 
(2.87)
  Total from investment operations
 
1.55  
 
(2.78)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
8.73
$
7.22
 Total Return   D,E
 
21.55%
 
(27.80)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
5.40% H
 
7.46% H,I
    Expenses net of fee waivers, if any
 
.90% H
 
.90% H
    Expenses net of all reductions
 
.89% H
 
.90% H
    Net investment income (loss)
 
1.74% H
 
1.56% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
220
$
181
    Portfolio turnover rate J
 
49% H
 
43% H
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable International Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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
$743,317
Gross unrealized depreciation
(248,737)
Net unrealized appreciation (depreciation)
$494,580
Tax cost
$6,833,186
 
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
$(234,791)
 
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
2,858,256
1,486,876
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Sustainable International Equity Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. The Fund's performance adjustment took effect in October, 2022. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total 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%
$406
$261
Class M
  .25%
  .25%
  516
516
Class C
  .75%
  .25%
  1,027
1,027
 
 
 
$1,949
$1804
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, there were no sales charge amounts retained by FDC.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets A
Class A
$281
.17
Class M
  112
.11
Class C
  98
.10
Fidelity Sustainable International Equity Fund
  5,937
.23
Class I
  135
.13
Class Z
  44
.04
 
$6,607
 
 
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
  54,865
  101,738
  (3,196)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Sustainable International Equity Fund
$6
 
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 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.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.30%
$7,178
Class M
1.55%
  4,548
Class C
2.05%
  4,515
Fidelity Sustainable International Equity Fund
1.05%
  116,671
Class I
1.05%
  4,595
Class Z
.90%
                        4,660
 
 
$142,167
 
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 $134.
 
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 $147.
 
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022 A
Fidelity Sustainable International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$863
  $-
Class M
  325
  -
Fidelity Sustainable International Equity Fund
  25,952
  -
Class I
  1,075
  -
Class Z
  1,075
  -
Total   
$29,290
$-
 
A For the period February 10,2022(commencement of operations) through   October 31, 2022.
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022 A
Six months ended
  April 30, 2023
Year ended
  October 31, 2022 A
Fidelity Sustainable International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
19,524
25,690
$155,387
$255,541
Reinvestment of distributions
107
-
863
-
Shares redeemed
(633)
(57)
(5,145)
(435)
Net increase (decrease)
18,998
25,633
$151,105
$255,106
Class M
 
 
 
 
Shares sold
5
25,000
$39
$250,003
Reinvestment of distributions
40
-
325
-
Net increase (decrease)
45
25,000
$364
$250,003
Class C
 
 
 
 
Shares sold
-
25,000
$-
$250,000
Net increase (decrease)
-
25,000
$-
$250,000
Fidelity Sustainable International Equity Fund
 
 
 
 
Shares sold
222,366
564,957
$1,814,242
$4,670,389
Reinvestment of distributions
2,932
-
23,779
-
Shares redeemed
(71,802)
(23,265)
(597,099)
(187,070)
Net increase (decrease)
153,496
541,692
$1,240,922
$4,483,319
Class I
 
 
 
 
Shares sold
94
25,054
$800
$250,509
Reinvestment of distributions
133
-
1,075
-
Shares redeemed
-
(54)
-
(409)
Net increase (decrease)
227
25,000
$1,875
$250,100
Class Z
 
 
 
 
Shares sold
-
25,000
$-
$250,000
Reinvestment of distributions
132
-
1,075
-
Net increase (decrease)
132
25,000
$1,075
$250,000
 
A For the period February 10,2022 (commencement of operations) through October 31, 2022.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Sustainable International Equity Fund  
  24%
 
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
27%
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® Sustainable International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.29%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,214.20
 
$ 7.08
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.40
 
$ 6.46
 
Class M
 
 
 
1.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,212.00
 
$ 8.50
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.11
 
$ 7.75
 
Class C
 
 
 
2.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,209.50
 
$ 11.18
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.68
 
$ 10.19
 
Fidelity® Sustainable International Equity Fund
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,215.80
 
$ 5.71
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.64
 
$ 5.21
 
Class I
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,215.80
 
$ 5.71
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.64
 
$ 5.21
 
Class Z
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,215.50
 
$ 4.94
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.33
 
$ 4.51
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9904430.101
SIC-SANN-0623
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, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Canada Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® China Region Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Asia Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Europe Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Smaller Companies Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Latin America Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Nordic Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Pacific Basin Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Royal Bank of Canada  (Banks)
8.3
 
The Toronto-Dominion Bank  (Banks)
7.1
 
Canadian Pacific Kansas City Ltd.  (Ground Transportation)
6.8
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Consumer Staples Distribution & Retail)
5.6
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
5.3
 
Franco-Nevada Corp.  (Metals & Mining)
4.4
 
Constellation Software, Inc.  (Software)
4.2
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
4.2
 
Nutrien Ltd.  (Chemicals)
3.0
 
Wheaton Precious Metals Corp.  (Metals & Mining)
3.0
 
 
51.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
26.6
 
Energy
17.0
 
Industrials
15.0
 
Materials
13.4
 
Consumer Staples
9.1
 
Information Technology
7.6
 
Consumer Discretionary
6.0
 
Communication Services
4.0
 
Health Care
0.8
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Canada Fund
Showing Percentage of Net Assets
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.7%
 
 
 
Diversified Telecommunication Services - 0.9%
 
 
 
TELUS Corp.
 
373,800
7,923,782
Interactive Media & Services - 0.0%
 
 
 
VerticalScope Holdings, Inc. (a)
 
52,900
135,486
Media - 1.2%
 
 
 
Quebecor, Inc.:
 
 
 
 Class A
 
352,400
9,080,182
 Class B (sub. vtg.)
 
65,500
1,690,619
 
 
 
10,770,801
Wireless Telecommunication Services - 1.6%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.)
 
310,200
15,326,263
TOTAL COMMUNICATION SERVICES
 
 
34,156,332
CONSUMER DISCRETIONARY - 6.0%
 
 
 
Automobile Components - 0.7%
 
 
 
Magna International, Inc. Class A (sub. vtg.)
 
128,500
6,699,812
Broadline Retail - 2.7%
 
 
 
Dollarama, Inc.
 
404,900
25,079,683
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Restaurant Brands International, Inc. (b)
 
297,100
20,827,810
Specialty Retail - 0.1%
 
 
 
Diversified Royalty Corp. (b)
 
588,500
1,294,409
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Canada Goose Holdings, Inc. (a)
 
97,900
1,919,197
TOTAL CONSUMER DISCRETIONARY
 
 
55,820,911
CONSUMER STAPLES - 9.1%
 
 
 
Beverages - 0.1%
 
 
 
GURU Organic Energy Corp. (a)(b)
 
322,600
654,796
Consumer Staples Distribution & Retail - 8.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (b)
 
1,033,200
51,566,582
Metro, Inc.
 
341,595
19,469,289
Neighbourly Pharmacy, Inc. (b)
 
160,178
2,512,295
North West Co., Inc. (b)
 
260,400
7,637,964
 
 
 
81,186,130
Personal Care Products - 0.2%
 
 
 
Jamieson Wellness, Inc. (c)
 
99,200
2,449,889
TOTAL CONSUMER STAPLES
 
 
84,290,815
ENERGY - 17.0%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Computer Modelling Group Ltd.
 
531,800
2,782,937
Pason Systems, Inc.
 
559,918
4,876,579
 
 
 
7,659,516
Oil, Gas & Consumable Fuels - 16.2%
 
 
 
Cameco Corp.
 
243,700
6,700,244
Canadian Natural Resources Ltd.
 
802,798
48,919,809
Enbridge, Inc.
 
519,500
20,655,766
Parkland Corp.
 
521,900
12,307,418
PrairieSky Royalty Ltd. (b)
 
1,479,018
23,339,414
Suncor Energy, Inc.
 
1,222,800
38,285,549
 
 
 
150,208,200
TOTAL ENERGY
 
 
157,867,716
FINANCIALS - 26.6%
 
 
 
Banks - 15.4%
 
 
 
Royal Bank of Canada (b)
 
770,800
76,525,305
The Toronto-Dominion Bank (b)
 
1,086,700
65,826,821
 
 
 
142,352,126
Capital Markets - 4.7%
 
 
 
Brookfield Asset Management Ltd. Class A
 
466,201
15,628,925
Brookfield Corp. (Canada) Class A
 
499,906
16,220,148
TMX Group Ltd.
 
121,100
12,265,079
 
 
 
44,114,152
Insurance - 6.5%
 
 
 
Definity Financial Corp.
 
388,713
10,543,752
Intact Financial Corp.
 
146,625
22,179,081
Sun Life Financial, Inc.
 
555,600
27,254,069
 
 
 
59,976,902
TOTAL FINANCIALS
 
 
246,443,180
HEALTH CARE - 0.8%
 
 
 
Health Care Providers & Services - 0.8%
 
 
 
Andlauer Healthcare Group, Inc.
 
137,800
5,239,014
dentalcorp Holdings Ltd. (a)
 
287,800
1,884,183
 
 
 
7,123,197
INDUSTRIALS - 15.0%
 
 
 
Commercial Services & Supplies - 2.8%
 
 
 
GFL Environmental, Inc. (b)
 
702,700
25,523,022
Ground Transportation - 9.5%
 
 
 
Canadian National Railway Co.
 
206,950
24,668,727
Canadian Pacific Kansas City Ltd.
 
806,062
63,540,186
 
 
 
88,208,913
Professional Services - 2.7%
 
 
 
Thomson Reuters Corp.
 
190,000
24,984,611
TOTAL INDUSTRIALS
 
 
138,716,546
INFORMATION TECHNOLOGY - 7.5%
 
 
 
IT Services - 2.4%
 
 
 
Shopify, Inc. Class A (a)
 
451,600
21,879,193
Software - 5.1%
 
 
 
ApplyBoard, Inc. (a)(d)(e)
 
1,677
97,182
ApplyBoard, Inc. (non-vtg.) (a)(d)(e)
 
414
23,991
Constellation Software, Inc.
 
20,000
39,145,588
Dye & Durham Ltd.
 
486,700
5,180,067
Enghouse Systems Ltd.
 
55,100
1,516,536
Lumine Group, Inc.
 
86,107
1,159,872
 
 
 
47,123,236
TOTAL INFORMATION TECHNOLOGY
 
 
69,002,429
MATERIALS - 13.4%
 
 
 
Chemicals - 3.0%
 
 
 
Nutrien Ltd.
 
405,581
28,136,368
Containers & Packaging - 1.3%
 
 
 
CCL Industries, Inc.:
 
 
 
 Class A
 
25,900
1,213,898
 Class B (b)
 
226,000
10,627,346
 
 
 
11,841,244
Metals & Mining - 8.6%
 
 
 
Franco-Nevada Corp.
 
268,900
40,801,906
Lundin Mining Corp.
 
1,040,200
7,946,319
Triple Flag Precious Metals Corp.
 
180,900
2,925,430
Wheaton Precious Metals Corp.
 
565,100
27,882,743
 
 
 
79,556,398
Paper & Forest Products - 0.5%
 
 
 
Stella-Jones, Inc.
 
95,923
3,753,801
Western Forest Products, Inc.
 
1,447,683
1,111,260
 
 
 
4,865,061
TOTAL MATERIALS
 
 
124,399,071
 
TOTAL COMMON STOCKS
  (Cost $519,671,115)
 
 
 
917,820,197
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.1%
 
 
 
Software - 0.1%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(d)(e)
 
2,063
119,551
 Series A2 (a)(d)(e)
 
1,615
93,589
 Series A3 (a)(d)(e)
 
92
5,331
 Series D (a)(d)(e)
 
4,504
261,007
 Series Seed (a)(d)(e)
 
617
35,755
(Cost $770,130)
 
 
515,233
 
 
 
 
Convertible Bonds - 0.3%
 
 
Principal
Amount (f)
 
Value ($)
 
COMMUNICATION SERVICES - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
Cineplex, Inc. 5.75% 9/30/25 (c)
 
  (Cost $2,341,803)
 
CAD
3,203,000
2,387,504
 
 
 
 
Money Market Funds - 8.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (g)
 
261,505
261,557
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
74,137,444
74,144,858
 
TOTAL MONEY MARKET FUNDS
  (Cost $74,406,415)
 
 
74,406,415
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 107.5%
  (Cost $597,189,463)
 
 
 
995,129,349
NET OTHER ASSETS (LIABILITIES) - (7.5)%  
(69,420,812)
NET ASSETS - 100.0%
925,708,537
 
 
 
 
Currency Abbreviations
         CAD
-
Canadian dollar
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,837,393 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 $636,406 or 0.1% of net assets.
 
(e)
Level 3 security
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ApplyBoard, Inc.
6/04/21 - 6/30/21
85,688
 
 
 
ApplyBoard, Inc. (non-vtg.)
6/30/21
44,290
 
 
 
ApplyBoard, Inc. Series A1
6/04/21
133,582
 
 
 
ApplyBoard, Inc. Series A2
6/04/21
104,573
 
 
 
ApplyBoard, Inc. Series A3
6/04/21
5,957
 
 
 
ApplyBoard, Inc. Series D
6/04/21
486,066
 
 
 
ApplyBoard, Inc. Series Seed
6/04/21
39,952
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
505,538
17,660,616
17,904,597
9,705
-
-
261,557
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
29,353,183
391,163,561
346,371,886
71,222
-
-
74,144,858
0.2%
Total
29,858,721
408,824,177
364,276,483
80,927
-
-
74,406,415
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
34,156,332
34,156,332
-
-
Consumer Discretionary
55,820,911
55,820,911
-
-
Consumer Staples
84,290,815
84,290,815
-
-
Energy
157,867,716
157,867,716
-
-
Financials
246,443,180
246,443,180
-
-
Health Care
7,123,197
7,123,197
-
-
Industrials
138,716,546
138,716,546
-
-
Information Technology
69,517,662
68,881,256
-
636,406
Materials
124,399,071
124,399,071
-
-
 Corporate Bonds
2,387,504
-
2,387,504
-
  Money Market Funds
74,406,415
74,406,415
-
-
 Total Investments in Securities:
995,129,349
992,105,439
2,387,504
636,406
Fidelity® Canada Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $70,766,456) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $522,783,048)
$
920,722,934
 
 
Fidelity Central Funds (cost $74,406,415)
74,406,415
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $597,189,463)
 
 
$
995,129,349
Cash
 
 
3,183
Foreign currency held at value (cost $4,437,140)
 
 
4,461,023
Receivable for fund shares sold
 
 
113,738
Dividends receivable
 
 
1,448,880
Interest receivable
 
 
11,545
Distributions receivable from Fidelity Central Funds
 
 
23,125
Prepaid expenses
 
 
347
  Total assets
 
 
1,001,191,190
Liabilities
 
 
 
 
Payable for investments purchased
$
43,050
 
 
Payable for fund shares redeemed
457,832
 
 
Accrued management fee
628,883
 
 
Distribution and service plan fees payable
10,544
 
 
Other affiliated payables
164,461
 
 
Other payables and accrued expenses
36,600
 
 
Collateral on securities loaned
74,141,283
 
 
  Total Liabilities
 
 
 
75,482,653
Net Assets  
 
 
$
925,708,537
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
516,912,835
Total accumulated earnings (loss)
 
 
 
408,795,702
Net Assets
 
 
$
925,708,537
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($32,641,068 ÷ 525,604 shares) (a)
 
 
$
62.10
Maximum offering price per share (100/94.25 of $62.10)
 
 
$
65.89
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,867,741 ÷ 111,049 shares) (a)
 
 
$
61.84
Maximum offering price per share (100/96.50 of $61.84)
 
 
$
64.08
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,031,092 ÷ 16,797 shares) (a)
 
 
$
61.39
Canada :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($866,932,431 ÷ 13,899,093 shares)
 
 
$
62.37
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($14,195,529 ÷ 227,412 shares)
 
 
$
62.42
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($4,040,676 ÷ 64,974 shares)
 
 
$
62.19
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
11,714,155
Non-Cash dividends
 
 
628,878
Interest  
 
 
104,284
Income from Fidelity Central Funds (including $71,222 from security lending)
 
 
80,927
 Income before foreign taxes withheld
 
 
$
12,528,244
Less foreign taxes withheld
 
 
(1,863,564)
 Total Income
 
 
 
10,664,680
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
3,077,184
 
 
 Performance adjustment
415,963
 
 
Transfer agent fees
790,225
 
 
Distribution and service plan fees
62,849
 
 
Accounting fees
205,456
 
 
Custodian fees and expenses
11,584
 
 
Independent trustees' fees and expenses
2,848
 
 
Registration fees
59,121
 
 
Audit
31,471
 
 
Legal
1,473
 
 
Miscellaneous
1,933
 
 
 Total expenses before reductions
 
4,660,107
 
 
 Expense reductions
 
(21,295)
 
 
 Total expenses after reductions
 
 
 
4,638,812
Net Investment income (loss)
 
 
 
6,025,868
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
10,031,345
 
 
 Foreign currency transactions
 
(8,667)
 
 
Total net realized gain (loss)
 
 
 
10,022,678
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
58,433,435
 
 
 Assets and liabilities in foreign currencies
 
26,893
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
58,460,328
Net gain (loss)
 
 
 
68,483,006
Net increase (decrease) in net assets resulting from operations
 
 
$
74,508,874
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,025,868
$
11,825,119
Net realized gain (loss)
 
10,022,678
 
 
24,520,329
 
Change in net unrealized appreciation (depreciation)
 
58,460,328
 
(104,988,178)
 
Net increase (decrease) in net assets resulting from operations
 
74,508,874
 
 
(68,642,730)
 
Distributions to shareholders
 
(34,966,270)
 
 
(44,124,388)
 
Share transactions - net increase (decrease)
 
(786,890)
 
 
99,770,958
 
Total increase (decrease) in net assets
 
38,755,714
 
 
(12,996,160)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
886,952,823
 
899,948,983
 
End of period
$
925,708,537
$
886,952,823
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Canada Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.44
$
67.23
$
46.01
$
51.95
$
49.75
$
54.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.63
 
.55
 
.61
 
.66
 
.60
     Net realized and unrealized gain (loss)
 
4.55
 
(5.30)
 
21.89
 
(4.38)
 
4.56
 
(3.88)
  Total from investment operations
 
4.86  
 
(4.67)  
 
22.44  
 
(3.77)  
 
5.22
 
(3.28)
  Distributions from net investment income
 
(.68)
 
(.61)
 
(.63)
 
(.77)
 
(.39)
 
(.59)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(2.20)
 
(3.12)
 
(1.22)
 
(2.17)
 
(3.02)
 
(1.08)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
62.10
$
59.44
$
67.23
$
46.01
$
51.95
$
49.75
 Total Return   D,E,F
 
8.38%
 
(7.06)%
 
49.45%
 
(7.70)%
 
11.34%
 
(6.19)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.32% I
 
1.20%
 
1.12%
 
1.20%
 
1.20%
 
1.21%
    Expenses net of fee waivers, if any
 
1.32% I
 
1.20%
 
1.12%
 
1.20%
 
1.20%
 
1.21%
    Expenses net of all reductions
 
1.32% I
 
1.20%
 
1.12%
 
1.19%
 
1.19%
 
1.20%
    Net investment income (loss)
 
1.03% I
 
1.00%
 
.92%
 
1.27%
 
1.32%
 
1.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,641
$
31,707
$
33,087
$
23,395
$
30,598
$
29,420
    Portfolio turnover rate J
 
9% I
 
13%
 
7%
 
11%
 
8% K
 
29%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® Canada Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.09
$
66.84
$
45.74
$
51.67
$
49.46
$
53.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.23
 
.45
 
.38
 
.47
 
.51
 
.44
     Net realized and unrealized gain (loss)
 
4.53
 
(5.26)
 
21.78
 
(4.36)
 
4.55
 
(3.86)
  Total from investment operations
 
4.76  
 
(4.81)  
 
22.16  
 
(3.89)  
 
5.06
 
(3.42)
  Distributions from net investment income
 
(.49)
 
(.42)
 
(.47)
 
(.64)
 
(.22)
 
(.40)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(2.01)
 
(2.94) C
 
(1.06)
 
(2.04)
 
(2.85)
 
(.89)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
61.84
$
59.09
$
66.84
$
45.74
$
51.67
$
49.46
 Total Return   E,F,G
 
8.24%
 
(7.32)%
 
49.04%
 
(7.95)%
 
11.02%
 
(6.47)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.60% J
 
1.48%
 
1.40%
 
1.47%
 
1.49%
 
1.51%
    Expenses net of fee waivers, if any
 
1.59% J
 
1.48%
 
1.39%
 
1.47%
 
1.48%
 
1.51%
    Expenses net of all reductions
 
1.57% J
 
1.48%
 
1.39%
 
1.47%
 
1.48%
 
1.51%
    Net investment income (loss)
 
.77% J
 
.72%
 
.64%
 
.99%
 
1.03%
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,868
$
6,641
$
7,829
$
5,911
$
8,589
$
7,844
    Portfolio turnover rate K
 
9% J
 
13%
 
7%
 
11%
 
8% L
 
29%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® Canada Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
58.39
$
65.76
$
44.96
$
50.61
$
48.48
$
52.72
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.14
 
.08
 
.24
 
.29
 
.21
     Net realized and unrealized gain (loss)
 
4.50
 
(5.19)
 
21.46
 
(4.31)
 
4.47
 
(3.78)
  Total from investment operations
 
4.58  
 
(5.05)  
 
21.54  
 
(4.07)  
 
4.76
 
(3.57)
  Distributions from net investment income
 
(.05)
 
-
 
(.15)
 
(.18)
 
-
 
(.18)
  Distributions from net realized gain
 
(1.52)
 
(2.32)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(1.58) C
 
(2.32)
 
(.74)
 
(1.58)
 
(2.63)
 
(.67)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
61.39
$
58.39
$
65.76
$
44.96
$
50.61
$
48.48
 Total Return   E,F,G
 
7.98%
 
(7.79)%
 
48.31%
 
(8.39)%
 
10.53%
 
(6.85)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.10% J
 
1.99%
 
1.90%
 
1.95%
 
1.92%
 
1.94%
    Expenses net of fee waivers, if any
 
2.09% J
 
1.98%
 
1.90%
 
1.95%
 
1.92%
 
1.93%
    Expenses net of all reductions
 
2.09% J
 
1.98%
 
1.90%
 
1.95%
 
1.91%
 
1.93%
    Net investment income (loss)
 
.26% J
 
.22%
 
.14%
 
.51%
 
.60%
 
.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,031
$
1,109
$
1,683
$
3,151
$
6,226
$
11,196
    Portfolio turnover rate K
 
9% J
 
13%
 
7%
 
11%
 
8% L
 
29%
 
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 mutual funds or ETFs 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.
 
Fidelity® Canada Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.79
$
67.62
$
46.26
$
52.21
$
50.02
$
54.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.41
 
.83
 
.74
 
.76
 
.82
 
.77
     Net realized and unrealized gain (loss)
 
4.56
 
(5.33)
 
21.99
 
(4.38)
 
4.58
 
(3.90)
  Total from investment operations
 
4.97  
 
(4.50)  
 
22.73  
 
(3.62)  
 
5.40
 
(3.13)
  Distributions from net investment income
 
(.87)
 
(.82)
 
(.78)
 
(.92)
 
(.58)
 
(.77)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(2.39)
 
(3.33)
 
(1.37)
 
(2.33) C
 
(3.21)
 
(1.26)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
62.37
$
59.79
$
67.62
$
46.26
$
52.21
$
50.02
 Total Return   E,F
 
8.55%
 
(6.77)%
 
49.91%
 
(7.40)%
 
11.70%
 
(5.89)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% I
 
.89%
 
.80%
 
.88%
 
.88%
 
.89%
    Expenses net of fee waivers, if any
 
1.01% I
 
.88%
 
.80%
 
.88%
 
.88%
 
.89%
    Expenses net of all reductions
 
1.01% I
 
.88%
 
.80%
 
.88%
 
.87%
 
.88%
    Net investment income (loss)
 
1.34% I
 
1.32%
 
1.24%
 
1.58%
 
1.64%
 
1.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
866,932
$
825,488
$
821,617
$
612,716
$
803,629
$
903,662
    Portfolio turnover rate J
 
9% I
 
13%
 
7%
 
11%
 
8% K
 
29%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® Canada Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.84
$
67.70
$
46.24
$
52.11
$
49.93
$
54.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.41
 
.85
 
.78
 
.79
 
.85
 
.79
     Net realized and unrealized gain (loss)
 
4.57
 
(5.34)
 
22.00
 
(4.39)
 
4.55
 
(3.90)
  Total from investment operations
 
4.98  
 
(4.49)  
 
22.78  
 
(3.60)  
 
5.40
 
(3.11)
  Distributions from net investment income
 
(.88)
 
(.86)
 
(.73)
 
(.87)
 
(.59)
 
(.77)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(2.40)
 
(3.37)
 
(1.32)
 
(2.27)
 
(3.22)
 
(1.25) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
62.42
$
59.84
$
67.70
$
46.24
$
52.11
$
49.93
 Total Return   E,F
 
8.55%
 
(6.74)%
 
50.02%
 
(7.35)%
 
11.74%
 
(5.86)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.99% I
 
.86%
 
.74%
 
.81%
 
.84%
 
.86%
    Expenses net of fee waivers, if any
 
.99% I
 
.86%
 
.74%
 
.81%
 
.84%
 
.85%
    Expenses net of all reductions
 
.99% I
 
.86%
 
.74%
 
.81%
 
.83%
 
.85%
    Net investment income (loss)
 
1.36% I
 
1.34%
 
1.29%
 
1.65%
 
1.68%
 
1.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,196
$
16,165
$
13,724
$
8,392
$
14,507
$
26,923
    Portfolio turnover rate J
 
9% I
 
13%
 
7%
 
11%
 
8% K
 
29%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® Canada Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.55
$
67.38
$
46.11
$
52.07
$
49.94
$
53.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.45
 
.92
 
.82
 
.84
 
.92
 
.06
     Net realized and unrealized gain (loss)
 
4.55
 
(5.33)
 
21.91
 
(4.37)
 
4.53
 
(4.04)
  Total from investment operations
 
5.00  
 
(4.41)  
 
22.73  
 
(3.53)  
 
5.45
 
(3.98)
  Distributions from net investment income
 
(.84)
 
(.91)
 
(.87)
 
(1.03)
 
(.69)
 
-
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
-
     Total distributions
 
(2.36)
 
(3.42)
 
(1.46)
 
(2.43)
 
(3.32)
 
-
  Net asset value, end of period
$
62.19
$
59.55
$
67.38
$
46.11
$
52.07
$
49.94
 Total Return   D,E
 
8.63%
 
(6.66)%
 
50.13%
 
(7.24)%
 
11.87%
 
(7.38)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88% H
 
.75%
 
.66%
 
.72%
 
.72%
 
.80% H
    Expenses net of fee waivers, if any
 
.87% H
 
.75%
 
.66%
 
.72%
 
.72%
 
.80% H
    Expenses net of all reductions
 
.87% H
 
.75%
 
.66%
 
.72%
 
.71%
 
.79% H
    Net investment income (loss)
 
1.47% H
 
1.45%
 
1.38%
 
1.74%
 
1.80%
 
1.48% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,041
$
5,843
$
22,010
$
15,221
$
20,496
$
128
    Portfolio turnover rate I
 
9% H
 
13%
 
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 mutual funds or ETFs 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.
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers   Class A, Class M, Class C, Canada, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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
$424,043,900
Gross unrealized depreciation
(27,319,132)
Net unrealized appreciation (depreciation)
$396,724,768
Tax cost
$598,404,581
 
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
40,858,768
69,985,829
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total 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%
$40,334
$567
Class M
.25%
.25%
17,136
220
Class C
.75%
.25%
5,379
517
 
 
 
$62,849
$1,304
 
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
$4,039
Class M
229
Class C A
176
 
$4,444
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
$37,473
.23
Class M
8,798
.26
Class C
1,383
.26
Canada
729,736
.17
Class I
12,001
.16
Class Z
834
.04
 
$790,225
 
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
353,566
1,375,811
219,355
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
$891
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
$7,769
$-
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$77
Class M
575
Class C
10
 
$662
 
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 $20,633.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Fidelity Canada Fund
 
 
Distributions to shareholders
 
 
Class A
$   1,149,850
$1,521,087
Class M
223,562
339,044
Class C
28,556
58,947
Canada
32,768,937
40,254,541
Class I
643,345
818,871
Class Z
152,020
1,131,898
Total   
$34,966,270
$44,124,388
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Six months ended April 30, 2023
Year ended October 31, 2022
Fidelity Canada Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
12,996
91,502
$784,046
$5,737,202
Reinvestment of distributions
18,742
23,772
1,102,198
1,449,851
Shares redeemed
(39,549)
(73,975)
(2,406,148)
(4,692,234)
Net increase (decrease)
(7,811)
41,299
$(519,904)
$2,494,819
Class M
 
 
 
 
Shares sold
1,919
6,970
$114,820
$443,908
Reinvestment of distributions
3,795
5,557
222,444
337,743
Shares redeemed
(7,042)
(17,269)
(420,348)
(1,094,130)
Net increase (decrease)
(1,328)
(4,742)
$(83,084)
$(312,479)
Class C
 
 
 
 
Shares sold
1,156
3,877
$69,167
$245,296
Reinvestment of distributions
490
977
28,556
58,947
Shares redeemed
(3,835)
(11,456)
(230,908)
(711,381)
Net increase (decrease)
(2,189)
(6,602)
$(133,185)
$(407,138)
Canada
 
 
 
 
Shares sold
410,216
2,660,313
$24,967,370
$168,972,527
Reinvestment of distributions
524,933
619,960
30,971,047
37,922,967
Shares redeemed
(842,442)
(1,624,197)
(51,321,372)
(101,772,732)
Net increase (decrease)
92,707
1,656,076
$4,617,045
$105,122,762
Class I
 
 
 
 
Shares sold
35,576
238,697
$2,148,035
$15,537,489
Reinvestment of distributions
10,141
12,737
598,723
779,507
Shares redeemed
(88,462)
(183,998)
(5,338,495)
(11,689,703)
Net increase (decrease)
(42,745)
67,436
$(2,591,737)
$4,627,293
Class Z
 
 
 
 
Shares sold
21,520
156,264
$1,278,433
$10,087,519
Reinvestment of distributions
2,264
18,285
133,088
1,112,618
Shares redeemed
(56,929)
(403,081)
(3,487,546)
(22,954,436)
Net increase (decrease)
(33,145)
(228,532)
$(2,076,025)
$(11,754,299)
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Semiconductors & Semiconductor Equipment)
17.8
 
Tencent Holdings Ltd.  (Interactive Media & Services)
9.9
 
Alibaba Group Holding Ltd.  (Broadline Retail)
5.6
 
AIA Group Ltd.  (Insurance)
5.0
 
Meituan Class B (Hotels, Restaurants & Leisure)
4.0
 
China Construction Bank Corp. (H Shares)  (Banks)
2.4
 
Industrial & Commercial Bank of China Ltd. (H Shares)  (Banks)
2.2
 
Hong Kong Exchanges and Clearing Ltd.  (Capital Markets)
2.1
 
Zijin Mining Group Co. Ltd. (H Shares) (Metals & Mining)
2.1
 
Kweichow Moutai Co. Ltd. (A Shares)  (Beverages)
2.0
 
 
53.1
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
25.2
 
Consumer Discretionary
22.5
 
Financials
16.1
 
Communication Services
14.0
 
Health Care
5.7
 
Consumer Staples
4.6
 
Industrials
3.8
 
Materials
3.1
 
Real Estate
2.5
 
Energy
1.3
 
 
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, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® China Region Fund
Showing Percentage of Net Assets
Common Stocks - 96.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 13.3%
 
 
 
Entertainment - 3.4%
 
 
 
Bilibili, Inc. ADR (a)
 
92,200
1,877,192
NetEase, Inc.
 
1,190,900
21,200,880
Sea Ltd. ADR (a)
 
182,800
13,923,876
 
 
 
37,001,948
Interactive Media & Services - 9.9%
 
 
 
Tencent Holdings Ltd.
 
2,387,700
106,052,360
TOTAL COMMUNICATION SERVICES
 
 
143,054,308
CONSUMER DISCRETIONARY - 22.5%
 
 
 
Automobiles - 3.0%
 
 
 
Brilliance China Automotive Holdings Ltd.
 
1,668,000
701,165
BYD Co. Ltd. (H Shares)
 
290,000
8,794,613
Great Wall Motor Co. Ltd. (H Shares) (b)
 
4,248,500
5,155,880
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
9,646,000
6,020,233
Li Auto, Inc.:
 
 
 
 ADR (a)
 
387,000
9,094,500
 Class A (a)
 
249,800
2,958,596
 
 
 
32,724,987
Broadline Retail - 7.9%
 
 
 
Alibaba Group Holding Ltd. (a)
 
5,675,200
60,007,447
JD.com, Inc.:
 
 
 
 Class A
 
309,300
5,520,338
 sponsored ADR
 
61,700
2,203,924
PDD Holdings, Inc. ADR (a)
 
249,805
17,024,211
 
 
 
84,755,920
Hotels, Restaurants & Leisure - 7.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
1,411,000
10,042,504
Meituan Class B (a)(c)
 
2,547,758
43,542,349
TravelSky Technology Ltd. (H Shares)
 
3,063,000
6,114,140
Trip.com Group Ltd. (a)
 
144,000
5,119,911
Trip.com Group Ltd. ADR (a)
 
330,400
11,732,504
 
 
 
76,551,408
Household Durables - 1.0%
 
 
 
Haier Smart Home Co. Ltd. (A Shares)
 
3,282,727
11,287,301
Specialty Retail - 0.6%
 
 
 
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
262,200
6,131,597
Textiles, Apparel & Luxury Goods - 2.9%
 
 
 
Li Ning Co. Ltd.
 
1,458,000
10,427,059
LVMH Moet Hennessy Louis Vuitton SE
 
15,900
15,293,913
Shenzhou International Group Holdings Ltd.
 
555,300
5,333,749
 
 
 
31,054,721
TOTAL CONSUMER DISCRETIONARY
 
 
242,505,934
CONSUMER STAPLES - 4.6%
 
 
 
Beverages - 2.8%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
84,845
21,648,585
Wuliangye Yibin Co. Ltd. (A Shares)
 
337,760
8,271,344
 
 
 
29,919,929
Food Products - 0.8%
 
 
 
Uni-President Enterprises Corp.
 
3,562,000
8,533,423
Household Products - 0.4%
 
 
 
C&S Paper Co. Ltd. (A Shares)
 
2,955,102
5,043,398
Personal Care Products - 0.6%
 
 
 
Proya Cosmetics Co. Ltd. (A Shares)
 
267,260
6,502,292
TOTAL CONSUMER STAPLES
 
 
49,999,042
ENERGY - 1.3%
 
 
 
Energy Equipment & Services - 1.3%
 
 
 
China Oilfield Services Ltd. (H Shares)
 
12,112,000
14,246,424
FINANCIALS - 16.1%
 
 
 
Banks - 5.8%
 
 
 
China Construction Bank Corp. (H Shares)
 
39,046,610
26,103,690
E.SUN Financial Holdings Co. Ltd.
 
10,799,144
8,776,283
Hang Seng Bank Ltd.
 
248,800
3,687,926
Industrial & Commercial Bank of China Ltd. (H Shares)
 
43,988,000
23,665,732
 
 
 
62,233,631
Capital Markets - 2.1%
 
 
 
Hong Kong Exchanges and Clearing Ltd.
 
560,200
23,257,767
Financial Services - 1.1%
 
 
 
Far East Horizon Ltd.
 
13,122,500
11,805,292
Far East Horizon Ltd. rights (a)
 
110,273
0
 
 
 
11,805,292
Insurance - 7.1%
 
 
 
AIA Group Ltd.
 
4,969,200
54,100,057
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
3,278,800
9,793,884
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
955,500
6,970,870
Prudential PLC
 
359,500
5,500,724
 
 
 
76,365,535
TOTAL FINANCIALS
 
 
173,662,225
HEALTH CARE - 5.5%
 
 
 
Biotechnology - 1.4%
 
 
 
Innovent Biologics, Inc. (a)(c)
 
1,021,000
4,909,042
Zai Lab Ltd. (a)
 
986,000
3,452,085
Zai Lab Ltd. ADR (a)
 
182,900
6,397,842
 
 
 
14,758,969
Health Care Equipment & Supplies - 1.1%
 
 
 
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c)
 
2,176,600
1,913,229
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
211,015
9,539,929
 
 
 
11,453,158
Life Sciences Tools & Services - 1.7%
 
 
 
Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (c)
 
391,600
3,262,107
Pharmaron Beijing Co. Ltd. (H Shares) (c)
 
614,900
2,665,848
WuXi AppTec Co. Ltd. (H Shares) (c)
 
346,500
3,047,444
Wuxi Biologics (Cayman), Inc. (a)(c)
 
1,622,500
9,674,707
 
 
 
18,650,106
Pharmaceuticals - 1.3%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)(c)
 
453,940
5,705,085
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
3,340,000
6,093,172
Zhejiang Starry Pharmaceutical Co. Ltd.
 
907,233
2,274,710
 
 
 
14,072,967
TOTAL HEALTH CARE
 
 
58,935,200
INDUSTRIALS - 3.8%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
10,000
770,000
Air Freight & Logistics - 0.4%
 
 
 
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares)
 
308,329
4,128,577
Construction & Engineering - 0.6%
 
 
 
China State Construction International Holdings Ltd.
 
5,064,000
6,296,079
Electrical Equipment - 0.3%
 
 
 
Sungrow Power Supply Co. Ltd. (A Shares)
 
191,634
3,137,379
Machinery - 2.2%
 
 
 
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
1,038,213
9,299,180
Sinotruk Hong Kong Ltd.
 
1,842,500
2,815,785
Techtronic Industries Co. Ltd.
 
454,500
4,917,003
Weichai Power Co. Ltd. (H Shares)
 
3,298,000
4,874,910
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
693,784
2,347,518
 
 
 
24,254,396
Professional Services - 0.2%
 
 
 
Centre Testing International Group Co. Ltd. (A Shares)
 
923,700
2,577,204
TOTAL INDUSTRIALS
 
 
41,163,635
INFORMATION TECHNOLOGY - 24.1%
 
 
 
Communications Equipment - 0.2%
 
 
 
ZTE Corp. (H Shares)
 
772,800
2,489,024
Electronic Equipment, Instruments & Components - 1.1%
 
 
 
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
2,213,000
7,535,638
Yageo Corp.
 
287,000
4,649,292
 
 
 
12,184,930
IT Services - 0.2%
 
 
 
Vnet Group, Inc. ADR (a)
 
913,783
2,686,522
Semiconductors & Semiconductor Equipment - 22.3%
 
 
 
eMemory Technology, Inc.
 
190,481
11,381,239
MediaTek, Inc.
 
714,000
15,514,256
Micron Technology, Inc.
 
102,100
6,571,156
Parade Technologies Ltd.
 
293,608
8,986,205
Silergy Corp.
 
380,000
5,993,853
Taiwan Semiconductor Manufacturing Co. Ltd.
 
11,717,000
191,738,734
 
 
 
240,185,443
Software - 0.3%
 
 
 
LongShine Technology Group Co. Ltd. (A Shares)
 
781,600
2,715,550
TOTAL INFORMATION TECHNOLOGY
 
 
260,261,469
MATERIALS - 3.1%
 
 
 
Chemicals - 0.1%
 
 
 
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
106,058
800,540
Construction Materials - 0.3%
 
 
 
West China Cement Ltd.
 
24,942,000
3,090,531
Containers & Packaging - 0.6%
 
 
 
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
1,974,671
7,247,761
Metals & Mining - 2.1%
 
 
 
Zijin Mining Group Co. Ltd. (H Shares)
 
13,316,000
22,544,729
TOTAL MATERIALS
 
 
33,683,561
REAL ESTATE - 2.4%
 
 
 
Real Estate Management & Development - 2.4%
 
 
 
China Resources Mixc Lifestyle Services Ltd. (c)
 
1,142,000
6,054,434
Hysan Development Co. Ltd.
 
925,000
2,614,092
KE Holdings, Inc. ADR (a)
 
580,131
9,102,255
Longfor Properties Co. Ltd. (c)
 
2,394,000
6,551,178
Seazen Group Ltd. (a)
 
7,250,000
1,558,469
 
 
 
25,880,428
 
TOTAL COMMON STOCKS
  (Cost $935,104,632)
 
 
 
1,043,392,226
 
 
 
 
Preferred Stocks - 2.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.9%
 
 
 
COMMUNICATION SERVICES - 0.7%
 
 
 
Interactive Media & Services - 0.7%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
38,752
7,711,648
 
 
 
 
HEALTH CARE - 0.2%
 
 
 
Health Care Providers & Services - 0.2%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
275,211
2,441,122
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
10,152,770
Nonconvertible Preferred Stocks - 1.2%
 
 
 
INFORMATION TECHNOLOGY - 1.1%
 
 
 
Technology Hardware, Storage & Peripherals - 1.1%
 
 
 
Samsung Electronics Co. Ltd.
 
273,930
11,456,149
 
 
 
 
REAL ESTATE - 0.1%
 
 
 
Real Estate Management & Development - 0.1%
 
 
 
ZKH Group Ltd. Series F (e)
 
3,131,343
1,158,597
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
12,614,746
 
TOTAL PREFERRED STOCKS
  (Cost $21,962,567)
 
 
 
22,767,516
 
 
 
 
Money Market Funds - 1.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
12,336,943
12,339,410
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
4,281,030
4,281,458
 
TOTAL MONEY MARKET FUNDS
  (Cost $16,620,868)
 
 
16,620,868
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
  (Cost $973,688,067)
 
 
 
1,082,780,610
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(4,110,648)
NET ASSETS - 100.0%
1,078,669,962
 
 
 
 
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 $93,418,595 or 8.7% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,922,770 or 1.0% 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
4,246,219
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
3,908,863
 
 
 
Space Exploration Technologies Corp. Class A
2/16/21
419,990
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
31,370,924
122,572,058
141,603,572
362,889
-
-
12,339,410
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
4,494,305
72,942,082
73,154,929
51,700
-
-
4,281,458
0.0%
Total
35,865,229
195,514,140
214,758,501
414,589
-
-
16,620,868
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
150,765,956
15,801,068
127,253,240
7,711,648
Consumer Discretionary
242,505,934
40,055,139
202,450,795
-
Consumer Staples
49,999,042
-
49,999,042
-
Energy
14,246,424
-
14,246,424
-
Financials
173,662,225
-
173,662,225
-
Health Care
61,376,322
6,397,842
52,537,358
2,441,122
Industrials
41,163,635
-
40,393,635
770,000
Information Technology
271,717,618
9,257,678
262,459,940
-
Materials
33,683,561
-
33,683,561
-
Real Estate
27,039,025
9,102,255
16,778,173
1,158,597
  Money Market Funds
16,620,868
16,620,868
-
-
 Total Investments in Securities:
1,082,780,610
97,234,850
973,464,393
12,081,367
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
11,025,509
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
1,055,858
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
12,081,367
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023
$
1,055,858
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® China Region Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,505,799) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $957,067,199)
$
1,066,159,742
 
 
Fidelity Central Funds (cost $16,620,868)
16,620,868
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $973,688,067)
 
 
$
1,082,780,610
Foreign currency held at value (cost $54)
 
 
54
Receivable for investments sold
 
 
8,692,914
Receivable for fund shares sold
 
 
643,392
Dividends receivable
 
 
377,657
Distributions receivable from Fidelity Central Funds
 
 
68,899
Prepaid expenses
 
 
472
Other receivables
 
 
17,238
  Total assets
 
 
1,092,581,236
Liabilities
 
 
 
 
Payable for investments purchased
$
8,035,257
 
 
Payable for fund shares redeemed
632,239
 
 
Accrued management fee
627,159
 
 
Distribution and service plan fees payable
16,544
 
 
Other affiliated payables
211,715
 
 
Other payables and accrued expenses
108,360
 
 
Collateral on securities loaned
4,280,000
 
 
  Total Liabilities
 
 
 
13,911,274
Net Assets  
 
 
$
1,078,669,962
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,116,097,173
Total accumulated earnings (loss)
 
 
 
(37,427,211)
Net Assets
 
 
$
1,078,669,962
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($26,649,775 ÷ 807,657 shares) (a)
 
 
$
33.00
Maximum offering price per share (100/94.25 of $33.00)
 
 
$
35.01
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($8,639,886 ÷ 263,946 shares) (a)
 
 
$
32.73
Maximum offering price per share (100/96.50 of $32.73)
 
 
$
33.92
Class C :
 
 
 
 
Net Asset Value and offering price per share ($7,719,748 ÷ 245,914 shares) (a)
 
 
$
31.39
China Region :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($977,872,613 ÷ 29,220,912 shares)
 
 
$
33.46
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($45,195,772 ÷ 1,361,256 shares)
 
 
$
33.20
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($12,592,168 ÷ 379,136 shares)
 
 
$
33.21
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
8,285,840
Income from Fidelity Central Funds (including $51,700 from security lending)
 
 
414,589
 Income before foreign taxes withheld
 
 
$
8,700,429
Less foreign taxes withheld
 
 
(498,744)
 Total Income
 
 
 
8,201,685
Expenses
 
 
 
 
Management fee
$
3,704,234
 
 
Transfer agent fees
1,001,247
 
 
Distribution and service plan fees
96,131
 
 
Accounting fees
242,095
 
 
Custodian fees and expenses
116,423
 
 
Independent trustees' fees and expenses
3,589
 
 
Registration fees
57,555
 
 
Audit
47,481
 
 
Legal
1,303
 
 
Miscellaneous
2,471
 
 
 Total expenses before reductions
 
5,272,529
 
 
 Expense reductions
 
(27,271)
 
 
 Total expenses after reductions
 
 
 
5,245,258
Net Investment income (loss)
 
 
 
2,956,427
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,796,089
 
 
 Foreign currency transactions
 
206,377
 
 
Total net realized gain (loss)
 
 
 
3,002,466
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
254,557,372
 
 
 Assets and liabilities in foreign currencies
 
314,425
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
254,871,797
Net gain (loss)
 
 
 
257,874,263
Net increase (decrease) in net assets resulting from operations
 
 
$
260,830,690
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,956,427
$
8,621,218
Net realized gain (loss)
 
3,002,466
 
 
(142,874,829)
 
Change in net unrealized appreciation (depreciation)
 
254,871,797
 
(593,880,795)
 
Net increase (decrease) in net assets resulting from operations
 
260,830,690
 
 
(728,134,406)
 
Distributions to shareholders
 
(10,463,693)
 
 
(163,021,571)
 
Share transactions - net increase (decrease)
 
36,719,369
 
 
(137,715,540)
 
Total increase (decrease) in net assets
 
287,086,366
 
 
(1,028,871,517)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
791,583,596
 
1,820,455,113
 
End of period
$
1,078,669,962
$
791,583,596
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® China Region Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.85
$
50.32
$
50.90
$
35.86
$
28.73
$
34.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.14
 
.06
 
.08
 
.15
 
.15
     Net realized and unrealized gain (loss)
 
8.30 C
 
(20.99)
 
1.95
 
15.11
 
7.10
 
(5.56)
  Total from investment operations
 
8.34  
 
(20.85)  
 
2.01  
 
15.19  
 
7.25
 
(5.41)
  Distributions from net investment income
 
(.19)
 
-
 
(.44)
 
(.15)
 
(.12)
 
(.08)
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(.19)
 
(4.62)
 
(2.59) D
 
(.15)
 
(.12)
 
(.08)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
33.00
$
24.85
$
50.32
$
50.90
$
35.86
$
28.73
 Total Return   F,G,H
 
33.58% C
 
(45.20)%
 
3.65%
 
42.52%
 
25.30%
 
(15.86)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.25% K
 
1.23%
 
1.21%
 
1.24%
 
1.27%
 
1.27%
    Expenses net of fee waivers, if any
 
1.24% K
 
1.22%
 
1.21%
 
1.24%
 
1.26%
 
1.27%
    Expenses net of all reductions
 
1.24% K
 
1.22%
 
1.21%
 
1.22%
 
1.26%
 
1.24%
    Net investment income (loss)
 
.26% K
 
.38%
 
.11%
 
.18%
 
.44%
 
.43%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,650
$
19,362
$
45,301
$
39,303
$
29,963
$
23,424
    Portfolio turnover rate L
 
26% K
 
20%
 
60%
 
60%
 
80%
 
60%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 33.56%.
 
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).
 
Fidelity Advisor® China Region Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.61
$
50.02
$
50.64
$
35.66
$
28.55
$
34.05
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
- C
 
.03
 
(.10)
 
(.05)
 
.04
 
.03
     Net realized and unrealized gain (loss)
 
8.21 D
 
(20.82)
 
1.96
 
15.04
 
7.07
 
(5.53)
  Total from investment operations
 
8.21  
 
(20.79)  
 
1.86  
 
14.99  
 
7.11
 
(5.50)
  Distributions from net investment income
 
(.09)
 
-
 
(.32)
 
(.01)
 
-
 
-
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(.09)
 
(4.62)
 
(2.48)
 
(.01)
 
-
 
-
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
32.73
$
24.61
$
50.02
$
50.64
$
35.66
$
28.55
 Total Return   E,F,G
 
33.38% D
 
(45.37)%
 
3.36%
 
42.04%
 
24.90%
 
(16.15)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.52% J
 
1.53%
 
1.50%
 
1.56%
 
1.59%
 
1.62%
    Expenses net of fee waivers, if any
 
1.52% J
 
1.53%
 
1.50%
 
1.56%
 
1.59%
 
1.62%
    Expenses net of all reductions
 
1.50% J
 
1.53%
 
1.50%
 
1.53%
 
1.58%
 
1.58%
    Net investment income (loss)
 
-% J,K
 
.08%
 
(.18)%
 
(.13)%
 
.12%
 
.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,640
$
5,803
$
12,623
$
12,028
$
9,251
$
8,132
    Portfolio turnover rate L
 
26% J
 
20%
 
60%
 
60%
 
80%
 
60%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount represents less than $.005 per share.
 
D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 33.36%.
 
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 represents less than .005%.
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.59
$
48.34
$
49.10
$
34.71
$
27.90
$
33.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.07)
 
(.13)
 
(.35)
 
(.22)
 
(.09)
 
(.11)
     Net realized and unrealized gain (loss)
 
7.87 C
 
(20.00)
 
1.92
 
14.61
 
6.90
 
(5.40)
  Total from investment operations
 
7.80  
 
(20.13)  
 
1.57  
 
14.39  
 
6.81
 
(5.51)
  Distributions from net investment income
 
-
 
-
 
(.17)
 
-
 
-
 
-
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
-
 
(4.62)
 
(2.33)
 
-
 
-
 
-
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
31.39
$
23.59
$
48.34
$
49.10
$
34.71
$
27.90
 Total Return   E,F,G
 
33.06% C
 
(45.60)%
 
2.89%
 
41.46%
 
24.41%
 
(16.49)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.96% J
 
1.96%
 
1.96%
 
1.98%
 
2.00%
 
2.01%
    Expenses net of fee waivers, if any
 
1.96% J
 
1.96%
 
1.96%
 
1.98%
 
2.00%
 
2.01%
    Expenses net of all reductions
 
1.95% J
 
1.96%
 
1.96%
 
1.96%
 
1.99%
 
1.98%
    Net investment income (loss)
 
(.45)% J
 
(.36)%
 
(.65)%
 
(.55)%
 
(.29)%
 
(.31)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,720
$
5,784
$
13,168
$
11,308
$
9,437
$
10,138
    Portfolio turnover rate K
 
26% J
 
20%
 
60%
 
60%
 
80%
 
60%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 33.04%.
 
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 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).
 
Fidelity® China Region Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.28
$
51.03
$
51.53
$
36.30
$
29.11
$
34.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.25
 
.23
 
.21
 
.25
 
.26
     Net realized and unrealized gain (loss)
 
8.43 C
 
(21.32)
 
1.97
 
15.28
 
7.19
 
(5.65)
  Total from investment operations
 
8.52  
 
(21.07)  
 
2.20  
 
15.49  
 
7.44
 
(5.39)
  Distributions from net investment income
 
(.34)
 
(.06)
 
(.54)
 
(.26)
 
(.25)
 
(.14)
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(.34)
 
(4.68)
 
(2.70)
 
(.26)
 
(.25)
 
(.14)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
33.46
$
25.28
$
51.03
$
51.53
$
36.30
$
29.11
 Total Return   E,F
 
33.73% C
 
(45.04)%
 
3.97%
 
42.95%
 
25.72%
 
(15.62)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95% I
 
.94%
 
.91%
 
.93%
 
.95%
 
.96%
    Expenses net of fee waivers, if any
 
.94% I
 
.93%
 
.91%
 
.93%
 
.95%
 
.96%
    Expenses net of all reductions
 
.94% I
 
.93%
 
.91%
 
.91%
 
.95%
 
.93%
    Net investment income (loss)
 
.56% I
 
.67%
 
.41%
 
.49%
 
.76%
 
.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
977,873
$
736,185
$
1,609,326
$
1,518,404
$
1,093,827
$
969,679
    Portfolio turnover rate J
 
26% I
 
20%
 
60%
 
60%
 
80%
 
60%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 33.71%.
 
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).
 
Fidelity Advisor® China Region Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.07
$
50.63
$
51.16
$
36.05
$
28.90
$
34.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.25
 
.22
 
.20
 
.25
 
.26
     Net realized and unrealized gain (loss)
 
8.37 C
 
(21.15)
 
1.96
 
15.17
 
7.13
 
(5.61)
  Total from investment operations
 
8.47  
 
(20.90)  
 
2.18  
 
15.37  
 
7.38
 
(5.35)
  Distributions from net investment income
 
(.34)
 
(.04)
 
(.55)
 
(.26)
 
(.23)
 
(.16)
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(.34)
 
(4.66)
 
(2.71)
 
(.26)
 
(.23)
 
(.16)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
33.20
$
25.07
$
50.63
$
51.16
$
36.05
$
28.90
 Total Return   E,F
 
33.79% C
 
(45.05)%
 
3.96%
 
42.91%
 
25.71%
 
(15.63)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93% I
 
.93%
 
.93%
 
.95%
 
.97%
 
.98%
    Expenses net of fee waivers, if any
 
.93% I
 
.93%
 
.93%
 
.95%
 
.96%
 
.98%
    Expenses net of all reductions
 
.93% I
 
.93%
 
.93%
 
.93%
 
.96%
 
.95%
    Net investment income (loss)
 
.57% I
 
.68%
 
.39%
 
.48%
 
.74%
 
.72%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
45,196
$
20,509
$
68,464
$
47,688
$
27,410
$
20,854
    Portfolio turnover rate J
 
26% I
 
20%
 
60%
 
60%
 
80%
 
60%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 33.77%.
 
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).
 
Fidelity Advisor® China Region Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.02
$
50.57
$
51.07
$
36.00
$
28.91
$
32.63
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.30
 
.29
 
.26
 
.30
 
.01
     Net realized and unrealized gain (loss)
 
8.35 D
 
(21.10)
 
1.95
 
15.14
 
7.11
 
(3.73)
  Total from investment operations
 
8.47  
 
(20.80)  
 
2.24  
 
15.40  
 
7.41
 
(3.72)
  Distributions from net investment income
 
(.28)
 
(.12)
 
(.59)
 
(.33)
 
(.32)
 
-
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(.28)
 
(4.75) E
 
(2.74) E
 
(.33)
 
(.32)
 
-
  Net asset value, end of period
$
33.21
$
25.02
$
50.57
$
51.07
$
36.00
$
28.91
 Total Return   F,G
 
33.86% D
 
(44.97)%
 
4.09%
 
43.13%
 
25.86%
 
(11.40)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.80% J
 
.80%
 
.80%
 
.81%
 
.82%
 
.91% J
    Expenses net of fee waivers, if any
 
.80% J
 
.80%
 
.80%
 
.81%
 
.82%
 
.90% J
    Expenses net of all reductions
 
.80% J
 
.80%
 
.80%
 
.79%
 
.81%
 
.87% J
    Net investment income (loss)
 
.70% J
 
.81%
 
.52%
 
.61%
 
.89%
 
.57% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,592
$
3,940
$
71,573
$
71,121
$
46,861
$
323
    Portfolio turnover rate K
 
26% J
 
20%
 
60%
 
60%
 
80%
 
60% J
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 33.84%.
 
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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, China Region, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in Input A
Equities
$12,081,367
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.4 - 8.5 / 4.7
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, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain corporate actions and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$270,250,352
Gross unrealized depreciation
(176,532,572)
Net unrealized appreciation (depreciation)
$93,717,780
Tax cost
$989,062,830
 
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
$(99,049,173)
  Long-term
(34,928,533)
Total capital loss carryforward
$(133,977,706)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity China Region Fund
185,085,233
132,961,986
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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%
$33,906
$779
Class M
.25%
.25%
21,020
263
Class C
.75%
.25%
41,205
7,949
 
 
 
$96,131
$8,991
 
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
$4,004
Class M
1,564
Class C A
325
 
$5,893
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
$31,380
.23
Class M
10,756
.26
Class C
7,984
.19
China Region
917,016
.18
Class I
32,351
.17
Class Z
1,760
.04
 
$1,001,247
 
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
$1,286
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity China Region Fund
8,857,783
2,809,204
777,175
 
Other. During the period, FMR reimbursed the Fund $254,190 for an operational error which is included in Net Realized Gain (Loss) in the accompanying Statement of Operations.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity China Region Fund
$1,054
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
$5,523
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,178. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$402
Class M
483
Class C
49
 
$934
 
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 $25,159.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Fidelity China Region Fund
 
 
Distributions to shareholders
 
 
Class A
$147,676
$4,134,709
Class M
22,086
1,142,842
Class C
-
1,227,041
China Region
9,963,708
144,410,750
Class I
287,558
5,718,145
Class Z
42,665
6,388,084
Total   
$10,463,693
$163,021,571
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Six months ended April 30, 2023
Year ended October 31, 2022
Fidelity China Region Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
142,348
167,076
$5,016,973
$6,290,832
Reinvestment of distributions
4,346
93,787
141,383
3,954,050
Shares redeemed
(118,254)
(381,933)
(3,929,816)
(12,663,126)
Net increase (decrease)
28,440
(121,070)
$1,228,540
$(2,418,244)
Class M
 
 
 
 
Shares sold
48,481
14,193
$1,769,939
$518,243
Reinvestment of distributions
682
27,154
22,023
1,136,944
Shares redeemed
(21,000)
(57,927)
(705,307)
(2,269,682)
Net increase (decrease)
28,163
(16,580)
$1,086,655
$(614,495)
Class C
 
 
 
 
Shares sold
63,082
52,147
$2,109,329
$1,830,320
Reinvestment of distributions
-
28,637
-
1,153,507
Shares redeemed
(62,403)
(107,986)
(1,959,869)
(4,068,826)
Net increase (decrease)
679
(27,202)
$149,460
$(1,084,999)
China Region
 
 
 
 
Shares sold
3,583,185
4,318,983
$124,632,995
$163,821,858
Reinvestment of distributions
285,364
3,187,084
9,405,600
136,311,566
Shares redeemed
(3,771,823)
(9,920,317)
(127,181,627)
(380,571,112)
Net increase (decrease)
96,726
(2,414,250)
$6,856,968
$(80,437,688)
Class I
 
 
 
 
Shares sold
808,487
518,992
$28,385,168
$19,260,467
Reinvestment of distributions
7,396
117,730
241,861
4,994,105
Shares redeemed
(272,576)
(1,171,014)
(9,329,274)
(44,285,642)
Net increase (decrease)
543,307
(534,292)
$19,297,755
$(20,031,070)
Class Z
 
 
 
 
Shares sold
274,553
625,286
$9,861,164
$23,658,178
Reinvestment of distributions
1,256
148,353
41,047
6,272,360
Shares redeemed
(54,131)
(2,031,604)
(1,802,220)
(63,059,582)
Net increase (decrease)
221,678
(1,257,965)
$8,099,991
$(33,129,044)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
10.3
 
Alibaba Group Holding Ltd. sponsored ADR  (China, Broadline Retail)
7.3
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
6.1
 
Zomato Ltd.  (India, Hotels, Restaurants & Leisure)
2.9
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.9
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
2.8
 
Sea Ltd. ADR  (Singapore, Entertainment)
2.0
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
1.9
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.8
 
Micron Technology, Inc.(United States of America, Semiconductors & Semiconductor Equipment)
1.8
 
 
39.8
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
30.6
 
Consumer Discretionary
26.2
 
Financials
12.1
 
Health Care
8.7
 
Communication Services
7.0
 
Industrials
6.5
 
Energy
2.9
 
Real Estate
1.7
 
Consumer Staples
1.7
 
Materials
1.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Emerging Asia Fund
Showing Percentage of Net Assets
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
China - 39.3%
 
 
 
Agora, Inc. ADR (a)
 
470,000
1,574,500
Akeso, Inc. (a)(b)(c)
 
646,732
3,551,976
Alibaba Group Holding Ltd. (a)
 
3,006,364
31,788,171
Alibaba Group Holding Ltd. sponsored ADR (a)
 
448,405
37,975,419
Anhui Korrun Co. Ltd. (A Shares)
 
1,325,261
3,156,080
Antengene Corp. (a)(c)
 
3,408,163
1,177,096
Baidu, Inc.:
 
 
 
 Class A (a)
 
103,600
1,559,378
 sponsored ADR (a)
 
28,701
3,461,628
Bairong, Inc. (a)(c)
 
1,914,735
2,649,296
BC Technology Group Ltd. (a)
 
3,282,217
1,180,889
Beijing Sinohytec Co. Ltd. (A Shares)
 
439,880
5,128,280
Bilibili, Inc. ADR (a)(b)
 
501,772
10,216,078
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
100,000
3,714,194
 (H Shares)
 
347,264
10,531,216
DPC Dash Ltd.
 
326,300
2,109,725
Empyrean Technology Co. Ltd. (A Shares)
 
233,600
3,936,109
Estun Automation Co. Ltd.:
 
 
 
 (A Shares)
 
3,303,300
10,913,886
 (A Shares)
 
855,528
2,826,608
Glodon Co. Ltd. (A Shares)
 
877,100
7,370,692
GRG Metrology & Test Co. Ltd. (A Shares)
 
1,041,390
3,415,935
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
551,732
6,541,774
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
465,297
6,137,577
Hundsun Technologies, Inc. (A Shares)
 
1,145,886
8,213,696
Innovent Biologics, Inc. (a)(c)
 
705,745
3,393,273
Jiangxi Copper Co. Ltd. (A Shares)
 
2,167,100
6,423,001
Joinn Laboratories China Co. Ltd. (A Shares)
 
611,686
4,391,439
Kangji Medical Holdings Ltd. (b)
 
1,511,945
1,905,184
KE Holdings, Inc. ADR (a)
 
772,765
12,124,683
Kindstar Globalgene Technology, Inc. (a)(c)
 
6,775,265
1,531,462
Li Auto, Inc.:
 
 
 
 ADR (a)
 
462,710
10,873,685
 Class A (a)
 
326,484
3,866,830
Meituan Class B (a)(c)
 
1,029,469
17,594,096
Microport Cardioflow Medtech Corp. (a)(b)(c)
 
12,173,311
3,598,162
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c)
 
1,296,269
1,139,419
Ming Yuan Cloud Group Holdings Ltd.
 
8,275,459
4,302,934
New Horizon Health Ltd. (a)(c)
 
1,922,040
6,897,319
NXP Semiconductors NV
 
38,762
6,346,890
PDD Holdings, Inc. ADR (a)
 
390,699
26,626,137
RLX Technology, Inc. ADR (a)
 
746,592
1,836,616
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
1,110,632
9,947,830
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
195,089
8,819,919
Smoore International Holdings Ltd. (b)(c)
 
2,133,176
2,493,716
Sunac China Holdings Ltd. (a)(b)
 
4,892,796
1,028,368
Sungrow Power Supply Co. Ltd. (A Shares)
 
716,542
11,731,026
Tencent Holdings Ltd.
 
208,856
9,276,572
Trip.com Group Ltd. (a)
 
248,157
8,823,206
Trip.com Group Ltd. ADR (a)
 
190,206
6,754,215
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c)
 
2,490,882
3,487,191
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
672,960
5,079,591
WuXi AppTec Co. Ltd. (H Shares) (c)
 
854,720
7,517,204
Wuxi Biologics (Cayman), Inc. (a)(c)
 
1,338,999
7,984,236
Yonyou Network Technology Co. Ltd. (A Shares)
 
1,636,100
5,127,677
Zai Lab Ltd. (a)
 
493,310
1,727,128
Zai Lab Ltd. ADR (a)
 
94,279
3,297,879
TOTAL CHINA
 
 
375,077,091
Hong Kong - 2.5%
 
 
 
AIA Group Ltd.
 
1,432,672
15,597,609
Hong Kong Exchanges and Clearing Ltd.
 
142,944
5,934,592
Huanxi Media Group Ltd. (a)
 
19,829,015
2,504,893
TOTAL HONG KONG
 
 
24,037,094
India - 18.4%
 
 
 
Amber Enterprises India Ltd. (a)
 
79,174
1,814,813
Asian Paints Ltd.
 
107,389
3,825,834
Aster DM Healthcare Ltd. (a)(c)
 
663,051
2,008,221
Bajaj Finance Ltd.
 
41,901
3,235,368
Campus Activewear Ltd.
 
1,630,000
7,125,845
Computer Age Management Services Private Ltd.
 
326,313
8,257,251
Delhivery Private Ltd.
 
450,164
2,067,825
Devyani International Ltd. (a)
 
1,695,512
3,362,871
Dixon Technologies India Ltd.
 
134,879
4,831,592
HDFC Asset Management Co. Ltd. (c)
 
355,961
7,702,489
HDFC Bank Ltd.
 
499,403
10,336,157
HDFC Standard Life Insurance Co. Ltd. (c)
 
430,500
2,797,763
Hindustan Aeronautics Ltd.
 
170,895
6,126,417
Housing Development Finance Corp. Ltd.
 
293,158
9,998,976
Indian Energy Exchange Ltd. (a)(c)
 
1,110,458
2,135,380
Kotak Mahindra Bank Ltd.
 
207,066
4,933,384
MakeMyTrip Ltd. (a)
 
329,745
7,729,223
One97 Communications Ltd. (a)
 
1,417,007
11,374,370
Page Industries Ltd.
 
5,450
2,695,239
Reliance Industries Ltd.
 
915,221
27,208,140
Sapphire Foods India Ltd. (a)
 
236,579
3,477,031
Tata Consultancy Services Ltd.
 
171,952
6,805,584
Tata Motors Ltd. (a)
 
1,143,147
6,827,727
Vijaya Diagnostic Centre Pvt Ltd.
 
196,617
909,953
Zomato Ltd. (a)
 
34,497,779
27,615,333
TOTAL INDIA
 
 
175,202,786
Indonesia - 0.9%
 
 
 
PT Bank Central Asia Tbk
 
13,717,603
8,489,160
Japan - 3.5%
 
 
 
Money Forward, Inc. (a)
 
401,557
16,722,577
Renesas Electronics Corp. (a)
 
769,328
10,026,228
Z Holdings Corp.
 
2,373,630
6,501,946
TOTAL JAPAN
 
 
33,250,751
Korea (South) - 9.8%
 
 
 
Coupang, Inc. Class A (a)
 
564,758
9,465,344
Delivery Hero AG (a)(c)
 
300,717
11,972,039
Gabia, Inc.
 
128,155
1,121,125
Kakao Pay Corp. (a)
 
188,330
7,742,364
LG Energy Solution (a)
 
3,400
1,482,428
Samsung Electronics Co. Ltd.
 
1,182,479
58,205,859
SK Hynix, Inc.
 
46,680
3,142,038
TOTAL KOREA (SOUTH)
 
 
93,131,197
Netherlands - 1.1%
 
 
 
ASML Holding NV (Netherlands)
 
7,702
4,867,199
Shop Apotheke Europe NV (a)(b)(c)
 
52,018
5,186,190
TOTAL NETHERLANDS
 
 
10,053,389
Russia - 0.1%
 
 
 
Yandex NV Series A (a)(b)(d)
 
153,309
1,165,148
Singapore - 4.3%
 
 
 
DBS Group Holdings Ltd.
 
284,779
7,036,879
Oversea-Chinese Banking Corp. Ltd.
 
1,182,736
11,189,737
Sea Ltd. ADR (a)
 
248,990
18,965,568
United Overseas Bank Ltd.
 
201,231
4,273,736
TOTAL SINGAPORE
 
 
41,465,920
Switzerland - 0.7%
 
 
 
Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/10/25 (a)(c)
 
179,025
2,971,124
ZWSOFT Co. Ltd. (Guangzhou) ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/12/23 (a)(c)
 
144,349
4,104,914
TOTAL SWITZERLAND
 
 
7,076,038
Taiwan - 11.1%
 
 
 
GlobalWafers Co. Ltd.
 
255,000
4,004,839
MediaTek, Inc.
 
158,000
3,433,127
Taiwan Semiconductor Manufacturing Co. Ltd.
 
4,907,892
80,313,476
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
212,253
17,892,928
TOTAL TAIWAN
 
 
105,644,370
United States of America - 5.2%
 
 
 
Frontage Holdings Corp. (a)(c)
 
17,621,768
5,482,822
GlobalFoundries, Inc. (a)
 
76,792
4,515,370
Micron Technology, Inc.
 
260,875
16,789,915
NVIDIA Corp.
 
28,240
7,836,318
onsemi (a)
 
97,043
6,983,214
Snap, Inc. Class A (a)
 
773,523
6,737,385
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
11,000
847,000
TOTAL UNITED STATES OF AMERICA
 
 
49,192,024
Vietnam - 0.3%
 
 
 
Vietnam Dairy Products Corp.
 
1,043,400
3,119,146
 
TOTAL COMMON STOCKS
  (Cost $965,733,033)
 
 
 
926,904,114
 
 
 
 
Preferred Stocks - 1.8%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.6%
 
 
 
China - 0.6%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
23,366
4,649,834
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
128,423
1,139,112
 
 
 
5,788,946
Nonconvertible Preferred Stocks - 1.2%
 
 
 
China - 0.3%
 
 
 
ZKH Group Ltd. Series F (d)
 
8,603,093
3,183,144
Korea (South) - 0.9%
 
 
 
Samsung Electronics Co. Ltd.
 
200,292
8,376,501
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
11,559,645
 
TOTAL PREFERRED STOCKS
  (Cost $16,082,759)
 
 
 
17,348,591
 
 
 
 
Money Market Funds - 2.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
4,403,084
4,403,965
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
18,907,290
18,909,181
 
TOTAL MONEY MARKET FUNDS
  (Cost $23,313,146)
 
 
23,313,146
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
  (Cost $1,005,128,938)
 
 
 
967,565,851
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(13,656,508)
NET ASSETS - 100.0%
953,909,343
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
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 $107,375,388 or 11.3% 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 $6,635,946 or 0.7% 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
12/01/20
1,824,011
 
 
 
Space Exploration Technologies Corp. Class A
2/16/21
461,989
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
180,369
121,171,588
116,947,992
230,828
-
-
4,403,965
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
32,545,160
150,143,758
163,779,737
510,747
-
-
18,909,181
0.1%
Total
32,725,529
271,315,346
280,727,729
741,575
-
-
23,313,146
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
65,038,430
39,380,659
19,842,789
5,814,982
Consumer Discretionary
250,730,031
111,396,062
139,333,969
-
Consumer Staples
15,606,792
7,022,806
8,583,986
-
Energy
27,208,140
-
27,208,140
-
Financials
116,608,149
-
116,608,149
-
Health Care
82,638,346
3,297,879
78,201,355
1,139,112
Industrials
62,744,486
-
61,897,486
847,000
Information Technology
292,013,710
66,806,334
225,207,376
-
Materials
15,328,426
-
15,328,426
-
Real Estate
16,336,195
12,124,683
1,028,368
3,183,144
  Money Market Funds
23,313,146
23,313,146
-
-
 Total Investments in Securities:
967,565,851
263,341,569
693,240,044
10,984,238
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
12,231,826
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(960)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
(1,246,628)
 
  Ending Balance
$
10,984,238
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023
$
(960)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® Emerging Asia Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,473,122) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $981,815,792)
$
944,252,705
 
 
Fidelity Central Funds (cost $23,313,146)
23,313,146
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,005,128,938)
 
 
$
967,565,851
Foreign currency held at value (cost $4,846,594)
 
 
4,847,712
Receivable for investments sold
 
 
6,028,688
Receivable for fund shares sold
 
 
197,741
Dividends receivable
 
 
633,766
Distributions receivable from Fidelity Central Funds
 
 
76,962
Prepaid expenses
 
 
424
Other receivables
 
 
503,976
  Total assets
 
 
979,855,120
Liabilities
 
 
 
 
Payable for investments purchased
$
3,578,664
 
 
Payable for fund shares redeemed
658,626
 
 
Accrued management fee
475,286
 
 
Other affiliated payables
197,833
 
 
Deferred taxes
2,009,615
 
 
Other payables and accrued expenses
115,342
 
 
Collateral on securities loaned
18,910,411
 
 
  Total Liabilities
 
 
 
25,945,777
Net Assets  
 
 
$
953,909,343
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,246,579,636
Total accumulated earnings (loss)
 
 
 
(292,670,293)
Net Assets
 
 
$
953,909,343
Net Asset Value , offering price and redemption price per share ($953,909,343 ÷ 26,211,079 shares)
 
 
$
36.39
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
3,235,420
Non-Cash dividends
 
 
256,116
Income from Fidelity Central Funds (including $510,747 from security lending)
 
 
741,575
 Income before foreign taxes withheld
 
 
$
4,233,111
Less foreign taxes withheld
 
 
(509,576)
 Total Income
 
 
 
3,723,535
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
3,346,985
 
 
 Performance adjustment
727,469
 
 
Transfer agent fees
964,873
 
 
Accounting fees
221,220
 
 
Custodian fees and expenses
101,709
 
 
Independent trustees' fees and expenses
3,307
 
 
Registration fees
19,651
 
 
Audit
56,891
 
 
Legal
1,244
 
 
Interest
4,608
 
 
Miscellaneous
2,237
 
 
 Total expenses before reductions
 
5,450,194
 
 
 Expense reductions
 
(22,698)
 
 
 Total expenses after reductions
 
 
 
5,427,496
Net Investment income (loss)
 
 
 
(1,703,961)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $569,524)
 
(107,795,861)
 
 
 Foreign currency transactions
 
(105,524)
 
 
Total net realized gain (loss)
 
 
 
(107,901,385)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,436,508)  
 
275,078,646
 
 
 Assets and liabilities in foreign currencies
 
379,736
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
275,458,382
Net gain (loss)
 
 
 
167,556,997
Net increase (decrease) in net assets resulting from operations
 
 
$
165,853,036
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(1,703,961)
$
(6,406,902)
Net realized gain (loss)
 
(107,901,385)
 
 
(135,551,761)
 
Change in net unrealized appreciation (depreciation)
 
275,458,382
 
(672,888,572)
 
Net increase (decrease) in net assets resulting from operations
 
165,853,036
 
 
(814,847,235)
 
Distributions to shareholders
 
-
 
 
(218,312,620)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
68,096,921
 
116,575,535
  Reinvestment of distributions
 
-
 
 
202,673,713
 
Cost of shares redeemed
 
(103,567,472)
 
(462,682,896)
  Net increase (decrease) in net assets resulting from share transactions
 
(35,470,551)
 
 
(143,433,648)
 
Total increase (decrease) in net assets
 
130,382,485
 
 
(1,176,593,503)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
823,526,858
 
2,000,120,361
 
End of period
$
953,909,343
$
823,526,858
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,803,232
 
2,698,029
  Issued in reinvestment of distributions
 
-
 
 
3,879,665
 
Redeemed
 
(2,833,084)
 
(10,270,869)
Net increase (decrease)
 
(1,029,852)
 
(3,693,175)
 
 
 
 
 
 
Financial Highlights
Fidelity® Emerging Asia Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.23
$
64.66
$
63.60
$
45.03
$
36.69
$
43.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.06)
 
(.22)
 
(.31) C
 
(.12)
 
.34
 
.41
     Net realized and unrealized gain (loss)
 
6.22
 
(26.97)
 
11.00
 
21.49
 
9.27
 
(7.27)
  Total from investment operations
 
6.16  
 
(27.19)  
 
10.69  
 
21.37  
 
9.61
 
(6.86)
  Distributions from net investment income
 
-
 
(.09)
 
-
 
(.29) D
 
(.39)
 
(.37)
  Distributions from net realized gain
 
-
 
(7.15)
 
(9.63)
 
(2.51) D
 
(.88)
 
(.02)
     Total distributions
 
-
 
(7.24)
 
(9.63)
 
(2.80)
 
(1.27)
 
(.39)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
36.39
$
30.23
$
64.66
$
63.60
$
45.03
$
36.69
 Total Return   F,G
 
20.38%
 
(46.77)%
 
17.02%
 
50.46%
 
26.95%
 
(15.75)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.10% J
 
1.18%
 
1.02%
 
1.13%
 
1.11%
 
1.02%
    Expenses net of fee waivers, if any
 
1.10% J
 
1.17%
 
1.02%
 
1.13%
 
1.11%
 
1.02%
    Expenses net of all reductions
 
1.10% J
 
1.17%
 
1.02%
 
1.10%
 
1.11%
 
1.00%
    Net investment income (loss)
 
(.34)% J
 
(.51)%
 
(.45)% C
 
(.24)%
 
.82%
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
953,909
$
823,527
$
2,000,120
$
1,578,782
$
993,620
$
913,940
    Portfolio turnover rate K
 
34% J
 
44%
 
85%
 
114%
 
61% L
 
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 mutual funds or ETFs 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 amount shown reflects 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.
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in Input A
Equities
$10,984,238
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.4 - 8.5 / 3.9
Increase
 
 
Market approach
Transaction price
$9.50
Increase
 
 
 
Discount rate
20.0%
Decrease
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$219,176,600
Gross unrealized depreciation
(282,366,394)
Net unrealized appreciation (depreciation)
$(63,189,794)
Tax cost
$1,030,755,645
 
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
$(111,911,461)
  Long-term
(4,880,227)
Total capital loss carryforward
$(116,791,688)
 
The Fund elected to defer to its next fiscal year $6,944,021 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Asia Fund
164,683,881
215,727,216
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Asia ex Japan Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% 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 .20% 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
$2,898
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Emerging Asia Fund
Borrower
$4,093,875
5.07%
$4,608
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.   Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Emerging Asia Fund
3,177,098
8,804,915
(6,897,412)
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
$962
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
$54,755
$-
$-
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 $22,698.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
8.3
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
6.1
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.6
 
NVIDIA Corp.  (United States of America, Semiconductors & Semiconductor Equipment)
3.4
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.9
 
PT Bank Central Asia Tbk  (Indonesia, Banks)
2.7
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
2.6
 
Kweichow Moutai Co. Ltd. (A Shares)  (China, Beverages)
2.5
 
Housing Development Finance Corp. Ltd.  (India, Financial Services)
2.3
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
2.1
 
 
37.5
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
26.4
 
Financials
18.7
 
Consumer Discretionary
11.4
 
Communication Services
9.3
 
Health Care
7.6
 
Industrials
6.5
 
Consumer Staples
6.5
 
Energy
5.6
 
Materials
4.4
 
Utilities
1.8
 
Real Estate
0.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Emerging Markets Fund
Showing Percentage of Net Assets
Common Stocks - 97.7%
 
 
Shares
Value ($)
 
Australia - 0.4%
 
 
 
Lynas Rare Earths Ltd. (a)
 
5,885,228
25,276,500
Brazil - 2.5%
 
 
 
Localiza Rent a Car SA
 
7,017,537
81,616,609
Localiza Rent a Car SA rights 5/11/23 (a)
 
27,237
93,706
PagSeguro Digital Ltd. (a)
 
1,068,399
10,513,046
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
17,010,284
41,674,821
XP, Inc. Class A (a)(b)
 
2,927,700
41,836,833
TOTAL BRAZIL
 
 
175,735,015
China - 25.8%
 
 
 
Alibaba Group Holding Ltd. (a)
 
17,145,032
181,285,169
Bank of Chengdu Co. Ltd. (A Shares)
 
17,931,644
35,728,045
Bilibili, Inc. ADR (a)(b)
 
1,830,000
37,258,800
Chervon Holdings Ltd.
 
9,903,337
50,396,823
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
31,570,000
57,593,250
Huali Industrial Group Co. Ltd. (A Shares)
 
3,864,963
24,716,738
Kweichow Moutai Co. Ltd. (A Shares)
 
694,180
177,123,164
Meituan Class B (a)(c)
 
7,791,310
133,157,050
NetEase, Inc. ADR
 
465,100
41,454,363
PDD Holdings, Inc. ADR (a)
 
2,185,700
148,955,455
Shandong Sinocera Functional Material Co. Ltd. (A Shares)
 
8,804,849
37,574,646
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
2,450,554
110,788,861
Silergy Corp.
 
2,949,000
46,515,456
Sinopharm Group Co. Ltd. (H Shares)
 
21,595,699
76,497,974
Sunresin New Materials Co. Ltd. (A Shares)
 
3,210,889
41,832,654
Tencent Holdings Ltd.
 
9,641,800
428,251,306
Wuliangye Yibin Co. Ltd. (A Shares)
 
3,772,134
92,375,107
Wuxi Biologics (Cayman), Inc. (a)(c)
 
11,281,000
67,266,791
Zai Lab Ltd. ADR (a)
 
1,006,900
35,221,362
TOTAL CHINA
 
 
1,823,993,014
France - 3.2%
 
 
 
Gaztransport et Technigaz SA
 
387,948
41,444,176
Hermes International SCA
 
41,119
89,113,792
LVMH Moet Hennessy Louis Vuitton SE
 
66,999
64,445,087
Sartorius Stedim Biotech
 
128,400
34,309,860
TOTAL FRANCE
 
 
229,312,915
Hong Kong - 3.1%
 
 
 
AIA Group Ltd.
 
10,430,600
113,558,732
Hong Kong Exchanges and Clearing Ltd.
 
1,493,574
62,008,562
Techtronic Industries Co. Ltd.
 
4,269,000
46,184,131
TOTAL HONG KONG
 
 
221,751,425
Hungary - 0.8%
 
 
 
Richter Gedeon PLC
 
2,267,800
54,727,029
India - 16.1%
 
 
 
360 ONE WAM Ltd.
 
5,663,156
29,166,212
HDFC Bank Ltd.
 
5,319,694
110,101,844
HDFC Standard Life Insurance Co. Ltd. (c)
 
8,040,600
52,254,798
Housing Development Finance Corp. Ltd.
 
4,846,446
165,301,636
Kotak Mahindra Bank Ltd.
 
4,620,048
110,073,453
Larsen & Toubro Ltd.
 
3,393,300
98,484,001
Mankind Pharma Ltd. (d)
 
38,701
485,715
Mankind Pharma Ltd. (d)
 
38,701
485,715
Petronet LNG Ltd.
 
19,126,300
55,610,265
Power Grid Corp. of India Ltd.
 
44,879,500
130,638,652
Reliance Industries Ltd.
 
7,001,618
208,147,546
Restaurant Brands Asia Ltd. (a)(e)
 
25,702,456
32,249,937
Tata Consultancy Services Ltd.
 
1,778,500
70,390,179
Ultratech Cement Ltd.
 
808,600
74,934,423
TOTAL INDIA
 
 
1,138,324,376
Indonesia - 2.7%
 
 
 
PT Bank Central Asia Tbk
 
307,131,870
190,069,026
Italy - 1.2%
 
 
 
Ferrari NV (b)
 
293,700
81,836,568
Japan - 0.4%
 
 
 
Hoya Corp.
 
290,400
30,449,904
Kazakhstan - 1.0%
 
 
 
Kaspi.KZ JSC GDR (Reg. S)
 
865,300
71,387,250
Kenya - 0.4%
 
 
 
Safaricom Ltd.
 
233,129,100
28,284,045
Korea (South) - 5.5%
 
 
 
Kakao Corp.
 
1,441,260
63,137,129
Samsung Electronics Co. Ltd.
 
6,683,737
328,997,514
TOTAL KOREA (SOUTH)
 
 
392,134,643
Mexico - 3.4%
 
 
 
Banco del Bajio SA (c)
 
17,066,022
56,144,787
Becle S.A.B. de CV
 
24,074,694
55,568,831
GCC S.A.B. de CV
 
4,165,500
33,114,097
Grupo Aeroportuario Norte S.A.B. de CV
 
8,538,587
93,860,582
TOTAL MEXICO
 
 
238,688,297
Netherlands - 3.0%
 
 
 
ASML Holding NV (Netherlands)
 
190,600
120,447,697
BE Semiconductor Industries NV (b)
 
1,037,800
93,016,505
TOTAL NETHERLANDS
 
 
213,464,202
Philippines - 0.5%
 
 
 
TaskUs, Inc. (a)(b)
 
2,727,456
36,711,558
Poland - 1.2%
 
 
 
Dino Polska SA (a)(c)
 
823,481
83,770,658
Russia - 0.1%
 
 
 
LUKOIL PJSC sponsored ADR (a)(f)
 
802,595
227,046
Sberbank of Russia (f)
 
25,741,060
184,138
Yandex NV Series A (a)(f)
 
1,084,187
8,239,821
TOTAL RUSSIA
 
 
8,651,005
Saudi Arabia - 5.4%
 
 
 
Al Rajhi Bank
 
7,197,220
147,371,556
Arabian Internet and Communications Services Co. Ltd.
 
726,600
54,048,951
Dr Sulaiman Al Habib Medical Services Group Co.
 
903,000
69,096,702
Sabic Agriculture-Nutrients Co.
 
1,448,500
51,595,595
Saudi Arabian Oil Co. (c)
 
5,939,100
57,004,719
TOTAL SAUDI ARABIA
 
 
379,117,523
Singapore - 0.5%
 
 
 
Sea Ltd. ADR (a)
 
440,400
33,545,268
South Africa - 0.7%
 
 
 
Clicks Group Ltd.
 
3,364,183
49,166,636
Sweden - 0.2%
 
 
 
VEF AB (a)(e)
 
86,555,885
17,707,788
Taiwan - 12.7%
 
 
 
ASPEED Tech, Inc.
 
1,041,000
89,079,416
Chailease Holding Co. Ltd.
 
7,617,812
55,442,732
eMemory Technology, Inc.
 
1,743,000
104,144,247
Taiwan Semiconductor Manufacturing Co. Ltd.
 
35,754,000
585,083,787
Voltronic Power Technology Corp.
 
1,114,868
64,060,183
TOTAL TAIWAN
 
 
897,810,365
United Arab Emirates - 0.5%
 
 
 
Adnoc Gas PLC
 
37,475,969
32,758,179
United States of America - 5.3%
 
 
 
Adobe, Inc. (a)
 
101,778
38,427,302
Globant SA (a)(b)
 
330,100
51,782,787
Lattice Semiconductor Corp. (a)
 
582,300
46,409,310
NVIDIA Corp.
 
855,808
237,478,162
TOTAL UNITED STATES OF AMERICA
 
 
374,097,561
Uruguay - 0.5%
 
 
 
Dlocal Ltd. (a)(b)
 
2,642,072
36,989,008
Zambia - 0.6%
 
 
 
First Quantum Minerals Ltd.
 
1,829,600
44,455,425
 
TOTAL COMMON STOCKS
  (Cost $5,942,642,725)
 
 
 
6,910,215,183
 
 
 
 
Preferred Stocks - 0.7%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.5%
 
 
 
Brazil - 0.3%
 
 
 
Creditas Financial Solutions Ltd. Series F (a)(f)(g)
 
64,604
18,440,566
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(f)(g)
 
85,253
16,965,347
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
35,405,913
Nonconvertible Preferred Stocks - 0.2%
 
 
 
China - 0.2%
 
 
 
ZKH Group Ltd. Series F (f)
 
37,926,244
14,032,710
 
TOTAL PREFERRED STOCKS
  (Cost $51,152,521)
 
 
 
49,438,623
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (h)
 
115,162,701
115,185,734
Fidelity Securities Lending Cash Central Fund 4.88% (h)(i)
 
149,752,195
149,767,170
 
TOTAL MONEY MARKET FUNDS
  (Cost $264,952,904)
 
 
264,952,904
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.2%
  (Cost $6,258,748,150)
 
 
 
7,224,606,710
NET OTHER ASSETS (LIABILITIES) - (2.2)%  
(154,939,239)
NET ASSETS - 100.0%
7,069,667,471
 
 
 
 
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 $507,192,053 or 7.2% of net assets.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Affiliated company
 
(f)
Level 3 security
 
(g)
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 $35,405,913 or 0.5% of net assets.
 
(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 ($)
 
ByteDance Ltd. Series E1
11/18/20
9,341,528
 
 
 
Creditas Financial Solutions Ltd. Series F
1/28/22
20,349,123
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
67,633,060
900,474,823
852,922,149
2,696,841
-
-
115,185,734
0.3%
Fidelity Securities Lending Cash Central Fund 4.88%
93,754,025
508,011,886
451,998,741
250,936
-
-
149,767,170
0.5%
Total
161,387,085
1,408,486,709
1,304,920,890
2,947,777
-
-
264,952,904
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Restaurant Brands Asia Ltd.
38,433,791
-
645,684
-
(345,077)
(5,193,093)
32,249,937
VEF AB
18,957,451
1,207,377
-
-
-
(2,457,040)
17,707,788
Total
57,391,242
1,207,377
645,684
-
(345,077)
(7,650,133)
49,957,725
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
657,136,079
140,542,476
491,388,435
25,205,168
Consumer Discretionary
806,156,619
319,905,815
486,250,804
-
Consumer Staples
458,004,396
188,506,125
269,498,271
-
Energy
395,191,931
131,207,074
263,757,811
227,046
Financials
1,324,280,012
381,950,268
923,705,040
18,624,704
Health Care
536,923,163
193,354,953
343,568,210
-
Industrials
462,685,591
253,957,276
208,728,315
-
Information Technology
1,865,821,313
641,610,714
1,224,210,599
-
Materials
308,783,340
129,165,117
179,618,223
-
Real Estate
14,032,710
-
-
14,032,710
Utilities
130,638,652
-
130,638,652
-
  Money Market Funds
264,952,904
264,952,904
-
-
 Total Investments in Securities:
7,224,606,710
2,645,152,722
4,521,364,360
58,089,628
Fidelity® Emerging Markets Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $145,547,463) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,915,443,094)
$
6,909,696,081
 
 
Fidelity Central Funds (cost $264,952,904)
264,952,904
 
 
Other affiliated issuers (cost $78,352,152)
49,957,725
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,258,748,150)
 
 
$
7,224,606,710
Foreign currency held at value (cost $37,635,727)
 
 
37,485,583
Receivable for fund shares sold
 
 
8,190,442
Dividends receivable
 
 
7,375,955
Distributions receivable from Fidelity Central Funds
 
 
873,175
Prepaid expenses
 
 
2,546
Other receivables
 
 
1,393,824
  Total assets
 
 
7,279,928,235
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
14,860,219
 
 
Delayed delivery
1,022,559
 
 
Payable for fund shares redeemed
8,048,465
 
 
Accrued management fee
3,964,728
 
 
Distribution and service plan fees payable
5,446
 
 
Other affiliated payables
845,569
 
 
Deferred taxes
31,183,531
 
 
Other payables and accrued expenses
563,077
 
 
Collateral on securities loaned
149,767,170
 
 
  Total Liabilities
 
 
 
210,260,764
Net Assets  
 
 
$
7,069,667,471
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,562,653,309
Total accumulated earnings (loss)
 
 
 
507,014,162
Net Assets
 
 
$
7,069,667,471
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($14,902,852 ÷ 445,575 shares) (a)
 
 
$
33.45
Maximum offering price per share (100/94.25 of $33.45)
 
 
$
35.49
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,273,083 ÷ 67,867 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 ($1,751,862 ÷ 52,607 shares) (a)
 
 
$
33.30
Emerging Markets :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($4,243,387,998 ÷ 126,393,912 shares)
 
 
$
33.57
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,118,078,065 ÷ 33,290,508 shares)
 
 
$
33.59
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($109,369,862 ÷ 3,265,546 shares)
 
 
$
33.49
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,579,903,749 ÷ 47,098,105 shares)
 
 
$
33.54
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
50,310,263
Non-Cash dividends
 
 
23,096,816
Income from Fidelity Central Funds (including $250,936 from security lending)
 
 
2,947,777
 Income before foreign taxes withheld
 
 
$
76,354,856
Less foreign taxes withheld
 
 
(6,859,403)
 Total Income
 
 
 
69,495,453
Expenses
 
 
 
 
Management fee
$
22,427,440
 
 
Transfer agent fees
4,076,391
 
 
Distribution and service plan fees
30,808
 
 
Accounting fees
781,207
 
 
Custodian fees and expenses
781,627
 
 
Independent trustees' fees and expenses
20,845
 
 
Registration fees
168,313
 
 
Audit
83,185
 
 
Legal
5,109
 
 
Miscellaneous
13,994
 
 
 Total expenses before reductions
 
28,388,919
 
 
 Expense reductions
 
(154,271)
 
 
 Total expenses after reductions
 
 
 
28,234,648
Net Investment income (loss)
 
 
 
41,260,805
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $4,191,208)
 
(133,870,618)
 
 
   Affiliated issuers
 
(345,077)
 
 
 Foreign currency transactions
 
(1,371,804)
 
 
Total net realized gain (loss)
 
 
 
(135,587,499)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $1,846,486)
 
1,276,873,577
 
 
   Affiliated issuers
 
(7,650,133)
 
 
 Assets and liabilities in foreign currencies
 
(54,223)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,269,169,221
Net gain (loss)
 
 
 
1,133,581,722
Net increase (decrease) in net assets resulting from operations
 
 
$
1,174,842,527
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
41,260,805
$
57,338,565
Net realized gain (loss)
 
(135,587,499)
 
 
(249,065,256)
 
Change in net unrealized appreciation (depreciation)
 
1,269,169,221
 
(3,129,085,535)
 
Net increase (decrease) in net assets resulting from operations
 
1,174,842,527
 
 
(3,320,812,226)
 
Distributions to shareholders
 
(50,450,464)
 
 
(481,791,574)
 
Share transactions - net increase (decrease)
 
420,735,068
 
 
787,871,888
 
Total increase (decrease) in net assets
 
1,545,127,131
 
 
(3,014,731,912)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,524,540,340
 
8,539,272,252
 
End of period
$
7,069,667,471
$
5,524,540,340
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Emerging Markets Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.73
$
47.48
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15 D
 
.16 E
 
(.04)
     Net realized and unrealized gain (loss)
 
5.71
 
(17.27)
 
.69
  Total from investment operations
 
5.86  
 
(17.11)  
 
.65  
  Distributions from net investment income
 
(.14)
 
(.48)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.14)
 
(2.64)
 
-
  Net asset value, end of period
$
33.45
$
27.73
$
47.48
 Total Return   F,G,H
 
21.16%
 
(38.00)%
 
1.39%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
    Expenses before reductions
 
1.21% K
 
1.21%
 
1.25% K
    Expenses net of fee waivers, if any
 
1.20% K
 
1.21%
 
1.25% K
    Expenses net of all reductions
 
1.20% K
 
1.21%
 
1.25% K
    Net investment income (loss)
 
.55% D,K
 
.45% E
 
(.17)% K
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,903
$
10,046
$
6,248
    Portfolio turnover rate L
 
19% K
 
34%
 
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 mutual funds or ETFs 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 .20%.
 
E 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 .22%.
 
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.
 
Fidelity Advisor® Emerging Markets Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.71
$
47.42
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10 D
 
.05 E
 
(.09)
     Net realized and unrealized gain (loss)
 
5.72
 
(17.29)
 
.68
  Total from investment operations
 
5.82  
 
(17.24)  
 
.59  
  Distributions from net investment income
 
(.04)
 
(.32)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.04)
 
(2.47) F
 
-
  Net asset value, end of period
$
33.49
$
27.71
$
47.42
 Total Return   G,H,I
 
21.00%
 
(38.20)%
 
1.26%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
    Expenses before reductions
 
1.49% L
 
1.51%
 
1.52% L
    Expenses net of fee waivers, if any
 
1.48% L
 
1.50%
 
1.51% L
    Expenses net of all reductions
 
1.47% L
 
1.50%
 
1.51% L
    Net investment income (loss)
 
.28% D,L
 
.15% E
 
(.39)% L
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,273
$
1,392
$
2,234
    Portfolio turnover rate M
 
19% L
 
34%
 
38% L,N
 
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 mutual funds or ETFs 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 (.07)%.
 
E 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 (.08)%.
 
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 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).
 
N The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor® Emerging Markets Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.59
$
47.31
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.02 D
 
(.12) E
 
(.19)
     Net realized and unrealized gain (loss)
 
5.69
 
(17.26)
 
.67
  Total from investment operations
 
5.71  
 
(17.38)  
 
.48  
  Distributions from net investment income
 
-
 
(.18)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
-
 
(2.34)
 
-
  Net asset value, end of period
$
33.30
$
27.59
$
47.31
 Total Return   F,G,H
 
20.70%
 
(38.50)%
 
1.02%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
    Expenses before reductions
 
1.99% K
 
2.00%
 
2.01% K
    Expenses net of fee waivers, if any
 
1.98% K
 
2.00%
 
2.01% K
    Expenses net of all reductions
 
1.98% K
 
2.00%
 
2.01% K
    Net investment income (loss)
 
(.23)% D,K
 
(.34)% E
 
(.86)% K
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,752
$
1,377
$
1,587
    Portfolio turnover rate L
 
19% K
 
34%
 
38% K,M
 
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Calculated based on average shares outstanding during the period.
 
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 (.58)%.
 
E 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 (.57)%.
 
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 The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity® Emerging Markets Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.87
$
47.56
$
40.26
$
33.03
$
26.66
$
31.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20 C
 
.28 D
 
.12
 
.15
 
.61 E
 
.24
     Net realized and unrealized gain (loss)
 
5.74
 
(17.35)
 
7.81
 
7.68
 
5.98
 
(4.76)
  Total from investment operations
 
5.94  
 
(17.07)  
 
7.93  
 
7.83  
 
6.59
 
(4.52)
  Distributions from net investment income
 
(.24)
 
(.46)
 
(.09)
 
(.60)
 
(.22)
 
(.16)
  Distributions from net realized gain
 
-
 
(2.16)
 
(.54)
 
-
 
- F
 
(.03)
     Total distributions
 
(.24)
 
(2.62)
 
(.63)
 
(.60)
 
(.22)
 
(.19)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
33.57
$
27.87
$
47.56
$
40.26
$
33.03
$
26.66
 Total Return   G,H
 
21.35%
 
(37.83)%
 
19.83%
 
24.09%
 
24.91%
 
(14.51)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91% K
 
.90%
 
.88%
 
.92%
 
.94%
 
.96%
    Expenses net of fee waivers, if any
 
.90% K
 
.90%
 
.88%
 
.92%
 
.94%
 
.96%
    Expenses net of all reductions
 
.90% K
 
.90%
 
.88%
 
.91%
 
.92%
 
.92%
    Net investment income (loss)
 
.85% C,K
 
.76% D
 
.26%
 
.43%
 
2.02% E
 
.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,243,388
$
3,330,900
$
5,016,159
$
4,526,531
$
3,104,887
$
3,493,583
    Portfolio turnover rate L
 
19% K
 
34%
 
38% M
 
34%
 
85% N
 
86%
 
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 mutual funds or ETFs 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 .50%.
 
D 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 .53%.
 
E 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%.
 
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).
 
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.
 
Fidelity® Emerging Markets Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.90
$
47.62
$
40.30
$
33.07
$
26.70
$
31.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22 C
 
.33 D
 
.16
 
.19
 
.65 E
 
.28
     Net realized and unrealized gain (loss)
 
5.75
 
(17.35)
 
7.83
 
7.69
 
5.99
 
(4.76)
  Total from investment operations
 
5.97  
 
(17.02)  
 
7.99  
 
7.88  
 
6.64
 
(4.48)
  Distributions from net investment income
 
(.28)
 
(.54)
 
(.12)
 
(.65)
 
(.26)
 
(.20)
  Distributions from net realized gain
 
-
 
(2.16)
 
(.54)
 
-
 
- F
 
(.03)
     Total distributions
 
(.28)
 
(2.70)
 
(.67) G
 
(.65)
 
(.27) G
 
(.23)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
33.59
$
27.90
$
47.62
$
40.30
$
33.07
$
26.70
 Total Return   H,I
 
21.43%
 
(37.73)%
 
19.94%
 
24.24%
 
25.08%
 
(14.39)%
 Ratios to Average Net Assets B,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% L
 
.77%
 
.77%
 
.80%
 
.80%
 
.82%
    Expenses net of fee waivers, if any
 
.77% L
 
.77%
 
.77%
 
.80%
 
.80%
 
.82%
    Expenses net of all reductions
 
.77% L
 
.77%
 
.77%
 
.79%
 
.79%
 
.78%
    Net investment income (loss)
 
.98% C,L
 
.88% D
 
.34%
 
.55%
 
2.15% E
 
.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,118,078
$
826,468
$
1,689,454
$
1,227,097
$
1,018,765
$
870,859
    Portfolio turnover rate M
 
19% L
 
34%
 
38% N
 
34%
 
85% O
 
86%
 
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 mutual funds or ETFs 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 .63%.
 
D 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 .66%.
 
E 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%.
 
F Amount represents less than $.005 per share.
 
G Total distributions per share do not sum due to rounding.
 
H Total returns for periods of less than one year are not annualized.
 
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
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).
 
N The portfolio turnover rate does not include the assets acquired in the merger.
 
O Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Emerging Markets Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.83
$
47.55
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.20 D
 
.26 E
 
.04
     Net realized and unrealized gain (loss)
 
5.73
 
(17.29)
 
.68
  Total from investment operations
 
5.93  
 
(17.03)  
 
.72  
  Distributions from net investment income
 
(.27)
 
(.53)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.27)
 
(2.69)
 
-
  Net asset value, end of period
$
33.49
$
27.83
$
47.55
 Total Return   F,G
 
21.33%
 
(37.81)%
 
1.54%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
    Expenses before reductions
 
.90% J
 
.89%
 
.94% J
    Expenses net of fee waivers, if any
 
.89% J
 
.89%
 
.93% J
    Expenses net of all reductions
 
.89% J
 
.89%
 
.93% J
    Net investment income (loss)
 
.86% D,J
 
.76% E
 
.17% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
109,370
$
47,819
$
25,824
    Portfolio turnover rate K
 
19% J
 
34%
 
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 mutual funds or ETFs 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 .51%.
 
E 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 .53%.
 
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.
 
Fidelity Advisor® Emerging Markets Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.87
$
47.59
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.22 D
 
.32 E
 
(.03)
     Net realized and unrealized gain (loss)
 
5.73
 
(17.33)
 
.79
  Total from investment operations
 
5.95  
 
(17.01)  
 
.76  
  Distributions from net investment income
 
(.28)
 
(.55)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.28)
 
(2.71)
 
-
  Net asset value, end of period
$
33.54
$
27.87
$
47.59
 Total Return   F,G
 
21.39%
 
(37.74)%
 
1.62%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
    Expenses before reductions
 
.78% J
 
.77%
 
.78% J
    Expenses net of fee waivers, if any
 
.77% J
 
.77%
 
.78% J
    Expenses net of all reductions
 
.77% J
 
.77%
 
.78% J
    Net investment income (loss)
 
.98% D,J
 
.88% E
 
(.13)% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,579,904
$
1,306,539
$
1,797,766
    Portfolio turnover rate K
 
19% J
 
34%
 
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 mutual funds or ETFs 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 .63%.
 
E 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 .66%.
 
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.
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,950,977,383
Gross unrealized depreciation
(1,047,413,060)
Net unrealized appreciation (depreciation)
$903,564,323
Tax cost
$6,321,042,387
 
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
$(249,361,263)
Total capital loss carryforward
$(249,361,263)
 
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 Fund
972,441,461
624,580,645
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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%
$17,957
$2,700
Class M
.25%
.25%
4,626
60
Class C
.75%
.25%
8,225
4,394
 
 
 
$30,808
$7,154
 
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
$53,891
Class M
380
Class C A
746
 
$55,017
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
$16,002
.22
Class M
2,345
.25
Class C
2,103
.26
Emerging Markets
3,458,388
.17
Class K
202,526
.04
Class I
72,311
.16
Class Z
322,716
.04
 
$4,076,391
 
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
$3,351
 
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
20,566,423
18,482,277
(5,061,934)
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
$6,342
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
$28,044
$8,778
$9,080,400
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,932. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$57
Class M
123
Class C
26
 
$206
 
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 $152,133.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Fidelity Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$53,539
$625,889
Class M
1,926
114,309
Class C
-
82,608
Emerging Markets
28,390,916
277,953,427
Class K
8,364,511
95,062,813
Class I
674,976
1,596,371
Class Z
12,964,596
106,356,157
Total   
$50,450,464
$481,791,574
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended April 30, 2023
Year ended October 31, 2022
Six months ended April 30, 2023
Year ended October 31, 2022
Fidelity Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
200,715
405,334
$6,564,379
$16,326,133
Reinvestment of distributions
1,632
14,217
52,760
609,645
Shares redeemed
(119,099)
(188,821)
(3,861,772)
(6,470,572)
Net increase (decrease)
83,248
230,730
$2,755,367
$10,465,206
Class M
 
 
 
 
Shares sold
22,384
9,094
$759,065
$331,845
Reinvestment of distributions
60
2,657
1,926
114,195
Shares redeemed
(4,824)
(8,614)
(155,094)
(305,492)
Net increase (decrease)
17,620
3,137
$605,897
$140,548
Class C
 
 
 
 
Shares sold
15,042
27,888
$482,233
$1,033,697
Reinvestment of distributions
-
1,916
-
82,366
Shares redeemed
(12,345)
(13,429)
(390,151)
(473,302)
Net increase (decrease)
2,697
16,375
$92,082
$642,761
Emerging Markets
 
 
 
 
Shares sold
21,518,883
90,211,588
$704,154,869
$3,178,493,756
Reinvestment of distributions
705,770
4,752,444
22,902,138
204,307,548
Shares redeemed
(15,333,270)
(80,932,071)
(494,075,590)
(2,841,698,156)
Net increase (decrease)
6,891,383
14,031,961
$232,981,417
$541,103,148
Class K
 
 
 
 
Shares sold
9,757,457
8,137,924
$326,149,178
$295,826,108
Reinvestment of distributions
257,656
2,211,734
8,363,213
95,060,337
Shares redeemed
(6,348,363)
(16,201,876)
(208,893,775)
(567,669,911)
Net increase (decrease)
3,666,750
(5,852,218)
$125,618,616
$(176,783,466)
Class I
 
 
 
 
Shares sold
2,279,783
2,413,035
$74,403,824
$83,439,062
Reinvestment of distributions
19,449
35,220
629,629
1,511,652
Shares redeemed
(752,043)
(1,272,970)
(24,097,545)
(42,317,885)
Net increase (decrease)
1,547,189
1,175,285
$50,935,908
$42,632,829
Class Z
 
 
 
 
Shares sold
1,793,958
8,050,253
$59,528,666
$312,633,669
Reinvestment of distributions
395,803
2,468,777
12,830,167
105,984,590
Shares redeemed
(1,976,337)
(1,412,722)
(64,613,052)
(48,947,397)
Net increase (decrease)
213,424
9,106,308
$7,745,781
$369,670,862
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity Emerging Markets Fund
Fidelity Emerging Markets Fund
13%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Emerging Markets Fund
33%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
5.4
 
Nestle SA (Reg. S)  (United States of America, Food Products)
4.6
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
4.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
4.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.4
 
Compagnie Financiere Richemont SA Series A  (Switzerland, Textiles, Apparel & Luxury Goods)
2.8
 
L'Oreal SA  (France, Personal Care Products)
2.5
 
Air Liquide SA  (France, Chemicals)
2.3
 
Sanofi SA  (United States of America, Pharmaceuticals)
2.2
 
 
35.2
 
 
Market Sectors (% of Fund's net assets)
 
Consumer Discretionary
17.9
 
Financials
17.5
 
Health Care
15.5
 
Industrials
15.3
 
Consumer Staples
12.2
 
Information Technology
5.9
 
Energy
5.1
 
Materials
4.9
 
Communication Services
1.6
 
Utilities
1.2
 
Real Estate
1.1
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Europe Fund
Showing Percentage of Net Assets
Common Stocks - 98.1%
 
 
Shares
Value ($)
 
Australia - 2.6%
 
 
 
Flutter Entertainment PLC (Ireland) (a)
 
43,100
8,600,781
Glencore PLC
 
1,384,300
8,171,015
TOTAL AUSTRALIA
 
 
16,771,796
Belgium - 2.1%
 
 
 
Azelis Group NV
 
165,500
3,920,836
KBC Group NV
 
58,700
4,190,070
UCB SA
 
58,400
5,432,508
TOTAL BELGIUM
 
 
13,543,414
China - 1.0%
 
 
 
Prosus NV
 
85,912
6,429,098
Denmark - 6.8%
 
 
 
DSV A/S
 
41,600
7,813,260
Novo Nordisk A/S Series B
 
174,100
28,962,318
Tryg A/S
 
156,900
3,699,542
Vestas Wind Systems A/S
 
154,000
4,261,272
TOTAL DENMARK
 
 
44,736,392
Finland - 3.7%
 
 
 
Elisa Corp. (A Shares)
 
127,200
7,893,906
Nordea Bank ABP
 
852,900
9,466,271
Sampo Oyj (A Shares)
 
133,700
6,771,012
TOTAL FINLAND
 
 
24,131,189
France - 24.4%
 
 
 
Air Liquide SA
 
82,880
14,909,302
Airbus Group NV
 
62,700
8,780,171
AXA SA
 
274,500
8,959,727
BNP Paribas SA
 
129,200
8,348,050
Capgemini SA
 
44,100
8,013,116
Dassault Aviation SA
 
38,100
7,443,478
Dassault Systemes SA
 
105,500
4,262,904
Edenred SA
 
86,100
5,589,952
L'Oreal SA
 
35,000
16,689,653
LVMH Moet Hennessy Louis Vuitton SE
 
36,800
35,397,233
Pernod Ricard SA
 
41,200
9,506,400
Sartorius Stedim Biotech
 
22,800
6,092,405
Teleperformance
 
18,600
3,705,557
TotalEnergies SE
 
349,007
22,301,527
TOTAL FRANCE
 
 
159,999,475
Germany - 5.8%
 
 
 
Deutsche Borse AG
 
58,500
11,156,456
Deutsche Post AG
 
104,300
5,016,788
Merck KGaA
 
32,300
5,785,377
RWE AG
 
164,400
7,708,033
Scout24 AG (b)
 
47,500
2,957,224
Siemens Healthineers AG (b)
 
86,800
5,396,286
TOTAL GERMANY
 
 
38,020,164
Hong Kong - 1.8%
 
 
 
Prudential PLC
 
765,438
11,711,998
Ireland - 1.5%
 
 
 
Bank of Ireland Group PLC
 
648,800
6,698,732
Smurfit Kappa Group PLC
 
81,100
2,997,272
TOTAL IRELAND
 
 
9,696,004
Israel - 0.4%
 
 
 
NICE Ltd. (a)
 
13,200
2,710,304
Italy - 4.0%
 
 
 
Coca-Cola HBC AG
 
97,600
2,973,249
Ferrari NV (Italy)
 
22,100
6,144,007
FinecoBank SpA
 
291,635
4,412,171
Industrie de Nora SpA
 
120,000
2,385,393
Prada SpA
 
686,200
5,052,271
Recordati SpA
 
120,300
5,531,669
TOTAL ITALY
 
 
26,498,760
Netherlands - 4.6%
 
 
 
ASML Holding NV (Netherlands)
 
37,100
23,444,961
Heineken NV (Bearer)
 
60,300
6,913,558
TOTAL NETHERLANDS
 
 
30,358,519
Norway - 2.2%
 
 
 
Equinor ASA
 
223,500
6,434,796
Kongsberg Gruppen ASA
 
72,700
3,259,444
TGS ASA
 
289,483
4,530,875
TOTAL NORWAY
 
 
14,225,115
Spain - 1.5%
 
 
 
Amadeus IT Holding SA Class A (a)
 
74,700
5,250,292
CaixaBank SA
 
1,222,700
4,525,955
TOTAL SPAIN
 
 
9,776,247
Sweden - 5.7%
 
 
 
ASSA ABLOY AB (B Shares)
 
188,700
4,487,928
Haypp Group (a)
 
491,497
1,744,554
HEXPOL AB (B Shares)
 
385,600
4,538,439
Indutrade AB
 
271,700
6,509,641
Investor AB (B Shares)
 
378,000
8,101,804
Kry International AB (a)(c)(d)
 
406
31,737
Nordnet AB
 
233,200
3,656,595
Sandvik AB (e)
 
395,600
8,043,120
TOTAL SWEDEN
 
 
37,113,818
Switzerland - 2.8%
 
 
 
Compagnie Financiere Richemont SA Series A
 
111,600
18,447,577
United Kingdom - 17.8%
 
 
 
AstraZeneca PLC (United Kingdom)
 
178,600
26,283,309
B&M European Value Retail SA
 
1,347,200
8,121,770
Barratt Developments PLC
 
296,500
1,863,132
Beazley PLC
 
570,300
4,268,095
Berkeley Group Holdings PLC
 
33,600
1,877,826
Bunzl PLC
 
155,954
6,201,288
Compass Group PLC
 
380,855
10,047,321
Deliveroo PLC Class A (a)(b)
 
2,126,500
2,923,692
Diageo PLC
 
317,028
14,461,584
Direct Line Insurance Group PLC
 
991,089
2,137,988
Grainger Trust PLC
 
866,690
2,816,704
Hiscox Ltd.
 
301,414
4,477,440
JD Sports Fashion PLC
 
2,804,300
5,675,892
Judges Scientific PLC
 
3,879
484,568
Londonmetric Properity PLC
 
905,210
2,191,061
NatWest Group PLC
 
1,309,700
4,314,282
RELX PLC (London Stock Exchange)
 
376,976
12,535,811
RS GROUP PLC
 
320,158
3,707,332
Safestore Holdings PLC
 
209,545
2,608,439
TOTAL UNITED KINGDOM
 
 
116,997,534
United States of America - 9.4%
 
 
 
Experian PLC
 
209,516
7,417,889
Ferguson PLC
 
32,000
4,502,181
Nestle SA (Reg. S)
 
234,020
30,022,326
ResMed, Inc.
 
18,300
4,409,568
RHI Magnesita NV
 
26,726
759,087
Sanofi SA
 
135,600
14,613,375
TOTAL UNITED STATES OF AMERICA
 
 
61,724,426
 
TOTAL COMMON STOCKS
  (Cost $539,978,768)
 
 
 
642,891,830
 
 
 
 
Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(c)(d)
 
3,852
502,042
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(c)(d)
 
2,345
183,306
 
TOTAL PREFERRED STOCKS
  (Cost $2,072,807)
 
 
 
685,348
 
 
 
 
Money Market Funds - 2.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
6,936,524
6,937,911
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
8,091,126
8,091,935
 
TOTAL MONEY MARKET FUNDS
  (Cost $15,029,846)
 
 
15,029,846
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
  (Cost $557,081,421)
 
 
 
658,607,024
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(3,529,293)
NET ASSETS - 100.0%
655,077,731
 
 
 
 
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 $11,277,202 or 1.7% of net assets.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $717,085 or 0.1% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
1,000,736
 
 
 
Kry International AB
5/14/21
176,328
 
 
 
Kry International AB Series E
5/14/21
1,072,071
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
-
67,998,020
61,060,109
127,606
-
-
6,937,911
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
3,435,000
54,086,388
49,429,453
49,464
-
-
8,091,935
0.0%
Total
3,435,000
122,084,408
110,489,562
177,070
-
-
15,029,846
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
10,851,130
10,851,130
-
-
Consumer Discretionary
117,575,446
36,951,654
80,623,792
-
Consumer Staples
80,566,770
36,082,860
44,483,910
-
Energy
33,267,198
4,530,875
28,736,323
-
Financials
112,486,140
63,469,672
49,016,468
-
Health Care
102,506,815
32,647,813
69,859,002
-
Industrials
100,475,957
74,999,837
25,476,120
-
Information Technology
39,148,370
38,431,285
-
717,085
Materials
31,375,115
8,294,798
23,080,317
-
Real Estate
7,616,204
7,616,204
-
-
Utilities
7,708,033
7,708,033
-
-
  Money Market Funds
15,029,846
15,029,846
-
-
 Total Investments in Securities:
658,607,024
336,614,007
321,275,932
717,085
Fidelity® Europe Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $7,562,550) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $542,051,575)
$
643,577,178
 
 
Fidelity Central Funds (cost $15,029,846)
15,029,846
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $557,081,421)
 
 
$
658,607,024
Cash
 
 
41,622
Foreign currency held at value (cost $412,426)
 
 
412,311
Receivable for investments sold
 
 
22,562
Receivable for fund shares sold
 
 
163,278
Dividends receivable
 
 
882,024
Reclaims receivable
 
 
3,856,062
Distributions receivable from Fidelity Central Funds
 
 
40,676
Prepaid expenses
 
 
242
  Total assets
 
 
664,025,801
Liabilities
 
 
 
 
Payable for investments purchased
$
273,783
 
 
Payable for fund shares redeemed
181,519
 
 
Accrued management fee
227,088
 
 
Distribution and service plan fees payable
7,897
 
 
Other affiliated payables
113,970
 
 
Other payables and accrued expenses
51,878
 
 
Collateral on securities loaned
8,091,935
 
 
  Total Liabilities
 
 
 
8,948,070
Net Assets  
 
 
$
655,077,731
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
648,787,252
Total accumulated earnings (loss)
 
 
 
6,290,479
Net Assets
 
 
$
655,077,731
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($17,722,109 ÷ 515,906 shares) (a)
 
 
$
34.35
Maximum offering price per share (100/94.25 of $34.35)
 
 
$
36.45
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,918,865 ÷ 143,023 shares) (a)
 
 
$
34.39
Maximum offering price per share (100/96.50 of $34.39)
 
 
$
35.64
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,626,419 ÷ 77,373 shares) (a)
 
 
$
33.94
Europe :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($621,705,374 ÷ 18,081,037 shares)
 
 
$
34.38
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($6,156,942 ÷ 179,059 shares)
 
 
$
34.38
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,948,022 ÷ 56,786 shares)
 
 
$
34.30
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
7,892,381
Foreign Tax Reclaims
 
 
693,155
Income from Fidelity Central Funds (including $49,464 from security lending)
 
 
177,070
 Income before foreign taxes withheld
 
 
$
8,762,606
Less foreign taxes withheld
 
 
(1,812,088)
 Total Income
 
 
 
6,950,518
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,104,299
 
 
 Performance adjustment
(615,629)
 
 
Transfer agent fees
529,864
 
 
Distribution and service plan fees
47,158
 
 
Accounting fees
148,645
 
 
Custodian fees and expenses
27,708
 
 
Independent trustees' fees and expenses
2,022
 
 
Registration fees
67,301
 
 
Audit
55,419
 
 
Legal
473
 
 
Miscellaneous
1,326
 
 
 Total expenses before reductions
 
2,368,586
 
 
 Expense reductions
 
(14,513)
 
 
 Total expenses after reductions
 
 
 
2,354,073
Net Investment income (loss)
 
 
 
4,596,445
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
619,920
 
 
 Foreign currency transactions
 
357,580
 
 
Total net realized gain (loss)
 
 
 
977,500
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
127,402,693
 
 
 Assets and liabilities in foreign currencies
 
371,842
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
127,774,535
Net gain (loss)
 
 
 
128,752,035
Net increase (decrease) in net assets resulting from operations
 
 
$
133,348,480
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,596,445
$
12,412,102
Net realized gain (loss)
 
977,500
 
 
(97,543,049)
 
Change in net unrealized appreciation (depreciation)
 
127,774,535
 
(184,315,984)
 
Net increase (decrease) in net assets resulting from operations
 
133,348,480
 
 
(269,446,931)
 
Distributions to shareholders
 
-
 
 
(133,487,366)
 
Share transactions - net increase (decrease)
 
(30,755,462)
 
 
(44,868,451)
 
Total increase (decrease) in net assets
 
102,593,018
 
 
(447,802,748)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
552,484,713
 
1,000,287,461
 
End of period
$
655,077,731
$
552,484,713
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Europe Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.58
$
46.12
$
35.37
$
36.30
$
37.61
$
42.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.47
 
.41
 
.19
 
1.41 C
 
.34
     Net realized and unrealized gain (loss)
 
6.58
 
(12.91)
 
10.72
 
1.46
 
.82
 
(4.21) D
  Total from investment operations
 
6.77  
 
(12.44)  
 
11.13  
 
1.65  
 
2.23
 
(3.87)
  Distributions from net investment income
 
-
 
(.99)
 
(.38)
 
(1.50)
 
(.11)
 
(.33)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
 
(.66)
     Total distributions
 
-
 
(6.10) E
 
(.38)
 
(2.58)
 
(3.54)
 
(.99)
  Net asset value, end of period
$
34.35
$
27.58
$
46.12
$
35.37
$
36.30
$
37.61
 Total Return   F,G,H
 
24.55%
 
(30.29)%
 
31.60%
 
4.62%
 
7.21%
 
(9.31)% D
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06% K
 
1.18%
 
1.36%
 
1.34%
 
1.09%
 
1.28%
    Expenses net of fee waivers, if any
 
1.06% K
 
1.18%
 
1.36%
 
1.34%
 
1.09%
 
1.28%
    Expenses net of all reductions
 
1.06% K
 
1.18%
 
1.36%
 
1.33%
 
1.07%
 
1.28%
    Net investment income (loss)
 
1.18% K
 
1.42%
 
.92%
 
.56%
 
4.02% C
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,722
$
16,495
$
32,148
$
23,189
$
20,819
$
19,531
    Portfolio turnover rate L
 
40% K
 
55%
 
52%
 
39%
 
45%
 
57%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® Europe Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.65
$
46.18
$
35.42
$
36.32
$
37.57
$
42.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.37
 
.27
 
.09
 
1.30 C
 
.21
     Net realized and unrealized gain (loss)
 
6.59
 
(12.95)
 
10.75
 
1.45
 
.83
 
(4.23) D
  Total from investment operations
 
6.74  
 
(12.58)  
 
11.02  
 
1.54  
 
2.13
 
(4.02)
  Distributions from net investment income
 
-
 
(.83)
 
(.26)
 
(1.36)
 
-
 
(.23)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.38)
 
(.66)
     Total distributions
 
-
 
(5.95)
 
(.26)
 
(2.44)
 
(3.38)
 
(.88) E
  Net asset value, end of period
$
34.39
$
27.65
$
46.18
$
35.42
$
36.32
$
37.57
 Total Return   F,G,H
 
24.38%
 
(30.51)%
 
31.20%
 
4.30%
 
6.88%
 
(9.63)% D
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.33% K
 
1.49%
 
1.68%
 
1.65%
 
1.41%
 
1.61%
    Expenses net of fee waivers, if any
 
1.33% K
 
1.48%
 
1.68%
 
1.65%
 
1.40%
 
1.61%
    Expenses net of all reductions
 
1.32% K
 
1.48%
 
1.68%
 
1.64%
 
1.38%
 
1.61%
    Net investment income (loss)
 
.91% K
 
1.12%
 
.59%
 
.25%
 
3.70% C
 
.50%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,919
$
4,066
$
6,937
$
5,204
$
5,782
$
7,257
    Portfolio turnover rate L
 
40% K
 
55%
 
52%
 
39%
 
45%
 
57%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® Europe Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.36
$
45.63
$
35.01
$
35.87
$
37.23
$
42.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.21
 
.04
 
(.09)
 
1.12 C
 
.02
     Net realized and unrealized gain (loss)
 
6.52
 
(12.84)
 
10.64
 
1.45
 
.82
 
(4.18) D
  Total from investment operations
 
6.58  
 
(12.63)  
 
10.68  
 
1.36  
 
1.94
 
(4.16)
  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)
  Net asset value, end of period
$
33.94
$
27.36
$
45.63
$
35.01
$
35.87
$
37.23
 Total Return   E,F,G
 
24.05%
 
(30.85)%
 
30.53%
 
3.81%
 
6.35%
 
(10.04)% D
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.84% J
 
1.99%
 
2.19%
 
2.15%
 
1.90%
 
2.06%
    Expenses net of fee waivers, if any
 
1.83% J
 
1.98%
 
2.18%
 
2.15%
 
1.90%
 
2.06%
    Expenses net of all reductions
 
1.83% J
 
1.98%
 
2.18%
 
2.14%
 
1.87%
 
2.06%
    Net investment income (loss)
 
.40% J
 
.62%
 
.09%
 
(.25)%
 
3.21% C
 
.04%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,626
$
2,496
$
5,255
$
5,242
$
6,145
$
10,060
    Portfolio turnover rate K
 
40% J
 
55%
 
52%
 
39%
 
45%
 
57%
 
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 mutual funds or ETFs 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 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).
 
Fidelity® Europe Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.57
$
46.11
$
35.35
$
36.28
$
37.70
$
42.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.57
 
.54
 
.30
 
1.52 C
 
.48
     Net realized and unrealized gain (loss)
 
6.57
 
(12.88)
 
10.71
 
1.46
 
.81
 
(4.24) D
  Total from investment operations
 
6.81  
 
(12.31)  
 
11.25  
 
1.76  
 
2.33
 
(3.76)
  Distributions from net investment income
 
-
 
(1.11)
 
(.49)
 
(1.61)
 
(.32)
 
(.41)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
 
(.66)
     Total distributions
 
-
 
(6.23)
 
(.49)
 
(2.69)
 
(3.75)
 
(1.07)
  Net asset value, end of period
$
34.38
$
27.57
$
46.11
$
35.35
$
36.28
$
37.70
 Total Return   E,F
 
24.70%
 
(30.07)%
 
31.99%
 
4.95%
 
7.56%
 
(9.05)% D
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% I
 
.88%
 
1.06%
 
1.03%
 
.78%
 
.96%
    Expenses net of fee waivers, if any
 
.74% I
 
.88%
 
1.06%
 
1.03%
 
.77%
 
.96%
    Expenses net of all reductions
 
.74% I
 
.88%
 
1.06%
 
1.02%
 
.75%
 
.96%
    Net investment income (loss)
 
1.50% I
 
1.73%
 
1.21%
 
.86%
 
4.33% C
 
1.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
621,705
$
523,685
$
913,296
$
755,125
$
836,373
$
941,670
    Portfolio turnover rate J
 
40% I
 
55%
 
52%
 
39%
 
45%
 
57%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® Europe Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.56
$
46.07
$
35.34
$
36.27
$
37.69
$
42.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.60
 
.54
 
.31
 
1.53 C
 
.48
     Net realized and unrealized gain (loss)
 
6.58
 
(12.91)
 
10.70
 
1.46
 
.80
 
(4.23) D
  Total from investment operations
 
6.82  
 
(12.31)  
 
11.24  
 
1.77  
 
2.33
 
(3.75)
  Distributions from net investment income
 
-
 
(1.08)
 
(.51)
 
(1.62)
 
(.32)
 
(.43)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
 
(.66)
     Total distributions
 
-
 
(6.20)
 
(.51)
 
(2.70)
 
(3.75)
 
(1.09)
  Net asset value, end of period
$
34.38
$
27.56
$
46.07
$
35.34
$
36.27
$
37.69
 Total Return   E,F
 
24.75%
 
(30.08)%
 
31.99%
 
4.99%
 
7.58%
 
(9.02)% D
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% I
 
.86%
 
1.06%
 
1.00%
 
.75%
 
.95%
    Expenses net of fee waivers, if any
 
.72% I
 
.86%
 
1.06%
 
1.00%
 
.74%
 
.95%
    Expenses net of all reductions
 
.72% I
 
.86%
 
1.06%
 
.99%
 
.72%
 
.95%
    Net investment income (loss)
 
1.52% I
 
1.74%
 
1.22%
 
.90%
 
4.36% C
 
1.16%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,157
$
4,283
$
14,401
$
14,733
$
6,686
$
7,318
    Portfolio turnover rate J
 
40% I
 
55%
 
52%
 
39%
 
45%
 
57%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® Europe Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.48
$
46.00
$
35.27
$
36.21
$
37.69
$
41.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.26
 
.62
 
.59
 
.34
 
1.53 D
 
.06
     Net realized and unrealized gain (loss)
 
6.56
 
(12.86)
 
10.67
 
1.47
 
.82
 
(3.37) E
  Total from investment operations
 
6.82  
 
(12.24)  
 
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
$
34.30
$
27.48
$
46.00
$
35.27
$
36.21
$
37.69
 Total Return   G,H
 
24.82%
 
(30.00)%
 
32.13%
 
5.11%
 
7.71%
 
(8.07)% E
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% K
 
.76%
 
.95%
 
.91%
 
.65%
 
.91% K
    Expenses net of fee waivers, if any
 
.61% K
 
.75%
 
.95%
 
.90%
 
.64%
 
.90% K
    Expenses net of all reductions
 
.61% K
 
.75%
 
.95%
 
.90%
 
.62%
 
.90% K
    Net investment income (loss)
 
1.62% K
 
1.85%
 
1.33%
 
.99%
 
4.46% D
 
2.04% K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,948
$
1,461
$
28,249
$
19,479
$
21,838
$
104
    Portfolio turnover rate L
 
40% K
 
55%
 
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 mutual funds or ETFs 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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Europe, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign 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 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
$116,586,399
Gross unrealized depreciation
(15,066,885)
Net unrealized appreciation (depreciation)
$101,519,514
Tax cost
$557,087,510
 
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
$(54,492,199)
  Long-term
(44,431,472)
Total capital loss carryforward
$(98,923,671)
 
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
121,863,877
149,492,663
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .48% 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%
$22,233
$309
Class M
.25%
.25%
11,590
217
Class C
.75%
.25%
13,335
823
 
 
 
$47,158
$1,349
 
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
$1,595
Class M
63
Class C A
18
 
$1,676
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
$20,777
.23
Class M
5,949
.26
Class C
3,452
.26
Europe
495,660
.17
Class I
3,674
.15
Class Z
352
.04
 
$529,864
 
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 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
1,777,727
5,941,171
(2,958,040)
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
$599
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
$5,838
$-
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$77
Class M
146
 
$223
 
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 $14,290.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Fidelity Europe Fund
 
 
Distributions to shareholders
 
 
Class A
$-
$4,275,681
Class M
-
898,902
Class C
-
639,208
Europe
-
122,299,625
Class I
-
1,583,837
Class Z
-
3,790,113
Total   
$-
$133,487,366
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended April 30, 2023
Year ended October 31, 2022
Six months ended April 30, 2023
Year ended October 31, 2022
Fidelity Europe Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
21,458
89,634
$701,355
$3,307,956
Reinvestment of distributions
-
114,063
-
4,203,218
Shares redeemed
(103,547)
(302,699)
(3,330,782)
(9,893,172)
Net increase (decrease)
(82,089)
(99,002)
$(2,629,427)
$(2,381,998)
Class M
 
 
 
 
Shares sold
1,892
8,884
$60,729
$301,526
Reinvestment of distributions
-
23,449
-
868,563
Shares redeemed
(5,908)
(35,522)
(189,847)
(1,126,542)
Net increase (decrease)
(4,016)
(3,189)
$(129,118)
$43,547
Class C
 
 
 
 
Shares sold
4,429
5,167
$141,583
$168,904
Reinvestment of distributions
-
17,238
-
634,712
Shares redeemed
(18,254)
(46,375)
(578,332)
(1,573,732)
Net increase (decrease)
(13,825)
(23,970)
$(436,749)
$(770,116)
Europe
 
 
 
 
Shares sold
620,306
1,206,003
$20,038,984
$40,801,820
Reinvestment of distributions
-
3,093,089
-
113,578,213
Shares redeemed
(1,536,714)
(5,107,735)
(48,593,953)
(176,296,705)
Net increase (decrease)
(916,408)
(808,643)
$(28,554,969)
$(21,916,672)
Class I
 
 
 
 
Shares sold
69,591
42,946
$2,309,062
$1,701,289
Reinvestment of distributions
-
41,688
-
1,530,795
Shares redeemed
(45,907)
(241,861)
(1,434,540)
(8,753,022)
Net increase (decrease)
23,684
(157,227)
$874,522
$(5,520,938)
Class Z
 
 
 
 
Shares sold
7,625
91,178
$247,444
$3,170,475
Reinvestment of distributions
-
99,611
-
3,642,775
Shares redeemed
(3,979)
(751,739)
(127,165)
(21,135,524)
Net increase (decrease)
3,646
(560,950)
$120,279
$(14,322,274)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Sony Group Corp.  (Household Durables)
4.7
 
Sumitomo Mitsui Financial Group, Inc.  (Banks)
4.6
 
Hoya Corp.  (Health Care Equipment & Supplies)
3.9
 
Hitachi Ltd.  (Industrial Conglomerates)
3.7
 
DENSO Corp.  (Automobile Components)
3.3
 
ORIX Corp.  (Financial Services)
3.2
 
Renesas Electronics Corp.  (Semiconductors & Semiconductor Equipment)
3.2
 
Tokio Marine Holdings, Inc.  (Insurance)
2.9
 
Shin-Etsu Chemical Co. Ltd.  (Chemicals)
2.6
 
INPEX Corp.  (Oil, Gas & Consumable Fuels)
2.5
 
 
34.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
17.4
 
Industrials
17.4
 
Consumer Discretionary
17.1
 
Financials
11.8
 
Health Care
9.4
 
Materials
7.3
 
Communication Services
5.8
 
Consumer Staples
5.5
 
Energy
2.9
 
Real Estate
1.4
 
Utilities
1.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Japan Fund
Showing Percentage of Net Assets
Common Stocks - 97.3%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 5.8%
 
 
 
Diversified Telecommunication Services - 1.1%
 
 
 
JTOWER, Inc. (a)
 
165,600
7,141,744
Entertainment - 1.4%
 
 
 
Capcom Co. Ltd.
 
61,500
2,311,023
Daiichikosho Co. Ltd.
 
369,000
6,615,512
 
 
 
8,926,535
Interactive Media & Services - 1.8%
 
 
 
Hypebeast Ltd. (a)
 
16,722,500
628,778
Kakaku.com, Inc.
 
389,900
5,364,526
Z Holdings Corp.
 
1,944,000
5,325,085
 
 
 
11,318,389
Media - 0.2%
 
 
 
ValueCommerce Co. Ltd.
 
116,800
1,131,369
Wireless Telecommunication Services - 1.3%
 
 
 
SoftBank Group Corp.
 
231,700
8,689,311
TOTAL COMMUNICATION SERVICES
 
 
37,207,348
CONSUMER DISCRETIONARY - 17.1%
 
 
 
Automobile Components - 4.1%
 
 
 
DENSO Corp.
 
352,600
21,284,209
Koito Manufacturing Co. Ltd.
 
256,800
4,967,400
 
 
 
26,251,609
Automobiles - 2.1%
 
 
 
Isuzu Motors Ltd.
 
503,400
5,944,662
Suzuki Motor Corp.
 
217,400
7,580,407
 
 
 
13,525,069
Broadline Retail - 0.8%
 
 
 
Pan Pacific International Holdings Ltd.
 
293,200
5,479,008
Hotels, Restaurants & Leisure - 0.9%
 
 
 
Curves Holdings Co. Ltd.
 
576,700
3,362,245
Kyoritsu Maintenance Co. Ltd.
 
62,500
2,522,883
 
 
 
5,885,128
Household Durables - 6.1%
 
 
 
Chervon Holdings Ltd.
 
381,500
1,941,405
Open House Group Co. Ltd.
 
172,000
6,875,313
Sony Group Corp.
 
337,300
30,516,796
 
 
 
39,333,514
Leisure Products - 0.7%
 
 
 
Roland Corp.
 
147,700
4,427,438
Specialty Retail - 2.4%
 
 
 
Fast Retailing Co. Ltd.
 
40,000
9,472,065
ZOZO, Inc.
 
271,200
5,707,230
 
 
 
15,179,295
TOTAL CONSUMER DISCRETIONARY
 
 
110,081,061
CONSUMER STAPLES - 5.5%
 
 
 
Consumer Staples Distribution & Retail - 4.2%
 
 
 
Nishimoto Co. Ltd.
 
137,900
3,928,331
Seven & i Holdings Co. Ltd.
 
327,100
14,823,338
Sugi Holdings Co. Ltd.
 
50,700
2,150,940
Tsuruha Holdings, Inc.
 
49,900
3,268,237
Welcia Holdings Co. Ltd.
 
142,300
2,979,344
 
 
 
27,150,190
Personal Care Products - 1.3%
 
 
 
Shiseido Co. Ltd.
 
165,100
8,275,769
TOTAL CONSUMER STAPLES
 
 
35,425,959
ENERGY - 2.9%
 
 
 
Oil, Gas & Consumable Fuels - 2.9%
 
 
 
Idemitsu Kosan Co. Ltd.
 
125,500
2,672,277
INPEX Corp.
 
1,489,700
16,301,866
 
 
 
18,974,143
FINANCIALS - 11.8%
 
 
 
Banks - 4.6%
 
 
 
Sumitomo Mitsui Financial Group, Inc.
 
727,800
29,747,834
Capital Markets - 0.5%
 
 
 
SBI Holdings, Inc. Japan
 
155,200
3,031,174
Financial Services - 3.2%
 
 
 
ORIX Corp.
 
1,221,800
20,785,901
Insurance - 3.5%
 
 
 
Lifenet Insurance Co. (a)
 
454,100
3,957,714
Tokio Marine Holdings, Inc.
 
907,200
18,241,101
 
 
 
22,198,815
TOTAL FINANCIALS
 
 
75,763,724
HEALTH CARE - 9.4%
 
 
 
Biotechnology - 0.2%
 
 
 
PeptiDream, Inc. (a)
 
110,100
1,487,558
Health Care Equipment & Supplies - 5.1%
 
 
 
Hoya Corp.
 
236,500
24,798,217
Olympus Corp.
 
455,700
7,977,674
 
 
 
32,775,891
Health Care Technology - 0.1%
 
 
 
Medlive Technology Co. Ltd. (b)
 
637,500
705,979
Pharmaceuticals - 4.0%
 
 
 
Astellas Pharma, Inc.
 
859,100
12,941,967
Daiichi Sankyo Kabushiki Kaisha
 
367,300
12,603,758
 
 
 
25,545,725
TOTAL HEALTH CARE
 
 
60,515,153
INDUSTRIALS - 17.4%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Space Exploration Technologies Corp. Class A (a)(c)(d)
 
18,055
1,390,235
Building Products - 1.9%
 
 
 
Daikin Industries Ltd.
 
50,400
9,154,206
Toto Ltd.
 
97,800
3,344,931
 
 
 
12,499,137
Ground Transportation - 0.5%
 
 
 
Seibu Holdings, Inc.
 
286,100
3,202,140
Industrial Conglomerates - 3.7%
 
 
 
Hitachi Ltd.
 
433,700
23,989,958
Machinery - 3.8%
 
 
 
Minebea Mitsumi, Inc.
 
372,100
6,890,786
Misumi Group, Inc.
 
390,960
9,862,829
Mitsubishi Heavy Industries Ltd.
 
74,000
2,806,098
Nabtesco Corp.
 
189,900
4,577,259
 
 
 
24,136,972
Professional Services - 5.9%
 
 
 
Dip Corp.
 
81,700
2,015,709
Funai Soken Holdings, Inc.
 
272,000
5,214,126
Outsourcing, Inc.
 
424,900
4,328,276
Persol Holdings Co. Ltd.
 
735,400
15,163,518
SMS Co., Ltd.
 
241,900
5,684,675
TechnoPro Holdings, Inc.
 
193,400
5,276,666
 
 
 
37,682,970
Trading Companies & Distributors - 1.4%
 
 
 
Itochu Corp.
 
280,000
9,288,961
TOTAL INDUSTRIALS
 
 
112,190,373
INFORMATION TECHNOLOGY - 17.4%
 
 
 
Electronic Equipment, Instruments & Components - 1.9%
 
 
 
Dexerials Corp.
 
163,900
3,119,112
Iriso Electronics Co. Ltd.
 
106,200
3,635,186
TDK Corp.
 
160,200
5,507,504
 
 
 
12,261,802
IT Services - 6.9%
 
 
 
Digital Hearts Holdings Co. Ltd.
 
306,492
3,320,594
DTS Corp.
 
156,600
3,720,749
ExaWizards, Inc. (a)
 
627,500
1,540,479
Fujitsu Ltd.
 
106,000
14,127,395
Net One Systems Co. Ltd.
 
188,900
4,453,955
Nomura Research Institute Ltd.
 
226,800
5,706,185
NSD Co. Ltd.
 
300,100
5,520,755
Techmatrix Corp.
 
346,600
4,135,652
TIS, Inc.
 
86,000
2,361,536
 
 
 
44,887,300
Semiconductors & Semiconductor Equipment - 6.1%
 
 
 
Advantest Corp.
 
56,900
4,434,326
Furuya Metal Co. Ltd.
 
5,200
345,483
Renesas Electronics Corp. (a)
 
1,582,200
20,619,941
ROHM Co. Ltd.
 
85,000
6,399,496
Sumco Corp.
 
529,600
7,293,469
 
 
 
39,092,715
Software - 0.9%
 
 
 
Appier Group, Inc. (a)
 
76,600
869,847
Money Forward, Inc. (a)
 
118,800
4,947,348
 
 
 
5,817,195
Technology Hardware, Storage & Peripherals - 1.6%
 
 
 
FUJIFILM Holdings Corp.
 
195,600
10,194,667
TOTAL INFORMATION TECHNOLOGY
 
 
112,253,679
MATERIALS - 7.3%
 
 
 
Chemicals - 7.3%
 
 
 
JSR Corp.
 
382,200
8,868,358
Kansai Paint Co. Ltd.
 
389,500
5,491,164
Nippon Sanso Holdings Corp.
 
238,000
4,294,159
Nissan Chemical Corp.
 
64,500
2,866,512
NOF Corp.
 
90,400
4,130,508
Shin-Etsu Chemical Co. Ltd.
 
577,500
16,479,437
Tokyo Ohka Kogyo Co. Ltd.
 
87,300
4,557,342
 
 
 
46,687,480
REAL ESTATE - 1.4%
 
 
 
Real Estate Management & Development - 1.4%
 
 
 
Relo Group, Inc.
 
588,300
9,145,940
UTILITIES - 1.3%
 
 
 
Electric Utilities - 1.3%
 
 
 
Kansai Electric Power Co., Inc.
 
760,800
8,212,620
 
TOTAL COMMON STOCKS
  (Cost $519,241,356)
 
 
 
626,457,480
 
 
 
 
Money Market Funds - 0.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
  (Cost $1,569,567)
 
 
1,569,253
1,569,567
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 97.5%
  (Cost $520,810,923)
 
 
 
628,027,047
NET OTHER ASSETS (LIABILITIES) - 2.5%  
15,897,700
NET ASSETS - 100.0%
643,924,747
 
 
 
 
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 $705,979 or 0.1% of net assets.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,390,235 or 0.2% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Space Exploration Technologies Corp. Class A
2/16/21 - 5/24/22
1,151,846
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
1,141,639
27,677,981
27,250,053
21,080
-
-
1,569,567
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
2,829,335
42,981,118
45,810,453
10,838
-
-
-
0.0%
Total
3,970,974
70,659,099
73,060,506
31,918
-
-
1,569,567
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
37,207,348
-
37,207,348
-
Consumer Discretionary
110,081,061
-
110,081,061
-
Consumer Staples
35,425,959
-
35,425,959
-
Energy
18,974,143
-
18,974,143
-
Financials
75,763,724
-
75,763,724
-
Health Care
60,515,153
-
60,515,153
-
Industrials
112,190,373
-
110,800,138
1,390,235
Information Technology
112,253,679
-
112,253,679
-
Materials
46,687,480
-
46,687,480
-
Real Estate
9,145,940
-
9,145,940
-
Utilities
8,212,620
-
8,212,620
-
  Money Market Funds
1,569,567
1,569,567
-
-
 Total Investments in Securities:
628,027,047
1,569,567
625,067,245
1,390,235
Fidelity® Japan Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $519,241,356)
$
626,457,480
 
 
Fidelity Central Funds (cost $1,569,567)
1,569,567
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $520,810,923)
 
 
$
628,027,047
Foreign currency held at value (cost $12,441,744)
 
 
12,242,243
Receivable for fund shares sold
 
 
176,093
Dividends receivable
 
 
5,066,287
Interest receivable
 
 
364
Distributions receivable from Fidelity Central Funds
 
 
6,415
Prepaid expenses
 
 
238
  Total assets
 
 
645,518,687
Liabilities
 
 
 
 
Payable for investments purchased
$
1,014,052
 
 
Payable for fund shares redeemed
49,903
 
 
Accrued management fee
409,816
 
 
Distribution and service plan fees payable
5,802
 
 
Other affiliated payables
72,713
 
 
Other payables and accrued expenses
41,654
 
 
  Total Liabilities
 
 
 
1,593,940
Net Assets  
 
 
$
643,924,747
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
545,246,197
Total accumulated earnings (loss)
 
 
 
98,678,550
Net Assets
 
 
$
643,924,747
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($14,431,524 ÷ 943,136 shares) (a)
 
 
$
15.30
Maximum offering price per share (100/94.25 of $15.30)
 
 
$
16.23
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,545,178 ÷ 167,523 shares) (a)
 
 
$
15.19
Maximum offering price per share (100/96.50 of $15.19)
 
 
$
15.74
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,973,157 ÷ 132,029 shares) (a)
 
 
$
14.94
Japan :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($142,549,341 ÷ 9,244,397 shares)
 
 
$
15.42
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($32,907,380 ÷ 2,116,987 shares)
 
 
$
15.54
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($449,518,167 ÷ 29,209,281 shares)
 
 
$
15.39
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,907,401
Income from Fidelity Central Funds (including $10,838 from security lending)
 
 
31,918
 Income before foreign taxes withheld
 
 
$
6,939,319
Less foreign taxes withheld
 
 
(690,740)
 Total Income
 
 
 
6,248,579
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,090,923
 
 
 Performance adjustment
387,368
 
 
Transfer agent fees
275,141
 
 
Distribution and service plan fees
35,161
 
 
Accounting fees
147,861
 
 
Custodian fees and expenses
14,884
 
 
Independent trustees' fees and expenses
1,979
 
 
Registration fees
65,349
 
 
Audit
33,112
 
 
Legal
469
 
 
Interest
15,104
 
 
Miscellaneous
1,314
 
 
 Total expenses before reductions
 
3,068,665
 
 
 Expense reductions
 
(14,780)
 
 
 Total expenses after reductions
 
 
 
3,053,885
Net Investment income (loss)
 
 
 
3,194,694
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
9,512,117
 
 
 Foreign currency transactions
 
1,339,500
 
 
Total net realized gain (loss)
 
 
 
10,851,617
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
73,081,881
 
 
 Assets and liabilities in foreign currencies
 
(163,464)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
72,918,417
Net gain (loss)
 
 
 
83,770,034
Net increase (decrease) in net assets resulting from operations
 
 
$
86,964,728
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,194,694
$
4,298,398
Net realized gain (loss)
 
10,851,617
 
 
(11,275,330)
 
Change in net unrealized appreciation (depreciation)
 
72,918,417
 
(232,721,817)
 
Net increase (decrease) in net assets resulting from operations
 
86,964,728
 
 
(239,698,749)
 
Distributions to shareholders
 
-
 
 
(85,697,627)
 
Share transactions - net increase (decrease)
 
(15,273,144)
 
 
66,247,709
 
Total increase (decrease) in net assets
 
71,691,584
 
 
(259,148,667)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
572,233,163
 
831,381,830
 
End of period
$
643,924,747
$
572,233,163
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Japan Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.26
$
20.90
$
17.50
$
15.80
$
14.15
$
15.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05
 
.04
 
.02
 
.05
 
.07
 
.03
     Net realized and unrealized gain (loss)
 
1.99
 
(5.58)
 
3.71
 
1.81
 
1.58
 
(.85)
  Total from investment operations
 
2.04  
 
(5.54)  
 
3.73  
 
1.86  
 
1.65
 
(.82)
  Distributions from net investment income
 
-
 
(.55)
 
(.07)
 
(.07)
 
-
 
(.08)
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
 
(.04)
     Total distributions
 
-
 
(2.10)
 
(.33) C
 
(.16)
 
-
 
(.11) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
15.30
$
13.26
$
20.90
$
17.50
$
15.80
$
14.15
 Total Return   E,F,G
 
15.38%
 
(29.38)%
 
21.42%
 
11.85%
 
11.66%
 
(5.48)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.36% J
 
1.39%
 
1.38%
 
1.37%
 
1.33%
 
1.33%
    Expenses net of fee waivers, if any
 
1.36% J
 
1.39%
 
1.38%
 
1.37%
 
1.32%
 
1.33%
    Expenses net of all reductions
 
1.36% J
 
1.39%
 
1.38%
 
1.37%
 
1.32%
 
1.32%
    Net investment income (loss)
 
.66% J
 
.26%
 
.08%
 
.35%
 
.51%
 
.17%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,432
$
13,004
$
20,357
$
16,181
$
16,069
$
14,587
    Portfolio turnover rate K
 
19% J
 
26%
 
31%
 
22%
 
27%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Japan Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.19
$
20.76
$
17.40
$
15.71
$
14.11
$
15.06
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
(.01)
 
(.05)
 
.01
 
.03
 
(.03)
     Net realized and unrealized gain (loss)
 
1.97
 
(5.55)
 
3.69
 
1.80
 
1.57
 
(.84)
  Total from investment operations
 
2.00  
 
(5.56)  
 
3.64  
 
1.81  
 
1.60
 
(.87)
  Distributions from net investment income
 
-
 
(.46)
 
(.02)
 
(.03)
 
-
 
(.05)
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
 
(.04)
     Total distributions
 
-
 
(2.01)
 
(.28) C
 
(.12)
 
-
 
(.08) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
15.19
$
13.19
$
20.76
$
17.40
$
15.71
$
14.11
 Total Return   E,F,G
 
15.16%
 
(29.55)%
 
21.00%
 
11.55%
 
11.34%
 
(5.81)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.65% J
 
1.69%
 
1.70%
 
1.67%
 
1.64%
 
1.67%
    Expenses net of fee waivers, if any
 
1.65% J
 
1.69%
 
1.70%
 
1.67%
 
1.64%
 
1.67%
    Expenses net of all reductions
 
1.62% J
 
1.69%
 
1.70%
 
1.67%
 
1.63%
 
1.66%
    Net investment income (loss)
 
.40% J
 
(.04)%
 
(.23)%
 
.04%
 
.19%
 
(.17)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,545
$
2,282
$
3,919
$
3,728
$
3,945
$
3,993
    Portfolio turnover rate K
 
19% J
 
26%
 
31%
 
22%
 
27%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Japan Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.00
$
20.43
$
17.17
$
15.49
$
13.97
$
14.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
- C
 
(.07)
 
(.12)
 
(.05)
 
(.02)
 
(.08)
     Net realized and unrealized gain (loss)
 
1.94
 
(5.49)
 
3.63
 
1.77
 
1.54
 
(.83)
  Total from investment operations
 
1.94  
 
(5.56)  
 
3.51  
 
1.72  
 
1.52
 
(.91)
  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 capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
14.94
$
13.00
$
20.43
$
17.17
$
15.49
$
13.97
 Total Return   E,F,G
 
14.92%
 
(29.85)%
 
20.54%
 
11.09%
 
10.88%
 
(6.13)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.07% J
 
2.11%
 
2.09%
 
2.06%
 
2.01%
 
2.04%
    Expenses net of fee waivers, if any
 
2.07% J
 
2.10%
 
2.09%
 
2.05%
 
2.00%
 
2.03%
    Expenses net of all reductions
 
2.07% J
 
2.10%
 
2.09%
 
2.05%
 
2.00%
 
2.03%
    Net investment income (loss)
 
(.04)% J
 
(.46)%
 
(.63)%
 
(.34)%
 
(.17)%
 
(.53)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,973
$
2,179
$
4,778
$
6,167
$
8,829
$
12,586
    Portfolio turnover rate K
 
19% J
 
26%
 
31%
 
22%
 
27%
 
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 mutual funds or ETFs 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).
 
Fidelity® Japan Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.35
$
21.01
$
17.58
$
15.86
$
14.20
$
15.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.08
 
.08
 
.10
 
.12
 
.07
     Net realized and unrealized gain (loss)
 
2.00
 
(5.60)
 
3.72
 
1.81
 
1.59
 
(.86)
  Total from investment operations
 
2.07  
 
(5.52)  
 
3.80  
 
1.91  
 
1.71
 
(.79)
  Distributions from net investment income
 
-
 
(.59)
 
(.11)
 
(.11)
 
(.05)
 
(.11)
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
 
(.04)
     Total distributions
 
-
 
(2.14)
 
(.37) C
 
(.19) C
 
(.05)
 
(.14) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
15.42
$
13.35
$
21.01
$
17.58
$
15.86
$
14.20
 Total Return   E,F
 
15.51%
 
(29.16)%
 
21.75%
 
12.16%
 
12.10%
 
(5.28)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.10% I
 
1.13%
 
1.09%
 
1.06%
 
1.01%
 
1.05%
    Expenses net of fee waivers, if any
 
1.09% I
 
1.12%
 
1.09%
 
1.06%
 
1.01%
 
1.05%
    Expenses net of all reductions
 
1.09% I
 
1.12%
 
1.09%
 
1.06%
 
1.00%
 
1.04%
    Net investment income (loss)
 
.93% I
 
.52%
 
.37%
 
.65%
 
.82%
 
.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
142,549
$
113,015
$
167,954
$
274,433
$
401,344
$
297,644
    Portfolio turnover rate J
 
19% I
 
26%
 
31%
 
22%
 
27%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Japan Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.45
$
20.97
$
17.56
$
15.85
$
14.18
$
15.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.09
 
.09
 
.11
 
.13
 
.08
     Net realized and unrealized gain (loss)
 
2.02
 
(5.65)
 
3.71
 
1.81
 
1.58
 
(.85)
  Total from investment operations
 
2.09  
 
(5.56)  
 
3.80  
 
1.92  
 
1.71
 
(.77)
  Distributions from net investment income
 
-
 
(.41)
 
(.14)
 
(.12)
 
(.04)
 
(.14)
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
 
(.04)
     Total distributions
 
-
 
(1.96)
 
(.39)
 
(.21)
 
(.04)
 
(.17) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
15.54
$
13.45
$
20.97
$
17.56
$
15.85
$
14.18
 Total Return   E,F
 
15.54%
 
(29.15)%
 
21.80%
 
12.20%
 
12.12%
 
(5.18)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.08% I
 
1.09%
 
1.04%
 
1.01%
 
.96%
 
.98%
    Expenses net of fee waivers, if any
 
1.07% I
 
1.09%
 
1.04%
 
1.01%
 
.96%
 
.98%
    Expenses net of all reductions
 
1.07% I
 
1.09%
 
1.04%
 
1.00%
 
.95%
 
.97%
    Net investment income (loss)
 
.95% I
 
.56%
 
.43%
 
.71%
 
.87%
 
.52%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,907
$
33,320
$
48,887
$
473,859
$
319,164
$
192,555
    Portfolio turnover rate J
 
19% I
 
26%
 
31%
 
22%
 
27%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Japan Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.31
$
20.98
$
17.56
$
15.84
$
14.19
$
15.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.11
 
.10
 
.13
 
.14
 
(.01)
     Net realized and unrealized gain (loss)
 
2.00
 
(5.59)
 
3.72
 
1.81
 
1.57
 
(1.57)
  Total from investment operations
 
2.08  
 
(5.48)  
 
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
$
15.39
$
13.31
$
20.98
$
17.56
$
15.84
$
14.19
 Total Return   D,E
 
15.63%
 
(29.07)%
 
21.93%
 
12.36%
 
12.14%
 
(10.02)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93% H
 
.96%
 
.96%
 
.92%
 
.87%
 
.96% H
    Expenses net of fee waivers, if any
 
.93% H
 
.96%
 
.96%
 
.92%
 
.87%
 
.96% H
    Expenses net of all reductions
 
.93% H
 
.96%
 
.96%
 
.92%
 
.86%
 
.95% H
    Net investment income (loss)
 
1.09% H
 
.69%
 
.51%
 
.79%
 
.96%
 
(.73)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
449,518
$
408,434
$
585,487
$
8,368
$
8,136
$
90
    Portfolio turnover rate I
 
19% H
 
26%
 
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 mutual funds or ETFs 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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Japan Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$147,998,435
Gross unrealized depreciation
(44,124,724)
Net unrealized appreciation (depreciation)
$103,873,711
Tax cost
$524,153,336
 
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
$(10,880,483)
  Long-term
-
Total capital loss carryforward
$(10,880,483)
 
The fund elected to defer to its next fiscal year $6,249,784 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. 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
7,337,633
74,411,275
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .80% 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%
$17,731
$190
Class M
  .25%
  .25%
6,246
79
Class C
  .75%
  .25%
11,184
825
 
 
 
$35,161
$1,094
 
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
$630
Class M
122
Class C A
14
 
$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
$15,733
.22
Class M
3,213
.26
Class C
2,027
.18
Japan
134,171
.21
Class I
27,773
.18
Class Z
92,224
.04
 
$275,141
 
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 Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Japan Fund
Borrower
$9,038,500
4.30%
$15,104
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Japan Fund
58,343
350,123
8,902
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Japan Fund
$600
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
$1,147
$-
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses.   During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$186
Class M
302
Class C
26
 
$514
 
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 $14,266.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Fidelity Japan Fund
 
 
Distributions to shareholders
 
 
Class A
$-
$2,019,337
Class M
-
368,577
Class C
-
426,706
Japan
-
17,143,088
Class I
-
4,520,940
Class Z
-
61,218,979
Total   
$-
$85,697,627
 
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Six months ended April 30, 2023
Year ended   October 31, 2022
Fidelity Japan Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
38,280
117,484
$572,904
$1,791,821
Reinvestment of distributions
-
100,623
-
1,865,544
Shares redeemed
(75,588)
(211,780)
(1,119,683)
(3,414,360)
Net increase (decrease)
(37,308)
6,327
$(546,779)
$243,005
Class M
 
 
 
 
Shares sold
2,744
13,826
$40,557
$202,895
Reinvestment of distributions
-
19,910
-
368,140
Shares redeemed
(8,285)
(49,434)
(120,791)
(787,625)
Net increase (decrease)
(5,541)
(15,698)
$(80,234)
$(216,590)
Class C
 
 
 
 
Shares sold
9,196
8,561
$133,571
$138,296
Reinvestment of distributions
-
23,330
-
426,706
Shares redeemed
(44,782)
(98,132)
(655,321)
(1,544,500)
Net increase (decrease)
(35,586)
(66,241)
$(521,750)
$(979,498)
Japan
 
 
 
 
Shares sold
1,643,313
1,808,139
$24,695,867
$29,931,437
Reinvestment of distributions
-
867,250
-
16,148,203
Shares redeemed
(865,667)
(2,201,846)
(12,775,173)
(35,408,192)
Net increase (decrease)
777,646
473,543
$11,920,694
$10,671,448
Class I
 
 
 
 
Shares sold
1,158,328
694,437
$17,365,542
$11,578,345
Reinvestment of distributions
-
176,445
-
3,310,112
Shares redeemed
(1,517,801)
(725,162)
(22,181,444)
(12,524,199)
Net increase (decrease)
(359,473)
145,720
$(4,815,902)
$2,364,258
Class Z
 
 
 
 
Shares sold
134,257
833,537
$1,955,047
$13,605,712
Reinvestment of distributions
-
3,263,046
-
60,496,866
Shares redeemed
(1,609,645)
(1,323,692)
(23,184,220)
(19,937,492)
Net increase (decrease)
(1,475,388)
2,772,891
$(21,229,173)
$54,165,086
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
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. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Renesas Electronics Corp.  (Semiconductors & Semiconductor Equipment)
2.8
 
INPEX Corp.  (Oil, Gas & Consumable Fuels)
2.5
 
Amano Corp.  (Electronic Equipment, Instruments & Components)
2.3
 
Money Forward, Inc.  (Software)
2.3
 
Kansai Electric Power Co., Inc.  (Electric Utilities)
2.1
 
Central Automotive Products Ltd.  (Distributors)
1.9
 
Fast Retailing Co. Ltd.  (Specialty Retail)
1.9
 
Funai Soken Holdings, Inc.  (Professional Services)
1.8
 
Capcom Co. Ltd.  (Entertainment)
1.8
 
Asahi Group Holdings  (Beverages)
1.8
 
 
21.2
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
22.3
 
Information Technology
19.9
 
Consumer Discretionary
19.2
 
Materials
8.3
 
Financials
8.2
 
Consumer Staples
5.2
 
Communication Services
4.3
 
Utilities
3.3
 
Energy
2.5
 
Real Estate
2.0
 
Health Care
1.7
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Japan Smaller Companies Fund
Showing Percentage of Net Assets
Common Stocks - 96.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 4.3%
 
 
 
Entertainment - 3.0%
 
 
 
Capcom Co. Ltd.
 
184,500
6,933,069
Daiichikosho Co. Ltd.
 
260,300
4,666,715
 
 
 
11,599,784
Interactive Media & Services - 1.3%
 
 
 
Kakaku.com, Inc.
 
355,400
4,889,850
TOTAL COMMUNICATION SERVICES
 
 
16,489,634
CONSUMER DISCRETIONARY - 19.2%
 
 
 
Automobile Components - 2.3%
 
 
 
DENSO Corp.
 
65,400
3,947,780
Shoei Co. Ltd.
 
257,800
4,782,472
 
 
 
8,730,252
Automobiles - 3.2%
 
 
 
Isuzu Motors Ltd.
 
526,400
6,216,270
Suzuki Motor Corp.
 
181,200
6,318,168
 
 
 
12,534,438
Broadline Retail - 1.5%
 
 
 
Pan Pacific International Holdings Ltd.
 
313,000
5,849,010
Distributors - 1.9%
 
 
 
Central Automotive Products Ltd.
 
355,300
7,554,016
Hotels, Restaurants & Leisure - 2.1%
 
 
 
Curves Holdings Co. Ltd.
 
464,600
2,708,686
Koshidaka Holdings Co. Ltd.
 
654,700
5,542,663
 
 
 
8,251,349
Household Durables - 1.2%
 
 
 
Open House Group Co. Ltd.
 
114,200
4,564,888
Leisure Products - 1.8%
 
 
 
Bandai Namco Holdings, Inc.
 
147,900
3,359,611
Roland Corp.
 
123,100
3,690,031
 
 
 
7,049,642
Specialty Retail - 5.2%
 
 
 
ABC-MART, Inc.
 
73,000
4,148,499
Arcland Sakamoto Co. Ltd.
 
202,500
2,293,520
Fast Retailing Co. Ltd.
 
30,900
7,317,171
Fuji Corp.
 
663,800
6,424,228
 
 
 
20,183,418
TOTAL CONSUMER DISCRETIONARY
 
 
74,717,013
CONSUMER STAPLES - 5.2%
 
 
 
Beverages - 1.8%
 
 
 
Asahi Group Holdings
 
175,200
6,768,694
Food Products - 1.8%
 
 
 
Ajinomoto Co., Inc.
 
58,600
2,107,512
Kotobuki Spirits Co. Ltd.
 
68,100
5,028,826
 
 
 
7,136,338
Personal Care Products - 1.6%
 
 
 
Shiseido Co. Ltd.
 
124,300
6,230,636
TOTAL CONSUMER STAPLES
 
 
20,135,668
ENERGY - 2.5%
 
 
 
Oil, Gas & Consumable Fuels - 2.5%
 
 
 
INPEX Corp.
 
893,600
9,778,712
FINANCIALS - 8.2%
 
 
 
Banks - 1.3%
 
 
 
Bank of Kyoto Ltd.
 
102,300
5,033,410
Financial Services - 1.8%
 
 
 
ORIX Corp.
 
243,000
4,134,043
Zenkoku Hosho Co. Ltd.
 
76,300
2,804,340
 
 
 
6,938,383
Insurance - 5.1%
 
 
 
Lifenet Insurance Co. (a)
 
322,000
2,806,395
Sompo Holdings, Inc.
 
106,600
4,448,375
T&D Holdings, Inc.
 
523,200
6,407,290
Tokio Marine Holdings, Inc.
 
299,200
6,016,025
 
 
 
19,678,085
TOTAL FINANCIALS
 
 
31,649,878
HEALTH CARE - 1.7%
 
 
 
Health Care Equipment & Supplies - 0.7%
 
 
 
Eiken Chemical Co. Ltd.
 
232,000
2,697,423
Health Care Providers & Services - 1.0%
 
 
 
As One Corp.
 
93,700
3,969,557
TOTAL HEALTH CARE
 
 
6,666,980
INDUSTRIALS - 22.3%
 
 
 
Air Freight & Logistics - 0.7%
 
 
 
SG Holdings Co. Ltd.
 
204,500
2,942,719
Commercial Services & Supplies - 0.7%
 
 
 
Park24 Co. Ltd. (a)
 
168,500
2,604,518
Construction & Engineering - 0.9%
 
 
 
Raito Kogyo Co. Ltd.
 
226,900
3,346,724
Electrical Equipment - 0.7%
 
 
 
SWCC Showa Holdings Co. Ltd.
 
200,400
2,602,895
Machinery - 4.5%
 
 
 
CKD Corp.
 
231,400
3,524,823
Minebea Mitsumi, Inc.
 
295,200
5,466,702
Misumi Group, Inc.
 
205,637
5,187,647
Nabtesco Corp.
 
137,800
3,321,465
 
 
 
17,500,637
Marine Transportation - 1.2%
 
 
 
Nippon Concept Corp.
 
400,000
4,769,407
Professional Services - 7.1%
 
 
 
Funai Soken Holdings, Inc.
 
362,780
6,954,340
Open Up Group, Inc.
 
232,500
3,444,303
Persol Holdings Co. Ltd.
 
180,000
3,711,495
TechnoPro Holdings, Inc.
 
208,000
5,675,008
TKC Corp.
 
190,200
5,140,605
Visional, Inc. (a)
 
53,600
2,810,982
 
 
 
27,736,733
Trading Companies & Distributors - 4.9%
 
 
 
Hanwa Co. Ltd.
 
119,250
3,692,587
Inaba Denki Sangyo Co. Ltd.
 
295,700
6,604,747
Itochu Corp.
 
155,600
5,162,008
Mitani Shoji Co. Ltd.
 
290,300
2,858,970
Yuasa Trading Co. Ltd.
 
29,400
853,842
 
 
 
19,172,154
Transportation Infrastructure - 1.6%
 
 
 
Kamigumi Co. Ltd.
 
276,100
6,050,969
TOTAL INDUSTRIALS
 
 
86,726,756
INFORMATION TECHNOLOGY - 19.9%
 
 
 
Electronic Equipment, Instruments & Components - 7.3%
 
 
 
Amano Corp.
 
447,900
9,119,672
Azbil Corp.
 
161,100
4,505,446
Dexerials Corp.
 
114,600
2,180,905
Ibiden Co. Ltd.
 
98,600
3,879,539
Kohoku Kogyo Co. Ltd. (b)
 
42,600
1,589,343
Maruwa Ceramic Co. Ltd.
 
35,000
4,463,374
Shibaura Electronics Co. Ltd.
 
62,100
2,611,248
 
 
 
28,349,527
IT Services - 5.6%
 
 
 
Argo Graphics, Inc.
 
216,400
6,097,516
GMO Internet, Inc.
 
159,800
3,214,644
Net One Systems Co. Ltd.
 
286,100
6,745,773
NSD Co. Ltd.
 
295,000
5,426,933
 
 
 
21,484,866
Semiconductors & Semiconductor Equipment - 3.8%
 
 
 
Renesas Electronics Corp. (a)
 
851,000
11,090,614
Sumco Corp.
 
273,257
3,763,201
 
 
 
14,853,815
Software - 2.3%
 
 
 
Money Forward, Inc. (a)
 
217,000
9,036,822
Technology Hardware, Storage & Peripherals - 0.9%
 
 
 
FUJIFILM Holdings Corp.
 
67,200
3,502,462
TOTAL INFORMATION TECHNOLOGY
 
 
77,227,492
MATERIALS - 8.3%
 
 
 
Chemicals - 4.2%
 
 
 
C. Uyemura & Co. Ltd.
 
128,700
6,210,096
Fujimi, Inc.
 
63,900
3,310,260
NOF Corp.
 
87,200
3,984,295
Tokyo Ohka Kogyo Co. Ltd.
 
54,500
2,845,076
 
 
 
16,349,727
Construction Materials - 1.0%
 
 
 
Maeda Kosen Co. Ltd.
 
152,300
3,644,245
Metals & Mining - 3.1%
 
 
 
Dowa Holdings Co. Ltd.
 
166,000
5,423,299
Yamato Kogyo Co. Ltd.
 
168,100
6,604,154
 
 
 
12,027,453
TOTAL MATERIALS
 
 
32,021,425
REAL ESTATE - 2.0%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
Invincible Investment Corp.
 
5,200
2,245,139
Real Estate Management & Development - 1.4%
 
 
 
Relo Group, Inc.
 
366,600
5,699,306
TOTAL REAL ESTATE
 
 
7,944,445
UTILITIES - 3.3%
 
 
 
Electric Utilities - 2.1%
 
 
 
Kansai Electric Power Co., Inc.
 
753,100
8,129,500
Gas Utilities - 1.2%
 
 
 
Nippon Gas Co. Ltd.
 
331,700
4,664,532
TOTAL UTILITIES
 
 
12,794,032
 
TOTAL COMMON STOCKS
  (Cost $309,353,444)
 
 
 
376,152,035
 
 
 
 
Money Market Funds - 0.4%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d)
 
  (Cost $1,510,500)
 
 
1,510,349
1,510,500
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 97.3%
  (Cost $310,863,944)
 
 
 
377,662,535
NET OTHER ASSETS (LIABILITIES) - 2.7%  
10,666,832
NET ASSETS - 100.0%
388,329,367
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
14,224,205
32,906,452
47,130,657
199,509
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
2,325,000
93,875,205
94,689,705
74,984
-
-
1,510,500
0.0%
Total
16,549,205
126,781,657
141,820,362
274,493
-
-
1,510,500
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
16,489,634
-
16,489,634
-
Consumer Discretionary
74,717,013
-
74,717,013
-
Consumer Staples
20,135,668
-
20,135,668
-
Energy
9,778,712
-
9,778,712
-
Financials
31,649,878
-
31,649,878
-
Health Care
6,666,980
-
6,666,980
-
Industrials
86,726,756
-
86,726,756
-
Information Technology
77,227,492
-
77,227,492
-
Materials
32,021,425
-
32,021,425
-
Real Estate
7,944,445
-
7,944,445
-
Utilities
12,794,032
-
12,794,032
-
  Money Market Funds
1,510,500
1,510,500
-
-
 Total Investments in Securities:
377,662,535
1,510,500
376,152,035
-
Fidelity® Japan Smaller Companies Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,430,755) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $309,353,444)
$
376,152,035
 
 
Fidelity Central Funds (cost $1,510,500)
1,510,500
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $310,863,944)
 
 
$
377,662,535
Foreign currency held at value (cost $8,575,832)
 
 
8,464,254
Receivable for investments sold
 
 
64,484
Receivable for fund shares sold
 
 
60,511
Dividends receivable
 
 
3,954,350
Distributions receivable from Fidelity Central Funds
 
 
19,832
Prepaid expenses
 
 
151
  Total assets
 
 
390,226,117
Liabilities
 
 
 
 
Payable to custodian bank
$
19,410
 
 
Payable for fund shares redeemed
39,591
 
 
Accrued management fee
217,522
 
 
Other affiliated payables
68,044
 
 
Other payables and accrued expenses
41,683
 
 
Collateral on securities loaned
1,510,500
 
 
  Total Liabilities
 
 
 
1,896,750
Net Assets  
 
 
$
388,329,367
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
332,084,918
Total accumulated earnings (loss)
 
 
 
56,244,449
Net Assets
 
 
$
388,329,367
Net Asset Value , offering price and redemption price per share ($388,329,367 ÷ 27,121,721 shares)
 
 
$
14.32
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,355,411
Income from Fidelity Central Funds (including $74,984 from security lending)
 
 
274,493
 Income before foreign taxes withheld
 
 
$
5,629,904
Less foreign taxes withheld
 
 
(535,576)
 Total Income
 
 
 
5,094,328
Expenses
 
 
 
 
Management fee
$
1,311,830
 
 
Transfer agent fees
311,775
 
 
Accounting fees
96,587
 
 
Custodian fees and expenses
16,107
 
 
Independent trustees' fees and expenses
1,250
 
 
Registration fees
13,616
 
 
Audit
28,313
 
 
Legal
300
 
 
Miscellaneous
834
 
 
 Total expenses before reductions
 
1,780,612
 
 
 Expense reductions
 
(8,998)
 
 
 Total expenses after reductions
 
 
 
1,771,614
Net Investment income (loss)
 
 
 
3,322,714
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
9,267,778
 
 
 Foreign currency transactions
 
187,592
 
 
Total net realized gain (loss)
 
 
 
9,455,370
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
40,445,105
 
 
 Assets and liabilities in foreign currencies
 
(60,349)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
40,384,756
Net gain (loss)
 
 
 
49,840,126
Net increase (decrease) in net assets resulting from operations
 
 
$
53,162,840
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,322,714
$
5,662,274
Net realized gain (loss)
 
9,455,370
 
 
(1,219,316)
 
Change in net unrealized appreciation (depreciation)
 
40,384,756
 
(112,241,112)
 
Net increase (decrease) in net assets resulting from operations
 
53,162,840
 
 
(107,798,154)
 
Distributions to shareholders
 
(198,124)
 
 
(52,717,138)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
5,764,524
 
11,321,055
  Reinvestment of distributions
 
192,250
 
 
51,177,635
 
Cost of shares redeemed
 
(35,016,751)
 
(38,772,821)
  Net increase (decrease) in net assets resulting from share transactions
 
(29,059,977)
 
 
23,725,869
 
Total increase (decrease) in net assets
 
23,904,739
 
 
(136,789,423)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
364,424,628
 
501,214,051
 
End of period
$
388,329,367
$
364,424,628
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
424,880
 
811,228
  Issued in reinvestment of distributions
 
14,575
 
 
3,289,051
 
Redeemed
 
(2,547,425)
 
(2,841,225)
Net increase (decrease)
 
(2,107,970)
 
1,259,054
 
 
 
 
 
 
Financial Highlights
Fidelity® Japan Smaller Companies Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.47
$
17.92
$
16.64
$
17.60
$
17.12
$
18.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.19
 
.20
 
.16
 
.22
 
.18
     Net realized and unrealized gain (loss)
 
1.74
 
(3.75)
 
1.36
 
.11
 
1.10
 
(1.00)
  Total from investment operations
 
1.86  
 
(3.56)  
 
1.56  
 
.27  
 
1.32
 
(.82)
  Distributions from net investment income
 
(.01)
 
(.51)
 
(.19)
 
(.23)
 
(.11)
 
(.16)
  Distributions from net realized gain
 
-
 
(1.38)
 
(.10)
 
(1.00)
 
(.73)
 
(.74)
     Total distributions
 
(.01)
 
(1.89)
 
(.28) C
 
(1.23)
 
(.84)
 
(.90)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
14.32
$
12.47
$
17.92
$
16.64
$
17.60
$
17.12
 Total Return   E,F
 
14.90%
 
(21.95)%
 
9.44%
 
1.31%
 
8.22%
 
(4.71)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92% I
 
.91%
 
.91%
 
.92%
 
.93%
 
.94%
    Expenses net of fee waivers, if any
 
.91% I
 
.91%
 
.91%
 
.92%
 
.93%
 
.93%
    Expenses net of all reductions
 
.91% I
 
.91%
 
.91%
 
.92%
 
.93%
 
.93%
    Net investment income (loss)
 
1.71% I
 
1.33%
 
1.13%
 
1.02%
 
1.31%
 
.95%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
388,329
$
364,425
$
501,214
$
523,774
$
685,651
$
715,402
    Portfolio turnover rate J
 
33% I
 
38%
 
23%
 
20%
 
16%
 
17%
 
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 mutual funds or ETFs 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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$72,698,600
Gross unrealized depreciation
(16,262,088)
Net unrealized appreciation (depreciation)
$56,436,512
Tax cost
$321,226,023
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
  Short-term
$(2,461,352)
  Long-term
(9,471,810)
Total capital loss carryforward
$(11,933,162)
 
The Fund elected to defer to its next fiscal year $168,386 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
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
62,132,635
77,467,533
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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 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
350,332
2,844,323
621,258
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
$381
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
$8,105
$-
$-
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 $10.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $8,988.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
VIP FundsManager 50% Portfolio
VIP FundsManager 60% Portfolio
Fidelity Japan Smaller Companies Fund
11%
23%
10%
11%
 
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
60%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)
9.8
 
Genomma Lab Internacional SA de CV  (Mexico, Pharmaceuticals)
9.1
 
Itausa-Investimentos Itau SA (PN)  (Brazil, Banks)
4.8
 
Intercorp Financial Services, Inc.  (Peru, Banks)
4.0
 
Hypera SA  (Brazil, Pharmaceuticals)
3.9
 
Afya Ltd.  (Brazil, Diversified Consumer Services)
3.8
 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  (Brazil, Ground Transportation)
3.8
 
Equatorial Energia SA  (Brazil, Electric Utilities)
3.6
 
Pet Center Comercio e Participacoes SA  (Brazil, Specialty Retail)
3.6
 
Caixa Seguridade Participacoes  (Brazil, Insurance)
3.3
 
 
49.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
28.3
 
Health Care
19.2
 
Consumer Discretionary
11.8
 
Energy
9.8
 
Industrials
9.6
 
Consumer Staples
9.3
 
Materials
6.7
 
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, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Latin America Fund
Showing Percentage of Net Assets
Common Stocks - 79.4%
 
 
Shares
Value ($)
 
Brazil - 45.2%
 
 
 
Afya Ltd. (a)(b)
 
822,361
9,465,375
Atacadao SA
 
3,219,093
6,937,979
Blau Farmaceutica SA
 
1,509,604
6,016,867
Caixa Seguridade Participacoes
 
4,384,392
8,315,560
CM Hospitalar SA
 
1,549,891
4,934,494
Equatorial Energia SA
 
1,645,536
9,019,799
Hapvida Participacoes e Investimentos SA (a)(c)
 
8,030,761
4,443,823
Hypera SA
 
1,285,631
9,601,378
Localiza Rent a Car SA
 
593,823
6,906,386
Localiza Rent a Car SA rights 5/11/23 (a)
 
2,657
9,141
Lojas Renner SA
 
1,175,944
3,734,503
PagSeguro Digital Ltd. (a)
 
289,111
2,844,852
Pet Center Comercio e Participacoes SA
 
7,255,469
8,975,148
Sendas Distribuidora SA
 
3,135,680
7,726,354
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
3,812,545
9,340,651
Vasta Platform Ltd. (a)(b)
 
1,725,714
7,196,227
XP, Inc. Class A (a)
 
488,195
6,976,307
TOTAL BRAZIL
 
 
112,444,844
Chile - 0.6%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR
 
20,636
1,392,517
Mexico - 22.3%
 
 
 
Banco del Bajio SA (c)
 
1,705,072
5,609,445
Becle S.A.B. de CV (b)
 
2,456,905
5,670,990
Genomma Lab Internacional SA de CV
 
27,398,469
22,766,658
Grupo Aeroportuario Norte S.A.B. de CV
 
673,550
7,404,011
Qualitas Controladora S.A.B. de CV
 
1,169,915
7,733,496
Regional S.A.B. de CV
 
848,377
6,212,954
TOTAL MEXICO
 
 
55,397,554
Peru - 4.0%
 
 
 
Intercorp Financial Services, Inc.
 
448,354
10,029,679
Sweden - 1.1%
 
 
 
VEF AB (a)
 
14,010,796
2,866,359
United Kingdom - 1.1%
 
 
 
British American Tobacco PLC (United Kingdom)
 
74,693
2,759,592
United States of America - 2.1%
 
 
 
FirstCash Holdings, Inc.
 
51,321
5,287,603
Zambia - 3.0%
 
 
 
First Quantum Minerals Ltd.
 
305,762
7,429,372
 
TOTAL COMMON STOCKS
  (Cost $224,940,716)
 
 
 
197,607,520
 
 
 
 
Nonconvertible Preferred Stocks - 18.9%
 
 
Shares
Value ($)
 
Brazil - 18.9%
 
 
 
Banco Bradesco SA (PN)
 
1,058,640
2,939,605
Itausa-Investimentos Itau SA (PN)
 
6,901,775
12,010,788
Metalurgica Gerdau SA (PN)
 
3,304,769
7,725,572
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
5,100,934
24,237,565
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $41,343,215)
 
 
 
46,913,530
 
 
 
 
Money Market Funds - 0.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (d)
 
302,215
302,275
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
 
372,602
372,639
 
TOTAL MONEY MARKET FUNDS
  (Cost $674,914)
 
 
674,914
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.6%
  (Cost $266,958,845)
 
 
 
245,195,964
NET OTHER ASSETS (LIABILITIES) - 1.4%  
3,560,898
NET ASSETS - 100.0%
248,756,862
 
 
 
 
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 $10,053,268 or 4.0% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
647,124
25,566,491
25,911,340
17,358
-
-
302,275
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
1,102,930
29,027,905
29,758,196
13,307
-
-
372,639
0.0%
Total
1,750,054
54,594,396
55,669,536
30,665
-
-
674,914
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
29,371,253
29,371,253
-
-
Consumer Staples
23,094,915
20,335,323
2,759,592
-
Energy
24,237,565
24,237,565
-
-
Financials
70,826,648
70,826,648
-
-
Health Care
47,763,220
47,763,220
-
-
Industrials
23,660,189
23,660,189
-
-
Materials
16,547,461
16,547,461
-
-
Utilities
9,019,799
9,019,799
-
-
  Money Market Funds
674,914
674,914
-
-
 Total Investments in Securities:
245,195,964
242,436,372
2,759,592
-
Fidelity® Latin America Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $330,807) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $266,283,931)
$
244,521,050
 
 
Fidelity Central Funds (cost $674,914)
674,914
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $266,958,845)
 
 
$
245,195,964
Receivable for fund shares sold
 
 
83,211
Dividends receivable
 
 
4,533,690
Distributions receivable from Fidelity Central Funds
 
 
5,680
Prepaid expenses
 
 
101
  Total assets
 
 
249,818,646
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
429,099
 
 
Accrued management fee
139,283
 
 
Distribution and service plan fees payable
4,398
 
 
Other affiliated payables
63,008
 
 
Other payables and accrued expenses
55,937
 
 
Collateral on securities loaned
370,059
 
 
  Total Liabilities
 
 
 
1,061,784
Net Assets  
 
 
$
248,756,862
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
339,111,428
Total accumulated earnings (loss)
 
 
 
(90,354,566)
Net Assets
 
 
$
248,756,862
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($12,027,572 ÷ 666,867 shares) (a)
 
 
$
18.04
Maximum offering price per share (100/94.25 of $18.04)
 
 
$
19.14
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,735,556 ÷ 151,280 shares) (a)
 
 
$
18.08
Maximum offering price per share (100/96.50 of $18.08)
 
 
$
18.74
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,025,631 ÷ 56,166 shares) (a)
 
 
$
18.26
Latin America :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($228,957,561 ÷ 12,722,710 shares)
 
 
$
18.00
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,354,333 ÷ 186,640 shares)
 
 
$
17.97
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($656,209 ÷ 36,393 shares)
 
 
$
18.03
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
11,069,085
Income from Fidelity Central Funds (including $13,307 from security lending)
 
 
30,665
 Income before foreign taxes withheld
 
 
$
11,099,750
Less foreign taxes withheld
 
 
(377,585)
 Total Income
 
 
 
10,722,165
Expenses
 
 
 
 
Management fee
$
881,582
 
 
Transfer agent fees
328,692
 
 
Distribution and service plan fees
26,950
 
 
Accounting fees
64,906
 
 
Custodian fees and expenses
47,637
 
 
Independent trustees' fees and expenses
869
 
 
Registration fees
44,701
 
 
Audit
34,297
 
 
Legal
204
 
 
Miscellaneous
570
 
 
 Total expenses before reductions
 
1,430,408
 
 
 Expense reductions
 
(6,231)
 
 
 Total expenses after reductions
 
 
 
1,424,177
Net Investment income (loss)
 
 
 
9,297,988
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
9,836,487
 
 
 Foreign currency transactions
 
123,383
 
 
Total net realized gain (loss)
 
 
 
9,959,870
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(40,047,872)
 
 
 Assets and liabilities in foreign currencies
 
23,463
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(40,024,409)
Net gain (loss)
 
 
 
(30,064,539)
Net increase (decrease) in net assets resulting from operations
 
 
$
(20,766,551)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,297,988
$
24,063,331
Net realized gain (loss)
 
9,959,870
 
 
(14,063,333)
 
Change in net unrealized appreciation (depreciation)
 
(40,024,409)
 
19,797,722
 
Net increase (decrease) in net assets resulting from operations
 
(20,766,551)
 
 
29,797,720
 
Distributions to shareholders
 
(21,810,362)
 
 
(7,964,894)
 
Share transactions - net increase (decrease)
 
6,618,816
 
 
(30,282,037)
 
Total increase (decrease) in net assets
 
(35,958,097)
 
 
(8,449,211)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
284,714,959
 
293,164,170
 
End of period
$
248,756,862
$
284,714,959
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Latin America Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.18
$
19.37
$
17.40
$
28.36
$
21.98
$
24.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.64
 
1.60
 
.15
 
.04
 
.69
 
.50
     Net realized and unrealized gain (loss)
 
(2.20)
 
.68
 
1.82
 
(10.40)
 
6.11
 
(3.16)
  Total from investment operations
 
(1.56)  
 
2.28  
 
1.97  
 
(10.36)  
 
6.80
 
(2.66)
  Distributions from net investment income
 
(1.58)
 
(.47)
 
- C
 
(.60)
 
(.42)
 
(.29)
     Total distributions
 
(1.58)
 
(.47)
 
- C
 
(.60)
 
(.42)
 
(.29)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
18.04
$
21.18
$
19.37
$
17.40
$
28.36
$
21.98
 Total Return   D,E,F
 
(7.30)%
 
12.17%
 
11.34%
 
(37.31)%
 
31.60%
 
(10.78)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.34% I
 
1.32%
 
1.33%
 
1.36%
 
1.36%
 
1.38%
    Expenses net of fee waivers, if any
 
1.33% I
 
1.32%
 
1.33%
 
1.35%
 
1.36%
 
1.38%
    Expenses net of all reductions
 
1.33% I
 
1.32%
 
1.33%
 
1.33%
 
1.36%
 
1.36%
    Net investment income (loss)
 
6.90% I
 
7.98%
 
.70%
 
.18%
 
2.81%
 
2.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,028
$
13,309
$
10,217
$
9,131
$
17,953
$
14,157
    Portfolio turnover rate J
 
41% I
 
48%
 
33%
 
54%
 
48%
 
53%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Latin America Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.19
$
19.35
$
17.44
$
28.41
$
22.00
$
24.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.62
 
1.55
 
.10
 
(.02)
 
.63
 
.43
     Net realized and unrealized gain (loss)
 
(2.20)
 
.69
 
1.81
 
(10.42)
 
6.13
 
(3.16)
  Total from investment operations
 
(1.58)  
 
2.24  
 
1.91  
 
(10.44)  
 
6.76
 
(2.73)
  Distributions from net investment income
 
(1.53)
 
(.40)
 
-
 
(.53)
 
(.35)
 
(.23)
     Total distributions
 
(1.53)
 
(.40)
 
-
 
(.53)
 
(.35)
 
(.23)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
18.08
$
21.19
$
19.35
$
17.44
$
28.41
$
22.00
 Total Return   D,E,F
 
(7.43)%
 
11.92%
 
10.95%
 
(37.45)%
 
31.26%
 
(11.04)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.59% I
 
1.58%
 
1.59%
 
1.62%
 
1.64%
 
1.66%
    Expenses net of fee waivers, if any
 
1.58% I
 
1.58%
 
1.59%
 
1.61%
 
1.63%
 
1.66%
    Expenses net of all reductions
 
1.55% I
 
1.58%
 
1.59%
 
1.59%
 
1.63%
 
1.63%
    Net investment income (loss)
 
6.68% I
 
7.72%
 
.44%
 
(.09)%
 
2.54%
 
1.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,736
$
3,024
$
2,701
$
2,912
$
6,032
$
5,098
    Portfolio turnover rate J
 
41% I
 
48%
 
33%
 
54%
 
48%
 
53%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Latin America Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.33
$
19.45
$
17.61
$
28.67
$
22.16
$
25.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.58
 
1.46
 
(.01)
 
(.13)
 
.51
 
.32
     Net realized and unrealized gain (loss)
 
(2.22)
 
.71
 
1.85
 
(10.56)
 
6.21
 
(3.18)
  Total from investment operations
 
(1.64)  
 
2.17  
 
1.84  
 
(10.69)  
 
6.72
 
(2.86)
  Distributions from net investment income
 
(1.43)
 
(.29)
 
-
 
(.37)
 
(.21)
 
(.10)
     Total distributions
 
(1.43)
 
(.29)
 
-
 
(.37)
 
(.21)
 
(.10)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
18.26
$
21.33
$
19.45
$
17.61
$
28.67
$
22.16
 Total Return   D,E,F
 
(7.66)%
 
11.36%
 
10.45%
 
(37.78)%
 
30.62%
 
(11.43)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.09% I
 
2.08%
 
2.08%
 
2.11%
 
2.12%
 
2.13%
    Expenses net of fee waivers, if any
 
2.08% I
 
2.07%
 
2.08%
 
2.11%
 
2.12%
 
2.13%
    Expenses net of all reductions
 
2.08% I
 
2.07%
 
2.08%
 
2.09%
 
2.12%
 
2.11%
    Net investment income (loss)
 
6.15% I
 
7.22%
 
(.05)%
 
(.58)%
 
2.06%
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,026
$
946
$
656
$
810
$
3,438
$
3,498
    Portfolio turnover rate J
 
41% I
 
48%
 
33%
 
54%
 
48%
 
53%
 
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 mutual funds or ETFs 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).
 
Fidelity® Latin America Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.17
$
19.36
$
17.36
$
28.30
$
21.94
$
24.89
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.66
 
1.65
 
.22
 
.10
 
.77
 
.57
     Net realized and unrealized gain (loss)
 
(2.20)
 
.69
 
1.79
 
(10.36)
 
6.09
 
(3.15)
  Total from investment operations
 
(1.54)  
 
2.34  
 
2.01  
 
(10.26)  
 
6.86
 
(2.58)
  Distributions from net investment income
 
(1.63)
 
(.53)
 
(.01)
 
(.68)
 
(.50)
 
(.37)
     Total distributions
 
(1.63)
 
(.53)
 
(.01)
 
(.68)
 
(.50)
 
(.37)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
18.00
$
21.17
$
19.36
$
17.36
$
28.30
$
21.94
 Total Return   D,E
 
(7.21)%
 
12.55%
 
11.58%
 
(37.13)%
 
32.06%
 
(10.50)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.08% H
 
1.06%
 
1.04%
 
1.05%
 
1.05%
 
1.07%
    Expenses net of fee waivers, if any
 
1.07% H
 
1.05%
 
1.04%
 
1.05%
 
1.04%
 
1.07%
    Expenses net of all reductions
 
1.07% H
 
1.05%
 
1.04%
 
1.03%
 
1.04%
 
1.05%
    Net investment income (loss)
 
7.16% H
 
8.24%
 
.99%
 
.48%
 
3.13%
 
2.39%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
228,958
$
262,361
$
262,484
$
277,942
$
517,901
$
445,845
    Portfolio turnover rate I
 
41% H
 
48%
 
33%
 
54%
 
48%
 
53%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Latin America Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.15
$
19.34
$
17.34
$
28.28
$
21.92
$
24.88
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.66
 
1.67
 
.23
 
.12
 
.78
 
.59
     Net realized and unrealized gain (loss)
 
(2.20)
 
.67
 
1.78
 
(10.34)
 
6.08
 
(3.15)
  Total from investment operations
 
(1.54)  
 
2.34  
 
2.01  
 
(10.22)  
 
6.86
 
(2.56)
  Distributions from net investment income
 
(1.64)
 
(.53)
 
(.01)
 
(.72)
 
(.50)
 
(.40)
     Total distributions
 
(1.64)
 
(.53)
 
(.01)
 
(.72)
 
(.50)
 
(.40)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
17.97
$
21.15
$
19.34
$
17.34
$
28.28
$
21.92
 Total Return   D,E
 
(7.21)%
 
12.57%
 
11.60%
 
(37.07)%
 
32.09%
 
(10.44)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.05% H
 
1.02%
 
1.00%
 
.99%
 
1.01%
 
1.01%
    Expenses net of fee waivers, if any
 
1.04% H
 
1.02%
 
1.00%
 
.99%
 
1.00%
 
1.01%
    Expenses net of all reductions
 
1.04% H
 
1.02%
 
1.00%
 
.97%
 
1.00%
 
.98%
    Net investment income (loss)
 
7.19% H
 
8.28%
 
1.04%
 
.54%
 
3.17%
 
2.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,354
$
3,960
$
2,768
$
3,508
$
7,124
$
4,546
    Portfolio turnover rate I
 
41% H
 
48%
 
33%
 
54%
 
48%
 
53%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Latin America Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.14
$
19.35
$
17.32
$
28.24
$
21.92
$
21.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.69
 
1.70
 
.26
 
.14
 
.85
 
(.01)
     Net realized and unrealized gain (loss)
 
(2.20)
 
.66
 
1.79
 
(10.32)
 
6.03
 
.42
  Total from investment operations
 
(1.51)  
 
2.36  
 
2.05  
 
(10.18)  
 
6.88
 
.41
  Distributions from net investment income
 
(1.60)
 
(.57)
 
(.02)
 
(.74)
 
(.56)
 
-
     Total distributions
 
(1.60)
 
(.57)
 
(.02)
 
(.74)
 
(.56)
 
-
  Net asset value, end of period
$
18.03
$
21.14
$
19.35
$
17.32
$
28.24
$
21.92
 Total Return   D,E
 
(7.10)%
 
12.73%
 
11.82%
 
(37.00)%
 
32.28%
 
1.91%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87% H
 
.85%
 
.85%
 
.86%
 
.86%
 
.95% H
    Expenses net of fee waivers, if any
 
.86% H
 
.85%
 
.85%
 
.86%
 
.86%
 
.95% H
    Expenses net of all reductions
 
.86% H
 
.85%
 
.85%
 
.84%
 
.86%
 
.93% H
    Net investment income (loss)
 
7.37% H
 
8.45%
 
1.19%
 
.67%
 
3.31%
 
(.37)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
656
$
1,115
$
14,338
$
13,520
$
26,605
$
145
    Portfolio turnover rate I
 
41% H
 
48%
 
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 mutual funds or ETFs 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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Latin America, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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
$37,315,338
Gross unrealized depreciation
(59,997,829)
Net unrealized appreciation (depreciation)
$(22,682,491)
Tax cost
$267,878,455
 
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
$(50,951,267)
  Long-term
(30,174,753)
Total capital loss carryforward
$(81,126,020)
 
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
53,335,101
61,593,372
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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%
$15,353
$368
Class M
.25%
.25%
7,062
100
Class C
.75%
.25%
4,535
1,289
 
 
 
$26,950
$1,757
 
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
$12,497
Class M
111
Class C A
1,491
 
$14,099
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
$16,049
.26
Class M
3,680
.26
Class C
1,190
.26
Latin America
302,841
.25
Class I
4,708
.22
Class Z
224
.04
 
$328,692
 
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
$137
 
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
612,547
-
-
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
$265
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
$1,404
$   -
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class M
$391
 
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 $5,840.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Fidelity Latin America Fund
 
 
Distributions to shareholders
 
 
Class A
$1,004,696
$246,821
Class M
219,803
55,713
Class C
62,841
9,520
Latin America
20,106,391
7,148,489
Class I
319,001
63,267
Class Z
97,630
441,084
Total   
$21,810,362
$7,964,894
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended April 30, 2023
Year ended   October 31, 2022
Six months ended April 30, 2023
Year ended October 31, 2022
Fidelity Latin America Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
70,316
193,440
$1,294,203
$4,014,725
Reinvestment of distributions
54,942
12,985
985,119
236,085
Shares redeemed
(86,707)
(105,710)
(1,559,482)
(2,130,953)
Net increase (decrease)
38,551
100,715
$719,840
$2,119,857
Class M
 
 
 
 
Shares sold
4,527
20,674
$87,498
$437,930
Reinvestment of distributions
12,131
3,036
218,228
55,381
Shares redeemed
(8,082)
(20,590)
(148,768)
(412,047)
Net increase (decrease)
8,576
3,120
$156,958
$81,264
Class C
 
 
 
 
Shares sold
15,369
24,221
$285,934
$531,782
Reinvestment of distributions
3,453
515
62,841
9,515
Shares redeemed
(6,987)
(14,126)
(130,390)
(288,523)
Net increase (decrease)
11,835
10,610
$218,385
$252,774
Latin America
 
 
 
 
Shares sold
874,836
2,584,874
$16,540,077
$53,328,636
Reinvestment of distributions
1,050,900
354,926
18,779,586
6,428,926
Shares redeemed
(1,598,928)
(4,099,646)
(29,529,564)
(80,282,944)
Net increase (decrease)
326,808
(1,159,846)
$5,790,099
$(20,525,382)
Class I
 
 
 
 
Shares sold
83,405
241,168
$1,505,378
$5,278,172
Reinvestment of distributions
17,723
3,427
316,179
61,999
Shares redeemed
(101,748)
(200,417)
(1,829,705)
(3,856,685)
Net increase (decrease)
(620)
44,178
$(8,148)
$1,483,486
Class Z
 
 
 
 
Shares sold
20,727
554,422
$425,059
$11,379,289
Reinvestment of distributions
3,612
24,364
64,625
440,031
Shares redeemed
(40,695)
(1,267,021)
(748,002)
(25,513,356)
Net increase (decrease)
(16,356)
(688,235)
$(258,318)
$(13,694,036)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
21.6
 
Investor AB (B Shares)  (Sweden, Financial Services)
4.8
 
Nordea Bank ABP  (Finland, Banks)
4.4
 
DSV A/S  (Denmark, Air Freight & Logistics)
4.4
 
Atlas Copco AB (B Shares)  (Sweden, Machinery)
4.2
 
Sandvik AB  (Sweden, Machinery)
3.9
 
Carlsberg A/S Series B  (Denmark, Beverages)
3.3
 
Vestas Wind Systems A/S  (Denmark, Electrical Equipment)
3.2
 
Sampo Oyj (A Shares)  (Finland, Insurance)
3.1
 
Elisa Corp. (A Shares)  (Finland, Diversified Telecommunication Services)
2.7
 
 
55.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
28.2
 
Health Care
25.7
 
Financials
17.2
 
Materials
5.7
 
Energy
4.9
 
Consumer Staples
4.5
 
Consumer Discretionary
3.4
 
Information Technology
3.4
 
Communication Services
2.7
 
Real Estate
0.3
 
 
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, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Nordic Fund
Showing Percentage of Net Assets
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
Denmark - 37.3%
 
 
 
Carlsberg A/S Series B
 
68,100
11,250,166
Demant A/S (a)
 
62,400
2,669,608
DSV A/S
 
78,100
14,668,645
Genmab A/S (a)
 
21,000
8,630,259
Novo Nordisk A/S Series B
 
436,500
72,613,737
Tryg A/S
 
194,783
4,592,784
Vestas Wind Systems A/S
 
386,300
10,689,151
TOTAL DENMARK
 
 
125,114,350
Finland - 13.8%
 
 
 
Elisa Corp. (A Shares)
 
148,100
9,190,939
Neste OYJ
 
135,200
6,546,044
Nordea Bank ABP
 
1,337,144
14,840,857
Sampo Oyj (A Shares)
 
201,400
10,199,565
UPM-Kymmene Corp.
 
170,000
5,413,635
TOTAL FINLAND
 
 
46,191,040
Norway - 7.6%
 
 
 
Equinor ASA
 
285,900
8,231,357
Kongsberg Gruppen ASA
 
86,800
3,891,606
Mowi ASA
 
215,500
4,106,957
Norsk Hydro ASA
 
913,300
6,721,034
Selvaag Bolig ASA
 
321,200
1,097,084
TGS ASA
 
100,700
1,576,117
TOTAL NORWAY
 
 
25,624,155
Sweden - 37.3%
 
 
 
Alfa Laval AB (b)
 
188,500
6,902,136
ASSA ABLOY AB (B Shares)
 
352,800
8,390,785
Atlas Copco AB (B Shares) (b)
 
1,094,700
14,015,935
Autoliv, Inc.
 
16,300
1,398,703
Beijer Alma AB (B Shares)
 
91,700
2,083,471
Eltel AB (a)(c)
 
1,706,358
1,480,889
Evolution AB (c)
 
65,300
8,694,314
Fortnox AB
 
775,200
5,330,750
Haypp Group (a)
 
385,600
1,368,676
HEXPOL AB (B Shares)
 
295,970
3,483,511
Indutrade AB
 
317,000
7,594,980
Investor AB (B Shares)
 
753,500
16,150,024
Lagercrantz Group AB (B Shares)
 
462,453
5,943,541
Nibe Industrier AB (B Shares)
 
293,000
3,271,413
Nordnet AB
 
286,900
4,498,615
Saab AB (B Shares)
 
89,400
5,017,883
Sandvik AB (b)
 
644,500
13,103,617
Surgical Science Sweden AB (a)
 
124,000
2,262,339
Svenska Cellulosa AB SCA (B Shares)
 
265,300
3,633,467
Swedbank AB (A Shares)
 
434,499
7,541,730
Trelleborg AB (B Shares) (b)
 
121,600
3,052,139
TOTAL SWEDEN
 
 
125,218,918
 
TOTAL COMMON STOCKS
  (Cost $252,781,842)
 
 
 
322,148,463
 
 
 
 
Money Market Funds - 11.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (d)
 
10,407,543
10,409,625
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
 
26,709,829
26,712,500
 
TOTAL MONEY MARKET FUNDS
  (Cost $37,122,125)
 
 
37,122,125
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 107.0%
  (Cost $289,903,967)
 
 
 
359,270,588
NET OTHER ASSETS (LIABILITIES) - (7.0)%  
(23,629,473)
NET ASSETS - 100.0%
335,641,115
 
 
 
 
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 $10,175,203 or 3.0% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
2,293,839
44,936,741
36,820,955
165,534
-
-
10,409,625
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
-
49,207,502
22,495,002
30,972
-
-
26,712,500
0.1%
Total
2,293,839
94,144,243
59,315,957
196,506
-
-
37,122,125
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
9,190,939
9,190,939
-
-
Consumer Discretionary
11,461,693
11,461,693
-
-
Consumer Staples
15,357,123
15,357,123
-
-
Energy
16,353,518
8,122,161
8,231,357
-
Financials
57,823,575
57,823,575
-
-
Health Care
86,175,943
4,931,947
81,243,996
-
Industrials
94,162,650
83,473,499
10,689,151
-
Information Technology
11,274,291
11,274,291
-
-
Materials
19,251,647
12,530,613
6,721,034
-
Real Estate
1,097,084
1,097,084
-
-
  Money Market Funds
37,122,125
37,122,125
-
-
 Total Investments in Securities:
359,270,588
252,385,050
106,885,538
-
Fidelity® Nordic Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $25,072,753) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $252,781,842)
$
322,148,463
 
 
Fidelity Central Funds (cost $37,122,125)
37,122,125
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $289,903,967)
 
 
$
359,270,588
Foreign currency held at value (cost $3,803)
 
 
3,814
Receivable for investments sold
 
 
17,145
Receivable for fund shares sold
 
 
142,235
Dividends receivable
 
 
641,061
Reclaims receivable
 
 
2,816,308
Distributions receivable from Fidelity Central Funds
 
 
57,474
Prepaid expenses
 
 
110
  Total assets
 
 
362,948,735
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
318,295
 
 
Accrued management fee
184,226
 
 
Other affiliated payables
55,644
 
 
Other payables and accrued expenses
36,955
 
 
Collateral on securities loaned
26,712,500
 
 
  Total Liabilities
 
 
 
27,307,620
Net Assets  
 
 
$
335,641,115
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
269,074,965
Total accumulated earnings (loss)
 
 
 
66,566,150
Net Assets
 
 
$
335,641,115
Net Asset Value , offering price and redemption price per share ($335,641,115 ÷ 5,672,183 shares)
 
 
$
59.17
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,134,911
Foreign Tax Reclaims
 
 
1,487,691
Income from Fidelity Central Funds (including $30,972 from security lending)
 
 
196,506
 Income before foreign taxes withheld
 
 
$
7,819,108
Less foreign taxes withheld
 
 
(2,275,326)
 Total Income
 
 
 
5,543,782
Expenses
 
 
 
 
Management fee
$
1,019,178
 
 
Transfer agent fees
245,301
 
 
Accounting fees
75,045
 
 
Custodian fees and expenses
12,047
 
 
Independent trustees' fees and expenses
939
 
 
Registration fees
13,494
 
 
Audit
52,636
 
 
Legal
224
 
 
Miscellaneous
616
 
 
 Total expenses before reductions
 
1,419,480
 
 
 Expense reductions
 
(7,029)
 
 
 Total expenses after reductions
 
 
 
1,412,451
Net Investment income (loss)
 
 
 
4,131,331
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
5,091,478
 
 
 Foreign currency transactions
 
474,967
 
 
Total net realized gain (loss)
 
 
 
5,566,445
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
62,956,801
 
 
 Assets and liabilities in foreign currencies
 
162,065
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
63,118,866
Net gain (loss)
 
 
 
68,685,311
Net increase (decrease) in net assets resulting from operations
 
 
$
72,816,642
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,131,331
$
4,639,612
Net realized gain (loss)
 
5,566,445
 
 
(8,220,001)
 
Change in net unrealized appreciation (depreciation)
 
63,118,866
 
(114,229,877)
 
Net increase (decrease) in net assets resulting from operations
 
72,816,642
 
 
(117,810,266)
 
Distributions to shareholders
 
-
 
 
(53,400,933)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
26,248,783
 
29,607,219
  Reinvestment of distributions
 
-
 
 
49,862,949
 
Cost of shares redeemed
 
(20,588,658)
 
(73,768,106)
  Net increase (decrease) in net assets resulting from share transactions
 
5,660,125
 
 
5,702,062
 
Total increase (decrease) in net assets
 
78,476,767
 
 
(165,509,137)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
257,164,348
 
422,673,485
 
End of period
$
335,641,115
$
257,164,348
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
478,826
 
545,297
  Issued in reinvestment of distributions
 
-
 
 
819,642
 
Redeemed
 
(381,862)
 
(1,383,136)
Net increase (decrease)
 
96,964
 
(18,197)
 
 
 
 
 
 
Financial Highlights
Fidelity® Nordic Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.13
$
75.57
$
56.51
$
46.69
$
49.64
$
54.34
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.74
 
.78
 
1.06
 
.15
 
1.50 C
 
.47
     Net realized and unrealized gain (loss)
 
12.30
 
(20.65) D
 
20.17
 
11.86
 
.15
 
(3.01)
  Total from investment operations
 
13.04  
 
(19.87)  
 
21.23  
 
12.01  
 
1.65
 
(2.54)
  Distributions from net investment income
 
-
 
(3.02)
 
(.96)
 
(1.60)
 
(.05)
 
(.50)
  Distributions from net realized gain
 
-
 
(6.56)
 
(1.21)
 
(.59)
 
(4.55)
 
(1.67)
     Total distributions
 
-
 
(9.57) E
 
(2.17)
 
(2.19)
 
(4.60)
 
(2.17)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
.01
  Net asset value, end of period
$
59.17
$
46.13
$
75.57
$
56.51
$
46.69
$
49.64
 Total Return   F,G
 
28.27%
 
(29.33)% D
 
38.39%
 
26.73%
 
3.96%
 
(4.80)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% J
 
.93%
 
.92%
 
.96%
 
.98%
 
.98%
    Expenses net of fee waivers, if any
 
.94% J
 
.92%
 
.92%
 
.96%
 
.98%
 
.97%
    Expenses net of all reductions
 
.94% J
 
.92%
 
.92%
 
.96%
 
.96%
 
.97%
    Net investment income (loss)
 
2.75% J
 
1.45%
 
1.51%
 
.31%
 
3.28% C
 
.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
335,641
$
257,164
$
422,673
$
301,424
$
261,896
$
290,184
    Portfolio turnover rate K
 
32% J
 
42%
 
34%
 
29%
 
34%
 
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 mutual funds or ETFs 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 Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (29.35)%.
 
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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$79,223,869
Gross unrealized depreciation
(14,202,624)
Net unrealized appreciation (depreciation)
$65,021,245
Tax cost
$294,249,343
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
  Short-term
$(7,967,620)
  Long-term
(640,299)
Total capital loss carryforward
$(8,607,919)
 
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
49,835,961
46,718,645
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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 Nordic Fund
.05
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Nordic Fund
$286
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
$3,613
$-
$-
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 $78.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,951.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
6.2
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.7
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.3
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.2
 
AIA Group Ltd.  (Hong Kong, Insurance)
3.1
 
Sea Ltd. ADR  (Singapore, Entertainment)
2.6
 
DENSO Corp.  (Japan, Automobile Components)
2.5
 
Sony Group Corp.  (Japan, Household Durables)
2.4
 
Shin-Etsu Chemical Co. Ltd.  (Japan, Chemicals)
2.0
 
ORIX Corp.  (Japan, Financial Services)
2.0
 
 
33.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
22.5
 
Consumer Discretionary
19.5
 
Financials
15.5
 
Communication Services
10.8
 
Health Care
9.1
 
Industrials
8.3
 
Materials
4.4
 
Real Estate
2.8
 
Energy
2.4
 
Consumer Staples
1.5
 
Utilities
1.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Pacific Basin Fund
Showing Percentage of Net Assets
Common Stocks - 93.4%
 
 
Shares
Value ($)
 
Australia - 8.1%
 
 
 
Aristocrat Leisure Ltd.
 
196,979
4,982,677
carsales.com Ltd.
 
270,148
4,284,091
Cogstate Ltd. (a)
 
108,403
114,607
Flight Centre Travel Group Ltd. (a)
 
385,663
5,064,426
HUB24 Ltd.
 
247,352
4,677,026
Macquarie Group Ltd.
 
91,015
11,103,086
National Australia Bank Ltd.
 
439,197
8,455,052
National Storage REIT unit
 
3,358,160
5,593,287
Newcrest Mining Ltd.
 
332,402
6,347,173
Santos Ltd.
 
1,050,151
4,974,667
Technology One Ltd.
 
603,550
6,084,884
TOTAL AUSTRALIA
 
 
61,680,976
China - 19.4%
 
 
 
Alibaba Group Holding Ltd. (a)
 
2,298,300
24,301,366
Antengene Corp. (a)(b)
 
4,506,711
1,556,508
Centre Testing International Group Co. Ltd. (A Shares)
 
1,916,909
5,348,344
Chervon Holdings Ltd.
 
1,681,500
8,556,940
KE Holdings, Inc. ADR (a)
 
310,700
4,874,883
Kweichow Moutai Co. Ltd. (A Shares)
 
33,200
8,471,130
Li Ning Co. Ltd.
 
697,500
4,988,254
Meituan Class B (a)(b)
 
361,390
6,176,320
PDD Holdings, Inc. ADR (a)
 
70,200
4,784,130
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
130,399
5,895,302
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
708,400
2,600,086
Shenzhou International Group Holdings Ltd.
 
632,400
6,074,307
Tencent Holdings Ltd.
 
738,900
32,819,068
Trip.com Group Ltd. ADR (a)
 
178,900
6,352,739
Vnet Group, Inc. ADR (a)
 
1,650,367
4,852,079
Wuxi Biologics (Cayman), Inc. (a)(b)
 
1,454,000
8,669,968
Zai Lab Ltd. (a)
 
2,452,600
8,586,800
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
1,086,600
3,676,668
TOTAL CHINA
 
 
148,584,892
Hong Kong - 4.6%
 
 
 
AIA Group Ltd.
 
2,210,400
24,064,792
China High Precision Automation Group Ltd. (a)(c)
 
1,875,000
2
China Metal Recycling (Holdings) Ltd. (a)(c)
 
2,572,200
3
Hypebeast Ltd. (a)
 
13,059,314
491,039
Oriental Watch Holdings Ltd.
 
2,381,424
1,364,156
Prudential PLC
 
618,900
9,469,814
TOTAL HONG KONG
 
 
35,389,806
India - 2.1%
 
 
 
Housing Development Finance Corp. Ltd.
 
199,784
6,814,194
One97 Communications Ltd. (a)
 
506,600
4,066,498
Zomato Ltd. (a)
 
6,722,000
5,380,934
TOTAL INDIA
 
 
16,261,626
Japan - 39.5%
 
 
 
Advantest Corp.
 
48,600
3,787,491
Astellas Pharma, Inc.
 
415,800
6,263,846
Daiichikosho Co. Ltd.
 
269,600
4,833,447
DENSO Corp.
 
317,200
19,147,337
Digital Hearts Holdings Co. Ltd.
 
192,200
2,082,332
Fast Retailing Co. Ltd.
 
30,300
7,175,090
FUJIFILM Holdings Corp.
 
85,600
4,461,470
Fujitsu Ltd.
 
39,200
5,224,471
Funai Soken Holdings, Inc.
 
257,200
4,930,416
Hitachi Ltd.
 
274,700
15,194,931
Hoya Corp.
 
135,100
14,165,916
Idemitsu Kosan Co. Ltd.
 
127,200
2,708,475
INPEX Corp.
 
942,200
10,310,545
Iriso Electronics Co. Ltd.
 
128,900
4,412,199
JSR Corp.
 
228,500
5,301,988
JTOWER, Inc. (a)
 
126,200
5,442,561
Kakaku.com, Inc.
 
161,600
2,223,410
Kansai Electric Power Co., Inc.
 
984,600
10,628,477
Kansai Paint Co. Ltd.
 
290,900
4,101,103
Lifenet Insurance Co. (a)
 
370,100
3,225,611
Minebea Mitsumi, Inc.
 
401,500
7,435,234
Misumi Group, Inc.
 
262,100
6,612,051
Mitsubishi Heavy Industries Ltd.
 
101,300
3,841,321
Money Forward, Inc. (a)
 
122,200
5,088,939
Net One Systems Co. Ltd.
 
179,800
4,239,391
Nintendo Co. Ltd.
 
92,600
3,914,886
Nomura Research Institute Ltd.
 
296,700
7,464,838
NSD Co. Ltd.
 
228,200
4,198,055
Olympus Corp.
 
306,100
5,358,714
Open House Group Co. Ltd.
 
177,300
7,087,169
ORIX Corp.
 
917,700
15,612,393
Outsourcing, Inc.
 
357,900
3,645,775
Pan Pacific International Holdings Ltd.
 
299,500
5,596,736
Renesas Electronics Corp. (a)
 
975,200
12,709,244
Shin-Etsu Chemical Co. Ltd.
 
549,000
15,666,166
SMS Co., Ltd.
 
272,600
6,406,128
Sony Group Corp.
 
204,100
18,465,692
TechnoPro Holdings, Inc.
 
167,100
4,559,105
Tokio Marine Holdings, Inc.
 
491,300
9,878,586
Tsuruha Holdings, Inc.
 
51,300
3,359,931
Z Holdings Corp.
 
3,041,400
8,331,129
ZOZO, Inc.
 
376,300
7,918,991
TOTAL JAPAN
 
 
303,011,590
Korea (South) - 1.0%
 
 
 
Db Insurance Co. Ltd.
 
76,960
4,839,744
Hyundai Fire & Marine Insurance Co. Ltd.
 
105,363
2,961,233
TOTAL KOREA (SOUTH)
 
 
7,800,977
Malaysia - 0.5%
 
 
 
MR DIY Group M Sdn Bhd (b)
 
10,785,800
3,829,631
New Zealand - 0.6%
 
 
 
Ryman Healthcare Ltd.
 
1,276,611
4,193,747
Philippines - 1.5%
 
 
 
Ayala Land, Inc.
 
12,153,200
5,863,599
Robinsons Land Corp.
 
22,673,400
5,905,433
TOTAL PHILIPPINES
 
 
11,769,032
Singapore - 4.9%
 
 
 
Genting Singapore Ltd.
 
2,928,200
2,491,096
Sea Ltd. ADR (a)
 
261,700
19,933,689
United Overseas Bank Ltd.
 
718,300
15,255,226
TOTAL SINGAPORE
 
 
37,680,011
Taiwan - 8.7%
 
 
 
eMemory Technology, Inc.
 
134,000
8,006,500
MediaTek, Inc.
 
492,000
10,690,496
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,914,000
47,685,127
TOTAL TAIWAN
 
 
66,382,123
United States of America - 2.5%
 
 
 
GI Dynamics, Inc. (a)(c)
 
111,225
1
Legend Biotech Corp. ADR (a)
 
79,500
5,462,445
Parade Technologies Ltd.
 
128,000
3,917,585
ResMed, Inc. CDI
 
362,469
8,142,613
Space Exploration Technologies Corp. Class A (a)(c)(d)
 
22,539
1,735,503
TOTAL UNITED STATES OF AMERICA
 
 
19,258,147
 
TOTAL COMMON STOCKS
  (Cost $618,301,935)
 
 
 
715,842,558
 
 
 
 
Preferred Stocks - 4.8%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.1%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)
 
87,773
778,547
Nonconvertible Preferred Stocks - 4.7%
 
 
 
Korea (South) - 4.7%
 
 
 
Samsung Electronics Co. Ltd.
 
867,100
36,263,376
 
TOTAL PREFERRED STOCKS
  (Cost $44,455,737)
 
 
 
37,041,923
 
 
 
 
Money Market Funds - 1.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
  (Cost $12,710,454)
 
 
12,707,912
12,710,454
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
  (Cost $675,468,126)
 
 
 
765,594,935
NET OTHER ASSETS (LIABILITIES) - 0.1%  
636,130
NET ASSETS - 100.0%
766,231,065
 
 
 
 
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 $20,232,427 or 2.6% 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 $2,514,050 or 0.3% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
1,246,653
 
 
 
Space Exploration Technologies Corp. Class A
2/16/21 - 5/24/22
1,437,725
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
15,775,672
141,158,414
144,223,632
256,581
-
-
12,710,454
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
9,708,475
115,535,210
125,243,685
24,009
-
-
-
0.0%
Total
25,484,147
256,693,624
269,467,317
280,590
-
-
12,710,454
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
82,273,320
19,933,689
62,339,631
-
Consumer Discretionary
149,737,991
11,136,869
138,601,122
-
Consumer Staples
11,831,061
-
11,831,061
-
Energy
17,993,687
-
17,993,687
-
Financials
120,423,255
-
120,423,255
-
Health Care
69,189,014
5,462,445
62,948,021
778,548
Industrials
63,385,476
-
61,649,973
1,735,503
Information Technology
171,168,479
4,852,079
166,316,398
2
Materials
34,016,519
-
34,016,516
3
Real Estate
22,237,202
4,874,883
17,362,319
-
Utilities
10,628,477
-
10,628,477
-
  Money Market Funds
12,710,454
12,710,454
-
-
 Total Investments in Securities:
765,594,935
58,970,419
704,110,460
2,514,056
Fidelity® Pacific Basin Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $662,757,672)
$
752,884,481
 
 
Fidelity Central Funds (cost $12,710,454)
12,710,454
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $675,468,126)
 
 
$
765,594,935
Foreign currency held at value (cost $18)
 
 
18
Receivable for investments sold
 
 
2,745,575
Receivable for fund shares sold
 
 
149,512
Dividends receivable
 
 
3,094,831
Distributions receivable from Fidelity Central Funds
 
 
39,819
Prepaid expenses
 
 
303
Other receivables
 
 
24,116
  Total assets
 
 
771,649,109
Liabilities
 
 
 
 
Payable for investments purchased
$
3,820,773
 
 
Payable for fund shares redeemed
295,887
 
 
Accrued management fee
606,393
 
 
Other affiliated payables
127,019
 
 
Deferred taxes
518,459
 
 
Other payables and accrued expenses
49,513
 
 
  Total Liabilities
 
 
 
5,418,044
Net Assets  
 
 
$
766,231,065
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
655,357,065
Total accumulated earnings (loss)
 
 
 
110,874,000
Net Assets
 
 
$
766,231,065
Net Asset Value , offering price and redemption price per share ($766,231,065 ÷ 25,904,712 shares)
 
 
$
29.58
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,548,049
Non-Cash dividends
 
 
1,785,153
Income from Fidelity Central Funds (including $24,009 from security lending)
 
 
280,590
 Income before foreign taxes withheld
 
 
$
8,613,792
Less foreign taxes withheld
 
 
(653,258)
 Total Income
 
 
 
7,960,534
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,561,364
 
 
 Performance adjustment
998,228
 
 
Transfer agent fees
573,541
 
 
Accounting fees
175,338
 
 
Custodian fees and expenses
32,164
 
 
Independent trustees' fees and expenses
2,468
 
 
Registration fees
22,361
 
 
Audit
47,232
 
 
Legal
571
 
 
Interest
4,457
 
 
Miscellaneous
1,643
 
 
 Total expenses before reductions
 
4,419,367
 
 
 Expense reductions
 
(17,343)
 
 
 Total expenses after reductions
 
 
 
4,402,024
Net Investment income (loss)
 
 
 
3,558,510
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $654,598)
 
41,252,053
 
 
 Foreign currency transactions
 
(104,268)
 
 
Total net realized gain (loss)
 
 
 
41,147,785
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $291,599)  
 
106,260,649
 
 
 Assets and liabilities in foreign currencies
 
(14,373)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
106,246,276
Net gain (loss)
 
 
 
147,394,061
Net increase (decrease) in net assets resulting from operations
 
 
$
150,952,571
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,558,510
$
5,715,472
Net realized gain (loss)
 
41,147,785
 
 
71,701,080
 
Change in net unrealized appreciation (depreciation)
 
106,246,276
 
(457,726,586)
 
Net increase (decrease) in net assets resulting from operations
 
150,952,571
 
 
(380,310,034)
 
Distributions to shareholders
 
(59,141,027)
 
 
(153,392,663)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
57,677,730
 
97,680,092
  Reinvestment of distributions
 
44,008,733
 
 
112,623,785
 
Cost of shares redeemed
 
(84,824,646)
 
(233,769,363)
  Net increase (decrease) in net assets resulting from share transactions
 
16,861,817
 
 
(23,465,486)
 
Total increase (decrease) in net assets
 
108,673,361
 
 
(557,168,183)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
657,557,704
 
1,214,725,887
 
End of period
$
766,231,065
$
657,557,704
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,954,025
 
2,944,154
  Issued in reinvestment of distributions
 
1,565,033
 
 
2,912,433
 
Redeemed
 
(2,911,829)
 
(6,908,065)
Net increase (decrease)
 
607,229
 
(1,051,478)
 
 
 
 
 
 
Financial Highlights
Fidelity® Pacific Basin Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.99
$
46.10
$
40.16
$
32.65
$
29.51
$
35.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14 C
 
.22
 
.15
 
.16
 
.26
 
.22
     Net realized and unrealized gain (loss)
 
5.85
 
(14.49)
 
7.74
 
7.61
 
5.74
 
(4.69)
  Total from investment operations
 
5.99  
 
(14.27)  
 
7.89  
 
7.77  
 
6.00
 
(4.47)
  Distributions from net investment income
 
-
 
(1.17) D
 
(.10)
 
(.26)
 
(.20)
 
(.23)
  Distributions from net realized gain
 
(2.40)
 
(4.67) D
 
(1.85)
 
-
 
(2.67)
 
(1.32)
     Total distributions
 
(2.40)
 
(5.84)
 
(1.95)
 
(.26)
 
(2.86) E
 
(1.55)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
29.58
$
25.99
$
46.10
$
40.16
$
32.65
$
29.51
 Total Return   G,H
 
23.53%
 
(35.11)%
 
20.08%
 
23.95%
 
22.37%
 
(13.24)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.17% K
 
1.12%
 
1.04%
 
1.11%
 
.97%
 
1.07%
    Expenses net of fee waivers, if any
 
1.16% K
 
1.12%
 
1.04%
 
1.11%
 
.97%
 
1.07%
    Expenses net of all reductions
 
1.16% K
 
1.12%
 
1.04%
 
1.10%
 
.97%
 
1.06%
    Net investment income (loss)
 
.70% C,K
 
.64%
 
.32%
 
.47%
 
.88%
 
.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
766,231
$
657,558
$
1,214,726
$
1,084,673
$
891,154
$
807,632
    Portfolio turnover rate L
 
57% K
 
29%
 
40%
 
27%
 
32%
 
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 mutual funds or ETFs 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 .47%.
 
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses 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
$152,133,575
Gross unrealized depreciation
(70,250,743)
Net unrealized appreciation (depreciation)
$81,882,832
Tax cost
$683,712,103
 
The Fund elected to defer to its next fiscal year $6,393,003 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. 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
209,381,372
245,210,157
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Pacific Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .94% 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 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
$2,252
 
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
$13,156,000
4.07%
$4,457
 
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
-
793,335
(16,516)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Pacific Basin Fund
$734
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
$2,532
$-
$-
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 $17,343.
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
18%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® Canada Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.32%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,083.80
 
$ 6.82
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.25
 
$ 6.61
 
Class M
 
 
 
1.59%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,082.40
 
$ 8.21
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.91
 
$ 7.95
 
Class C
 
 
 
2.09%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,079.80
 
$ 10.78
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.43
 
$ 10.44
 
Fidelity® Canada Fund
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,085.50
 
$ 5.22
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.79
 
$ 5.06
 
Class I
 
 
 
.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,085.50
 
$ 5.12
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.89
 
$ 4.96
 
Class Z
 
 
 
.87%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,086.30
 
$ 4.50
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.48
 
$ 4.36
 
Fidelity® China Region Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,335.80
 
$ 7.18
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.21
 
Class M
 
 
 
1.52%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,333.80
 
$ 8.80
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.26
 
$ 7.60
 
Class C
 
 
 
1.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,330.60
 
$ 11.33
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.08
 
$ 9.79
 
Fidelity® China Region Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,337.30
 
$ 5.45
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.13
 
$ 4.71
 
Class I
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,337.90
 
$ 5.39
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.18
 
$ 4.66
 
Class Z
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,338.60
 
$ 4.64
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.83
 
$ 4.01
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Emerging Asia Fund
 
 
 
1.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,203.80
 
$ 6.01
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.34
 
$ 5.51
Fidelity® Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,211.60
 
$ 6.58
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.84
 
$ 6.01
 
Class M
 
 
 
1.48%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,210.00
 
$ 8.11
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.46
 
$ 7.40
 
Class C
 
 
 
1.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,207.00
 
$ 10.83
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.98
 
$ 9.89
 
Fidelity® Emerging Markets Fund
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,213.50
 
$ 4.94
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.33
 
$ 4.51
 
Class K
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,214.30
 
$ 4.23
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.98
 
$ 3.86
 
Class I
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,213.30
 
$ 4.88
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.38
 
$ 4.46
 
Class Z
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,213.90
 
$ 4.23
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.98
 
$ 3.86
 
Fidelity® Europe Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,245.50
 
$ 5.90
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.54
 
$ 5.31
 
Class M
 
 
 
1.33%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,243.80
 
$ 7.40
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.20
 
$ 6.66
 
Class C
 
 
 
1.83%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,240.50
 
$ 10.17
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.72
 
$ 9.15
 
Fidelity® Europe Fund
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,247.00
 
$ 4.12
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.12
 
$ 3.71
 
Class I
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,247.50
 
$ 4.01
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.22
 
$ 3.61
 
Class Z
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,248.20
 
$ 3.40
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.77
 
$ 3.06
 
Fidelity® Japan Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.36%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,153.80
 
$ 7.26
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.05
 
$ 6.81
 
Class M
 
 
 
1.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,151.60
 
$ 8.80
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.61
 
$ 8.25
 
Class C
 
 
 
2.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,149.20
 
$ 11.03
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.53
 
$ 10.34
 
Fidelity® Japan Fund
 
 
 
1.09%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,155.10
 
$ 5.82
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.39
 
$ 5.46
 
Class I
 
 
 
1.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,155.40
 
$ 5.72
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.49
 
$ 5.36
 
Class Z
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,156.30
 
$ 4.97
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.18
 
$ 4.66
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Japan Smaller Companies Fund
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,149.00
 
$ 4.85
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.28
 
$ 4.56
Fidelity® Latin America Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.33%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 927.00
 
$ 6.35
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.20
 
$ 6.66
 
Class M
 
 
 
1.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 925.70
 
$ 7.54
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.96
 
$ 7.90
 
Class C
 
 
 
2.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 923.40
 
$ 9.92
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.48
 
$ 10.39
 
Fidelity® Latin America Fund
 
 
 
1.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 927.90
 
$ 5.11
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.49
 
$ 5.36
 
Class I
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 927.90
 
$ 4.97
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.64
 
$ 5.21
 
Class Z
 
 
 
.86%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 929.00
 
$ 4.11
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.53
 
$ 4.31
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Nordic Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,282.70
 
$ 5.32
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.13
 
$ 4.71
 
 
 
 
 
 
 
 
 
 
Fidelity® Pacific Basin Fund
 
 
 
1.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,235.30
 
$ 6.43
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.04
 
$ 5.81
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.703611.125
TIF-SANN-0623
Fidelity® International Small Cap Opportunities Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
4.3
 
Spectris PLC  (United Kingdom, Electronic Equipment, Instruments & Components)
4.1
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment, Instruments & Components)
4.2
 
Interpump Group SpA  (Italy, Machinery)
3.3
 
Aalberts Industries NV  (Netherlands, Machinery)
3.2
 
Azbil Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.1
 
CTS Eventim AG  (Germany, Entertainment)
2.8
 
SHO-BOND Holdings Co. Ltd.  (Japan, Construction & Engineering)
2.0
 
OBIC Co. Ltd. (Japan, IT Services)
1.8
 
Spirax-Sarco Engineering PLC  (United Kingdom, Machinery)
1.8
 
 
30.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
33.5
 
Information Technology
20.3
 
Health Care
10.0
 
Consumer Discretionary
8.5
 
Communication Services
7.3
 
Consumer Staples
5.4
 
Financials
4.4
 
Materials
3.3
 
Real Estate
1.9
 
Energy
1.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.2%
 
 
Shares
Value ($)
 
Australia - 1.1%
 
 
 
Imdex Ltd.
 
3,947,753
5,455,151
Steadfast Group Ltd.
 
1,655,000
6,524,686
TOTAL AUSTRALIA
 
 
11,979,837
Belgium - 1.7%
 
 
 
Azelis Group NV
 
305,600
7,239,924
KBC Ancora
 
246,989
11,882,382
TOTAL BELGIUM
 
 
19,122,306
Canada - 3.0%
 
 
 
CAE, Inc. (a)
 
411,600
9,262,785
McCoy Global, Inc. (a)
 
630,215
716,338
Osisko Gold Royalties Ltd.
 
335,000
5,444,662
Pason Systems, Inc.
 
492,300
4,287,663
Richelieu Hardware Ltd. (b)
 
441,363
13,271,675
TOTAL CANADA
 
 
32,983,123
China - 0.5%
 
 
 
Chlitina Holding Ltd.
 
829,500
5,916,476
Denmark - 0.5%
 
 
 
Spar Nord Bank A/S
 
358,229
5,809,405
Egypt - 0.3%
 
 
 
Integrated Diagnostics Holdings PLC (c)
 
5,996,716
2,704,519
Finland - 0.5%
 
 
 
Musti Group OYJ
 
289,502
5,994,052
France - 3.6%
 
 
 
Laurent-Perrier Group SA
 
42,632
5,778,073
Lectra
 
426,010
13,847,902
LISI (b)
 
323,264
9,154,458
Vetoquinol SA
 
112,417
11,012,247
TOTAL FRANCE
 
 
39,792,680
Germany - 6.4%
 
 
 
CTS Eventim AG
 
466,054
30,607,276
Nexus AG
 
291,358
16,694,464
Rheinmetall AG
 
32,000
9,361,742
Scout24 AG (c)
 
127,200
7,919,135
Stabilus Se
 
93,636
6,108,108
TOTAL GERMANY
 
 
70,690,725
India - 1.0%
 
 
 
Embassy Office Parks (REIT)
 
1,491,217
6,018,108
Indian Energy Exchange Ltd. (a)(c)
 
2,648,585
5,093,156
TOTAL INDIA
 
 
11,111,264
Ireland - 1.6%
 
 
 
AerCap Holdings NV (a)
 
153,000
8,623,080
Cairn Homes PLC
 
4,369,500
4,975,180
Irish Residential Properties REIT PLC
 
3,425,000
3,894,776
TOTAL IRELAND
 
 
17,493,036
Israel - 1.2%
 
 
 
Ituran Location & Control Ltd. (b)
 
355,577
7,396,002
Maytronics Ltd.
 
248,385
2,594,480
Tel Aviv Stock Exchange Ltd.
 
724,996
3,337,976
TOTAL ISRAEL
 
 
13,328,458
Italy - 3.3%
 
 
 
Interpump Group SpA
 
646,943
35,985,500
Japan - 31.1%
 
 
 
Ai Holdings Corp.
 
157,100
2,750,339
Aoki Super Co. Ltd.
 
175,000
3,103,556
Artnature, Inc.
 
483,700
2,782,199
Aucnet, Inc. (b)
 
306,977
3,590,726
Azbil Corp.
 
1,215,592
33,996,176
Broadleaf Co. Ltd.
 
2,509,998
7,918,173
Central Automotive Products Ltd.
 
151,500
3,221,034
Curves Holdings Co. Ltd.
 
2,020,026
11,777,046
Daiichikosho Co. Ltd.
 
737,600
13,223,853
Daikokutenbussan Co. Ltd.
 
67,500
2,702,405
Digital Hearts Holdings Co. Ltd.
 
556,514
6,029,381
Fujitec Co. Ltd.
 
203,000
5,407,765
Funai Soken Holdings, Inc.
 
290,650
5,571,638
Goldcrest Co. Ltd.
 
595,530
7,982,912
Iwatsuka Confectionary Co. Ltd.
 
18,900
670,244
Kobayashi Pharmaceutical Co. Ltd.
 
160,550
10,018,645
Koshidaka Holdings Co. Ltd.
 
1,487,400
12,592,267
Kusuri No Aoki Holdings Co. Ltd.
 
93,500
4,486,502
Lasertec Corp.
 
71,144
9,678,859
Medikit Co. Ltd.
 
294,400
5,109,399
Miroku Jyoho Service Co., Ltd. (b)
 
238,400
2,977,852
Misumi Group, Inc.
 
650,568
16,412,014
Mitsuboshi Belting Ltd.
 
109,780
3,145,165
Nagaileben Co. Ltd.
 
671,327
10,442,939
Nihon Parkerizing Co. Ltd.
 
1,672,000
13,087,024
NS Tool Co. Ltd.
 
594,500
4,956,237
NSD Co. Ltd.
 
432,049
7,948,139
OBIC Co. Ltd.
 
130,600
20,122,223
OSG Corp.
 
809,800
11,375,833
Paramount Bed Holdings Co. Ltd.
 
217,220
3,851,918
ProNexus, Inc.
 
497,100
3,651,617
San-Ai Obbli Co. Ltd.
 
574,300
6,050,845
SHO-BOND Holdings Co. Ltd.
 
502,100
21,457,721
Shoei Co. Ltd.
 
642,604
11,921,007
SK Kaken Co. Ltd.
 
36,900
11,733,304
Software Service, Inc.
 
67,600
4,332,101
Techno Medica Co. Ltd.
 
80,791
1,065,636
The Monogatari Corp.
 
282,600
5,940,172
TIS, Inc.
 
296,800
8,150,046
Tocalo Co. Ltd.
 
558,336
5,243,449
USS Co. Ltd.
 
677,100
11,377,983
YAKUODO Holdings Co. Ltd.
 
235,900
4,312,070
TOTAL JAPAN
 
 
342,168,414
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
3,355,217
407,067
Korea (South) - 0.6%
 
 
 
BGF Retail Co. Ltd.
 
44,596
6,224,208
Netherlands - 5.6%
 
 
 
Aalberts Industries NV
 
762,480
35,102,583
BE Semiconductor Industries NV (b)
 
106,000
9,500,626
IMCD NV
 
114,517
17,186,572
TOTAL NETHERLANDS
 
 
61,789,781
Norway - 2.3%
 
 
 
Kongsberg Gruppen ASA
 
429,181
19,241,974
Medistim ASA
 
175,242
4,324,710
Volue A/S (a)
 
963,944
1,628,123
TOTAL NORWAY
 
 
25,194,807
South Africa - 0.5%
 
 
 
Clicks Group Ltd.
 
336,429
4,916,820
Spain - 0.3%
 
 
 
Fluidra SA
 
190,001
3,251,393
Sweden - 12.8%
 
 
 
Addlife AB
 
676,924
8,000,272
AddTech AB (B Shares)
 
2,389,665
47,769,763
Autoliv, Inc. (b)
 
161,800
13,884,058
Bergman & Beving AB (B Shares)
 
224,870
3,157,594
Hemnet Group AB
 
570,600
9,347,668
INVISIO AB
 
360,859
7,407,162
John Mattson Fastighetsforetag (a)
 
427,564
2,951,866
Lagercrantz Group AB (B Shares)
 
3,556,312
45,706,449
Teqnion AB
 
122,243
2,128,961
TOTAL SWEDEN
 
 
140,353,793
Switzerland - 1.5%
 
 
 
Tecan Group AG
 
37,821
16,408,775
Taiwan - 0.5%
 
 
 
Addcn Technology Co. Ltd.
 
855,032
5,652,604
United Kingdom - 12.2%
 
 
 
Bodycote PLC
 
1,851,267
16,065,034
Clarkson PLC
 
219,953
8,569,204
Dechra Pharmaceuticals PLC
 
206,495
9,679,820
DP Poland PLC (a)
 
15,541,591
1,845,764
Howden Joinery Group PLC
 
1,461,900
12,577,764
InterContinental Hotel Group PLC ADR
 
76,000
5,265,280
Rightmove PLC
 
1,999,170
14,426,528
Spectris PLC
 
968,878
45,770,991
Spirax-Sarco Engineering PLC
 
143,991
20,068,541
TOTAL UNITED KINGDOM
 
 
134,268,926
United States of America - 4.1%
 
 
 
Morningstar, Inc.
 
85,400
15,227,674
NOV, Inc.
 
390,000
6,532,500
PriceSmart, Inc.
 
114,460
8,433,413
ResMed, Inc.
 
63,495
15,299,755
TOTAL UNITED STATES OF AMERICA
 
 
45,493,342
 
TOTAL COMMON STOCKS
  (Cost $766,166,106)
 
 
 
1,059,041,311
 
 
 
 
Money Market Funds - 6.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (d)
 
35,897,788
35,904,968
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
 
31,849,238
31,852,423
 
TOTAL MONEY MARKET FUNDS
  (Cost $67,757,391)
 
 
67,757,391
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.4%
  (Cost $833,923,497)
 
 
 
1,126,798,702
NET OTHER ASSETS (LIABILITIES) - (2.4)%  
(26,308,662)
NET ASSETS - 100.0%
1,100,490,040
 
 
 
 
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 $15,716,810 or 1.4% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
26,881,448
108,978,443
99,954,923
392,059
-
-
35,904,968
0.1%
Fidelity Securities Lending Cash Central Fund 4.88%
13,986,458
85,469,217
67,603,251
20,667
-
(1)
31,852,423
0.1%
Total
40,867,906
194,447,660
167,558,174
412,726
-
(1)
67,757,391
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
81,584,131
62,707,674
18,876,457
-
Consumer Discretionary
94,979,049
34,558,814
60,420,235
-
Consumer Staples
59,344,611
19,128,306
40,216,305
-
Energy
17,587,346
11,536,501
6,050,845
-
Financials
47,875,279
36,257,437
11,617,842
-
Health Care
108,926,555
84,124,562
24,801,993
-
Industrials
368,755,256
291,533,817
77,221,439
-
Information Technology
223,421,281
123,850,093
99,571,188
-
Materials
35,720,141
5,444,662
30,275,479
-
Real Estate
20,847,662
6,846,642
14,001,020
-
  Money Market Funds
67,757,391
67,757,391
-
-
 Total Investments in Securities:
1,126,798,702
743,745,899
383,052,803
-
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $30,820,504) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $766,166,106)
$
1,059,041,311
 
 
Fidelity Central Funds (cost $67,757,391)
67,757,391
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $833,923,497)
 
 
$
1,126,798,702
Foreign currency held at value (cost $175,473)
 
 
175,278
Receivable for investments sold
 
 
1,435,481
Receivable for fund shares sold
 
 
466,951
Dividends receivable
 
 
4,350,552
Reclaims receivable
 
 
1,662,643
Distributions receivable from Fidelity Central Funds
 
 
120,282
Prepaid expenses
 
 
441
Other receivables
 
 
4,201
  Total assets
 
 
1,135,014,531
Liabilities
 
 
 
 
Payable for investments purchased
$
643,173
 
 
Payable for fund shares redeemed
678,331
 
 
Accrued management fee
658,087
 
 
Distribution and service plan fees payable
13,747
 
 
Other affiliated payables
160,764
 
 
Other payables and accrued expenses
514,356
 
 
Collateral on securities loaned
31,856,033
 
 
  Total Liabilities
 
 
 
34,524,491
Net Assets  
 
 
$
1,100,490,040
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
791,077,448
Total accumulated earnings (loss)
 
 
 
309,412,592
Net Assets
 
 
$
1,100,490,040
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($29,631,524 ÷ 1,563,189 shares) (a)
 
 
$
18.96
Maximum offering price per share (100/94.25 of $18.96)
 
 
$
20.12
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($11,559,734 ÷ 620,692 shares) (a)
 
 
$
18.62
Maximum offering price per share (100/96.50 of $18.62)
 
 
$
19.30
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,396,539 ÷ 191,157 shares) (a)
 
 
$
17.77
International Small Cap Opportunities :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($744,684,302 ÷ 38,499,324 shares)
 
 
$
19.34
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($66,102,306 ÷ 3,422,227 shares)
 
 
$
19.32
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($245,115,635 ÷ 12,711,963 shares)
 
 
$
19.28
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
7,862,869
Income from Fidelity Central Funds (including $20,667 from security lending)
 
 
412,726
 Income before foreign taxes withheld
 
 
$
8,275,595
Less foreign taxes withheld
 
 
(736,900)
 Total Income
 
 
 
7,538,695
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,510,472
 
 
 Performance adjustment
106,864
 
 
Transfer agent fees
740,869
 
 
Distribution and service plan fees
81,609
 
 
Accounting fees
241,345
 
 
Custodian fees and expenses
47,658
 
 
Independent trustees' fees and expenses
3,667
 
 
Registration fees
33,926
 
 
Audit
48,068
 
 
Legal
843
 
 
Interest
4,911
 
 
Miscellaneous
2,394
 
 
 Total expenses before reductions
 
5,822,626
 
 
 Expense reductions
 
(25,181)
 
 
 Total expenses after reductions
 
 
 
5,797,445
Net Investment income (loss)
 
 
 
1,741,250
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $9,685)
 
19,336,052
 
 
 Foreign currency transactions
 
129,271
 
 
Total net realized gain (loss)
 
 
 
19,465,323
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $175,096)  
 
155,391,112
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
194,012
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
155,585,123
Net gain (loss)
 
 
 
175,050,446
Net increase (decrease) in net assets resulting from operations
 
 
$
176,791,696
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,741,250
$
8,172,300
Net realized gain (loss)
 
19,465,323
 
 
72,325,342
 
Change in net unrealized appreciation (depreciation)
 
155,585,123
 
(657,801,200)
 
Net increase (decrease) in net assets resulting from operations
 
176,791,696
 
 
(577,303,558)
 
Distributions to shareholders
 
(64,708,392)
 
 
(145,923,001)
 
Share transactions - net increase (decrease)
 
(53,739,053)
 
 
(23,291,061)
 
Total increase (decrease) in net assets
 
58,344,251
 
 
(746,517,620)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,042,145,789
 
1,788,663,409
 
End of period
$
1,100,490,040
$
1,042,145,789
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Small Cap Opportunities Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.17
$
28.35
$
20.86
$
19.02
$
17.33
$
18.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
- C
 
.06
 
(.06)
 
(.04)
 
.11
 
.12
     Net realized and unrealized gain (loss)
 
2.92
 
(8.93)
 
7.55
 
2.05
 
2.01
 
(.92)
  Total from investment operations
 
2.92  
 
(8.87)  
 
7.49  
 
2.01  
 
2.12
 
(.80)
  Distributions from net investment income
 
-
 
-
 
-
 
(.11)
 
(.11)
 
(.09)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(1.13)
 
(2.31)
 
-
 
(.17) D
 
(.43) D
 
(.34) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
18.96
$
17.17
$
28.35
$
20.86
$
19.02
$
17.33
 Total Return   E,F,G
 
17.43%
 
(33.79)%
 
35.91%
 
10.58%
 
12.61%
 
(4.48)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.38% J
 
1.49%
 
1.50%
 
1.57%
 
1.49%
 
1.38%
    Expenses net of fee waivers, if any
 
1.38% J
 
1.48%
 
1.50%
 
1.57%
 
1.49%
 
1.38%
    Expenses net of all reductions
 
1.38% J
 
1.48%
 
1.50%
 
1.56%
 
1.48%
 
1.37%
    Net investment income (loss)
 
-% J,K
 
.30%
 
(.25)%
 
(.20)%
 
.64%
 
.65%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
29,632
$
26,380
$
45,981
$
37,771
$
41,679
$
41,164
    Portfolio turnover rate L
 
6% J
 
13%
 
21%
 
20%
 
17%
 
19%
 
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 mutual funds or ETFs 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 represents less than .005%.
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.91
$
28.02
$
20.67
$
18.85
$
17.17
$
18.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.02)
 
.01
 
(.13)
 
(.09)
 
.06
 
.07
     Net realized and unrealized gain (loss)
 
2.86
 
(8.81)
 
7.48
 
2.03
 
1.99
 
(.92)
  Total from investment operations
 
2.84  
 
(8.80)  
 
7.35  
 
1.94  
 
2.05
 
(.85)
  Distributions from net investment income
 
-
 
-
 
-
 
(.06)
 
(.06)
 
(.06)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(1.13)
 
(2.31)
 
-
 
(.12) C
 
(.37)
 
(.30)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
18.62
$
16.91
$
28.02
$
20.67
$
18.85
$
17.17
 Total Return   E,F,G
 
17.22%
 
(33.95)%
 
35.56%
 
10.29%
 
12.29%
 
(4.74)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.64% J
 
1.74%
 
1.75%
 
1.84%
 
1.77%
 
1.67%
    Expenses net of fee waivers, if any
 
1.63% J
 
1.74%
 
1.75%
 
1.84%
 
1.77%
 
1.67%
    Expenses net of all reductions
 
1.63% J
 
1.74%
 
1.75%
 
1.83%
 
1.77%
 
1.66%
    Net investment income (loss)
 
(.25)% J
 
.05%
 
(.50)%
 
(.47)%
 
.36%
 
.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,560
$
10,115
$
16,378
$
13,141
$
13,875
$
13,245
    Portfolio turnover rate K
 
6% J
 
13%
 
21%
 
20%
 
17%
 
19%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.22
$
27.10
$
20.09
$
18.31
$
16.69
$
17.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.07)
 
(.09)
 
(.25)
 
(.18)
 
(.02)
 
(.02)
     Net realized and unrealized gain (loss)
 
2.75
 
(8.48)
 
7.26
 
1.96
 
1.93
 
(.89)
  Total from investment operations
 
2.68  
 
(8.57)  
 
7.01  
 
1.78  
 
1.91
 
(.91)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
-
 
(.29)
 
(.24)
     Total distributions
 
(1.13)
 
(2.31)
 
-
 
-
 
(.29)
 
(.24)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
17.77
$
16.22
$
27.10
$
20.09
$
18.31
$
16.69
 Total Return   D,E,F
 
16.95%
 
(34.28)%
 
34.89%
 
9.72%
 
11.74%
 
(5.19)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.17% I
 
2.26%
 
2.26%
 
2.33%
 
2.27%
 
2.15%
    Expenses net of fee waivers, if any
 
2.16% I
 
2.25%
 
2.26%
 
2.33%
 
2.26%
 
2.15%
    Expenses net of all reductions
 
2.16% I
 
2.25%
 
2.26%
 
2.33%
 
2.26%
 
2.14%
    Net investment income (loss)
 
(.78)% I
 
(.47)%
 
(1.01)%
 
(.96)%
 
(.13)%
 
(.12)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,397
$
3,314
$
6,770
$
7,253
$
9,424
$
14,461
    Portfolio turnover rate J
 
6% I
 
13%
 
21%
 
20%
 
17%
 
19%
 
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 mutual funds or ETFs 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).
 
Fidelity® International Small Cap Opportunities Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.47
$
28.77
$
21.10
$
19.24
$
17.53
$
18.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.13
 
.01
 
.02
 
.17
 
.18
     Net realized and unrealized gain (loss)
 
2.98
 
(9.09)
 
7.66
 
2.07
 
2.02
 
(.95)
  Total from investment operations
 
3.01  
 
(8.96)  
 
7.67  
 
2.09  
 
2.19
 
(.77)
  Distributions from net investment income
 
- C
 
(.04)
 
-
 
(.17)
 
(.17)
 
(.15)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(1.14) D
 
(2.34) D
 
-
 
(.23) D
 
(.48)
 
(.39)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
19.34
$
17.47
$
28.77
$
21.10
$
19.24
$
17.53
 Total Return   E,F
 
17.61%
 
(33.62)%
 
36.35%
 
10.90%
 
12.97%
 
(4.25)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07% I
 
1.19%
 
1.21%
 
1.26%
 
1.19%
 
1.10%
    Expenses net of fee waivers, if any
 
1.07% I
 
1.19%
 
1.20%
 
1.26%
 
1.19%
 
1.10%
    Expenses net of all reductions
 
1.07% I
 
1.19%
 
1.20%
 
1.25%
 
1.19%
 
1.09%
    Net investment income (loss)
 
.31% I
 
.60%
 
.05%
 
.11%
 
.94%
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
744,684
$
700,271
$
1,268,421
$
1,152,472
$
1,040,989
$
965,482
    Portfolio turnover rate J
 
6% I
 
13%
 
21%
 
20%
 
17%
 
19%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.46
$
28.75
$
21.09
$
19.22
$
17.51
$
18.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.13
 
.01
 
.02
 
.17
 
.18
     Net realized and unrealized gain (loss)
 
2.97
 
(9.07)
 
7.65
 
2.07
 
2.02
 
(.94)
  Total from investment operations
 
3.00  
 
(8.94)  
 
7.66  
 
2.09  
 
2.19
 
(.76)
  Distributions from net investment income
 
(.01)
 
(.04)
 
-
 
(.16)
 
(.16)
 
(.15)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(1.14)
 
(2.35)
 
-
 
(.22) C
 
(.48) C
 
(.39)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
19.32
$
17.46
$
28.75
$
21.09
$
19.22
$
17.51
 Total Return   E,F
 
17.59%
 
(33.60)%
 
36.32%
 
10.90%
 
12.93%
 
(4.21)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.09% I
 
1.20%
 
1.22%
 
1.28%
 
1.20%
 
1.12%
    Expenses net of fee waivers, if any
 
1.08% I
 
1.19%
 
1.22%
 
1.27%
 
1.19%
 
1.12%
    Expenses net of all reductions
 
1.08% I
 
1.19%
 
1.22%
 
1.27%
 
1.19%
 
1.11%
    Net investment income (loss)
 
.30% I
 
.59%
 
.04%
 
.09%
 
.93%
 
.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
66,102
$
82,705
$
141,310
$
113,041
$
142,854
$
159,968
    Portfolio turnover rate J
 
6% I
 
13%
 
21%
 
20%
 
17%
 
19%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.44
$
28.73
$
21.05
$
19.20
$
17.51
$
19.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.04
 
.15
 
.04
 
.05
 
.19
 
- D
     Net realized and unrealized gain (loss)
 
2.97
 
(9.05)
 
7.64
 
2.05
 
2.02
 
(1.60)
  Total from investment operations
 
3.01  
 
(8.90)  
 
7.68  
 
2.10  
 
2.21
 
(1.60)
  Distributions from net investment income
 
(.04)
 
(.08)
 
-
 
(.20)
 
(.20)
 
-
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
 
-
     Total distributions
 
(1.17)
 
(2.39)
 
-
 
(.25)
 
(.52) E
 
-
  Net asset value, end of period
$
19.28
$
17.44
$
28.73
$
21.05
$
19.20
$
17.51
 Total Return   F,G
 
17.68%
 
(33.52)%
 
36.48%
 
11.03%
 
13.10%
 
(8.37)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96% J
 
1.07%
 
1.09%
 
1.14%
 
1.05%
 
1.03% J
    Expenses net of fee waivers, if any
 
.95% J
 
1.07%
 
1.09%
 
1.13%
 
1.05%
 
1.03% J
    Expenses net of all reductions
 
.95% J
 
1.07%
 
1.09%
 
1.13%
 
1.05%
 
1.02% J
    Net investment income (loss)
 
.43% J
 
.72%
 
.16%
 
.23%
 
1.08%
 
.16% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
245,116
$
219,360
$
309,803
$
82,476
$
76,527
$
4,617
    Portfolio turnover rate K
 
6% J
 
13%
 
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 mutual funds or ETFs 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).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap Opportunities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
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
$373,682,183
Gross unrealized depreciation
(84,121,937)
Net unrealized appreciation (depreciation)
$289,560,246
Tax cost
$837,238,456
 
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
34,437,402
162,392,394
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .85% 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%
$36,202
$454
Class M
.25%
.25%
27,882
376
Class C
.75%
.25%
17,525
806
 
 
 
$81,609
$1,636
 
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
$975
Class M
713
Class C A
46
 
$1,734
 
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
$31,168
.22
Class M
12,355
.22
Class C
4,348
.25
International Small Cap Opportunities
575,177
.16
Class I
67,397
.17
Class Z
50,424
.04
 
$740,869
 
 
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
$69
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Small Cap Opportunities Fund
Borrower
$9,180,000
4.82%
$4,911
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Small Cap Opportunities Fund
1,948,199
12,385,884
(558,433)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Small Cap Opportunities Fund
$1,069
 
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
$2,378
$-
$-
 
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class M
255
 
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 $24,926.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity International Small Cap Opportunities Fund
 
 
Distributions to shareholders
 
 
Class A
$1,724,252
$3,712,302
Class M
668,890
1,347,073
Class C
228,866
565,280
International Small Cap Opportunities
42,205,549
103,110,108
Class I
5,288,952
11,507,400
Class Z
14,591,883
25,680,838
Total
$64,708,392
$145,923,001
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Fidelity International Small Cap Opportunities Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
41,458
107,181
$759,323
$2,213,121
Reinvestment of distributions
94,841
146,450
1,693,860
3,629,027
Shares redeemed
(109,696)
(339,023)
(2,004,111)
(7,042,478)
Net increase (decrease)
26,603
(85,392)
$449,072
$(1,200,330)
Class M
 
 
 
 
Shares sold
14,483
19,908
$259,631
$424,699
Reinvestment of distributions
37,879
54,676
665,150
1,337,368
Shares redeemed
(30,021)
(60,774)
(539,721)
(1,238,854)
Net increase (decrease)
22,341
13,810
$385,060
$523,213
Class C
 
 
 
 
Shares sold
2,390
9,960
$41,139
$199,008
Reinvestment of distributions
13,606
23,946
228,441
564,404
Shares redeemed
(29,221)
(79,310)
(505,808)
(1,567,463)
Net increase (decrease)
(13,225)
(45,404)
$(236,228)
$(804,051)
International Small Cap Opportunities
 
 
 
 
Shares sold
1,229,683
2,966,612
$23,216,765
$62,249,598
Reinvestment of distributions
1,900,059
3,165,438
34,581,075
79,642,429
Shares redeemed
(4,704,251)
(10,146,566)
(89,160,209)
(202,796,085)
Net increase (decrease)
(1,574,509)
(4,014,516)
$(31,362,369)
$(60,904,058)
Class I
 
 
 
 
Shares sold
344,473
698,127
$6,482,077
$14,776,475
Reinvestment of distributions
193,260
335,375
3,513,459
8,427,973
Shares redeemed
(1,853,302)
(1,211,577)
(35,210,147)
(25,532,337)
Net increase (decrease)
(1,315,569)
(178,075)
$(25,214,611)
$(2,327,889)
Class Z
 
 
 
 
Shares sold
494,386
2,588,492
$9,242,949
$51,781,304
Reinvestment of distributions
741,352
928,091
13,440,712
23,276,518
Shares redeemed
(1,099,371)
(1,722,683)
(20,443,638)
(33,635,768)
Net increase (decrease)
136,367
1,793,900
$2,240,023
$41,422,054
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Small Cap Opportunities Fund
25%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® International Small Cap Opportunities Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.38%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,174.30
 
$ 7.44
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.95
 
$ 6.90
 
Class M
 
 
 
1.63%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,172.20
 
$ 8.78
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.71
 
$ 8.15
 
Class C
 
 
 
2.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.50
 
$ 11.62
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.08
 
$ 10.79
 
Fidelity® International Small Cap Opportunities Fund
 
 
 
1.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,176.10
 
$ 5.77
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.49
 
$ 5.36
 
Class I
 
 
 
1.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,175.90
 
$ 5.83
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.44
 
$ 5.41
 
Class Z
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,176.80
 
$ 5.13
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.08
 
$ 4.76
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.815078.117
ILS-SANN-0623
Fidelity® International Value Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (Netherlands, Oil, Gas & Consumable Fuels)
4.0
 
BHP Group Ltd.  (Australia, Metals & Mining)
3.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.6
 
Toyota Motor Corp.  (Japan, Automobiles)
2.4
 
Siemens AG  (Germany, Industrial Conglomerates)
2.4
 
Sanofi SA  (United States of America, Pharmaceuticals)
2.1
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.1
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
2.0
 
UBS Group AG  (Switzerland, Capital Markets)
2.0
 
AXA SA  (France, Insurance)
1.9
 
 
26.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
32.1
 
Industrials
15.6
 
Materials
13.4
 
Energy
12.0
 
Consumer Discretionary
7.9
 
Health Care
5.1
 
Information Technology
5.0
 
Communication Services
1.9
 
Utilities
1.5
 
Real Estate
0.9
 
Consumer Staples
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.2%
 
 
Shares
Value ($)
 
Australia - 8.4%
 
 
 
BHP Group Ltd.
 
924,190
27,427,648
Flutter Entertainment PLC (a)
 
11,600
2,320,136
Glencore PLC
 
2,390,400
14,109,655
Macquarie Group Ltd.
 
79,601
9,710,671
National Australia Bank Ltd.
 
197,222
3,796,752
Woodside Energy Group Ltd.
 
301,423
6,839,388
TOTAL AUSTRALIA
 
 
64,204,250
Belgium - 1.4%
 
 
 
KBC Group NV
 
104,416
7,453,327
UCB SA
 
36,900
3,432,526
TOTAL BELGIUM
 
 
10,885,853
Canada - 0.5%
 
 
 
Nutrien Ltd.
 
57,800
4,009,759
Denmark - 0.7%
 
 
 
DSV A/S
 
26,700
5,014,761
Finland - 1.1%
 
 
 
Sampo Oyj (A Shares)
 
172,334
8,727,567
France - 12.4%
 
 
 
Air Liquide SA
 
54,470
9,798,621
Airbus Group NV
 
30,200
4,229,046
ALTEN
 
25,700
4,361,100
AXA SA
 
450,905
14,717,616
BNP Paribas SA
 
199,600
12,896,833
Capgemini SA
 
31,293
5,686,042
Euroapi SASU
 
5,559
66,737
Teleperformance
 
14,400
2,868,819
TotalEnergies SE
 
424,905
27,151,405
VINCI SA (b)
 
59,200
7,319,084
Vivendi SA
 
503,892
5,526,845
TOTAL FRANCE
 
 
94,622,148
Germany - 10.8%
 
 
 
Bayer AG
 
137,500
9,074,487
Covestro AG (c)
 
93,800
4,115,048
Deutsche Post AG
 
168,500
8,104,782
Hannover Reuck SE
 
44,300
9,450,423
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
24,300
9,117,286
Rheinmetall AG
 
39,050
11,424,251
RWE AG
 
213,200
9,996,062
Siemens AG
 
111,539
18,385,223
Vonovia SE
 
135,829
2,945,929
TOTAL GERMANY
 
 
82,613,491
Hong Kong - 2.1%
 
 
 
AIA Group Ltd.
 
585,000
6,368,939
Prudential PLC
 
625,700
9,573,861
TOTAL HONG KONG
 
 
15,942,800
India - 0.7%
 
 
 
Reliance Industries Ltd. GDR (c)
 
83,000
4,946,800
Indonesia - 0.6%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
12,947,194
4,511,828
Ireland - 2.9%
 
 
 
Bank of Ireland Group PLC
 
640,300
6,610,971
CRH PLC
 
206,002
9,940,415
Ryanair Holdings PLC sponsored ADR (a)
 
57,800
5,525,102
TOTAL IRELAND
 
 
22,076,488
Italy - 2.4%
 
 
 
Enel SpA
 
209,100
1,428,595
Eni SpA
 
669,600
10,115,923
Mediobanca SpA
 
590,525
6,331,306
TOTAL ITALY
 
 
17,875,824
Japan - 21.7%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
21,600
741,196
DENSO Corp.
 
149,900
9,048,505
Fast Retailing Co. Ltd.
 
26,300
6,227,883
FUJIFILM Holdings Corp.
 
103,200
5,378,781
Fujitsu Ltd.
 
39,700
5,291,109
Hitachi Ltd.
 
286,800
15,864,238
Hoya Corp.
 
32,000
3,355,361
Ibiden Co. Ltd.
 
72,300
2,844,733
INPEX Corp.
 
333,700
3,651,697
Itochu Corp.
 
298,000
9,886,108
Minebea Mitsumi, Inc.
 
258,270
4,782,809
Mitsubishi Estate Co. Ltd.
 
293,900
3,622,113
Mitsubishi UFJ Financial Group, Inc.
 
1,926,861
12,061,253
NOF Corp.
 
17,700
808,739
ORIX Corp.
 
457,000
7,774,723
Renesas Electronics Corp. (a)
 
494,188
6,440,480
Shin-Etsu Chemical Co. Ltd.
 
351,500
10,030,341
SoftBank Group Corp.
 
111,300
4,174,019
Sony Group Corp.
 
63,100
5,708,893
Sumitomo Mitsui Financial Group, Inc.
 
262,400
10,725,243
Suzuki Motor Corp.
 
188,630
6,577,241
TIS, Inc.
 
108,901
2,990,391
Tokio Marine Holdings, Inc.
 
450,544
9,059,103
Toyota Motor Corp.
 
1,351,425
18,555,114
TOTAL JAPAN
 
 
165,600,073
Korea (South) - 0.7%
 
 
 
Samsung Electronics Co. Ltd.
 
112,100
5,517,964
Luxembourg - 0.7%
 
 
 
ArcelorMittal SA (Netherlands)
 
185,986
5,268,955
Netherlands - 4.3%
 
 
 
Shell PLC ADR
 
488,800
30,295,828
Universal Music Group NV
 
106,319
2,320,799
TOTAL NETHERLANDS
 
 
32,616,627
Singapore - 1.2%
 
 
 
United Overseas Bank Ltd.
 
440,305
9,351,180
South Africa - 1.1%
 
 
 
Anglo American PLC (United Kingdom)
 
257,640
7,938,965
Thungela Resources Ltd. (b)
 
47,881
444,689
TOTAL SOUTH AFRICA
 
 
8,383,654
Spain - 2.3%
 
 
 
Banco Santander SA (Spain) (b)
 
3,718,982
13,058,106
Cellnex Telecom SA (c)
 
74,500
3,136,747
Unicaja Banco SA (c)
 
1,486,600
1,506,219
TOTAL SPAIN
 
 
17,701,072
Sweden - 2.0%
 
 
 
Alleima AB
 
29,480
151,151
Investor AB (B Shares)
 
519,640
11,137,622
Sandvik AB (b)
 
211,500
4,300,101
TOTAL SWEDEN
 
 
15,588,874
Switzerland - 4.5%
 
 
 
Swiss Life Holding AG (b)
 
9,003
5,910,343
UBS Group AG
 
740,358
14,992,250
Zurich Insurance Group Ltd.
 
27,011
13,048,442
TOTAL SWITZERLAND
 
 
33,951,035
United Kingdom - 8.7%
 
 
 
AstraZeneca PLC (United Kingdom)
 
46,312
6,815,412
BAE Systems PLC
 
1,187,264
15,125,724
Barratt Developments PLC
 
865,700
5,439,842
Beazley PLC
 
516,800
3,867,703
BP PLC
 
971,608
6,518,514
Imperial Brands PLC
 
179,830
4,451,530
Lloyds Banking Group PLC
 
12,382,064
7,522,374
NatWest Group PLC
 
1,402,700
4,620,633
Rolls-Royce Holdings PLC (a)
 
604,600
1,158,214
Standard Chartered PLC (United Kingdom)
 
1,318,898
10,415,888
TOTAL UNITED KINGDOM
 
 
65,935,834
United States of America - 4.0%
 
 
 
Ferguson PLC
 
31,416
4,420,016
Linde PLC
 
26,314
9,721,707
Sanofi SA
 
148,579
16,012,100
TOTAL UNITED STATES OF AMERICA
 
 
30,153,823
 
TOTAL COMMON STOCKS
  (Cost $653,877,956)
 
 
 
725,500,660
 
 
 
 
Nonconvertible Preferred Stocks - 0.8%
 
 
Shares
Value ($)
 
Germany - 0.8%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $7,668,702)
 
109,300
6,087,707
 
 
 
 
Money Market Funds - 7.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (d)
 
25,760,863
25,766,015
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
 
30,368,706
30,371,743
 
TOTAL MONEY MARKET FUNDS
  (Cost $56,137,758)
 
 
56,137,758
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.3%
  (Cost $717,684,416)
 
 
 
787,726,125
NET OTHER ASSETS (LIABILITIES) - (3.3)%  
(25,451,952)
NET ASSETS - 100.0%
762,274,173
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,704,814 or 1.8% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
19,026,705
87,607,604
80,868,294
476,525
-
-
25,766,015
0.1%
Fidelity Securities Lending Cash Central Fund 4.88%
12,898,750
114,862,713
97,389,720
120,038
-
-
30,371,743
0.1%
Total
31,925,455
202,470,317
178,258,014
596,563
-
-
56,137,758
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
15,158,410
7,847,644
7,310,766
-
Consumer Discretionary
59,965,321
7,759,978
52,205,343
-
Consumer Staples
4,451,530
-
4,451,530
-
Energy
89,964,244
35,687,317
54,276,927
-
Financials
244,318,462
121,627,453
122,691,009
-
Health Care
39,497,819
3,499,263
35,998,556
-
Industrials
118,408,278
40,872,134
77,536,144
-
Information Technology
38,510,600
10,047,142
28,463,458
-
Materials
103,321,004
19,151,572
84,169,432
-
Real Estate
6,568,042
-
6,568,042
-
Utilities
11,424,657
9,996,062
1,428,595
-
  Money Market Funds
56,137,758
56,137,758
-
-
 Total Investments in Securities:
787,726,125
312,626,323
475,099,802
-
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $27,700,214) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $661,546,658)
$
731,588,367
 
 
Fidelity Central Funds (cost $56,137,758)
56,137,758
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $717,684,416)
 
 
$
787,726,125
Foreign currency held at value (cost $135,117)
 
 
135,092
Receivable for investments sold
 
 
910,578
Receivable for fund shares sold
 
 
601,672
Dividends receivable
 
 
3,526,452
Reclaims receivable
 
 
2,227,573
Distributions receivable from Fidelity Central Funds
 
 
155,335
Prepaid expenses
 
 
236
Receivable from investment adviser for expense reductions
 
 
45,697
  Total assets
 
 
795,328,760
Liabilities
 
 
 
 
Payable for investments purchased
$
1,420,518
 
 
Payable for fund shares redeemed
591,569
 
 
Accrued management fee
489,351
 
 
Distribution and service plan fees payable
7,334
 
 
Other affiliated payables
123,761
 
 
Other payables and accrued expenses
50,311
 
 
Collateral on securities loaned
30,371,743
 
 
  Total Liabilities
 
 
 
33,054,587
Net Assets  
 
 
$
762,274,173
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
772,029,825
Total accumulated earnings (loss)
 
 
 
(9,755,652)
Net Assets
 
 
$
762,274,173
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($15,967,551 ÷ 1,761,969 shares) (a)
 
 
$
9.06
Maximum offering price per share (100/94.25 of $9.06)
 
 
$
9.61
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,464,796 ÷ 492,535 shares) (a)
 
 
$
9.06
Maximum offering price per share (100/96.50 of $9.06)
 
 
$
9.39
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,587,419 ÷ 284,185 shares) (a)
 
 
$
9.10
International Value :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($458,653,592 ÷ 50,611,169 shares)
 
 
$
9.06
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($110,296,890 ÷ 12,153,594 shares)
 
 
$
9.08
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($170,303,925 ÷ 18,770,735 shares)
 
 
$
9.07
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
11,517,857
Income from Fidelity Central Funds (including $120,038 from security lending)
 
 
596,563
 Income before foreign taxes withheld
 
 
$
12,114,420
Less foreign taxes withheld
 
 
(975,861)
 Total Income
 
 
 
11,138,559
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,348,533
 
 
 Performance adjustment
387,714
 
 
Transfer agent fees
537,374
 
 
Distribution and service plan fees
41,726
 
 
Accounting fees
162,915
 
 
Custodian fees and expenses
29,977
 
 
Independent trustees' fees and expenses
1,950
 
 
Registration fees
100,901
 
 
Audit
34,442
 
 
Legal
500
 
 
Miscellaneous
1,368
 
 
 Total expenses before reductions
 
3,647,400
 
 
 Expense reductions
 
(94,163)
 
 
 Total expenses after reductions
 
 
 
3,553,237
Net Investment income (loss)
 
 
 
7,585,322
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(7,738,364)
 
 
 Foreign currency transactions
 
168,388
 
 
Total net realized gain (loss)
 
 
 
(7,569,976)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
120,867,431
 
 
 Assets and liabilities in foreign currencies
 
228,543
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
121,095,974
Net gain (loss)
 
 
 
113,525,998
Net increase (decrease) in net assets resulting from operations
 
 
$
121,111,320
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,585,322
$
16,126,115
Net realized gain (loss)
 
(7,569,976)
 
 
(28,616,362)
 
Change in net unrealized appreciation (depreciation)
 
121,095,974
 
(92,203,078)
 
Net increase (decrease) in net assets resulting from operations
 
121,111,320
 
 
(104,693,325)
 
Distributions to shareholders
 
(11,902,522)
 
 
(17,928,873)
 
Share transactions - net increase (decrease)
 
74,893,458
 
 
291,627,947
 
Total increase (decrease) in net assets
 
184,102,256
 
 
169,005,749
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
578,171,917
 
409,166,168
 
End of period
$
762,274,173
$
578,171,917
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Value Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.64
$
9.65
$
6.87
$
8.25
$
8.13
$
9.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.24
 
.25 C
 
.13
 
.25
 
.21
     Net realized and unrealized gain (loss)
 
1.48
 
(1.87)
 
2.66
 
(1.24)
 
.08
 
(1.04)
  Total from investment operations
 
1.56  
 
(1.63)  
 
2.91  
 
(1.11)  
 
.33
 
(.83)
  Distributions from net investment income
 
(.14)
 
(.38)
 
(.13)
 
(.24)
 
(.21)
 
(.10)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.14)
 
(.38)
 
(.13)
 
(.27)
 
(.21)
 
(.12) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
9.06
$
7.64
$
9.65
$
6.87
$
8.25
$
8.13
 Total Return   F,G,H
 
20.52%
 
(17.43)%
 
42.56%
 
(14.01)%
 
4.38%
 
(9.30)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.39% K
 
1.46%
 
1.37%
 
1.30%
 
1.14%
 
1.23%
    Expenses net of fee waivers, if any
 
1.30% K
 
1.30%
 
1.33%
 
1.30%
 
1.13%
 
1.23%
    Expenses net of all reductions
 
1.30% K
 
1.30%
 
1.33%
 
1.28%
 
1.12%
 
1.21%
    Net investment income (loss)
 
1.92% K
 
2.85%
 
2.77% C
 
1.71%
 
3.19%
 
2.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,968
$
12,080
$
10,566
$
5,947
$
7,806
$
7,887
    Portfolio turnover rate L
 
24% K
 
25%
 
29% M
 
36%
 
47%
 
55%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® International Value Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.63
$
9.63
$
6.86
$
8.24
$
8.11
$
9.06
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.22
 
.23 C
 
.11
 
.23
 
.18
     Net realized and unrealized gain (loss)
 
1.48
 
(1.87)
 
2.65
 
(1.25)
 
.08
 
(1.04)
  Total from investment operations
 
1.55  
 
(1.65)  
 
2.88  
 
(1.14)  
 
.31
 
(.86)
  Distributions from net investment income
 
(.12)
 
(.35)
 
(.11)
 
(.21)
 
(.18)
 
(.08)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.12)
 
(.35)
 
(.11)
 
(.24)
 
(.18)
 
(.09)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
9.06
$
7.63
$
9.63
$
6.86
$
8.24
$
8.11
 Total Return   E,F,G
 
20.38%
 
(17.65)%
 
42.20%
 
(14.29)%
 
4.11%
 
(9.59)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.64% J
 
1.72%
 
1.62%
 
1.57%
 
1.44%
 
1.56%
    Expenses net of fee waivers, if any
 
1.55% J
 
1.55%
 
1.58%
 
1.57%
 
1.43%
 
1.55%
    Expenses net of all reductions
 
1.54% J
 
1.55%
 
1.58%
 
1.55%
 
1.42%
 
1.54%
    Net investment income (loss)
 
1.67% J
 
2.60%
 
2.51% C
 
1.44%
 
2.89%
 
2.04%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,465
$
3,498
$
4,375
$
2,884
$
3,756
$
3,920
    Portfolio turnover rate K
 
24% J
 
25%
 
29% L
 
36%
 
47%
 
55%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® International Value Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.64
$
9.60
$
6.85
$
8.22
$
8.08
$
9.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05
 
.18
 
.18 C
 
.07
 
.19
 
.14
     Net realized and unrealized gain (loss)
 
1.48
 
(1.87)
 
2.65
 
(1.24)
 
.08
 
(1.04)
  Total from investment operations
 
1.53  
 
(1.69)  
 
2.83  
 
(1.17)  
 
.27
 
(.90)
  Distributions from net investment income
 
(.07)
 
(.27)
 
(.08)
 
(.17)
 
(.13)
 
(.04)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.07)
 
(.27)
 
(.08)
 
(.20)
 
(.13)
 
(.06) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
9.10
$
7.64
$
9.60
$
6.85
$
8.22
$
8.08
 Total Return   F,G,H
 
20.04%
 
(18.01)%
 
41.45%
 
(14.67)%
 
3.53%
 
(10.06)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.14% K
 
2.23%
 
2.12%
 
2.07%
 
1.93%
 
2.04%
    Expenses net of fee waivers, if any
 
2.05% K
 
2.05%
 
2.09%
 
2.07%
 
1.92%
 
2.04%
    Expenses net of all reductions
 
2.05% K
 
2.05%
 
2.09%
 
2.05%
 
1.91%
 
2.02%
    Net investment income (loss)
 
1.17% K
 
2.09%
 
2.00% C
 
.94%
 
2.40%
 
1.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,587
$
2,190
$
3,177
$
2,947
$
3,839
$
5,339
    Portfolio turnover rate L
 
24% K
 
25%
 
29% M
 
36%
 
47%
 
55%
 
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 mutual funds or ETFs 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.
 
Fidelity® International Value Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.65
$
9.66
$
6.87
$
8.25
$
8.14
$
9.09
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.26
 
.28 C
 
.15
 
.28
 
.24
     Net realized and unrealized gain (loss)
 
1.48
 
(1.86)
 
2.66
 
(1.23)
 
.07
 
(1.04)
  Total from investment operations
 
1.57  
 
(1.60)  
 
2.94  
 
(1.08)  
 
.35
 
(.80)
  Distributions from net investment income
 
(.16)
 
(.41)
 
(.15)
 
(.27)
 
(.24)
 
(.14)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.16)
 
(.41)
 
(.15)
 
(.30)
 
(.24)
 
(.15)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
9.06
$
7.65
$
9.66
$
6.87
$
8.25
$
8.14
 Total Return   E,F
 
20.63%
 
(17.20)%
 
43.08%
 
(13.70)%
 
4.65%
 
(8.95)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07% I
 
1.13%
 
1.01%
 
.94%
 
.79%
 
.89%
    Expenses net of fee waivers, if any
 
1.05% I
 
1.05%
 
1.01%
 
.94%
 
.78%
 
.89%
    Expenses net of all reductions
 
1.05% I
 
1.05%
 
1.01%
 
.92%
 
.78%
 
.87%
    Net investment income (loss)
 
2.17% I
 
3.10%
 
3.09% C
 
2.07%
 
3.54%
 
2.70%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
458,654
$
367,478
$
372,441
$
406,661
$
442,816
$
433,015
    Portfolio turnover rate J
 
24% I
 
25%
 
29% K
 
36%
 
47%
 
55%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® International Value Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.66
$
9.67
$
6.88
$
8.26
$
8.15
$
9.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.25
 
.28 C
 
.15
 
.27
 
.23
     Net realized and unrealized gain (loss)
 
1.49
 
(1.86)
 
2.66
 
(1.24)
 
.08
 
(1.04)
  Total from investment operations
 
1.58  
 
(1.61)  
 
2.94  
 
(1.09)  
 
.35
 
(.81)
  Distributions from net investment income
 
(.16)
 
(.40)
 
(.15)
 
(.26)
 
(.24)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.16)
 
(.40)
 
(.15)
 
(.29)
 
(.24)
 
(.14)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
9.08
$
7.66
$
9.67
$
6.88
$
8.26
$
8.15
 Total Return   E,F
 
20.76%
 
(17.23)%
 
43.05%
 
(13.75)%
 
4.57%
 
(9.04)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07% I
 
1.09%
 
1.07%
 
.98%
 
.86%
 
.97%
    Expenses net of fee waivers, if any
 
1.04% I
 
1.04%
 
1.05%
 
.98%
 
.85%
 
.97%
    Expenses net of all reductions
 
1.04% I
 
1.04%
 
1.05%
 
.97%
 
.85%
 
.95%
    Net investment income (loss)
 
2.17% I
 
3.10%
 
3.05% C
 
2.03%
 
3.47%
 
2.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
110,297
$
74,751
$
6,661
$
10,406
$
8,495
$
6,779
    Portfolio turnover rate J
 
24% I
 
25%
 
29% K
 
36%
 
47%
 
55%
 
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 mutual funds or ETFs 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.
 
Fidelity Advisor® International Value Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.66
$
9.67
$
6.87
$
8.25
$
8.14
$
8.81
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.26
 
.30 D
 
.16
 
.29
 
.01
     Net realized and unrealized gain (loss)
 
1.48
 
(1.86)
 
2.65
 
(1.23)
 
.08
 
(.68)
  Total from investment operations
 
1.58  
 
(1.60)  
 
2.95  
 
(1.07)  
 
.37
 
(.67)
  Distributions from net investment income
 
(.17)
 
(.41)
 
(.15)
 
(.28)
 
(.26)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
-
     Total distributions
 
(.17)
 
(.41)
 
(.15)
 
(.31)
 
(.26)
 
-
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
9.07
$
7.66
$
9.67
$
6.87
$
8.25
$
8.14
 Total Return   F,G
 
20.73%
 
(17.13)%
 
43.35%
 
(13.58)%
 
4.84%
 
(7.60)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93% J
 
.94%
 
.89%
 
.82%
 
.67%
 
.84% J
    Expenses net of fee waivers, if any
 
.89% J
 
.89%
 
.89%
 
.82%
 
.67%
 
.84% J
    Expenses net of all reductions
 
.89% J
 
.89%
 
.89%
 
.81%
 
.66%
 
.82% J
    Net investment income (loss)
 
2.32% J
 
3.25%
 
3.21% D
 
2.19%
 
3.66%
 
1.58% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
170,304
$
118,176
$
11,946
$
2,549
$
2,249
$
92
    Portfolio turnover rate K
 
24% J
 
25%
 
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 mutual funds or ETFs 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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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, 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
$96,336,544
Gross unrealized depreciation
(34,117,831)
Net unrealized appreciation (depreciation)
$62,218,713
Tax cost
$725,507,412
 
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
$(27,230,182)
  Long-term
(40,066,933)
Total capital loss carryforward
$(67,297,115)
 
Due to large redemptions in a prior period, $38,643,007 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
143,242,677
80,526,878
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged 23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .79% 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%
$18,445
$1,626
Class M
  .25%
  .25%
  10,492
  119
Class C
  .75%
  .25%
  12,789
                   1,612
 
 
 
$41,726
$3,357
 
 
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
$   14,677
Class M
  259
Class C A
  261
 
$   15,197
 
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
$   18,832
.26
Class M
  5,398
.26
Class C
  3,304
.26
International Value
  395,373
.18
Class I
  83,210
.18
Class Z
  31,257
.04
 
$   537,374
 
 
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
$   63
 
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
  7,939,111
  947,480
  71,025
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Value Fund
$658
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
$13,396
$   -
$-
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 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.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.30%
$   6,765
Class M
1.55%
  1,962
Class C
2.05%
  1,202
International Value
1.05%
  37,336
Class I
1.05%
  9,617
Class Z
.90%
                 21,125
 
 
$   78,007
 
 
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $66 . During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$   1
Class M
  116
 
$   117
 
 
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 $15,973.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity International Value Fund
 
 
Distributions to shareholders
 
 
Class A
$   221,998
  $431,993
Class M
  54,560
  159,041
Class C
  19,445
  89,688
International Value
  7,434,045
  16,448,559
Class I
  1,572,298
  270,723
Class Z
           2,600,176
              528,869
Total   
$       11,902,522
$       17,928,873
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Fidelity International Value Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
304,892
816,905
$2,619,401
$7,279,150
Reinvestment of distributions
26,113
47,745
219,873
425,405
Shares redeemed
(150,023)
(378,549)
(1,300,664)
(3,283,758)
Net increase (decrease)
180,982
486,101
$1,538,610
$4,420,797
Class M
 
 
 
 
Shares sold
56,790
71,311
$487,769
$629,674
Reinvestment of distributions
6,304
17,121
53,141
152,718
Shares redeemed
(28,774)
(84,453)
(246,279)
(750,679)
Net increase (decrease)
34,320
3,979
$294,631
$31,713
Class C
 
 
 
 
Shares sold
57,840
59,969
$510,858
$543,223
Reinvestment of distributions
2,290
9,999
19,445
89,688
Shares redeemed
(62,490)
(114,149)
(550,426)
(968,490)
Net increase (decrease)
(2,360)
(44,181)
$(20,123)
$(335,579)
International Value
 
 
 
 
Shares sold
9,407,284
32,895,367
$82,461,569
$280,320,847
Reinvestment of distributions
764,993
1,569,596
6,441,242
13,969,404
Shares redeemed
(7,607,541)
(24,973,804)
(65,959,160)
(203,231,278)
Net increase (decrease)
2,564,736
9,491,159
$22,943,651
$91,058,973
Class I
 
 
 
 
Shares sold
3,570,993
11,031,616
$31,346,113
$92,417,643
Reinvestment of distributions
184,152
29,506
1,552,405
263,195
Shares redeemed
(1,359,207)
(1,992,300)
(11,790,240)
(15,704,798)
Net increase (decrease)
2,395,938
9,068,822
$21,108,278
$76,976,040
Class Z
 
 
 
 
Shares sold
5,002,252
17,947,816
$43,497,494
$150,148,371
Reinvestment of distributions
273,689
56,409
2,304,458
502,041
Shares redeemed
(1,933,905)
(3,811,522)
(16,773,541)
(31,174,409)
Net increase (decrease)
3,342,036
14,192,703
$29,028,411
$119,476,003
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Value Fund
21%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® International Value Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,205.20
 
$ 7.11
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.35
 
$ 6.51
 
Class M
 
 
 
1.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,203.80
 
$ 8.47
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.11
 
$ 7.75
 
Class C
 
 
 
2.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,200.40
 
$ 11.18
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.63
 
$ 10.24
 
Fidelity® International Value Fund
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,206.30
 
$ 5.74
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.59
 
$ 5.26
 
Class I
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,207.60
 
$ 5.69
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.64
 
$ 5.21
 
Class Z
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,207.30
 
$ 4.87
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.38
 
$ 4.46
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.827485.116
FIV-SANN-0623
Fidelity® Global Equity Income Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.  (United States of America, Technology Hardware, Storage & Peripherals)
5.1
 
Microsoft Corp.  (United States of America, Software)
4.4
 
Exxon Mobil Corp.  (United States of America, Oil, Gas & Consumable Fuels)
1.9
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.9
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
1.8
 
UnitedHealth Group, Inc.  (United States of America, Health Care Providers & Services)
1.6
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.6
 
Linde PLC  (United States of America, Chemicals)
1.6
 
JPMorgan Chase & Co.  (United States of America, Banks)
1.5
 
AstraZeneca PLC sponsored ADR  (United Kingdom, Pharmaceuticals)
1.5
 
 
22.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
19.0
 
Health Care
13.9
 
Consumer Staples
12.7
 
Financials
10.3
 
Industrials
8.5
 
Consumer Discretionary
7.6
 
Communication Services
7.3
 
Energy
5.2
 
Materials
5.0
 
Utilities
3.5
 
Real Estate
1.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 94.2%
 
 
Shares
Value ($)
 
Belgium - 0.6%
 
 
 
KBC Group NV
 
9,400
670,982
UCB SA
 
3,631
337,764
TOTAL BELGIUM
 
 
1,008,746
Brazil - 0.7%
 
 
 
Equatorial Energia SA
 
225,960
1,238,571
Canada - 3.3%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
46,270
2,309,316
Canadian Natural Resources Ltd.
 
19,936
1,214,833
Constellation Software, Inc.
 
362
708,535
Imperial Oil Ltd.
 
19,961
1,017,461
Lumine Group, Inc.
 
1,086
14,629
Nutrien Ltd.
 
4,129
286,441
TOTAL CANADA
 
 
5,551,215
China - 1.8%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
3,133
799,399
NXP Semiconductors NV
 
11,912
1,950,471
SITC International Holdings Co. Ltd.
 
183,884
340,127
TOTAL CHINA
 
 
3,089,997
Denmark - 0.7%
 
 
 
A.P. Moller - Maersk A/S Series B
 
241
435,620
DSV A/S
 
4,147
778,884
TOTAL DENMARK
 
 
1,214,504
Finland - 1.4%
 
 
 
Elisa Corp. (A Shares)
 
32,061
1,989,674
Neste OYJ
 
7,706
373,105
TOTAL FINLAND
 
 
2,362,779
France - 4.4%
 
 
 
Airbus Group NV
 
6,773
948,455
Capgemini SA
 
5,388
979,017
Edenred SA
 
23,594
1,531,816
LVMH Moet Hennessy Louis Vuitton SE
 
2,792
2,685,573
Teleperformance
 
1,947
387,888
VINCI SA
 
6,328
782,351
TOTAL FRANCE
 
 
7,315,100
Germany - 1.9%
 
 
 
Deutsche Telekom AG
 
55,083
1,328,148
Rheinmetall AG
 
3,085
902,530
Siemens AG
 
6,100
1,005,477
TOTAL GERMANY
 
 
3,236,155
Hong Kong - 1.0%
 
 
 
AIA Group Ltd.
 
117,413
1,278,284
HKBN Ltd.
 
448,630
316,577
TOTAL HONG KONG
 
 
1,594,861
India - 0.7%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
5,839
407,562
Redington (India) Ltd.
 
120,572
249,544
Reliance Industries Ltd.
 
19,987
594,183
TOTAL INDIA
 
 
1,251,289
Japan - 6.1%
 
 
 
Capcom Co. Ltd.
 
19,124
718,634
Daiichikosho Co. Ltd.
 
71,972
1,290,330
FUJIFILM Holdings Corp.
 
5,938
309,488
Hitachi Ltd.
 
13,948
771,529
Hoya Corp.
 
11,203
1,174,691
Inaba Denki Sangyo Co. Ltd.
 
51,961
1,160,599
Minebea Mitsumi, Inc.
 
31,666
586,411
Renesas Electronics Corp. (a)
 
47,482
618,807
Roland Corp.
 
17,640
528,775
Shin-Etsu Chemical Co. Ltd.
 
25,975
741,218
Sony Group Corp.
 
18,172
1,644,089
Toyota Motor Corp.
 
51,623
708,786
TOTAL JAPAN
 
 
10,253,357
Kenya - 0.3%
 
 
 
Safaricom Ltd.
 
3,575,246
433,761
Korea (South) - 1.0%
 
 
 
Samsung Electronics Co. Ltd.
 
33,185
1,633,485
South Africa - 0.4%
 
 
 
Anglo American PLC (United Kingdom)
 
22,717
700,006
Sweden - 0.3%
 
 
 
HEXPOL AB (B Shares)
 
48,826
574,673
Switzerland - 0.5%
 
 
 
Sika AG
 
3,049
842,204
Taiwan - 2.3%
 
 
 
MediaTek, Inc.
 
31,796
690,884
Taiwan Semiconductor Manufacturing Co. Ltd.
 
188,877
3,090,811
TOTAL TAIWAN
 
 
3,781,695
United Kingdom - 6.3%
 
 
 
AstraZeneca PLC sponsored ADR
 
34,793
2,547,543
B&M European Value Retail SA
 
170,488
1,027,809
BAE Systems PLC
 
56,020
713,694
Compass Group PLC
 
43,648
1,151,476
Diageo PLC
 
25,579
1,166,814
JD Sports Fashion PLC
 
272,197
550,926
RELX PLC (London Stock Exchange)
 
35,801
1,190,512
RS GROUP PLC
 
51,887
600,836
Starling Bank Ltd. Series D (a)(b)(c)
 
62,800
238,350
Unilever PLC
 
15,741
876,492
WH Smith PLC
 
25,717
508,714
TOTAL UNITED KINGDOM
 
 
10,573,166
United States of America - 60.5%
 
 
 
AbbVie, Inc.
 
10,319
1,559,407
Accenture PLC Class A
 
7,950
2,228,306
Activision Blizzard, Inc.
 
13,312
1,034,476
Albertsons Companies, Inc.
 
15,339
320,585
Altria Group, Inc.
 
8,200
389,582
Amdocs Ltd.
 
17,648
1,610,380
Ameren Corp.
 
11,854
1,054,650
American Tower Corp.
 
3,623
740,505
Amgen, Inc.
 
5,571
1,335,592
Apple, Inc.
 
50,465
8,562,902
AT&T, Inc.
 
20,483
361,935
Ball Corp.
 
6,100
324,398
Bank of America Corp.
 
69,186
2,025,766
BJ's Wholesale Club Holdings, Inc. (a)
 
16,537
1,262,931
Bristol-Myers Squibb Co.
 
18,107
1,209,004
Capital One Financial Corp.
 
12,263
1,193,190
Chubb Ltd.
 
5,537
1,116,038
Cisco Systems, Inc.
 
39,873
1,883,999
Comcast Corp. Class A
 
34,197
1,414,730
Costco Wholesale Corp.
 
2,140
1,076,891
Crane Co.
 
3,993
287,776
Crane Nxt Co.
 
3,993
189,108
Crown Holdings, Inc.
 
11,112
953,187
Danaher Corp.
 
9,337
2,212,029
Dollar Tree, Inc. (a)
 
11,985
1,842,214
Dominion Energy, Inc.
 
11,001
628,597
Eli Lilly & Co.
 
7,600
3,008,536
Experian PLC
 
9,442
334,293
Exxon Mobil Corp.
 
26,432
3,127,963
Freeport-McMoRan, Inc.
 
33,473
1,268,961
GE Healthcare Holding LLC
 
4,385
356,676
General Electric Co.
 
13,456
1,331,740
Gilead Sciences, Inc.
 
15,800
1,298,918
H&R Block, Inc.
 
21,814
739,713
Hartford Financial Services Group, Inc.
 
7,921
562,312
Hess Corp.
 
6,990
1,013,969
Johnson Controls International PLC
 
9,742
582,961
JPMorgan Chase & Co.
 
18,631
2,575,549
Keurig Dr. Pepper, Inc.
 
25,716
840,913
Lamar Advertising Co. Class A
 
13,017
1,375,637
Linde PLC
 
7,198
2,659,301
M&T Bank Corp.
 
6,593
829,399
McDonald's Corp.
 
5,236
1,548,547
Merck & Co., Inc.
 
15,027
1,735,168
Microsoft Corp.
 
24,327
7,474,714
Mondelez International, Inc.
 
17,574
1,348,277
MSCI, Inc.
 
927
447,231
Nestle SA (Reg. S)
 
13,078
1,677,771
NextEra Energy, Inc.
 
16,858
1,291,829
PG&E Corp. (a)
 
17,858
305,550
Philip Morris International, Inc.
 
9,869
986,604
Phillips 66 Co.
 
6,985
691,515
PNC Financial Services Group, Inc.
 
11,238
1,463,750
Procter & Gamble Co.
 
12,014
1,878,749
Roche Holding AG (participation certificate)
 
7,760
2,429,968
Sanofi SA
 
16,195
1,745,307
T-Mobile U.S., Inc. (a)
 
14,098
2,028,702
Target Corp.
 
5,301
836,233
The Coca-Cola Co.
 
27,564
1,768,231
The Travelers Companies, Inc.
 
7,285
1,319,605
TJX Companies, Inc.
 
24,006
1,892,153
United Parcel Service, Inc. Class B
 
4,501
809,325
UnitedHealth Group, Inc.
 
5,620
2,765,546
Valero Energy Corp.
 
5,176
593,532
Verizon Communications, Inc.
 
36,377
1,412,519
Vistra Corp.
 
33,850
807,661
Walmart, Inc.
 
12,031
1,816,320
WEC Energy Group, Inc.
 
5,550
533,744
Wells Fargo & Co.
 
38,754
1,540,472
TOTAL UNITED STATES OF AMERICA
 
 
101,874,042
Zambia - 0.0%
 
 
 
First Quantum Minerals Ltd.
 
300
7,289
 
TOTAL COMMON STOCKS
  (Cost $129,676,344)
 
 
 
158,536,895
 
 
 
 
Money Market Funds - 5.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (d)
 
  (Cost $9,411,300)
 
 
9,409,418
9,411,300
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
  (Cost $139,087,644)
 
 
 
167,948,195
NET OTHER ASSETS (LIABILITIES) - 0.2%  
375,753
NET ASSETS - 100.0%
168,323,948
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
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 $238,350 or 0.1% 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.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
130,682
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
4,132,184
32,902,599
27,623,483
172,864
-
-
9,411,300
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
-
1,589,043
1,589,043
21
-
-
-
0.0%
Total
4,132,184
34,491,642
29,212,526
172,885
-
-
9,411,300
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
12,329,486
8,675,797
3,653,689
-
Consumer Discretionary
12,986,561
6,267,862
6,718,699
-
Consumer Staples
21,197,322
16,676,846
4,520,476
-
Energy
8,626,561
8,032,378
594,183
-
Financials
17,200,306
15,683,672
1,278,284
238,350
Health Care
23,716,149
18,366,183
5,349,966
-
Industrials
14,140,116
7,843,911
6,296,205
-
Information Technology
32,005,972
25,412,953
6,593,019
-
Materials
8,357,678
6,074,250
2,283,428
-
Real Estate
2,116,142
2,116,142
-
-
Utilities
5,860,602
5,860,602
-
-
  Money Market Funds
9,411,300
9,411,300
-
-
 Total Investments in Securities:
167,948,195
130,421,896
37,287,949
238,350
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $129,676,344)
$
158,536,895
 
 
Fidelity Central Funds (cost $9,411,300)
9,411,300
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $139,087,644)
 
 
$
167,948,195
Cash
 
 
55,757
Foreign currency held at value (cost $28,204)
 
 
27,398
Receivable for fund shares sold
 
 
103,082
Dividends receivable
 
 
273,878
Reclaims receivable
 
 
164,784
Distributions receivable from Fidelity Central Funds
 
 
35,564
Prepaid expenses
 
 
80
Other receivables
 
 
444
  Total assets
 
 
168,609,182
Liabilities
 
 
 
 
Payable for investments purchased
$
7,287
 
 
Payable for fund shares redeemed
94,959
 
 
Accrued management fee
94,147
 
 
Transfer agent fee payable
23,701
 
 
Other affiliated payables
6,940
 
 
Other payables and accrued expenses
58,200
 
 
  Total Liabilities
 
 
 
285,234
Net Assets  
 
 
$
168,323,948
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
149,657,514
Total accumulated earnings (loss)
 
 
 
18,666,434
Net Assets
 
 
$
168,323,948
Net Asset Value , offering price and redemption price per share ($168,323,948 ÷ 9,838,850 shares)
 
 
$
17.11
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,977,243
Income from Fidelity Central Funds (including $21 from security lending)
 
 
172,885
 Income before foreign taxes withheld
 
 
$
2,150,128
Less foreign taxes withheld
 
 
(110,967)
 Total Income
 
 
 
2,039,161
Expenses
 
 
 
 
Management fee
$
532,387
 
 
Transfer agent fees
151,581
 
 
Accounting fees
39,200
 
 
Custodian fees and expenses
11,773
 
 
Independent trustees' fees and expenses
505
 
 
Registration fees
21,225
 
 
Audit
44,397
 
 
Legal
317
 
 
Miscellaneous
392
 
 
 Total expenses before reductions
 
801,777
 
 
 Expense reductions
 
(3,699)
 
 
 Total expenses after reductions
 
 
 
798,078
Net Investment income (loss)
 
 
 
1,241,083
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(480,932)
 
 
 Foreign currency transactions
 
(21,326)
 
 
Total net realized gain (loss)
 
 
 
(502,258)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $7,232)  
 
14,213,778
 
 
 Assets and liabilities in foreign currencies
 
10,196
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
14,223,974
Net gain (loss)
 
 
 
13,721,716
Net increase (decrease) in net assets resulting from operations
 
 
$
14,962,799
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,241,083
$
2,066,441
Net realized gain (loss)
 
(502,258)
 
 
(10,168,014)
 
Change in net unrealized appreciation (depreciation)
 
14,223,974
 
(14,280,757)
 
Net increase (decrease) in net assets resulting from operations
 
14,962,799
 
 
(22,382,330)
 
Distributions to shareholders
 
(881,894)
 
 
(11,336,009)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
44,362,002
 
189,149,366
  Reinvestment of distributions
 
788,346
 
 
10,521,484
 
Cost of shares redeemed
 
(30,262,337)
 
(119,515,550)
  Net increase (decrease) in net assets resulting from share transactions
 
14,888,011
 
 
80,155,300
 
Total increase (decrease) in net assets
 
28,968,916
 
 
46,436,961
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
139,355,032
 
92,918,071
 
End of period
$
168,323,948
$
139,355,032
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,693,788
 
10,942,111
  Issued in reinvestment of distributions
 
47,780
 
 
597,381
 
Redeemed
 
(1,846,999)
 
(7,288,853)
Net increase (decrease)
 
894,569
 
4,250,639
 
 
 
 
 
 
Financial Highlights
Fidelity® Global Equity Income Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.58
$
19.80
$
15.12
$
14.64
$
13.53
$
14.21
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.20
 
.15
 
.16
 
.23
 
.25
     Net realized and unrealized gain (loss)
 
1.49
 
(2.21)
 
5.07
 
.48
 
1.63
 
(.50)
  Total from investment operations
 
1.62  
 
(2.01)  
 
5.22  
 
.64  
 
1.86
 
(.25)
  Distributions from net investment income
 
(.09)
 
(.17)
 
(.16)
 
(.15)
 
(.24)
 
(.25)
  Distributions from net realized gain
 
-
 
(2.04)
 
(.38)
 
(.01)
 
(.51)
 
(.18)
     Total distributions
 
(.09)
 
(2.21)
 
(.54)
 
(.16)
 
(.75)
 
(.43)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
17.11
$
15.58
$
19.80
$
15.12
$
14.64
$
13.53
 Total Return   D,E
 
10.43%
 
(11.45)%
 
35.09%
 
4.44%
 
14.60%
 
(1.88)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02% H
 
.98%
 
1.02%
 
1.09%
 
1.09%
 
1.06%
    Expenses net of fee waivers, if any
 
1.02% H
 
.98%
 
1.02%
 
1.09%
 
1.09%
 
1.06%
    Expenses net of all reductions
 
1.02% H
 
.98%
 
1.02%
 
1.09%
 
1.08%
 
1.05%
    Net investment income (loss)
 
1.58% H
 
1.22%
 
.84%
 
1.08%
 
1.72%
 
1.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
168,324
$
139,355
$
92,918
$
66,715
$
67,764
$
68,532
    Portfolio turnover rate I
 
32% H
 
61%
 
43%
 
48%
 
20% J
 
34%
 
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 mutual funds or ETFs 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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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
$35,328,823
Gross unrealized depreciation
(7,367,607)
Net unrealized appreciation (depreciation)
$27,961,216
Tax cost
$139,986,979
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
  Short-term
$(9,095,365)
  Long-term
(477,434)
Total capital loss carryforward
$(9,572,799)
 
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
33,469,670
24,070,237
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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 .19% 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
$215
 
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
2,633,613
5,505,028
14,159
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
$151
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
$2
$-
$-
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 $58.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $3,641.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Global Equity Income Fund
 
 
 
1.02%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,104.30
 
$ 5.32
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.74
 
$ 5.11
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.938166.110
GED-SANN-0623
Fidelity® Emerging Markets Discovery Fund
Fidelity® Total Emerging Markets Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Emerging Markets Discovery Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Total Emerging Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Cyient Ltd.  (India, Software)
1.5
 
Grupo Comercial Chedraui S.A.B. de CV  (Mexico, Consumer Staples Distribution & Retail)
1.4
 
Db Insurance Co. Ltd.  (Korea (South), Insurance)
1.4
 
Aldar Properties PJSC  (United Arab Emirates, Real Estate Management & Development)
1.4
 
Saudi Airlines Catering Co.  (Saudi Arabia, Commercial Services & Supplies)
1.4
 
Unimicron Technology Corp.  (Taiwan, Electronic Equipment, Instruments & Components)
1.4
 
Bupa Arabia for Cooperative Insurance Co.  (Saudi Arabia, Insurance)
1.3
 
China Communications Services Corp. Ltd. (H Shares)  (China, Construction & Engineering)
1.3
 
Indian Energy Exchange Ltd.  (India, Capital Markets)
1.3
 
Chailease Holding Co. Ltd.  (Taiwan, Financial Services)
1.2
 
 
13.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.0
 
Financials
16.4
 
Consumer Discretionary
12.2
 
Health Care
9.7
 
Information Technology
9.0
 
Consumer Staples
8.4
 
Real Estate
6.3
 
Utilities
4.6
 
Energy
3.4
 
Materials
3.1
 
Communication Services
3.0
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Emerging Markets Discovery Fund
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
Brazil - 10.7%
 
 
 
Afya Ltd. (a)
 
493,451
5,679,621
Enauta Participacoes SA
 
2,573,107
5,958,416
Equatorial Energia SA
 
1,238,982
6,791,324
Hypera SA
 
1,091,820
8,153,955
Localiza Rent a Car SA
 
621,858
7,232,444
Localiza Rent a Car SA rights 5/11/23 (a)
 
2,598
8,938
LOG Commercial Properties e Participacoes SA
 
2,132,152
7,006,290
Lojas Renner SA
 
2,669,400
8,477,344
Orizon Valorizacao de Residuos SA (a)
 
1,041,450
7,099,182
Rumo SA
 
1,774,748
7,009,611
Suzano Papel e Celulose SA
 
170,679
1,361,928
XP, Inc. Class A (a)
 
513,484
7,337,686
TOTAL BRAZIL
 
 
72,116,739
Chile - 0.8%
 
 
 
Banco de Chile sponsored ADR
 
264,574
5,608,969
China - 20.3%
 
 
 
China Communications Services Corp. Ltd. (H Shares)
 
15,779,710
8,646,724
China Merchants Holdings International Co. Ltd.
 
2,836,001
4,208,122
China Resources Beer Holdings Co. Ltd.
 
756,709
5,845,412
Far East Horizon Ltd.
 
7,591,889
6,829,832
Far East Horizon Ltd. rights (a)
 
63,797
1
Fu Shou Yuan International Group Ltd.
 
8,791,263
7,134,471
Guangdong Investment Ltd.
 
6,755,352
6,457,959
Haier Smart Home Co. Ltd. (A Shares)
 
2,074,174
7,131,823
Haitian International Holdings Ltd.
 
2,612,033
6,786,798
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
3,288,241
5,998,748
Innovent Biologics, Inc. (a)(b)
 
1,543,542
7,421,462
New Horizon Health Ltd. (a)(b)
 
2,178,616
7,818,052
Pharmaron Beijing Co. Ltd. (H Shares) (b)
 
1,568,129
6,798,494
Shenzhen Expressway Co. Ltd. (H Shares)
 
6,804,247
6,344,330
Sinopec Engineering Group Co. Ltd. (H Shares)
 
14,421,878
7,478,638
Sinopharm Group Co. Ltd. (H Shares)
 
1,623,402
5,750,542
Sinotruk Hong Kong Ltd.
 
4,428,449
6,767,740
Tongdao Liepin Group (a)(c)
 
5,259,954
6,739,295
TravelSky Technology Ltd. (H Shares)
 
3,103,295
6,194,574
Tsingtao Brewery Co. Ltd. (H Shares)
 
563,205
6,029,465
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)
 
3,937,710
5,512,725
Zai Lab Ltd. (a)
 
1,612,533
5,645,640
TOTAL CHINA
 
 
137,540,847
Georgia - 1.0%
 
 
 
Bank of Georgia Group PLC
 
180,694
6,721,781
Hong Kong - 1.6%
 
 
 
ASMPT Ltd.
 
713,602
5,610,453
WH Group Ltd. (b)
 
9,634,172
5,363,717
TOTAL HONG KONG
 
 
10,974,170
Hungary - 1.1%
 
 
 
Richter Gedeon PLC
 
310,452
7,491,893
India - 16.6%
 
 
 
Bharat Electronics Ltd.
 
5,277,369
6,690,674
Computer Age Management Services Private Ltd.
 
251,797
6,371,646
Cyient Ltd.
 
717,692
10,389,690
Deccan Cements Ltd.
 
588,601
3,237,567
Eicher Motors Ltd.
 
185,350
7,513,540
Embassy Office Parks (REIT)
 
1,343,343
5,421,333
Hindustan Aeronautics Ltd.
 
211,499
7,582,030
Indian Energy Exchange Ltd. (a)(b)
 
4,437,652
8,533,483
Indraprastha Gas Ltd.
 
931,553
5,663,878
Indus Towers Ltd.
 
2,770,855
5,270,577
ITC Ltd.
 
1,525,123
7,961,544
Mahanagar Gas Ltd.
 
456,130
5,640,861
Manappuram General Finance & Leasing Ltd.
 
827,372
1,318,657
Oberoi Realty Ltd.
 
507,692
5,704,400
Petronet LNG Ltd.
 
2,043,681
5,942,061
Power Grid Corp. of India Ltd.
 
2,216,658
6,452,416
Shriram Transport Finance Co. Ltd.
 
456,229
7,464,098
Torrent Pharmaceuticals Ltd.
 
253,945
5,146,513
TOTAL INDIA
 
 
112,304,968
Indonesia - 1.8%
 
 
 
First Resources Ltd.
 
6,046,634
6,971,065
PT United Tractors Tbk
 
2,689,975
5,310,216
TOTAL INDONESIA
 
 
12,281,281
Korea (South) - 8.1%
 
 
 
Coway Co. Ltd.
 
133,952
4,920,190
Db Insurance Co. Ltd.
 
152,022
9,560,130
Fila Holdings Corp.
 
175,328
4,817,566
Hanon Systems
 
905,245
6,225,264
Hansol Chemical Co. Ltd.
 
35,693
5,951,732
Hyundai Fire & Marine Insurance Co. Ltd.
 
290,488
8,164,182
LG Corp.
 
94,630
6,196,136
SaraminHR Co. Ltd.
 
240,505
4,107,080
Soulbrain Co. Ltd.
 
29,488
4,854,062
TOTAL KOREA (SOUTH)
 
 
54,796,342
Malaysia - 0.0%
 
 
 
Scientex Bhd warrants 1/14/26 (a)
 
130,640
17,236
Mexico - 9.4%
 
 
 
Becle S.A.B. de CV
 
2,655,233
6,128,767
FIBRA Macquarie Mexican (REIT) (b)
 
3,143,453
5,168,134
Fibra Uno Administracion SA de CV
 
3,690,642
5,098,893
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
392,232
6,978,564
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR
 
28,763
8,235,422
Grupo Aeroportuario Norte S.A.B. de CV
 
657,135
7,223,569
Grupo Comercial Chedraui S.A.B. de CV
 
1,655,771
9,787,555
Qualitas Controladora S.A.B. de CV
 
1,206,247
7,973,662
Regional S.A.B. de CV
 
916,231
6,709,872
TOTAL MEXICO
 
 
63,304,438
Peru - 0.7%
 
 
 
Credicorp Ltd. (United States)
 
33,062
4,479,240
Philippines - 0.7%
 
 
 
Robinsons Land Corp.
 
18,533,074
4,827,059
Poland - 1.2%
 
 
 
Dino Polska SA (a)(b)
 
78,480
7,983,574
Russia - 0.1%
 
 
 
Etalon Group PLC GDR (Reg. S) (a)(d)
 
167,549
13,330
LSR Group OJSC (a)(d)
 
67,346
78,819
TCS Group Holding PLC GDR (a)(d)
 
59,253
87,785
X5 Retail Group NV GDR (Reg. S) (a)(d)
 
101,790
773,604
TOTAL RUSSIA
 
 
953,538
Saudi Arabia - 2.7%
 
 
 
Bupa Arabia for Cooperative Insurance Co.
 
194,157
9,131,441
Saudi Airlines Catering Co.
 
371,570
9,401,443
TOTAL SAUDI ARABIA
 
 
18,532,884
South Africa - 3.4%
 
 
 
Bidvest Group Ltd./The
 
452,811
6,202,094
FirstRand Ltd.
 
1,544,724
5,434,929
Impala Platinum Holdings Ltd.
 
507,443
4,940,365
Mr Price Group Ltd.
 
751,646
6,180,817
TOTAL SOUTH AFRICA
 
 
22,758,205
Taiwan - 11.6%
 
 
 
BizLink Holding, Inc.
 
786,180
6,747,497
BizLink Holding, Inc. rights 5/8/23 (a)
 
20,086
21,546
Chailease Holding Co. Ltd.
 
1,167,798
8,499,279
Cleanaway Co. Ltd.
 
869,646
5,319,698
International Games Systems Co. Ltd.
 
458,818
8,007,400
King Slide Works Co. Ltd.
 
481,199
6,476,449
Makalot Industrial Co. Ltd.
 
820,843
5,957,416
Poya International Co. Ltd.
 
363,258
6,794,368
Realtek Semiconductor Corp.
 
507,617
5,948,650
Unimicron Technology Corp.
 
1,941,508
9,218,328
Wiwynn Corp.
 
213,768
8,129,606
Yageo Corp.
 
471,670
7,640,876
TOTAL TAIWAN
 
 
78,761,113
Thailand - 0.0%
 
 
 
Siam Global House PCL (For. Reg.)
 
160,574
80,645
Turkey - 0.8%
 
 
 
Mavi Jeans Class B (b)
 
1,035,719
5,585,529
United Arab Emirates - 2.5%
 
 
 
Aldar Properties PJSC
 
6,474,320
9,520,281
Emirates NBD Bank PJSC (a)
 
1,860,810
7,144,683
TOTAL UNITED ARAB EMIRATES
 
 
16,664,964
United States of America - 1.9%
 
 
 
Parade Technologies Ltd.
 
247,154
7,564,428
Tenaris SA sponsored ADR (c)
 
192,836
5,536,322
TOTAL UNITED STATES OF AMERICA
 
 
13,100,750
Vietnam - 0.1%
 
 
 
FPT Corp.
 
196,215
649,645
 
TOTAL COMMON STOCKS
  (Cost $616,805,696)
 
 
 
657,535,810
 
 
 
 
Money Market Funds - 3.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
14,601,636
14,604,556
Fidelity Securities Lending Cash Central Fund 4.88% (e)(f)
 
6,164,384
6,165,000
 
TOTAL MONEY MARKET FUNDS
  (Cost $20,769,556)
 
 
20,769,556
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
  (Cost $637,575,252)
 
 
 
678,305,366
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(1,501,361)
NET ASSETS - 100.0%
676,804,005
 
 
 
 
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 $66,183,918 or 9.8% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
16,540,486
143,917,417
145,853,347
669,063
-
-
14,604,556
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
1,598,400
49,833,702
45,267,102
62,624
-
-
6,165,000
0.0%
Total
18,138,886
193,751,119
191,120,449
731,687
-
-
20,769,556
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
20,017,272
-
20,017,272
-
Consumer Discretionary
82,693,168
25,923,311
56,769,857
-
Consumer Staples
56,844,703
23,899,896
32,171,203
773,604
Energy
22,747,015
11,494,738
11,252,277
-
Financials
110,999,710
60,542,263
50,369,662
87,785
Health Care
65,738,024
15,645,848
50,092,176
-
Industrials
142,659,926
59,391,267
83,268,659
-
Information Technology
61,628,125
-
61,628,125
-
Materials
20,362,890
1,361,928
19,000,962
-
Real Estate
42,838,539
26,793,598
15,952,792
92,149
Utilities
31,006,438
6,791,324
24,215,114
-
  Money Market Funds
20,769,556
20,769,556
-
-
 Total Investments in Securities:
678,305,366
252,613,729
424,738,099
953,538
Fidelity® Emerging Markets Discovery Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $6,093,129) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $616,805,696)
$
657,535,810
 
 
Fidelity Central Funds (cost $20,769,556)
20,769,556
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $637,575,252)
 
 
$
678,305,366
Foreign currency held at value (cost $7,562,899)
 
 
7,583,108
Receivable for investments sold
 
 
5,666,069
Receivable for fund shares sold
 
 
809,212
Dividends receivable
 
 
1,150,983
Distributions receivable from Fidelity Central Funds
 
 
144,475
Prepaid expenses
 
 
146
Other receivables
 
 
116,366
  Total assets
 
 
693,775,725
Liabilities
 
 
 
 
Payable for investments purchased
$
7,106,359
 
 
Payable for fund shares redeemed
503,902
 
 
Accrued management fee
447,051
 
 
Distribution and service plan fees payable
9,425
 
 
Other affiliated payables
116,734
 
 
Deferred taxes
2,528,899
 
 
Other payables and accrued expenses
94,350
 
 
Collateral on securities loaned
6,165,000
 
 
  Total Liabilities
 
 
 
16,971,720
Net Assets  
 
 
$
676,804,005
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
649,851,402
Total accumulated earnings (loss)
 
 
 
26,952,603
Net Assets
 
 
$
676,804,005
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($20,684,222 ÷ 1,389,651 shares) (a)
 
 
$
14.88
Maximum offering price per share (100/94.25 of $14.88)
 
 
$
15.79
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($5,721,853 ÷ 384,953 shares) (a)
 
 
$
14.86
Maximum offering price per share (100/96.50 of $14.86)
 
 
$
15.40
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,568,896 ÷ 246,633 shares) (a)
 
 
$
14.47
Emerging Markets Discovery :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($321,830,639 ÷ 21,492,914 shares)
 
 
$
14.97
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($251,795,559 ÷ 16,766,478 shares)
 
 
$
15.02
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($73,202,836 ÷ 4,885,445 shares)
 
 
$
14.98
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
8,578,030
Interest  
 
 
155
Income from Fidelity Central Funds (including $62,624 from security lending)
 
 
731,687
 Income before foreign taxes withheld
 
 
$
9,309,872
Less foreign taxes withheld
 
 
(1,288,962)
 Total Income
 
 
 
8,020,910
Expenses
 
 
 
 
Management fee
$
2,364,306
 
 
Transfer agent fees
509,395
 
 
Distribution and service plan fees
53,733
 
 
Accounting fees
138,580
 
 
Custodian fees and expenses
92,086
 
 
Independent trustees' fees and expenses
1,499
 
 
Registration fees
58,641
 
 
Audit
50,432
 
 
Legal
578
 
 
Miscellaneous
967
 
 
 Total expenses before reductions
 
3,270,217
 
 
 Expense reductions
 
(13,774)
 
 
 Total expenses after reductions
 
 
 
3,256,443
Net Investment income (loss)
 
 
 
4,764,467
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $159,253)
 
(3,745,606)
 
 
 Foreign currency transactions
 
(135,075)
 
 
Total net realized gain (loss)
 
 
 
(3,880,681)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $781,625)
 
79,831,341
 
 
 Assets and liabilities in foreign currencies
 
38,859
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
79,870,200
Net gain (loss)
 
 
 
75,989,519
Net increase (decrease) in net assets resulting from operations
 
 
$
80,753,986
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,764,467
$
8,469,843
Net realized gain (loss)
 
(3,880,681)
 
 
(5,961,108)
 
Change in net unrealized appreciation (depreciation)
 
79,870,200
 
(86,323,295)
 
Net increase (decrease) in net assets resulting from operations
 
80,753,986
 
 
(83,814,560)
 
Distributions to shareholders
 
(8,639,871)
 
 
(35,200,802)
 
Share transactions - net increase (decrease)
 
173,593,042
 
 
193,227,559
 
Total increase (decrease) in net assets
 
245,707,157
 
 
74,212,197
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
431,096,848
 
356,884,651
 
End of period
$
676,804,005
$
431,096,848
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Emerging Markets Discovery Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.89
$
18.36
$
13.93
$
13.66
$
12.01
$
15.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.31
 
.11
 
.04
 
.13
 
.18
     Net realized and unrealized gain (loss)
 
2.09
 
(3.92)
 
4.37
 
.34
 
1.71
 
(2.89)
  Total from investment operations
 
2.19  
 
(3.61)  
 
4.48  
 
.38  
 
1.84
 
(2.71)
  Distributions from net investment income
 
(.20)
 
(.37)
 
(.05)
 
(.11)
 
(.18)
 
(.08)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(.20)
 
(1.86)
 
(.05)
 
(.11)
 
(.19)
 
(.31)
  Net asset value, end of period
$
14.88
$
12.89
$
18.36
$
13.93
$
13.66
$
12.01
 Total Return   C,D,E
 
17.05%
 
(21.58)%
 
32.23%
 
2.76%
 
15.50%
 
(18.39)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.44% H
 
1.49%
 
1.49%
 
1.54%
 
1.55%
 
1.52%
    Expenses net of fee waivers, if any
 
1.43% H
 
1.49%
 
1.49%
 
1.53%
 
1.54%
 
1.52%
    Expenses net of all reductions
 
1.43% H
 
1.49%
 
1.49%
 
1.51%
 
1.54%
 
1.48%
    Net investment income (loss)
 
1.38% H
 
2.11%
 
.60%
 
.33%
 
.96%
 
1.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,684
$
16,063
$
18,900
$
11,745
$
15,323
$
14,472
    Portfolio turnover rate I
 
26% H
 
33%
 
64%
 
43%
 
80%
 
98%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
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).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.85
$
18.30
$
13.89
$
13.62
$
11.94
$
14.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.27
 
.06
 
- C
 
.08
 
.14
     Net realized and unrealized gain (loss)
 
2.08
 
(3.91)
 
4.36
 
.34
 
1.71
 
(2.87)
  Total from investment operations
 
2.16  
 
(3.64)  
 
4.42  
 
.34  
 
1.79
 
(2.73)
  Distributions from net investment income
 
(.15)
 
(.32)
 
(.01)
 
(.07)
 
(.10)
 
(.04)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(.15)
 
(1.81)
 
(.01)
 
(.07)
 
(.11)
 
(.27)
  Net asset value, end of period
$
14.86
$
12.85
$
18.30
$
13.89
$
13.62
$
11.94
 Total Return   D,E,F
 
16.90%
 
(21.77)%
 
31.82%
 
2.49%
 
15.06%
 
(18.58)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.70% I
 
1.75%
 
1.76%
 
1.83%
 
1.86%
 
1.79%
    Expenses net of fee waivers, if any
 
1.69% I
 
1.75%
 
1.76%
 
1.83%
 
1.86%
 
1.79%
    Expenses net of all reductions
 
1.68% I
 
1.75%
 
1.76%
 
1.80%
 
1.86%
 
1.75%
    Net investment income (loss)
 
1.12% I
 
1.85%
 
.33%
 
.03%
 
.64%
 
.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,722
$
4,355
$
6,095
$
4,552
$
5,773
$
5,374
    Portfolio turnover rate J
 
26% I
 
33%
 
64%
 
43%
 
80%
 
98%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.47
$
17.78
$
13.55
$
13.29
$
11.66
$
14.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.19
 
(.03)
 
(.06)
 
.02
 
.06
     Net realized and unrealized gain (loss)
 
2.04
 
(3.81)
 
4.26
 
.32
 
1.67
 
(2.79)
  Total from investment operations
 
2.08  
 
(3.62)  
 
4.23  
 
.26  
 
1.69
 
(2.73)
  Distributions from net investment income
 
(.08)
 
(.20)
 
-
 
-
 
(.05)
 
(.02)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(.08)
 
(1.69)
 
-
 
-
 
(.06)
 
(.25)
  Net asset value, end of period
$
14.47
$
12.47
$
17.78
$
13.55
$
13.29
$
11.66
 Total Return   C,D,E
 
16.70%
 
(22.21)%
 
31.22%
 
1.96%
 
14.54%
 
(18.97)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.21% H
 
2.25%
 
2.25%
 
2.32%
 
2.36%
 
2.28%
    Expenses net of fee waivers, if any
 
2.20% H
 
2.25%
 
2.25%
 
2.31%
 
2.35%
 
2.28%
    Expenses net of all reductions
 
2.20% H
 
2.25%
 
2.25%
 
2.29%
 
2.35%
 
2.24%
    Net investment income (loss)
 
.61% H
 
1.35%
 
(.16)%
 
(.45)%
 
.14%
 
.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,569
$
3,079
$
4,995
$
5,080
$
7,562
$
11,278
    Portfolio turnover rate I
 
26% H
 
33%
 
64%
 
43%
 
80%
 
98%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the contingent deferred sales charge.
 
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).
 
Fidelity® Emerging Markets Discovery Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.98
$
18.48
$
14.02
$
13.75
$
12.10
$
15.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.36
 
.16
 
.08
 
.16
 
.23
     Net realized and unrealized gain (loss)
 
2.11
 
(3.95)
 
4.40
 
.34
 
1.72
 
(2.91)
  Total from investment operations
 
2.23  
 
(3.59)  
 
4.56  
 
.42  
 
1.88
 
(2.68)
  Distributions from net investment income
 
(.24)
 
(.42)
 
(.10)
 
(.15)
 
(.22)
 
(.11)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(.24)
 
(1.91)
 
(.10)
 
(.15)
 
(.23)
 
(.34)
  Net asset value, end of period
$
14.97
$
12.98
$
18.48
$
14.02
$
13.75
$
12.10
 Total Return   C,D
 
17.27%
 
(21.37)%
 
32.63%
 
3.07%
 
15.78%
 
(18.11)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.15% G
 
1.19%
 
1.19%
 
1.23%
 
1.25%
 
1.22%
    Expenses net of fee waivers, if any
 
1.15% G
 
1.19%
 
1.18%
 
1.23%
 
1.25%
 
1.22%
    Expenses net of all reductions
 
1.15% G
 
1.19%
 
1.18%
 
1.20%
 
1.25%
 
1.18%
    Net investment income (loss)
 
1.66% G
 
2.41%
 
.90%
 
.63%
 
1.25%
 
1.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
321,831
$
248,805
$
283,133
$
189,784
$
208,657
$
188,690
    Portfolio turnover rate H
 
26% G
 
33%
 
64%
 
43%
 
80%
 
98%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E 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.
 
F 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.
 
G Annualized.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.03
$
18.54
$
14.06
$
13.79
$
12.13
$
15.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.34
 
.16
 
.08
 
.17
 
.23
     Net realized and unrealized gain (loss)
 
2.12
 
(3.95)
 
4.41
 
.34
 
1.72
 
(2.90)
  Total from investment operations
 
2.24  
 
(3.61)  
 
4.57  
 
.42  
 
1.89
 
(2.67)
  Distributions from net investment income
 
(.25)
 
(.41)
 
(.09)
 
(.15)
 
(.22)
 
(.12)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(.25)
 
(1.90)
 
(.09)
 
(.15)
 
(.23)
 
(.35)
  Net asset value, end of period
$
15.02
$
13.03
$
18.54
$
14.06
$
13.79
$
12.13
 Total Return   C,D
 
17.32%
 
(21.37)%
 
32.62%
 
3.07%
 
15.78%
 
(18.06)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.12% G
 
1.17%
 
1.19%
 
1.24%
 
1.25%
 
1.22%
    Expenses net of fee waivers, if any
 
1.11% G
 
1.16%
 
1.19%
 
1.23%
 
1.24%
 
1.22%
    Expenses net of all reductions
 
1.11% G
 
1.16%
 
1.19%
 
1.21%
 
1.24%
 
1.18%
    Net investment income (loss)
 
1.70% G
 
2.44%
 
.90%
 
.63%
 
1.26%
 
1.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
251,796
$
129,250
$
27,397
$
28,034
$
51,081
$
57,506
    Portfolio turnover rate H
 
26% G
 
33%
 
64%
 
43%
 
80%
 
98%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E 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.
 
F 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.
 
G Annualized.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.00
$
18.51
$
14.04
$
13.77
$
12.13
$
13.19
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.13
 
.37
 
.19
 
.10
 
.18
 
- D
     Net realized and unrealized gain (loss)
 
2.11
 
(3.95)
 
4.40
 
.35
 
1.72
 
(1.06)
  Total from investment operations
 
2.24  
 
(3.58)  
 
4.59  
 
.45  
 
1.90
 
(1.06)
  Distributions from net investment income
 
(.26)
 
(.44)
 
(.12)
 
(.18)
 
(.26)
 
-
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
 
-
     Total distributions
 
(.26)
 
(1.93)
 
(.12)
 
(.18)
 
(.26) E
 
-
  Net asset value, end of period
$
14.98
$
13.00
$
18.51
$
14.04
$
13.77
$
12.13
 Total Return   F,G
 
17.35%
 
(21.27)%
 
32.82%
 
3.24%
 
15.97%
 
(8.04)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.99% J
 
1.03%
 
1.05%
 
1.09%
 
1.10%
 
1.17% J
    Expenses net of fee waivers, if any
 
.99% J
 
1.03%
 
1.05%
 
1.08%
 
1.10%
 
1.02% J
    Expenses net of all reductions
 
.99% J
 
1.03%
 
1.05%
 
1.06%
 
1.10%
 
.98% J
    Net investment income (loss)
 
1.82% J
 
2.57%
 
1.04%
 
.78%
 
1.40%
 
(.12)% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
73,203
$
29,546
$
16,365
$
11,561
$
18,267
$
1,412
    Portfolio turnover rate K
 
26% J
 
33%
 
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 mutual funds or ETFs 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).
 
 
For the period ended April 30, 2023
 
1.   Organization.
Fidelity Emerging Markets Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets Discovery, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2.   Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in 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 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
$95,262,176
Gross unrealized depreciation
(57,174,212)
Net unrealized appreciation (depreciation)
$38,087,964
Tax cost
$640,217,402
 
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
$(5,541,193)
Long-term
(1,724,346)
Total capital loss carryforward
$(7,265,539)
 
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
242,782,377
71,880,080
5.   Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .83% 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%
$23,306
$775
Class M
  .25%
  .25%
  12,846
152
Class C
  .75%
  .25%
17,581
2,324
 
 
 
$53,733
$3,251
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$13,559
Class M
  1,439
Class C A
  733
 
$15,731
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
$22,140
.24
Class M
  6,392
.25
Class C
  4,524
.26
Emerging Markets Discovery
  298,554
.21
Class I
  165,531
.17
Class Z
  12,254
.04
 
$509,395
 
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
$354
 
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
  3,101,295
  -
  -
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
$529
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
$6,784
$-
$-
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 $374. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$56
Class M
  192
 
$248
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $13,152.
9.   Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Emerging Markets Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$   244,475
  $1,910,190
Class M
  51,851
  606,383
Class C
  19,009
  467,124
Emerging Markets Discovery
  4,513,320
  27,737,464
Class I
  3,021,352
  2,782,285
Class Z
              789,864
           1,697,356
Total   
$8,639,871
$35,200,802
10.   Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Fidelity Emerging Markets Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
220,319
314,404
$3,191,987
$4,478,487
Reinvestment of distributions
17,518
120,206
244,303
1,910,075
Shares redeemed
(94,524)
(217,629)
(1,355,853)
(3,180,396)
Net increase (decrease)
143,313
216,981
$2,080,437
$3,208,166
Class M
 
 
 
 
Shares sold
70,715
36,386
$1,025,859
$551,246
Reinvestment of distributions
3,721
38,167
51,851
606,098
Shares redeemed
(28,447)
(68,600)
(410,079)
(1,005,289)
Net increase (decrease)
45,989
5,953
$667,631
$152,055
Class C
 
 
 
 
Shares sold
40,506
28,436
$562,779
$399,577
Reinvestment of distributions
1,399
30,156
19,009
467,124
Shares redeemed
(42,090)
(92,682)
(591,347)
(1,325,981)
Net increase (decrease)
(185)
(34,090)
$(9,559)
$(459,280)
Emerging Markets Discovery
 
 
 
 
Shares sold
4,221,938
10,307,936
$61,414,296
$148,982,256
Reinvestment of distributions
291,173
1,414,497
4,078,445
22,589,516
Shares redeemed
(2,185,733)
(7,875,882)
(31,141,996)
(118,180,120)
Net increase (decrease)
2,327,378
3,846,551
$34,350,745
$53,391,652
Class I
 
 
 
 
Shares sold
8,436,270
9,283,493
$122,447,728
$129,714,339
Reinvestment of distributions
205,837
170,907
2,893,435
2,737,935
Shares redeemed
(1,792,797)
(1,015,195)
(25,767,525)
(14,790,592)
Net increase (decrease)
6,849,310
8,439,205
$99,573,638
$117,661,682
Class Z
 
 
 
 
Shares sold
3,557,254
1,609,828
$50,728,501
$22,578,984
Reinvestment of distributions
55,484
104,684
777,160
1,671,802
Shares redeemed
(999,718)
(326,408)
(14,575,511)
(4,977,502)
Net increase (decrease)
2,613,020
1,388,104
$36,930,150
$19,273,284
11.   Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12.   Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
4.5
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
2.8
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
2.7
 
HDFC Bank Ltd.  (India, Banks)
1.6
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
1.6
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.1
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.1
 
Sea Ltd. ADR  (Singapore, Entertainment)
0.9
 
Ping An Insurance Group Co. of China Ltd. (H Shares) (China, Insurance)
0.9
 
China Construction Bank Corp. (H Shares)  (China, Banks)
0.8
 
 
18.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
15.6
 
Information Technology
10.8
 
Energy
10.6
 
Consumer Discretionary
9.2
 
Materials
7.5
 
Communication Services
6.5
 
Consumer Staples
4.3
 
Industrials
4.2
 
Utilities
3.5
 
Health Care
2.4
 
Real Estate
0.8
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Total Emerging Markets Fund
Common Stocks - 57.2%
 
 
Shares
Value ($)
 
Brazil - 3.8%
 
 
 
Arezzo Industria e Comercio SA
 
15,445
205,549
Atacadao SA
 
151,800
327,168
Dexco SA
 
216,843
256,066
ENGIE Brasil Energia SA
 
34,800
287,663
Equatorial Energia SA
 
65,400
358,482
Localiza Rent a Car SA
 
52,271
607,931
Localiza Rent a Car SA rights 5/11/23 (a)
 
243
836
LOG Commercial Properties e Participacoes SA
 
28,100
92,337
Lojas Renner SA
 
89,666
284,757
MercadoLibre, Inc. (a)
 
535
683,457
Multiplan Empreendimentos Imobiliarios SA
 
12,000
62,312
PagSeguro Digital Ltd. (a)
 
99,745
981,491
Raia Drogasil SA
 
154,100
811,931
Rede D'Oregon Sao Luiz SA (b)
 
38,954
178,611
Rumo SA
 
143,200
565,588
StoneCo Ltd. Class A (a)
 
49,712
612,452
Suzano Papel e Celulose SA
 
17,300
138,045
Transmissora Alianca de Energia Eletrica SA
 
33,500
244,947
Vale SA sponsored ADR
 
95,168
1,371,371
XP, Inc. Class A (a)
 
62,135
887,909
TOTAL BRAZIL
 
 
8,958,903
Canada - 0.5%
 
 
 
Barrick Gold Corp.
 
64,700
1,231,888
Chile - 0.6%
 
 
 
Antofagasta PLC
 
41,058
753,613
Banco de Chile
 
7,212,100
767,891
TOTAL CHILE
 
 
1,521,504
China - 17.4%
 
 
 
Akeso, Inc. (a)(b)(c)
 
29,890
164,162
Alibaba Group Holding Ltd. (a)
 
350,073
3,701,541
Alibaba Group Holding Ltd. sponsored ADR (a)
 
3,957
335,118
Angelalign Technology, Inc. (b)
 
5,264
66,030
Ant International Co. Ltd. Class C (a)(d)(e)
 
424,550
653,807
Baidu, Inc.:
 
 
 
 Class A (a)
 
14,150
212,985
 sponsored ADR (a)
 
2,800
337,708
BeiGene Ltd. ADR (a)
 
1,252
319,210
Beijing Enlight Media Co. Ltd. (A Shares)
 
106,500
157,731
Bilibili, Inc. ADR (a)(c)
 
26,043
530,235
BYD Co. Ltd. (H Shares)
 
32,183
975,990
C&S Paper Co. Ltd. (A Shares)
 
137,500
234,668
China Communications Services Corp. Ltd. (H Shares)
 
466,000
255,352
China Construction Bank Corp. (H Shares)
 
2,942,000
1,966,805
China Gas Holdings Ltd.
 
218,344
280,893
China Life Insurance Co. Ltd. (H Shares)
 
617,000
1,185,353
China Merchants Holdings International Co. Ltd.
 
168,101
249,432
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
27,800
54,968
China Overseas Land and Investment Ltd.
 
76,040
192,848
China Petroleum & Chemical Corp. (H Shares)
 
1,368,000
896,609
China Resources Beer Holdings Co. Ltd.
 
92,666
715,825
China Resources Land Ltd.
 
82,510
384,229
China Tower Corp. Ltd. (H Shares) (b)
 
840,631
107,284
China Vanke Co. Ltd. (H Shares)
 
82,200
128,503
Daqin Railway Co. Ltd. (A Shares)
 
499,500
556,940
Daqo New Energy Corp. ADR (a)
 
1,204
55,288
ENN Energy Holdings Ltd.
 
31,700
434,658
ESR Group Ltd. (b)
 
33,200
51,896
Greentown China Holdings Ltd.
 
50,500
60,693
Guangdong Investment Ltd.
 
306,000
292,529
Haier Smart Home Co. Ltd.
 
139,800
455,690
Haier Smart Home Co. Ltd. (A Shares)
 
12,560
43,186
Haitian International Holdings Ltd.
 
105,000
272,820
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
122,113
222,771
Innovent Biologics, Inc. (a)(b)
 
49,096
236,057
JD Health International, Inc. (a)(b)
 
14,404
103,941
JD.com, Inc.:
 
 
 
 Class A
 
39,886
711,879
 sponsored ADR
 
2,721
97,194
Jiumaojiu International Holdings Ltd. (b)
 
100,733
226,338
KE Holdings, Inc. ADR (a)
 
15,567
244,246
Kuaishou Technology Class B (a)(b)
 
17,727
117,355
Kunlun Energy Co. Ltd.
 
374,040
346,738
Kweichow Moutai Co. Ltd. (A Shares)
 
2,600
663,402
Lenovo Group Ltd.
 
46,000
47,062
Li Auto, Inc.:
 
 
 
 ADR (a)
 
41,151
967,049
 Class A (a)
 
3,300
39,085
Li Ning Co. Ltd.
 
80,387
574,897
Longfor Properties Co. Ltd. (b)
 
34,480
94,354
LONGi Green Energy Technology Co. Ltd.
 
8,900
45,062
Medlive Technology Co. Ltd. (b)
 
61,955
68,610
Meituan Class B (a)(b)
 
156,339
2,671,905
NetEase, Inc. ADR
 
5,314
473,637
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
9,005
410,538
OPT Machine Vision Tech Co. Ltd.
 
1,500
32,519
PDD Holdings, Inc. ADR (a)
 
17,633
1,201,689
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
293,500
2,141,235
Proya Cosmetics Co. Ltd. (A Shares)
 
30,540
743,022
Shangri-La Asia Ltd. (a)
 
108,000
99,632
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
10,443
472,125
Shenzhou International Group Holdings Ltd.
 
17,005
163,336
Silergy Corp.
 
22,903
361,256
Sinopec Engineering Group Co. Ltd. (H Shares)
 
308,000
159,717
Sinopharm Group Co. Ltd. (H Shares)
 
65,375
231,576
Sinotruk Hong Kong Ltd.
 
101,000
154,352
Sunny Optical Technology Group Co. Ltd.
 
39,447
416,849
Tencent Holdings Ltd.
 
144,748
6,429,144
Tongdao Liepin Group (a)
 
44,559
57,091
TravelSky Technology Ltd. (H Shares)
 
140,000
279,458
Trip.com Group Ltd. ADR (a)
 
35,598
1,264,085
Tsingtao Brewery Co. Ltd. (H Shares)
 
72,000
770,805
Uni-President China Holdings Ltd.
 
255,600
255,208
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)
 
35,747
50,045
WuXi AppTec Co. Ltd. (H Shares) (b)
 
17,453
153,498
Wuxi Biologics (Cayman), Inc. (a)(b)
 
104,998
626,086
Xinyi Solar Holdings Ltd.
 
88,000
94,609
Zai Lab Ltd. (a)
 
70,111
245,466
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
88,700
357,993
TOTAL CHINA
 
 
41,453,902
Greece - 0.4%
 
 
 
Alpha Bank SA (a)
 
556,800
696,366
Piraeus Financial Holdings SA (a)
 
126,700
298,767
TOTAL GREECE
 
 
995,133
Hong Kong - 0.5%
 
 
 
Huanxi Media Group Ltd. (a)
 
770,309
97,309
Kerry Properties Ltd.
 
39,000
100,624
Prudential PLC
 
70,335
1,076,199
TOTAL HONG KONG
 
 
1,274,132
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
17,860
431,001
India - 9.5%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
7,041
390,167
Bajaj Auto Ltd.
 
5,100
277,100
Bajaj Finance Ltd.
 
12,364
954,681
Bandhan Bank Ltd. (a)(b)
 
192,500
542,658
Bharat Electronics Ltd.
 
373,600
473,652
Bharti Airtel Ltd.
 
54,719
536,228
Campus Activewear Ltd.
 
19,717
86,196
Divi's Laboratories Ltd.
 
4,477
179,546
Embassy Office Parks (REIT)
 
28,000
113,000
HDFC Bank Ltd.
 
185,696
3,843,355
HDFC Standard Life Insurance Co. Ltd. (b)
 
123,600
803,260
Hindustan Aeronautics Ltd.
 
7,900
283,207
Housing Development Finance Corp. Ltd.
 
9,500
324,024
Indraprastha Gas Ltd.
 
67,493
410,360
Infosys Ltd.
 
15,402
237,891
Infosys Ltd. sponsored ADR
 
94,788
1,473,006
ITC Ltd.
 
208,213
1,086,927
JK Cement Ltd.
 
24,174
888,393
Larsen & Toubro Ltd.
 
32,669
948,155
Mahanagar Gas Ltd.
 
21,425
264,958
Manappuram General Finance & Leasing Ltd.
 
198,751
316,767
Maruti Suzuki India Ltd.
 
4,403
464,218
NTPC Ltd.
 
228,738
482,957
Oberoi Realty Ltd.
 
5,970
67,079
Oil & Natural Gas Corp. Ltd.
 
225,800
440,831
One97 Communications Ltd. (a)
 
37,700
302,619
Petronet LNG Ltd.
 
71,606
208,196
Power Grid Corp. of India Ltd.
 
196,387
571,658
Reliance Industries Ltd.
 
85,113
2,530,281
Shree Cement Ltd.
 
1,951
582,331
Sona Blw Precision Forgings Ltd. (b)
 
30,419
179,316
SRF Ltd.
 
17,178
535,872
Sun Pharmaceutical Industries Ltd.
 
9,454
114,478
Tata Motors Ltd. (a)
 
13,094
78,207
Tata Steel Ltd.
 
626,700
831,736
Torrent Pharmaceuticals Ltd.
 
8,937
181,119
Vijaya Diagnostic Centre Pvt Ltd.
 
10,490
48,548
Zomato Ltd. (a)
 
753,876
603,475
TOTAL INDIA
 
 
22,656,452
Indonesia - 1.6%
 
 
 
First Resources Ltd.
 
356,200
410,657
PT Bank Central Asia Tbk
 
2,279,700
1,410,796
PT Bank Rakyat Indonesia (Persero) Tbk
 
4,066,879
1,417,223
PT Dayamitra Telekomunikasi Tbk
 
325,700
15,552
PT Sumber Alfaria Trijaya Tbk
 
2,030,800
401,555
PT United Tractors Tbk
 
88,000
173,719
TOTAL INDONESIA
 
 
3,829,502
Japan - 0.1%
 
 
 
Z Holdings Corp.
 
91,062
249,441
Korea (South) - 6.6%
 
 
 
Coway Co. Ltd.
 
6,600
242,425
Delivery Hero AG (a)(b)
 
5,647
224,816
Hyundai Fire & Marine Insurance Co. Ltd.
 
17,070
479,753
Hyundai Motor Co. Ltd.
 
580
85,949
Jeisys Medical, Inc. (a)
 
12,635
81,847
Kakao Corp.
 
12,327
540,008
Kakao Pay Corp. (a)
 
3,261
134,062
KB Financial Group, Inc.
 
30,228
1,122,394
Kia Corp.
 
15,970
1,011,834
L&F Co. Ltd.
 
300
59,907
LG Chemical Ltd.
 
663
368,431
LG Corp.
 
6,330
414,473
NAVER Corp.
 
2,054
297,692
NCSOFT Corp.
 
297
84,076
POSCO
 
3,652
1,033,943
S-Oil Corp.
 
4,960
277,909
Samsung Biologics Co. Ltd. (a)(b)
 
905
529,506
Samsung Electronics Co. Ltd.
 
137,099
6,748,505
Samsung SDI Co. Ltd.
 
1,620
841,068
SK Hynix, Inc.
 
16,103
1,083,895
TOTAL KOREA (SOUTH)
 
 
15,662,493
Mauritius - 0.0%
 
 
 
Jumo World Ltd. (a)(e)
 
30
28,475
Mexico - 2.1%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
197,400
1,184,400
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
83,655
264,232
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
28,000
498,174
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR
 
1,654
473,573
Grupo Aeroportuario Norte S.A.B. de CV
 
28,400
312,188
Grupo Financiero Banorte S.A.B. de CV Series O
 
171,221
1,480,655
Wal-Mart de Mexico SA de CV Series V
 
184,200
742,660
TOTAL MEXICO
 
 
4,955,882
Netherlands - 0.0%
 
 
 
CTP BV (b)
 
5,452
71,490
CTP BV rights (a)(f)
 
5,452
1,382
TOTAL NETHERLANDS
 
 
72,872
Panama - 0.1%
 
 
 
Copa Holdings SA Class A
 
2,986
269,696
Peru - 0.3%
 
 
 
Credicorp Ltd. (United States)
 
4,879
661,007
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
334,500
161,387
SM Investments Corp.
 
15,000
242,650
TOTAL PHILIPPINES
 
 
404,037
Poland - 0.3%
 
 
 
CD Projekt RED SA
 
8,116
220,932
Dino Polska SA (a)(b)
 
5,800
590,019
TOTAL POLAND
 
 
810,951
Russia - 1.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(e)
 
68,238
25,202
Gazprom OAO sponsored ADR (Reg. S) (a)(e)
 
155,600
35,545
LSR Group OJSC (a)(e)
 
755
884
LUKOIL PJSC sponsored ADR (a)(e)
 
35,200
9,958
Novatek PJSC GDR (Reg. S) (a)(e)
 
9,100
400,400
Sberbank of Russia (e)
 
30
0
Sberbank of Russia sponsored ADR (a)(e)
 
324,104
5,769
Severstal PAO GDR (Reg. S) (a)(e)
 
83,700
1,976
TCS Group Holding PLC GDR (a)(e)
 
56,395
505,299
X5 Retail Group NV GDR (Reg. S) (a)(e)
 
77,500
589,000
Yandex NV Series A (a)(e)
 
93,769
712,644
TOTAL RUSSIA
 
 
2,286,677
Saudi Arabia - 1.7%
 
 
 
Al Rajhi Bank
 
59,514
1,218,619
Alinma Bank
 
89,300
753,551
Bupa Arabia for Cooperative Insurance Co.
 
15,675
737,214
The Saudi National Bank
 
105,800
1,379,375
TOTAL SAUDI ARABIA
 
 
4,088,759
Singapore - 0.9%
 
 
 
Sea Ltd. ADR (a)
 
28,147
2,143,957
South Africa - 1.5%
 
 
 
Capitec Bank Holdings Ltd.
 
8,250
718,392
Discovery Ltd. (a)
 
97,700
767,874
Impala Platinum Holdings Ltd.
 
123,200
1,199,451
Naspers Ltd. Class N
 
3,386
603,659
Pick 'n Pay Stores Ltd.
 
140,500
333,498
TOTAL SOUTH AFRICA
 
 
3,622,874
Switzerland - 0.1%
 
 
 
OPT Machine Vision Tech Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 2/21/25 (a)(b)
 
5,200
112,925
Taiwan - 6.2%
 
 
 
BizLink Holding, Inc.
 
29,000
248,896
BizLink Holding, Inc. rights 5/8/23 (a)
 
740
794
Chailease Holding Co. Ltd.
 
161,144
1,172,812
eMemory Technology, Inc.
 
5,035
300,841
Formosa Plastics Corp.
 
41,000
125,336
MediaTek, Inc.
 
41,793
908,105
Novatek Microelectronics Corp.
 
7,000
95,631
Realtek Semiconductor Corp.
 
9,000
105,469
Taiwan Semiconductor Manufacturing Co. Ltd.
 
650,787
10,649,551
Uni-President Enterprises Corp.
 
243,000
582,151
United Microelectronics Corp.
 
18,000
28,930
Wistron Corp.
 
108,000
163,583
Wiwynn Corp.
 
10,348
393,535
Yageo Corp.
 
7,000
113,397
TOTAL TAIWAN
 
 
14,889,031
Tanzania - 0.1%
 
 
 
Helios Towers PLC (a)
 
85,700
112,335
Thailand - 0.4%
 
 
 
Carabao Group PCL (For. Reg.)
 
159,800
335,966
Land & House PCL (For. Reg.)
 
324,200
93,212
PTT Global Chemical PCL (For. Reg.)
 
382,700
467,043
Supalai PCL (For. Reg.)
 
84,400
52,464
TOTAL THAILAND
 
 
948,685
United States of America - 1.1%
 
 
 
FirstCash Holdings, Inc.
 
11,401
1,174,645
Globant SA (a)
 
1,867
292,876
Legend Biotech Corp. ADR (a)
 
2,479
170,332
Parade Technologies Ltd.
 
1,000
30,606
Tenaris SA sponsored ADR
 
11,300
324,423
Titan Cement International Trading SA
 
31,600
509,765
TOTAL UNITED STATES OF AMERICA
 
 
2,502,647
Uruguay - 0.0%
 
 
 
Dlocal Ltd. (a)
 
6,110
85,540
 
TOTAL COMMON STOCKS
  (Cost $125,657,455)
 
 
 
136,260,701
 
 
 
 
Preferred Stocks - 1.7%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.4%
 
 
 
Brazil - 0.1%
 
 
 
Creditas Financial Solutions Ltd. Series F (a)(d)(e)
 
1,073
306,277
China - 0.1%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
11,962
106,103
India - 0.2%
 
 
 
Meesho Series F (a)(d)(e)
 
7,108
492,016
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
904,396
Nonconvertible Preferred Stocks - 1.3%
 
 
 
Brazil - 1.0%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
42,100
194,556
Metalurgica Gerdau SA (PN)
 
316,170
739,112
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
75,906
720,348
 sponsored ADR
 
64,600
686,052
 
 
 
2,340,068
Korea (South) - 0.3%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
5,787
480,234
Samsung Electronics Co. Ltd.
 
6,660
278,531
 
 
 
758,765
United States of America - 0.0%
 
 
 
Gupshup, Inc. (a)(d)(e)
 
8,409
131,433
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
3,230,266
 
TOTAL PREFERRED STOCKS
  (Cost $3,454,757)
 
 
 
4,134,662
 
 
 
 
Nonconvertible Bonds - 15.4%
 
 
Principal
Amount (g)
 
Value ($)
 
Azerbaijan - 0.6%
 
 
 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
 
695,000
712,288
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S)
 
585,000
603,025
TOTAL AZERBAIJAN
 
 
1,315,313
Bahrain - 0.8%
 
 
 
The Oil and Gas Holding Co.:
 
 
 
 7.5% 10/25/27 (b)
 
1,410,000
1,441,549
 7.625% 11/7/24 (b)
 
400,000
405,936
TOTAL BAHRAIN
 
 
1,847,485
Brazil - 0.4%
 
 
 
Adecoagro SA 6% 9/21/27 (b)
 
275,000
255,544
Braskem Netherlands BV 7.25% 2/13/33 (b)
 
200,000
190,595
MARB BondCo PLC 3.95% 1/29/31 (b)
 
145,000
106,078
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
 
372,007
285,236
Natura Cosmeticos SA 4.125% 5/3/28 (b)
 
190,000
157,439
TOTAL BRAZIL
 
 
994,892
Burkina Faso - 0.1%
 
 
 
Endeavour Mining PLC 5% 10/14/26 (b)
 
285,000
247,113
Cambodia - 0.1%
 
 
 
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)
 
200,000
185,663
Chile - 0.9%
 
 
 
Antofagasta PLC 2.375% 10/14/30 (b)
 
450,000
365,428
Corporacion Nacional del Cobre de Chile (Codelco):
 
 
 
 3.7% 1/30/50 (b)
 
300,000
223,500
 4.5% 8/1/47 (b)
 
250,000
213,328
 5.125% 2/2/33 (b)
 
200,000
202,100
Empresa Nacional de Petroleo 4.5% 9/14/47 (b)
 
440,000
339,295
Sable International Finance Ltd. 5.75% 9/7/27 (b)
 
600,000
557,250
VTR Comunicaciones SpA 5.125% 1/15/28 (b)
 
400,000
220,450
TOTAL CHILE
 
 
2,121,351
China - 0.6%
 
 
 
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b)
 
395,000
352,538
Meituan 2.125% 10/28/25 (b)
 
640,000
586,520
Prosus NV:
 
 
 
 3.832% 2/8/51 (b)
 
425,000
264,775
 4.193% 1/19/32 (b)
 
245,000
207,025
TOTAL CHINA
 
 
1,410,858
Colombia - 0.8%
 
 
 
Ecopetrol SA 8.875% 1/13/33
 
170,000
164,369
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
 
690,000
437,115
Gcm Mining Corp. 6.875% 8/9/26 (b)
 
400,000
322,712
GeoPark Ltd. 5.5% 1/17/27 (b)
 
500,000
413,688
Oleoducto Central SA 4% 7/14/27 (b)
 
350,000
307,847
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
 
414,625
366,383
TOTAL COLOMBIA
 
 
2,012,114
Costa Rica - 0.1%
 
 
 
Liberty Costa Rica SR SF 10.875% 1/15/31 (b)
 
205,000
194,545
Georgia - 0.1%
 
 
 
JSC Georgian Railway 4% 6/17/28 (b)
 
300,000
255,806
Ghana - 0.5%
 
 
 
Kosmos Energy Ltd. 7.125% 4/4/26 (b)
 
815,000
720,409
Tullow Oil PLC:
 
 
 
 7% 3/1/25 (b)
 
450,000
273,038
 10.25% 5/15/26 (b)
 
411,000
318,602
TOTAL GHANA
 
 
1,312,049
Guatemala - 0.3%
 
 
 
CT Trust 5.125% 2/3/32 (b)
 
440,000
361,845
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
 
510,000
470,252
TOTAL GUATEMALA
 
 
832,097
Hungary - 0.1%
 
 
 
Magyar Export-Import Bank 6.125% 12/4/27 (b)
 
200,000
201,375
India - 0.1%
 
 
 
CA Magnum Holdings 5.375% (b)(h)
 
400,000
350,700
Indonesia - 1.3%
 
 
 
Medco Bell Pte Ltd. 6.375% 1/30/27 (b)
 
560,000
510,580
PT Adaro Indonesia 4.25% 10/31/24 (b)
 
250,000
240,359
PT Freeport Indonesia:
 
 
 
 5.315% 4/14/32 (b)
 
250,000
240,359
 6.2% 4/14/52 (b)
 
200,000
184,500
PT Hutama Karya Persero 3.75% 5/11/30 (b)
 
600,000
556,425
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b)
 
690,000
685,688
PT Pertamina Persero:
 
 
 
 4.15% 2/25/60 (b)
 
365,000
270,967
 4.175% 1/21/50 (b)
 
450,000
353,756
TOTAL INDONESIA
 
 
3,042,634
Kazakhstan - 0.3%
 
 
 
KazMunaiGaz National Co. 3.5% 4/14/33 (b)
 
400,000
306,825
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
 
550,000
413,806
TOTAL KAZAKHSTAN
 
 
720,631
Malaysia - 0.6%
 
 
 
MISC Capital Two (Labuan) Ltd. 3.75% 4/6/27 (b)
 
380,000
360,834
Petronas Capital Ltd.:
 
 
 
 3.404% 4/28/61 (b)
 
500,000
365,625
 3.5% 4/21/30 (b)
 
450,000
424,350
 4.55% 4/21/50 (b)
 
400,000
374,000
TOTAL MALAYSIA
 
 
1,524,809
Mauritius - 0.1%
 
 
 
AXIAN Telecom 7.375% 2/16/27 (b)
 
355,000
319,567
Mexico - 1.7%
 
 
 
Braskem Idesa SAPI 6.99% 2/20/32 (b)
 
205,000
145,396
Comision Federal de Electricid 3.348% 2/9/31 (b)
 
450,000
358,538
Petroleos Mexicanos:
 
 
 
 5.35% 2/12/28
 
320,000
265,260
 6.49% 1/23/27
 
315,000
281,925
 6.5% 6/2/41
 
820,000
518,650
 6.625% 6/15/35
 
410,000
284,815
 6.7% 2/16/32
 
415,000
318,772
 6.75% 9/21/47
 
960,000
590,880
 6.84% 1/23/30
 
380,000
305,606
 6.95% 1/28/60
 
1,075,000
651,181
 7.69% 1/23/50
 
589,000
392,421
TOTAL MEXICO
 
 
4,113,444
Morocco - 0.2%
 
 
 
OCP SA:
 
 
 
 3.75% 6/23/31 (b)
 
535,000
448,330
 5.125% 6/23/51 (b)
 
200,000
147,100
TOTAL MOROCCO
 
 
595,430
Panama - 0.4%
 
 
 
Aeropuerto Internacional de Tocumen SA:
 
 
 
 4% 8/11/41 (b)
 
290,000
232,054
 5.125% 8/11/61 (b)
 
200,000
153,663
Cable Onda SA 4.5% 1/30/30 (b)
 
580,000
475,963
TOTAL PANAMA
 
 
861,680
Paraguay - 0.1%
 
 
 
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
 
250,000
230,125
Peru - 0.2%
 
 
 
Camposol SA 6% 2/3/27 (b)
 
500,000
272,500
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b)
 
165,000
143,323
TOTAL PERU
 
 
415,823
Qatar - 0.7%
 
 
 
Qatar Petroleum:
 
 
 
 2.25% 7/12/31 (b)
 
700,000
602,569
 3.125% 7/12/41 (b)
 
650,000
511,794
 3.3% 7/12/51 (b)
 
580,000
437,284
TOTAL QATAR
 
 
1,551,647
Saudi Arabia - 1.3%
 
 
 
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
 
720,000
620,460
Greensaif Pipelines Bidco SARL:
 
 
 
 6.129% 2/23/38 (b)
 
200,000
209,600
 6.51% 2/23/42 (b)
 
200,000
213,225
Saudi Arabian Oil Co.:
 
 
 
 3.5% 4/16/29 (b)
 
450,000
424,350
 4.25% 4/16/39 (b)
 
1,680,000
1,541,190
TOTAL SAUDI ARABIA
 
 
3,008,825
South Africa - 0.9%
 
 
 
Eskom Holdings SOC Ltd.:
 
 
 
 6.35% 8/10/28 (b)
 
315,000
296,568
 7.125% 2/11/25 (b)
 
815,000
793,250
 8.45% 8/10/28 (b)
 
235,000
224,616
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
 
400,000
248,700
Stillwater Mining Co.:
 
 
 
 4% 11/16/26 (b)
 
485,000
435,075
 4.5% 11/16/29 (b)
 
220,000
181,335
TOTAL SOUTH AFRICA
 
 
2,179,544
Tanzania - 0.2%
 
 
 
HTA Group Ltd. 7% 12/18/25 (b)
 
400,000
375,700
Thailand - 0.1%
 
 
 
PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b)
 
350,000
237,125
Ukraine - 0.1%
 
 
 
NAK Naftogaz Ukraine 7.375% 7/19/24 (Reg. S) (i)
 
400,000
135,250
United Arab Emirates - 0.9%
 
 
 
Abu Dhabi National Energy Co. PJSC:
 
 
 
 4% 10/3/49 (b)
 
390,000
338,642
 4.696% 4/24/33 (b)
 
165,000
167,681
 4.875% 4/23/30 (b)
 
50,000
51,759
Galaxy Pipeline Assets BidCo Ltd.:
 
 
 
 2.16% 3/31/34 (b)
 
399,195
345,878
 2.625% 3/31/36 (b)
 
570,000
469,110
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b)
 
690,000
673,311
MDGH GMTN RSC Ltd. 5.5% 4/28/33 (b)
 
200,000
216,038
TOTAL UNITED ARAB EMIRATES
 
 
2,262,419
Uzbekistan - 0.3%
 
 
 
National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S)
 
350,000
323,269
Uzbekneftegaz JSC 4.75% 11/16/28 (b)
 
400,000
322,075
TOTAL UZBEKISTAN
 
 
645,344
Venezuela - 0.2%
 
 
 
Petroleos de Venezuela SA:
 
 
 
 6% 5/16/24 (b)(i)
 
5,700,000
185,250
 6% 11/15/26 (Reg. S) (i)
 
6,800,000
193,800
TOTAL VENEZUELA
 
 
379,050
Vietnam - 0.3%
 
 
 
Mong Duong Finance Holdings BV 5.125% 5/7/29 (b)
 
890,000
770,598
 
TOTAL NONCONVERTIBLE BONDS
  (Cost $45,014,529)
 
 
 
36,651,006
 
 
 
 
Government Obligations - 23.3%
 
 
Principal
Amount (g)
 
Value ($)
 
Angola - 0.7%
 
 
 
Angola Republic:
 
 
 
 8.25% 5/9/28 (b)
 
720,000
629,235
 8.75% 4/14/32 (b)
 
200,000
165,413
 9.125% 11/26/49 (b)
 
225,000
167,878
 9.375% 5/8/48 (b)
 
290,000
222,267
 9.5% 11/12/25 (b)
 
420,000
414,435
TOTAL ANGOLA
 
 
1,599,228
Argentina - 0.8%
 
 
 
Argentine Republic:
 
 
 
 0.5% 7/9/30 (j)
 
1,995,365
484,874
 1% 7/9/29
 
498,666
118,215
 1.5% 7/9/35 (j)
 
1,537,734
341,954
 3.875% 1/9/38 (j)
 
2,011,834
555,518
Buenos Aires Province 5.25% 9/1/37 (b)(j)
 
1,030,000
315,695
TOTAL ARGENTINA
 
 
1,816,256
Armenia - 0.1%
 
 
 
Republic of Armenia 3.6% 2/2/31 (b)
 
360,000
281,318
Bahrain - 0.1%
 
 
 
Bahrain Kingdom 5.625% 5/18/34 (b)
 
200,000
174,975
Barbados - 0.1%
 
 
 
Barbados Government 6.5% 10/1/29 (b)
 
290,000
268,304
Benin - 0.0%
 
 
 
Republic of Benin 4.875% 1/19/32 (b)
EUR
140,000
114,812
Brazil - 0.6%
 
 
 
Brazilian Federative Republic:
 
 
 
 3.875% 6/12/30
 
775,000
692,317
 4.75% 1/14/50
 
505,000
371,743
 6% 10/20/33
 
295,000
289,616
TOTAL BRAZIL
 
 
1,353,676
Cameroon - 0.1%
 
 
 
Cameroon Republic 5.95% 7/7/32 (b)
EUR
360,000
275,894
Chile - 0.5%
 
 
 
Chilean Republic:
 
 
 
 2.45% 1/31/31
 
535,000
469,897
 3.1% 1/22/61
 
340,000
227,758
 3.5% 1/31/34
 
280,000
253,365
 4% 1/31/52
 
200,000
165,913
 4.34% 3/7/42
 
200,000
181,663
TOTAL CHILE
 
 
1,298,596
Colombia - 1.1%
 
 
 
Colombian Republic:
 
 
 
 3% 1/30/30
 
715,000
547,109
 3.125% 4/15/31
 
548,000
405,623
 5% 6/15/45
 
805,000
538,746
 5.2% 5/15/49
 
185,000
124,563
 6.125% 1/18/41
 
200,000
157,163
 7.375% 9/18/37
 
650,000
602,997
 7.5% 2/2/34
 
200,000
190,850
 8% 4/20/33
 
160,000
159,330
TOTAL COLOMBIA
 
 
2,726,381
Costa Rica - 0.4%
 
 
 
Costa Rican Republic:
 
 
 
 5.625% 4/30/43 (b)
 
425,000
369,697
 6.125% 2/19/31 (b)
 
315,000
317,028
 6.55% 4/3/34 (b)
 
245,000
249,594
 7% 4/4/44 (b)
 
105,000
103,248
TOTAL COSTA RICA
 
 
1,039,567
Dominican Republic - 1.5%
 
 
 
Dominican Republic:
 
 
 
 4.5% 1/30/30 (b)
 
515,000
454,745
 4.875% 9/23/32 (b)
 
870,000
747,819
 5.3% 1/21/41 (b)
 
200,000
157,850
 5.875% 1/30/60 (b)
 
900,000
686,138
 6% 7/19/28 (b)
 
400,000
393,825
 6% 2/22/33 (b)
 
425,000
396,525
 6.5% 2/15/48 (b)
 
200,000
170,350
 6.85% 1/27/45 (b)
 
350,000
314,300
 7.05% 2/3/31 (b)
 
150,000
152,297
TOTAL DOMINICAN REPUBLIC
 
 
3,473,849
Ecuador - 0.5%
 
 
 
Ecuador Republic:
 
 
 
 1.5% 7/31/40 (b)(j)
 
250,000
81,297
 2.5% 7/31/35 (b)(j)
 
1,490,256
544,223
 5.5% 7/31/30 (b)(j)
 
985,630
517,949
TOTAL ECUADOR
 
 
1,143,469
Egypt - 0.8%
 
 
 
Arab Republic of Egypt:
 
 
 
 7.0529% 1/15/32 (b)
 
665,000
366,083
 7.5% 2/16/61 (b)
 
395,000
196,710
 7.903% 2/21/48 (b)
 
865,000
433,473
 8.5% 1/31/47 (b)
 
1,160,000
610,668
 8.7002% 3/1/49 (b)
 
400,000
211,575
TOTAL EGYPT
 
 
1,818,509
El Salvador - 0.1%
 
 
 
El Salvador Republic 7.1246% 1/20/50 (b)
 
560,000
271,530
Gabon - 0.2%
 
 
 
Gabonese Republic:
 
 
 
 6.95% 6/16/25 (b)
 
200,000
183,913
 7% 11/24/31 (b)
 
540,000
397,508
TOTAL GABON
 
 
581,421
Georgia - 0.2%
 
 
 
Georgia Republic 2.75% 4/22/26 (b)
 
505,000
451,754
Ghana - 0.3%
 
 
 
Ghana Republic:
 
 
 
 8.125% 1/18/26 (b)(i)
 
500,000
197,906
 8.627% 6/16/49 (b)(i)
 
615,000
209,600
 10.75% 10/14/30 (b)
 
400,000
269,575
TOTAL GHANA
 
 
677,081
Guatemala - 0.1%
 
 
 
Guatemalan Republic 6.125% 6/1/50 (b)
 
350,000
328,081
Hungary - 0.3%
 
 
 
Hungarian Republic:
 
 
 
 2.125% 9/22/31 (b)
 
300,000
233,494
 3.125% 9/21/51 (b)
 
560,000
346,080
 6.25% 9/22/32 (b)
 
200,000
207,350
TOTAL HUNGARY
 
 
786,924
Indonesia - 0.6%
 
 
 
Indonesian Republic:
 
 
 
 3.35% 3/12/71
 
470,000
321,451
 3.5% 2/14/50
 
380,000
292,671
 4.2% 10/15/50
 
600,000
522,300
 8.5% 10/12/35 (b)
 
300,000
394,650
TOTAL INDONESIA
 
 
1,531,072
Ivory Coast - 0.3%
 
 
 
Ivory Coast:
 
 
 
 6.125% 6/15/33 (b)
 
200,000
168,288
 6.375% 3/3/28 (b)
 
635,000
604,560
TOTAL IVORY COAST
 
 
772,848
Jordan - 0.2%
 
 
 
Jordanian Kingdom:
 
 
 
 5.85% 7/7/30 (b)
 
200,000
179,163
 7.375% 10/10/47 (b)
 
280,000
235,603
TOTAL JORDAN
 
 
414,766
Kenya - 0.4%
 
 
 
Republic of Kenya:
 
 
 
 6.3% 1/23/34 (b)
 
440,000
285,945
 6.875% 6/24/24 (b)
 
385,000
331,653
 7% 5/22/27 (b)
 
410,000
327,693
TOTAL KENYA
 
 
945,291
Lebanon - 0.2%
 
 
 
Lebanese Republic 6.375% 12/31/49 (i)
 
7,090,000
418,310
Mexico - 0.9%
 
 
 
United Mexican States:
 
 
 
 2.659% 5/24/31
 
400,000
337,950
 3.25% 4/16/30
 
400,000
361,575
 4.35% 1/15/47
 
850,000
686,800
 4.75% 3/8/44
 
450,000
391,303
 6.338% 5/4/53
 
200,000
206,200
 6.35% 2/9/35
 
220,000
235,441
TOTAL MEXICO
 
 
2,219,269
Mongolia - 0.1%
 
 
 
Mongolia Government 5.125% 4/7/26 (b)
 
200,000
182,850
Morocco - 0.1%
 
 
 
Moroccan Kingdom 6.5% 9/8/33 (b)
 
240,000
248,295
Nigeria - 0.8%
 
 
 
Republic of Nigeria:
 
 
 
 6.125% 9/28/28 (b)
 
325,000
246,655
 6.5% 11/28/27 (b)
 
705,000
559,946
 7.143% 2/23/30 (b)
 
850,000
634,738
 7.625% 11/28/47 (b)
 
300,000
186,338
 8.25% 9/28/51 (b)
 
200,000
130,100
 8.375% 3/24/29 (b)
 
190,000
154,411
TOTAL NIGERIA
 
 
1,912,188
Oman - 1.4%
 
 
 
Sultanate of Oman:
 
 
 
 4.75% 6/15/26 (b)
 
450,000
440,100
 5.375% 3/8/27 (b)
 
395,000
392,852
 5.625% 1/17/28 (b)
 
420,000
422,441
 6% 8/1/29 (b)
 
285,000
290,753
 6.25% 1/25/31 (b)
 
690,000
714,495
 6.5% 3/8/47 (b)
 
1,275,000
1,193,161
TOTAL OMAN
 
 
3,453,802
Pakistan - 0.2%
 
 
 
Islamic Republic of Pakistan:
 
 
 
 6% 4/8/26 (b)
 
695,000
248,376
 6.875% 12/5/27 (b)
 
560,000
195,405
TOTAL PAKISTAN
 
 
443,781
Panama - 1.1%
 
 
 
Panamanian Republic:
 
 
 
 2.252% 9/29/32
 
485,000
374,299
 3.16% 1/23/30
 
660,000
582,986
 3.298% 1/19/33
 
540,000
456,233
 3.87% 7/23/60
 
510,000
340,999
 4.5% 5/15/47
 
405,000
324,582
 6.4% 2/14/35
 
250,000
264,344
 6.853% 3/28/54
 
200,000
208,500
TOTAL PANAMA
 
 
2,551,943
Paraguay - 0.3%
 
 
 
Republic of Paraguay:
 
 
 
 2.739% 1/29/33 (b)
 
415,000
334,023
 5.4% 3/30/50 (b)
 
415,000
353,606
TOTAL PARAGUAY
 
 
687,629
Peru - 0.5%
 
 
 
Peruvian Republic:
 
 
 
 2.783% 1/23/31
 
435,000
376,628
 3% 1/15/34
 
260,000
217,474
 3.3% 3/11/41
 
635,000
488,871
TOTAL PERU
 
 
1,082,973
Philippines - 0.4%
 
 
 
Philippine Republic:
 
 
 
 2.65% 12/10/45
 
430,000
298,259
 2.95% 5/5/45
 
320,000
234,860
 5.5% 1/17/48
 
200,000
208,663
 5.95% 10/13/47
 
225,000
246,769
TOTAL PHILIPPINES
 
 
988,551
Poland - 0.1%
 
 
 
Polish Government 5.5% 4/4/53
 
170,000
176,513
Qatar - 1.3%
 
 
 
State of Qatar:
 
 
 
 4.4% 4/16/50 (b)
 
1,675,000
1,570,103
 4.625% 6/2/46 (b)
 
600,000
585,863
 4.817% 3/14/49 (b)
 
855,000
846,076
TOTAL QATAR
 
 
3,002,042
Romania - 0.6%
 
 
 
Romanian Republic:
 
 
 
 3% 2/27/27 (b)
 
334,000
304,107
 3% 2/14/31 (b)
 
574,000
479,039
 3.625% 3/27/32 (b)
 
334,000
285,320
 6.125% 1/22/44 (b)
 
400,000
384,950
TOTAL ROMANIA
 
 
1,453,416
Russia - 0.0%
 
 
 
Ministry of Finance of the Russian Federation 5.1% 3/28/35(Reg. S) (e)(i)
 
600,000
30,000
Rwanda - 0.2%
 
 
 
Rwanda Republic 5.5% 8/9/31 (b)
 
700,000
498,225
Saudi Arabia - 0.3%
 
 
 
Kingdom of Saudi Arabia:
 
 
 
 2.25% 2/2/33 (b)
 
445,000
369,990
 3.45% 2/2/61 (b)
 
570,000
409,973
TOTAL SAUDI ARABIA
 
 
779,963
Senegal - 0.1%
 
 
 
Republic of Senegal:
 
 
 
 6.25% 5/23/33 (b)
 
235,000
184,446
 6.75% 3/13/48 (b)
 
200,000
133,350
TOTAL SENEGAL
 
 
317,796
Serbia - 0.2%
 
 
 
Republic of Serbia:
 
 
 
 2.125% 12/1/30 (b)
 
620,000
482,941
 6.25% 5/26/28 (b)
 
105,000
107,218
TOTAL SERBIA
 
 
590,159
South Africa - 0.5%
 
 
 
South African Republic:
 
 
 
 4.85% 9/27/27
 
400,000
380,075
 5% 10/12/46
 
155,000
105,381
 5.65% 9/27/47
 
325,000
234,772
 5.75% 9/30/49
 
715,000
513,817
TOTAL SOUTH AFRICA
 
 
1,234,045
Sri Lanka - 0.3%
 
 
 
Democratic Socialist Republic of Sri Lanka:
 
 
 
 6.2% 5/11/27 (b)(i)
 
935,000
306,096
 6.85% 11/3/25 (b)(i)
 
695,000
243,598
 7.55% 3/28/30 (b)(i)
 
150,000
49,200
 7.85% 3/14/29 (b)(i)
 
210,000
68,775
TOTAL SRI LANKA
 
 
667,669
Turkey - 1.2%
 
 
 
Turkish Republic:
 
 
 
 4.875% 10/9/26
 
520,000
465,010
 4.875% 4/16/43
 
1,055,000
703,092
 5.125% 2/17/28
 
245,000
213,196
 5.75% 5/11/47
 
865,000
614,042
 6.125% 10/24/28
 
220,000
197,010
 6.625% 2/17/45
 
130,000
102,603
 9.375% 3/14/29
 
495,000
499,269
 9.375% 1/19/33
 
80,000
80,590
TOTAL TURKEY
 
 
2,874,812
Ukraine - 0.4%
 
 
 
Ukraine Government:
 
 
 
 0% 8/1/41 (b)(k)
 
775,000
198,981
 6.876% 5/21/31 (b)
 
200,000
32,288
 7.253% 3/15/35 (b)
 
380,000
61,584
 7.375% 9/25/34 (b)
 
200,000
32,163
 7.75% 9/1/25 (b)
 
830,000
157,856
 7.75% 9/1/26 (b)
 
830,000
141,256
 7.75% 9/1/27 (b)
 
345,000
59,577
 7.75% 9/1/28 (b)
 
560,000
96,530
 7.75% 9/1/29 (b)
 
400,000
68,825
TOTAL UKRAINE
 
 
849,060
United Arab Emirates - 0.4%
 
 
 
Emirate of Abu Dhabi 3.125% 9/30/49 (b)
 
410,000
310,268
Emirate of Dubai:
 
 
 
 3.9% 9/9/50 (Reg. S)
 
650,000
477,263
 5.25% 1/30/43 (Reg. S)
 
295,000
279,291
TOTAL UNITED ARAB EMIRATES
 
 
1,066,822
United States of America - 0.8%
 
 
 
U.S. Treasury Bills, yield at date of purchase 4.58% to 4.61% 5/4/23
 
80,000
79,973
U.S. Treasury Bonds 2.875% 5/15/52
 
1,533,000
1,311,793
U.S. Treasury Notes:
 
 
 
 3.625% 3/31/30
 
147,000
148,355
 4% 2/28/30
 
252,000
259,757
TOTAL UNITED STATES OF AMERICA
 
 
1,799,878
Uruguay - 0.3%
 
 
 
Uruguay Republic 5.1% 6/18/50
 
730,000
747,703
Uzbekistan - 0.2%
 
 
 
Republic of Uzbekistan:
 
 
 
 3.7% 11/25/30 (b)
 
200,000
162,663
 3.9% 10/19/31 (b)
 
240,000
194,370
TOTAL UZBEKISTAN
 
 
357,033
Venezuela - 0.3%
 
 
 
Venezuelan Republic 9.25% 9/15/27 (i)
 
6,200,000
620,000
Zambia - 0.1%
 
 
 
Republic of Zambia:
 
 
 
 8.5% 4/14/24 (b)(i)
 
50,000
23,369
 8.97% 7/30/27 (b)(i)
 
250,000
115,281
TOTAL ZAMBIA
 
 
138,650
 
TOTAL GOVERNMENT OBLIGATIONS
  (Cost $74,126,093)
 
 
 
55,538,979
 
 
 
 
Preferred Securities - 1.2%
 
 
Principal
Amount (g)
 
Value ($)
 
Georgia - 0.3%
 
 
 
Georgia Bank Joint Stock Co. 11.125% (Reg. S) (h)(k)
 
700,000
711,566
Kuwait - 0.2%
 
 
 
NBK Tier 1 Financing 2 Ltd. 4.5% (b)(h)(k)
 
400,000
375,408
Mexico - 0.3%
 
 
 
Banco Mercantil del Norte SA:
 
 
 
 6.75% (b)(h)(k)
 
400,000
385,768
 7.625% (b)(h)(k)
 
105,000
96,054
CEMEX S.A.B. de CV 5.125% (b)(h)(k)
 
400,000
355,378
TOTAL MEXICO
 
 
837,200
United Arab Emirates - 0.4%
 
 
 
DP World Salaam 6% (Reg. S) (h)(k)
 
600,000
610,622
Emirates NBD Bank PJSC 6.125% (Reg. S) (h)(k)
 
400,000
398,121
TOTAL UNITED ARAB EMIRATES
 
 
1,008,743
 
TOTAL PREFERRED SECURITIES
  (Cost $3,208,322)
 
 
 
2,932,917
 
 
 
 
Money Market Funds - 0.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (l)
 
1,253,458
1,253,709
Fidelity Securities Lending Cash Central Fund 4.88% (l)(m)
 
642,082
642,147
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,895,559)
 
 
1,895,856
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
  (Cost $253,356,715)
 
 
 
237,414,121
NET OTHER ASSETS (LIABILITIES) - 0.4%  
925,659
NET ASSETS - 100.0%
238,339,780
 
 
 
 
Currency Abbreviations
         EUR
-
European Monetary Unit
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
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 $72,864,453 or 30.6% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,689,636 or 0.7% of net assets.
 
(e)
Level 3 security
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
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
12/01/20
169,898
 
 
 
Gupshup, Inc.
6/08/21
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.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
8,147,400
64,172,265
71,065,956
136,977
-
-
1,253,709
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
421,999
5,913,065
5,692,917
3,154
-
-
642,147
0.0%
Total
8,569,399
70,085,330
76,758,873
140,131
-
-
1,895,856
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
13,433,344
3,818,804
8,901,896
712,644
Consumer Discretionary
20,221,818
6,277,911
13,451,891
492,016
Consumer Staples
9,723,605
2,805,276
6,304,127
614,202
Energy
6,704,271
1,730,823
4,527,545
445,903
Financials
33,915,371
13,221,748
19,193,996
1,499,627
Health Care
5,266,894
1,099,154
4,061,637
106,103
Industrials
7,346,419
2,727,986
4,618,433
-
Information Technology
25,102,330
1,821,170
23,149,727
131,433
Materials
12,218,772
6,184,260
6,032,536
1,976
Real Estate
2,292,140
734,617
1,556,639
884
Utilities
4,170,399
1,085,648
3,084,751
-
 Corporate Bonds
36,651,006
-
36,651,006
-
 Government Obligations
55,538,979
-
55,508,979
30,000
 Preferred Securities
2,932,917
-
2,932,917
-
  Money Market Funds
1,895,856
1,895,856
-
-
 Total Investments in Securities:
237,414,121
43,403,253
189,976,080
4,034,788
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
2,348,844
 
  Net Realized Gain (Loss) on Investment Securities
 
(9,840)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
1,446,334
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(2,550)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
252,000
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
4,034,788
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023
$
1,446,334
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® Total Emerging Markets Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $632,977) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $251,461,156)
$
235,518,265
 
 
Fidelity Central Funds (cost $1,895,559)
1,895,856
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $253,356,715)
 
 
$
237,414,121
Foreign currency held at value (cost $819,777)
 
 
745,221
Receivable for investments sold
 
 
791,225
Receivable for fund shares sold
 
 
88,417
Dividends receivable
 
 
337,597
Interest receivable
 
 
1,676,930
Distributions receivable from Fidelity Central Funds
 
 
12,315
Prepaid expenses
 
 
127
Other receivables
 
 
90,579
  Total assets
 
 
241,156,532
Liabilities
 
 
 
 
Payable to custodian bank
$
516,240
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
793,355
 
 
Delayed delivery
1,382
 
 
Payable for fund shares redeemed
208,174
 
 
Accrued management fee
155,208
 
 
Distribution and service plan fees payable
20,882
 
 
Other affiliated payables
48,173
 
 
Deferred taxes
343,965
 
 
Other payables and accrued expenses
87,226
 
 
Collateral on securities loaned
642,147
 
 
  Total Liabilities
 
 
 
2,816,752
Net Assets  
 
 
$
238,339,780
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
284,642,513
Total accumulated earnings (loss)
 
 
 
(46,302,733)
Net Assets
 
 
$
238,339,780
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($31,227,594 ÷ 2,755,003 shares) (a)
 
 
$
11.33
Maximum offering price per share (100/94.25 of $11.33)
 
 
$
12.02
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,936,357 ÷ 612,294 shares) (a)
 
 
$
11.33
Maximum offering price per share (100/96.50 of $11.33)
 
 
$
11.74
Class C :
 
 
 
 
Net Asset Value and offering price per share ($13,717,455 ÷ 1,214,722 shares) (a)
 
 
$
11.29
Total Emerging Markets :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($91,760,542 ÷ 8,079,520 shares)
 
 
$
11.36
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($82,664,424 ÷ 7,288,854 shares)
 
 
$
11.34
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($12,033,408 ÷ 1,064,040 shares)
 
 
$
11.31
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,818,434
Non-Cash dividends
 
 
370,971
Interest  
 
 
3,390,612
Income from Fidelity Central Funds (including $3,154 from security lending)
 
 
140,131
 Income before foreign taxes withheld
 
 
$
5,720,148
Less foreign taxes withheld
 
 
(176,478)
 Total Income
 
 
 
5,543,670
Expenses
 
 
 
 
Management fee
$
984,456
 
 
Transfer agent fees
240,540
 
 
Distribution and service plan fees
128,297
 
 
Accounting fees
59,848
 
 
Custodian fees and expenses
94,914
 
 
Independent trustees' fees and expenses
1,006
 
 
Registration fees
38,616
 
 
Audit
57,473
 
 
Legal
1,732
 
 
Miscellaneous
639
 
 
 Total expenses before reductions
 
1,607,521
 
 
 Expense reductions
 
(6,121)
 
 
 Total expenses after reductions
 
 
 
1,601,400
Net Investment income (loss)
 
 
 
3,942,270
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $114,215)
 
(1,169,529)
 
 
 Foreign currency transactions
 
16,653
 
 
 Futures contracts
 
129,657
 
 
Total net realized gain (loss)
 
 
 
(1,023,219)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $40,781)
 
34,123,095
 
 
 Assets and liabilities in foreign currencies
 
(15,839)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
34,107,256
Net gain (loss)
 
 
 
33,084,037
Net increase (decrease) in net assets resulting from operations
 
 
$
37,026,307
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,942,270
$
10,825,203
Net realized gain (loss)
 
(1,023,219)
 
 
(12,640,549)
 
Change in net unrealized appreciation (depreciation)
 
34,107,256
 
(173,003,840)
 
Net increase (decrease) in net assets resulting from operations
 
37,026,307
 
 
(174,819,186)
 
Distributions to shareholders
 
(7,044,986)
 
 
(11,768,448)
 
Share transactions - net increase (decrease)
 
(43,900,325)
 
 
(182,422,186)
 
Total increase (decrease) in net assets
 
(13,919,004)
 
 
(369,009,820)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
252,258,784
 
621,268,604
 
End of period
$
238,339,780
$
252,258,784
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Total Emerging Markets Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.09
$
15.26
$
13.55
$
12.80
$
11.53
$
13.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.28
 
.20
 
.19
 
.37 C
 
.25
     Net realized and unrealized gain (loss)
 
1.37
 
(5.19)
 
1.67
 
.89
 
1.14
 
(1.94)
  Total from investment operations
 
1.53  
 
(4.91)  
 
1.87  
 
1.08  
 
1.51
 
(1.69)
  Distributions from net investment income
 
(.29)
 
(.26)
 
(.16)
 
(.33)
 
(.24)
 
(.16)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.29)
 
(.26)
 
(.16)
 
(.33)
 
(.24)
 
(.34) D
  Net asset value, end of period
$
11.33
$
10.09
$
15.26
$
13.55
$
12.80
$
11.53
 Total Return   E,F,G
 
15.21%
 
(32.69)%
 
13.78%
 
8.54%
 
13.38%
 
(12.77)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.44% J
 
1.39%
 
1.36%
 
1.40%
 
1.39%
 
1.40%
    Expenses net of fee waivers, if any
 
1.44% J
 
1.39%
 
1.36%
 
1.39%
 
1.39%
 
1.40%
    Expenses net of all reductions
 
1.44% J
 
1.39%
 
1.36%
 
1.37%
 
1.39%
 
1.37%
    Net investment income (loss)
 
2.94% J
 
2.21%
 
1.26%
 
1.49%
 
3.02% C
 
1.92%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
31,228
$
28,302
$
46,981
$
37,022
$
39,958
$
34,617
    Portfolio turnover rate K
 
35% J
 
67%
 
58%
 
58%
 
75%
 
94%
 
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 mutual funds or ETFs 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 2.37%.
 
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).
 
Fidelity Advisor® Total Emerging Markets Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.07
$
15.23
$
13.52
$
12.78
$
11.51
$
13.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.24
 
.15
 
.15
 
.33 C
 
.21
     Net realized and unrealized gain (loss)
 
1.37
 
(5.19)
 
1.67
 
.88
 
1.15
 
(1.93)
  Total from investment operations
 
1.52  
 
(4.95)  
 
1.82  
 
1.03  
 
1.48
 
(1.72)
  Distributions from net investment income
 
(.26)
 
(.21)
 
(.11)
 
(.29)
 
(.21)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.26)
 
(.21)
 
(.11)
 
(.29)
 
(.21)
 
(.32)
  Net asset value, end of period
$
11.33
$
10.07
$
15.23
$
13.52
$
12.78
$
11.51
 Total Return   D,E,F
 
15.10%
 
(32.92)%
 
13.47%
 
8.16%
 
13.05%
 
(13.03)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.73% I
 
1.69%
 
1.66%
 
1.71%
 
1.72%
 
1.74%
    Expenses net of fee waivers, if any
 
1.73% I
 
1.69%
 
1.66%
 
1.71%
 
1.71%
 
1.74%
    Expenses net of all reductions
 
1.72% I
 
1.69%
 
1.66%
 
1.69%
 
1.71%
 
1.71%
    Net investment income (loss)
 
2.65% I
 
1.90%
 
.96%
 
1.17%
 
2.69% C
 
1.58%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,936
$
6,237
$
9,530
$
7,885
$
8,841
$
8,519
    Portfolio turnover rate J
 
35% I
 
67%
 
58%
 
58%
 
75%
 
94%
 
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 mutual funds or ETFs 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 2.04%.
 
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).
 
Fidelity Advisor® Total Emerging Markets Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.00
$
15.09
$
13.41
$
12.66
$
11.40
$
13.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.18
 
.08
 
.09
 
.28 C
 
.15
     Net realized and unrealized gain (loss)
 
1.35
 
(5.15)
 
1.65
 
.89
 
1.13
 
(1.92)
  Total from investment operations
 
1.47  
 
(4.97)  
 
1.73  
 
.98  
 
1.41
 
(1.77)
  Distributions from net investment income
 
(.18)
 
(.12)
 
(.05)
 
(.23)
 
(.15)
 
(.09)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.18)
 
(.12)
 
(.05)
 
(.23)
 
(.15)
 
(.28)
  Net asset value, end of period
$
11.29
$
10.00
$
15.09
$
13.41
$
12.66
$
11.40
 Total Return   D,E,F
 
14.73%
 
(33.17)%
 
12.89%
 
7.83%
 
12.54%
 
(13.45)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.18% I
 
2.14%
 
2.11%
 
2.14%
 
2.14%
 
2.14%
    Expenses net of fee waivers, if any
 
2.18% I
 
2.13%
 
2.11%
 
2.14%
 
2.14%
 
2.14%
    Expenses net of all reductions
 
2.18% I
 
2.13%
 
2.11%
 
2.12%
 
2.13%
 
2.12%
    Net investment income (loss)
 
2.20% I
 
1.46%
 
.51%
 
.74%
 
2.27% C
 
1.18%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,717
$
13,469
$
27,673
$
28,884
$
35,545
$
37,191
    Portfolio turnover rate J
 
35% I
 
67%
 
58%
 
58%
 
75%
 
94%
 
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 mutual funds or ETFs 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 1.62%.
 
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).
 
Fidelity® Total Emerging Markets Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.12
$
15.31
$
13.59
$
12.84
$
11.56
$
13.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.32
 
.24
 
.22
 
.40 C
 
.29
     Net realized and unrealized gain (loss)
 
1.37
 
(5.21)
 
1.67
 
.90
 
1.16
 
(1.95)
  Total from investment operations
 
1.55  
 
(4.89)  
 
1.91  
 
1.12  
 
1.56
 
(1.66)
  Distributions from net investment income
 
(.31)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.17)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.31)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.36)
  Net asset value, end of period
$
11.36
$
10.12
$
15.31
$
13.59
$
12.84
$
11.56
 Total Return   D,E
 
15.40%
 
(32.52)%
 
14.06%
 
8.79%
 
13.80%
 
(12.56)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.19% H
 
1.12%
 
1.11%
 
1.16%
 
1.14%
 
1.13%
    Expenses net of fee waivers, if any
 
1.19% H
 
1.11%
 
1.11%
 
1.15%
 
1.14%
 
1.13%
    Expenses net of all reductions
 
1.19% H
 
1.11%
 
1.11%
 
1.14%
 
1.14%
 
1.11%
    Net investment income (loss)
 
3.18% H
 
2.48%
 
1.51%
 
1.73%
 
3.27% C
 
2.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
91,761
$
91,615
$
259,331
$
205,009
$
199,708
$
190,025
    Portfolio turnover rate I
 
35% H
 
67%
 
58%
 
58%
 
75%
 
94%
 
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 mutual funds or ETFs 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 2.62%.
 
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).
 
Fidelity Advisor® Total Emerging Markets Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.11
$
15.29
$
13.57
$
12.82
$
11.55
$
13.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.32
 
.24
 
.22
 
.41 C
 
.29
     Net realized and unrealized gain (loss)
 
1.37
 
(5.20)
 
1.67
 
.90
 
1.14
 
(1.95)
  Total from investment operations
 
1.55  
 
(4.88)  
 
1.91  
 
1.12  
 
1.55
 
(1.66)
  Distributions from net investment income
 
(.32)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.19)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.32)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.37) D
  Net asset value, end of period
$
11.34
$
10.11
$
15.29
$
13.57
$
12.82
$
11.55
 Total Return   E,F
 
15.40%
 
(32.50)%
 
14.10%
 
8.85%
 
13.77%
 
(12.56)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% I
 
1.10%
 
1.09%
 
1.11%
 
1.11%
 
1.12%
    Expenses net of fee waivers, if any
 
1.14% I
 
1.10%
 
1.08%
 
1.10%
 
1.10%
 
1.12%
    Expenses net of all reductions
 
1.14% I
 
1.10%
 
1.08%
 
1.09%
 
1.10%
 
1.10%
    Net investment income (loss)
 
3.23% I
 
2.49%
 
1.54%
 
1.78%
 
3.30% C
 
2.20%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
82,664
$
98,727
$
209,635
$
232,450
$
372,286
$
341,720
    Portfolio turnover rate J
 
35% I
 
67%
 
58%
 
58%
 
75%
 
94%
 
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 mutual funds or ETFs 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 2.65%.
 
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).
 
Fidelity Advisor® Total Emerging Markets Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.09
$
15.26
$
13.55
$
12.80
$
11.55
$
12.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.19
 
.34
 
.26
 
.24
 
.43 D
 
.01
     Net realized and unrealized gain (loss)
 
1.37
 
(5.19)
 
1.66
 
.90
 
1.13
 
(.63)
  Total from investment operations
 
1.56  
 
(4.85)  
 
1.92  
 
1.14  
 
1.56
 
(.62)
  Distributions from net investment income
 
(.34)
 
(.32)
 
(.21)
 
(.39)
 
(.31)
 
-
     Total distributions
 
(.34)
 
(.32)
 
(.21)
 
(.39)
 
(.31)
 
-
  Net asset value, end of period
$
11.31
$
10.09
$
15.26
$
13.55
$
12.80
$
11.55
 Total Return   E,F
 
15.49%
 
(32.40)%
 
14.21%
 
9.03%
 
13.85%
 
(5.09)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02% I
 
.97%
 
.96%
 
.98%
 
.98%
 
1.07% I
    Expenses net of fee waivers, if any
 
1.01% I
 
.97%
 
.96%
 
.98%
 
.97%
 
1.04% I
    Expenses net of all reductions
 
1.01% I
 
.97%
 
.96%
 
.96%
 
.97%
 
1.02% I
    Net investment income (loss)
 
3.36% I
 
2.62%
 
1.66%
 
1.91%
 
3.43% D
 
1.51% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,033
$
13,909
$
68,119
$
56,395
$
61,175
$
1,603
    Portfolio turnover rate J
 
35% I
 
67%
 
58%
 
58%
 
75%
 
94% 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 mutual funds or ETFs 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. 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).
 
 
For the period ended April 30, 2023
 
1.   Organization.
Fidelity Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total Emerging Markets, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2.   Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
 
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
$     4,004,788
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.1 - 8.5/5.9
Increase
 
 
Market approach
Transaction price
$9.50 - $55.00/$20.20
Increase
 
 
 
Discount rate
20.0% - 50.0%/21.3%
Decrease
 
 
Book value
Book value multiple
1.4
Increase
 
 
Indicative market price
Discount rate
20.0%
Decrease
 
 
 
Bid price
$11.20
Increase
 
 
Black scholes
Discount rate
4.2%
Increase
 
 
 
Volatility
95.0%
Increase
 
 
 
Term
2.0
Increase
Government Obligations
$30,000
Indicative market price
Evaluated bid
$5.00
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, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. 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
$40,041,688
Gross unrealized depreciation
(58,578,820)
Net unrealized appreciation (depreciation)
$(18,537,132)
Tax cost
$255,951,253
 
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
$(29,016,054)
Long-term
(-)
Total capital loss carryforward
$(29,016,054)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4.   Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5.   Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Total Emerging Markets Fund
42,324,885
83,225,347
6.   Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .78% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
  - %
  .25%
$39,184
$711
Class M
  .25%
  .25%
  17,252
  216
Class C
  .75%
  .25%
                 71,861
                   5,952
 
 
 
$128,297
$6,879
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$16,515
Class M
  1,279
Class C A
  937
 
$18,731
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
$33,556
.21
Class M
  8,865
.26
Class C
  14,598
.20
Total Emerging Markets
  103,295
.22
Class I
  77,592
.17
Class Z
  2,634
.04
 
$240,540
 
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
$337
 
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
  557,622
  2,239,235
  (154,692)
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
$256
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
$332
$-
$-
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, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$68
Class M
  245
 
$313
 
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 $5,808.
10.   Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Total Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$   794,178
  $783,324
Class M
  155,913
  128,984
Class C
  234,768
  226,893
Total Emerging Markets
  2,687,846
  5,176,420
Class I
  2,776,747
  4,027,359
Class Z
              395,534
           1,425,468
Total   
$7,044,986
$11,768,448
11.   Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Fidelity Total Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
251,590
539,278
$2,829,948
$6,972,605
Reinvestment of distributions
71,386
54,325
792,381
781,197
Shares redeemed
(372,527)
(867,088)
(4,164,888)
(10,923,910)
Net increase (decrease)
(49,551)
(273,485)
$(542,559)
$(3,170,108)
Class M
 
 
 
 
Shares sold
19,936
68,332
$226,225
$870,856
Reinvestment of distributions
14,022
8,958
155,787
128,908
Shares redeemed
(41,002)
(83,685)
(459,103)
(1,103,957)
Net increase (decrease)
(7,044)
(6,395)
$(77,091)
$(104,193)
Class C
 
 
 
 
Shares sold
73,366
172,996
$827,554
$2,372,908
Reinvestment of distributions
21,155
15,806
234,608
226,656
Shares redeemed
(227,334)
(675,110)
(2,543,373)
(8,531,245)
Net increase (decrease)
(132,813)
(486,308)
$(1,481,211)
$(5,931,681)
Total Emerging Markets
 
 
 
 
Shares sold
353,332
20,327,420
$3,989,672
$276,182,533
Reinvestment of distributions
206,717
196,824
2,296,623
2,832,302
Shares redeemed
(1,534,784)
(28,410,344)
(17,145,280)
(367,959,039)
Net increase (decrease)
(974,735)
(7,886,100)
$(10,858,985)
$(88,944,204)
Class I
 
 
 
 
Shares sold
525,087
1,916,908
$5,893,365
$24,629,924
Reinvestment of distributions
246,056
276,622
2,728,758
3,975,058
Shares redeemed
(3,247,433)
(6,138,529)
(36,154,246)
(76,056,229)
Net increase (decrease)
(2,476,290)
(3,944,999)
$(27,532,123)
$(47,451,247)
Class Z
 
 
 
 
Shares sold
251,223
486,703
$2,818,191
$6,448,746
Reinvestment of distributions
25,674
72,407
283,693
1,036,865
Shares redeemed
(591,461)
(3,644,178)
(6,510,240)
(44,306,364)
Net increase (decrease)
(314,564)
(3,085,068)
$(3,408,356)
$(36,820,753)
12.   Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13.   Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® Emerging Markets Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.43%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,170.50
 
$ 7.70
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.70
 
$ 7.15
 
Class M
 
 
 
1.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.00
 
$ 9.09
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.41
 
$ 8.45
 
Class C
 
 
 
2.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,167.00
 
$ 11.82
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,013.88
 
$ 10.99
 
Fidelity® Emerging Markets Discovery Fund
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,172.70
 
$ 6.20
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.09
 
$ 5.76
 
Class I
 
 
 
1.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,173.20
 
$ 5.98
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.29
 
$ 5.56
 
Class Z
 
 
 
.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,173.50
 
$ 5.34
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.89
 
$ 4.96
 
Fidelity® Total Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.44%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,152.10
 
$ 7.68
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.65
 
$ 7.20
 
Class M
 
 
 
1.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,151.00
 
$ 9.23
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.22
 
$ 8.65
 
Class C
 
 
 
2.18%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,147.30
 
$ 11.61
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,013.98
 
$ 10.89
 
Fidelity® Total Emerging Markets Fund
 
 
 
1.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,154.00
 
$ 6.36
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.89
 
$ 5.96
 
Class I
 
 
 
1.14%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,154.00
 
$ 6.09
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.14
 
$ 5.71
 
Class Z
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,154.90
 
$ 5.40
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.79
 
$ 5.06
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.931240.111
EMD-TEK-SANN-0623
Fidelity® International Discovery Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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.
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Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.7
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.9
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.3
 
HDFC Bank Ltd. (India, Diversified Banks)
2.1
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.9
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.8
 
Housing Development Finance Corp. Ltd.  (India, Financial Services)
1.8
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.6
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.6
 
 
22.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.7
 
Consumer Discretionary
15.9
 
Information Technology
14.8
 
Industrials
13.0
 
Health Care
12.6
 
Consumer Staples
6.5
 
Materials
5.5
 
Communication Services
2.7
 
Energy
1.5
 
Real Estate
1.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.7%
 
 
Shares
Value ($)
(000s)
 
Australia - 3.5%
 
 
 
Bapcor Ltd.
 
5,590,328
24,394
EBOS Group Ltd. (a)
 
1,677,890
46,046
Flight Centre Travel Group Ltd. (a)(b)
 
3,510,019
46,093
Flutter Entertainment PLC (b)
 
425,294
85,064
Iperionx Ltd. (b)(c)
 
14,731,250
10,777
National Storage REIT unit
 
41,776,821
69,583
TOTAL AUSTRALIA
 
 
281,957
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (d)
 
3,229,330
32,184
Belgium - 2.0%
 
 
 
Azelis Group NV
 
350,540
8,305
KBC Group NV
 
1,010,462
72,128
UCB SA
 
825,579
76,797
TOTAL BELGIUM
 
 
157,230
Brazil - 0.6%
 
 
 
MercadoLibre, Inc. (b)
 
37,053
47,335
Canada - 2.6%
 
 
 
Canadian Natural Resources Ltd.
 
1,443,046
87,934
Constellation Software, Inc.
 
51,371
100,547
Definity Financial Corp.
 
508,266
13,787
Lumine Group, Inc.
 
159,372
2,147
TOTAL CANADA
 
 
204,415
China - 3.3%
 
 
 
Alibaba Group Holding Ltd. (b)
 
5,233,298
55,335
Chervon Holdings Ltd.
 
6,041,691
30,745
Glodon Co. Ltd. (A Shares)
 
4,408,300
37,045
Li Ning Co. Ltd.
 
3,823,243
27,342
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
758,200
34,278
Tencent Holdings Ltd.
 
1,596,759
70,922
WuXi AppTec Co. Ltd. (H Shares) (d)
 
941,367
8,279
TOTAL CHINA
 
 
263,946
Denmark - 2.8%
 
 
 
DSV A/S
 
395,602
74,301
Novo Nordisk A/S Series B
 
919,002
152,880
TOTAL DENMARK
 
 
227,181
Finland - 0.4%
 
 
 
Neste OYJ
 
591,398
28,634
France - 13.8%
 
 
 
Air Liquide SA
 
662,949
119,258
Airbus Group NV
 
490,670
68,711
AXA SA
 
3,631,649
118,538
BNP Paribas SA
 
1,386,105
89,561
Capgemini SA
 
468,234
85,080
Edenred SA
 
1,368,748
88,865
EssilorLuxottica SA
 
309,188
61,121
Exclusive Networks SA
 
1,446,556
31,242
L'Oreal SA
 
174,900
83,401
LVMH Moet Hennessy Louis Vuitton SE
 
304,997
293,368
Pernod Ricard SA
 
277,254
63,973
TOTAL FRANCE
 
 
1,103,118
Germany - 5.8%
 
 
 
Deutsche Borse AG
 
437,556
83,446
Deutsche Post AG
 
1,561,846
75,124
Merck KGaA
 
360,150
64,508
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
174,858
65,606
Nexus AG
 
562,762
32,246
Rheinmetall AG
 
136,470
39,925
Siemens AG
 
463,052
76,326
Siemens Healthineers AG (d)
 
476,526
29,625
TOTAL GERMANY
 
 
466,806
Hong Kong - 2.2%
 
 
 
AIA Group Ltd.
 
11,971,620
130,336
Prudential PLC
 
2,958,179
45,263
TOTAL HONG KONG
 
 
175,599
Hungary - 0.3%
 
 
 
Richter Gedeon PLC
 
853,117
20,588
India - 5.7%
 
 
 
Avenue Supermarts Ltd. (b)(d)
 
505,358
21,789
Campus Activewear Ltd.
 
1,710,700
7,479
HDFC Bank Ltd.
 
3,036,182
62,840
HDFC Bank Ltd. sponsored ADR
 
1,449,759
101,193
Housing Development Finance Corp. Ltd.
 
4,219,315
143,912
ITC Ltd.
 
4,656,000
24,306
Larsen & Toubro Ltd.
 
579,300
16,813
One97 Communications Ltd. (b)
 
4,023,500
32,297
Pine Labs Private Ltd. (b)(e)(f)
 
8,672
4,774
PVR Ltd. (b)
 
649,600
11,668
Sona Blw Precision Forgings Ltd. (d)
 
2,874,000
16,942
Star Health & Allied Insurance Co. Ltd. (b)
 
992,200
7,197
Sunteck Realty Ltd.
 
1,959,352
7,280
TOTAL INDIA
 
 
458,490
Ireland - 1.8%
 
 
 
Cairn Homes PLC
 
28,053,237
31,942
CRH PLC
 
1,126,714
54,368
Dalata Hotel Group PLC (b)(c)
 
11,207,181
56,251
TOTAL IRELAND
 
 
142,561
Israel - 0.4%
 
 
 
NICE Ltd. sponsored ADR (b)
 
151,041
30,814
Italy - 2.2%
 
 
 
BFF Bank SpA (d)
 
3,164,808
30,409
Ferrari NV
 
152,276
42,430
FinecoBank SpA
 
1,630,520
24,668
UniCredit SpA
 
4,039,361
80,042
TOTAL ITALY
 
 
177,549
Japan - 17.0%
 
 
 
Advantest Corp.
 
262,422
20,451
Capcom Co. Ltd.
 
1,229,448
46,200
Daiichi Sankyo Kabushiki Kaisha
 
1,717,961
58,951
Fast Retailing Co. Ltd.
 
229,386
54,319
FUJIFILM Holdings Corp.
 
694,698
36,208
Hitachi Ltd.
 
2,308,878
127,715
Hoya Corp.
 
1,037,602
108,798
Itochu Corp.
 
2,623,666
87,040
Keyence Corp.
 
125,420
56,559
Misumi Group, Inc.
 
940,600
23,729
Mitsubishi UFJ Financial Group, Inc.
 
9,129,681
57,148
NOF Corp.
 
448,598
20,497
Olympus Corp.
 
2,437,592
42,674
ORIX Corp.
 
3,773,497
64,197
Outsourcing, Inc.
 
1,385,556
14,114
Persol Holdings Co. Ltd.
 
2,328,665
48,016
Renesas Electronics Corp. (b)
 
6,015,215
78,393
Shin-Etsu Chemical Co. Ltd.
 
3,261,039
93,056
SMC Corp.
 
85,217
42,502
Sony Group Corp.
 
1,215,789
109,997
Sumitomo Mitsui Financial Group, Inc.
 
1,233,008
50,398
TechnoPro Holdings, Inc.
 
806,143
21,995
TIS, Inc.
 
1,360,981
37,372
Tokio Marine Holdings, Inc.
 
1,764,345
35,476
ZOZO, Inc.
 
1,359,235
28,604
TOTAL JAPAN
 
 
1,364,409
Korea (South) - 1.0%
 
 
 
Samsung Electronics Co. Ltd.
 
1,642,790
80,864
Netherlands - 5.3%
 
 
 
Adyen BV (b)(d)
 
34,062
54,733
ASML Holding NV (Netherlands)
 
291,093
183,953
BE Semiconductor Industries NV (a)
 
822,899
73,755
IMCD NV
 
225,890
33,901
ING Groep NV (Certificaten Van Aandelen)
 
3,901,604
48,151
Topicus.Com, Inc. (b)
 
101,865
6,785
Universal Music Group NV
 
953,977
20,824
TOTAL NETHERLANDS
 
 
422,102
Norway - 0.0%
 
 
 
Volue A/S (b)
 
406,227
686
Russia - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (b)(f)
 
619,390
229
Singapore - 1.2%
 
 
 
Sea Ltd. ADR (b)
 
568,995
43,340
United Overseas Bank Ltd.
 
2,487,000
52,819
TOTAL SINGAPORE
 
 
96,159
South Africa - 0.7%
 
 
 
Anglo American PLC (United Kingdom)
 
1,763,100
54,328
Spain - 1.2%
 
 
 
CaixaBank SA (a)
 
18,054,417
66,830
Cie Automotive SA
 
1,054,206
31,736
TOTAL SPAIN
 
 
98,566
Sweden - 3.0%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,385,096
32,942
HEXPOL AB (B Shares)
 
1,967,147
23,153
Indutrade AB
 
1,745,333
41,816
Kry International AB (b)(e)(f)
 
4,183
327
Lagercrantz Group AB (B Shares)
 
2,948,190
37,891
Nibe Industrier AB (B Shares)
 
2,384,463
26,623
Nordnet AB (a)
 
1,807,069
28,335
Svenska Handelsbanken AB (A Shares) (a)
 
5,294,204
46,800
TOTAL SWEDEN
 
 
237,887
Switzerland - 1.3%
 
 
 
Compagnie Financiere Richemont SA Series A
 
472,055
78,031
Partners Group Holding AG
 
31,084
30,018
TOTAL SWITZERLAND
 
 
108,049
Taiwan - 2.1%
 
 
 
MediaTek, Inc.
 
1,035,000
22,489
Taiwan Semiconductor Manufacturing Co. Ltd.
 
8,805,000
144,086
TOTAL TAIWAN
 
 
166,575
United Kingdom - 10.0%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,562,031
229,873
BAE Systems PLC
 
6,136,629
78,181
Beazley PLC
 
3,928,705
29,402
Big Yellow Group PLC
 
2,005,789
30,854
Bunzl PLC
 
2,211,479
87,936
Compass Group PLC
 
4,854,908
128,077
Diageo PLC
 
2,443,252
111,452
Dr. Martens Ltd.
 
4,237,960
8,847
Endava PLC ADR (b)
 
231,725
13,340
JD Sports Fashion PLC
 
15,283,688
30,934
Smart Metering Systems PLC
 
2,861,457
28,517
Starling Bank Ltd. Series D (b)(e)(f)
 
6,223,100
23,619
Zegona Communications PLC (b)(c)
 
323,480
209
TOTAL UNITED KINGDOM
 
 
801,241
United States of America - 5.1%
 
 
 
Globant SA (b)
 
101,042
15,850
ICON PLC (b)
 
108,075
20,825
Linde PLC
 
152,392
56,301
Nestle SA (Reg. S)
 
1,670,294
214,281
NVIDIA Corp.
 
184,706
51,254
RHI Magnesita NV
 
396,115
11,251
Samsonite International SA (b)(d)
 
12,781,156
40,501
TOTAL UNITED STATES OF AMERICA
 
 
410,263
 
TOTAL COMMON STOCKS
  (Cost $6,059,811)
 
 
 
7,659,765
 
 
 
 
Preferred Stocks - 0.9%
 
 
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 0.5%
 
 
 
China - 0.4%
 
 
 
ByteDance Ltd. Series E1 (b)(e)(f)
 
131,235
26,116
dMed Biopharmaceutical Co. Ltd. Series C (b)(e)(f)
 
727,754
6,455
 
 
 
32,571
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (b)(e)(f)
 
87,239
11,370
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
43,941
Nonconvertible Preferred Stocks - 0.4%
 
 
 
India - 0.4%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (b)(e)(f)
 
20,726
11,411
 Series A (b)(e)(f)
 
5,179
2,851
 Series B (b)(e)(f)
 
5,635
3,102
 Series B2 (b)(e)(f)
 
4,558
2,509
 Series C (b)(e)(f)
 
8,478
4,668
 Series C1 (b)(e)(f)
 
1,786
983
 Series D (b)(e)(f)
 
1,910
1,052
 
 
 
26,576
Sweden - 0.0%
 
 
 
Kry International AB Series E (b)(e)(f)
 
24,162
1,889
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
28,465
 
TOTAL PREFERRED STOCKS
  (Cost $76,424)
 
 
 
72,406
 
 
 
 
Money Market Funds - 4.1%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 4.88% (g)
 
216,395,740
216,439
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
109,839,113
109,850
 
TOTAL MONEY MARKET FUNDS
  (Cost $326,289)
 
 
326,289
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
  (Cost $6,462,524)
 
 
 
8,058,460
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(53,554)
NET ASSETS - 100.0%
8,004,906
 
 
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated company
 
(d)
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 $234,462,000 or 2.9% 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 $101,126,000 or 1.3% 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 ($)
(000s)
Bolt Technology OU Series E
1/03/22
22,664
 
 
 
ByteDance Ltd. Series E1
11/18/20
14,380
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
10,336
 
 
 
Kry International AB
5/14/21
1,817
 
 
 
Kry International AB Series E
5/14/21
11,046
 
 
 
Pine Labs Private Ltd.
6/30/21
3,233
 
 
 
Pine Labs Private Ltd. Series 1
6/30/21
7,728
 
 
 
Pine Labs Private Ltd. Series A
6/30/21
1,931
 
 
 
Pine Labs Private Ltd. Series B
6/30/21
2,101
 
 
 
Pine Labs Private Ltd. Series B2
6/30/21
1,699
 
 
 
Pine Labs Private Ltd. Series C
6/30/21
3,161
 
 
 
Pine Labs Private Ltd. Series C1
6/30/21
666
 
 
 
Pine Labs Private Ltd. Series D
6/30/21
712
 
 
 
Starling Bank Ltd. Series D
6/18/21
11,126
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
376,692
1,097,018
1,257,271
4,205
-
-
216,439
0.5%
Fidelity Securities Lending Cash Central Fund 4.88%
29,429
496,969
416,548
467
-
-
109,850
0.3%
Total
406,121
1,593,987
1,673,819
4,672
-
-
326,289
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Dalata Hotel Group PLC
36,423
-
680
-
223
20,285
56,251
Iperionx Ltd.
6,780
-
113
-
6
4,104
10,777
Zegona Communications PLC
282
-
4
-
(2)
(67)
209
Total
43,485
-
797
-
227
24,322
67,237
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
219,279
64,373
128,790
26,116
Consumer Discretionary
1,275,766
334,539
941,227
-
Consumer Staples
519,431
147,374
371,828
229
Energy
116,568
116,568
-
-
Financials
1,810,198
564,746
1,221,833
23,619
Health Care
993,944
305,710
681,779
6,455
Industrials
1,054,532
374,266
680,266
-
Information Technology
1,191,747
633,344
513,467
44,936
Materials
442,989
90,705
352,284
-
Real Estate
107,717
30,854
76,863
-
  Money Market Funds
326,289
326,289
-
-
 Total Investments in Securities:
8,058,460
2,988,768
4,968,337
101,355
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
(Amounts in thousands)
 
Investments in Securities:
 
  Beginning Balance
$
91,683
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
9,672
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
101,355
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023
$
9,672
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $103,448) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,070,696)
$
7,664,934
 
 
Fidelity Central Funds (cost $326,289)
326,289
 
 
Other affiliated issuers (cost $65,539)
67,237
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,462,524)
 
 
$
8,058,460
Foreign currency held at value (cost $2,737)
 
 
2,736
Receivable for investments sold
 
 
5,954
Receivable for fund shares sold
 
 
2,980
Dividends receivable
 
 
23,067
Reclaims receivable
 
 
31,394
Distributions receivable from Fidelity Central Funds
 
 
828
Prepaid expenses
 
 
3
Other receivables
 
 
3,448
  Total assets
 
 
8,128,870
Liabilities
 
 
 
 
Payable for investments purchased
$
1,519
 
 
Payable for fund shares redeemed
2,132
 
 
Accrued management fee
2,760
 
 
Distribution and service plan fees payable
42
 
 
Other affiliated payables
812
 
 
Deferred taxes
6,212
 
 
Other payables and accrued expenses
637
 
 
Collateral on securities loaned
109,850
 
 
  Total Liabilities
 
 
 
123,964
Net Assets  
 
 
$
8,004,906
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,800,517
Total accumulated earnings (loss)
 
 
 
1,204,389
Net Assets
 
 
$
8,004,906
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($145,495 ÷ 3,399 shares) (a)(b)
 
 
$
42.80
Maximum offering price per share (100/94.25 of $42.80)
 
 
$
45.41
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($17,792 ÷ 420 shares) (a)(b)
 
 
$
42.41
Maximum offering price per share (100/96.50 of $42.41)
 
 
$
43.95
Class C :
 
 
 
 
Net Asset Value and offering price per share ($5,697 ÷ 136 shares) (a)(b)
 
 
$
41.81
International Discovery :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,797,500 ÷ 87,998 shares)
 
 
$
43.15
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($556,022 ÷ 12,930 shares)
 
 
$
43.00
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($548,223 ÷ 12,752 shares)
 
 
$
42.99
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($2,934,177 ÷ 68,325 shares)
 
 
$
42.94
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares
 
Statement of Operations
Amounts in thousands
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
90,138
Income from Fidelity Central Funds (including $467 from security lending)
 
 
4,672
 Income before foreign taxes withheld
 
 
$
94,810
Less foreign taxes withheld
 
 
(11,128)
 Total Income
 
 
 
83,682
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
25,591
 
 
 Performance adjustment
(4,410)
 
 
Transfer agent fees
4,061
 
 
Distribution and service plan fees
249
 
 
Accounting fees
807
 
 
Custodian fees and expenses
342
 
 
Independent trustees' fees and expenses
26
 
 
Registration fees
123
 
 
Audit
154
 
 
Legal
6
 
 
Miscellaneous
18
 
 
 Total expenses before reductions
 
26,967
 
 
 Expense reductions
 
(181)
 
 
 Total expenses after reductions
 
 
 
26,786
Net Investment income (loss)
 
 
 
56,896
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,454
 
 
   Redemptions in-kind
 
23,400
 
 
   Affiliated issuers
 
227
 
 
 Foreign currency transactions
 
1,533
 
 
Total net realized gain (loss)
 
 
 
27,614
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $1,016)
 
1,101,123
 
 
   Affiliated issuers
 
24,322
 
 
 Assets and liabilities in foreign currencies
 
3,165
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,128,610
Net gain (loss)
 
 
 
1,156,224
Net increase (decrease) in net assets resulting from operations
 
 
$
1,213,120
Statement of Changes in Net Assets
 
Amount in thousands
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
56,896
$
150,460
Net realized gain (loss)
 
27,614
 
 
(304,705)
 
Change in net unrealized appreciation (depreciation)
 
1,128,610
 
(3,205,165)
 
Net increase (decrease) in net assets resulting from operations
 
1,213,120
 
 
(3,359,410)
 
Distributions to shareholders
 
(30,708)
 
 
(1,127,528)
 
Share transactions - net increase (decrease)
 
(547,796)
 
 
588,890
 
Total increase (decrease) in net assets
 
634,616
 
 
(3,898,048)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,370,290
 
11,268,338
 
End of period
$
8,004,906
$
7,370,290
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Discovery Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.68
$
58.79
$
45.84
$
43.31
$
39.99
$
46.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.56 C
 
.18
 
.16
 
.63 D
 
.37
     Net realized and unrealized gain (loss)
 
5.90
 
(16.91)
 
14.60
 
3.27
 
3.93
 
(4.87)
  Total from investment operations
 
6.12  
 
(16.35)  
 
14.78  
 
3.43  
 
4.56
 
(4.50)
  Distributions from net investment income
 
-
 
(1.38)
 
(.12)
 
(.62)
 
(.33)
 
(.34)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
-
 
(5.76)
 
(1.83)
 
(.90)
 
(1.24)
 
(2.17)
  Net asset value, end of period
$
42.80
$
36.68
$
58.79
$
45.84
$
43.31
$
39.99
 Total Return   E,F,G
 
16.68%
 
(30.57)%
 
32.86%
 
8.02%
 
11.90%
 
(10.11)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06% J
 
1.31%
 
1.32%
 
1.36%
 
1.12%
 
1.22%
    Expenses net of fee waivers, if any
 
1.06% J
 
1.30%
 
1.32%
 
1.36%
 
1.12%
 
1.22%
    Expenses net of all reductions
 
1.06% J
 
1.30%
 
1.32%
 
1.36%
 
1.11%
 
1.21%
    Net investment income (loss)
 
1.07% J
 
1.27% C
 
.32%
 
.38%
 
1.57% D
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
145  
$
131
$
206
$
173
$
185
$
191
    Portfolio turnover rate K
 
60% J,L
 
43% L
 
41% L
 
34% L
 
70% L
 
45% 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 mutual funds or ETFs 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .92%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.
 
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.
 
Fidelity Advisor® International Discovery Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.38
$
58.35
$
45.53
$
43.01
$
39.71
$
46.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.45 C
 
.04
 
.06
 
.53 D
 
.27
     Net realized and unrealized gain (loss)
 
5.86
 
(16.81)
 
14.51
 
3.24
 
3.91
 
(4.84)
  Total from investment operations
 
6.03  
 
(16.36)  
 
14.55  
 
3.30  
 
4.44
 
(4.57)
  Distributions from net investment income
 
-
 
(1.23)
 
(.02)
 
(.51)
 
(.22)
 
(.24)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
-
 
(5.61)
 
(1.73)
 
(.78) E
 
(1.14) E
 
(2.07)
  Net asset value, end of period
$
42.41
$
36.38
$
58.35
$
45.53
$
43.01
$
39.71
 Total Return   F,G,H
 
16.58%
 
(30.76)%
 
32.53%
 
7.77%
 
11.62%
 
(10.31)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.31% K
 
1.55%
 
1.57%
 
1.61%
 
1.37%
 
1.46%
    Expenses net of fee waivers, if any
 
1.30% K
 
1.55%
 
1.57%
 
1.61%
 
1.37%
 
1.46%
    Expenses net of all reductions
 
1.30% K
 
1.55%
 
1.57%
 
1.60%
 
1.35%
 
1.45%
    Net investment income (loss)
 
.83% K
 
1.02% C
 
.07%
 
.13%
 
1.32% D
 
.59%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
18  
$
16
$
25
$
21
$
24
$
28
    Portfolio turnover rate L
 
60% K,M
 
43% M
 
41% M
 
34% M
 
70% M
 
45% 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 mutual funds or ETFs 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .67%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .80%.
 
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 Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.96
$
57.59
$
45.18
$
42.60
$
39.32
$
45.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.21 C
 
(.27)
 
(.18)
 
.31 D
 
.02
     Net realized and unrealized gain (loss)
 
5.79
 
(16.66)
 
14.38
 
3.22
 
3.88
 
(4.79)
  Total from investment operations
 
5.85  
 
(16.45)  
 
14.11  
 
3.04  
 
4.19
 
(4.77)
  Distributions from net investment income
 
-
 
(.80)
 
-
 
(.19)
 
-
 
(.02)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.70)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
-
 
(5.18)
 
(1.70)
 
(.46) E
 
(.91)
 
(1.85)
  Net asset value, end of period
$
41.81
$
35.96
$
57.59
$
45.18
$
42.60
$
39.32
 Total Return   F,G,H
 
16.27%
 
(31.14)%
 
31.79%
 
7.19%
 
11.02%
 
(10.80)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.84% K
 
2.10%
 
2.14%
 
2.16%
 
1.91%
 
2.00%
    Expenses net of fee waivers, if any
 
1.83% K
 
2.10%
 
2.13%
 
2.15%
 
1.91%
 
2.00%
    Expenses net of all reductions
 
1.83% K
 
2.10%
 
2.13%
 
2.15%
 
1.90%
 
1.99%
    Net investment income (loss)
 
.30% K
 
.48% C
 
(.50)%
 
(.41)%
 
.78% D
 
.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
6  
$
5
$
10
$
11
$
12
$
22
    Portfolio turnover rate L
 
60% K,M
 
43% M
 
41% M
 
34% M
 
70% M
 
45% 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 mutual funds or ETFs 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .26%.
 
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 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.
 
Fidelity® International Discovery Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
37.04
$
59.31
$
46.20
$
43.65
$
40.32
$
47.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.29
 
.72 C
 
.36
 
.32
 
.78 D
 
.53
     Net realized and unrealized gain (loss)
 
5.96
 
(17.07)
 
14.71
 
3.29
 
3.95
 
(4.92)
  Total from investment operations
 
6.25  
 
(16.35)  
 
15.07  
 
3.61  
 
4.73
 
(4.39)
  Distributions from net investment income
 
(.14)
 
(1.54)
 
(.25)
 
(.78)
 
(.49)
 
(.50)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(.14)
 
(5.92)
 
(1.96)
 
(1.06)
 
(1.40)
 
(2.33)
  Net asset value, end of period
$
43.15
$
37.04
$
59.31
$
46.20
$
43.65
$
40.32
 Total Return   E,F
 
16.90%
 
(30.36)%
 
33.29%
 
8.39%
 
12.31%
 
(9.81)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% I
 
.98%
 
.99%
 
1.02%
 
.78%
 
.88%
    Expenses net of fee waivers, if any
 
.72% I
 
.97%
 
.99%
 
1.02%
 
.78%
 
.88%
    Expenses net of all reductions
 
.72% I
 
.97%
 
.99%
 
1.01%
 
.76%
 
.87%
    Net investment income (loss)
 
1.41% I
 
1.60% C
 
.65%
 
.72%
 
1.92% D
 
1.17%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
3,797  
$
3,386
$
5,117
$
6,784
$
6,726
$
6,515
    Portfolio turnover rate J
 
60% I,K
 
43% K
 
41% K
 
34% K
 
70% K
 
45% 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 mutual funds or ETFs 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.40%.
 
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.
 
Fidelity® International Discovery Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.93
$
59.18
$
46.10
$
43.55
$
40.25
$
46.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.78 C
 
.41
 
.36
 
.82 D
 
.58
     Net realized and unrealized gain (loss)
 
5.94
 
(17.02)
 
14.67
 
3.29
 
3.93
 
(4.90)
  Total from investment operations
 
6.25  
 
(16.24)  
 
15.08  
 
3.65  
 
4.75
 
(4.32)
  Distributions from net investment income
 
(.18)
 
(1.62)
 
(.29)
 
(.82)
 
(.54)
 
(.55)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(.18)
 
(6.01) E
 
(2.00)
 
(1.10)
 
(1.45)
 
(2.39) E
  Net asset value, end of period
$
43.00
$
36.93
$
59.18
$
46.10
$
43.55
$
40.25
 Total Return   F,G
 
16.97%
 
(30.28)%
 
33.40%
 
8.52%
 
12.41%
 
(9.70)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% J
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of fee waivers, if any
 
.61% J
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of all reductions
 
.61% J
 
.87%
 
.90%
 
.91%
 
.65%
 
.76%
    Net investment income (loss)
 
1.51% J
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 
1.29%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
556  
$
603
$
1,371
$
1,401
$
1,566
$
2,064
    Portfolio turnover rate K
 
60% J,L
 
43% L
 
41% L
 
34% L
 
70% L
 
45% 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 mutual funds or ETFs 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
 
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.
 
Fidelity Advisor® International Discovery Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.90
$
59.15
$
46.08
$
43.53
$
40.22
$
46.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.29
 
.69 C
 
.35
 
.31
 
.77 D
 
.52
     Net realized and unrealized gain (loss)
 
5.94
 
(16.99)
 
14.67
 
3.28
 
3.93
 
(4.90)
  Total from investment operations
 
6.23  
 
(16.30)  
 
15.02  
 
3.59  
 
4.70
 
(4.38)
  Distributions from net investment income
 
(.14)
 
(1.57)
 
(.24)
 
(.76)
 
(.48)
 
(.49)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(.14)
 
(5.95)
 
(1.95)
 
(1.04)
 
(1.39)
 
(2.32)
  Net asset value, end of period
$
42.99
$
36.90
$
59.15
$
46.08
$
43.53
$
40.22
 Total Return   E,F
 
16.91%
 
(30.37)%
 
33.26%
 
8.37%
 
12.26%
 
(9.81)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% I
 
.99%
 
1.02%
 
1.04%
 
.80%
 
.91%
    Expenses net of fee waivers, if any
 
.73% I
 
.99%
 
1.02%
 
1.04%
 
.80%
 
.91%
    Expenses net of all reductions
 
.73% I
 
.99%
 
1.02%
 
1.03%
 
.79%
 
.90%
    Net investment income (loss)
 
1.40% I
 
1.59% C
 
.62%
 
.70%
 
1.89% D
 
1.15%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
548  
$
509
$
566
$
388
$
463
$
579
    Portfolio turnover rate J
 
60% I,K
 
43% K
 
41% K
 
34% K
 
70% K
 
45% 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 mutual funds or ETFs 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.37%.
 
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.
 
Fidelity Advisor® International Discovery Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.88
$
59.14
$
46.07
$
43.52
$
40.22
$
46.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.76 C
 
.43
 
.36
 
.82 D
 
.58
     Net realized and unrealized gain (loss)
 
5.94
 
(16.99)
 
14.64
 
3.29
 
3.94
 
(4.89)
  Total from investment operations
 
6.25  
 
(16.23)  
 
15.07  
 
3.65  
 
4.76
 
(4.31)
  Distributions from net investment income
 
(.19)
 
(1.65)
 
(.29)
 
(.82)
 
(.54)
 
(.56)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(.19)
 
(6.03)
 
(2.00)
 
(1.10)
 
(1.46) E
 
(2.39)
  Net asset value, end of period
$
42.94
$
36.88
$
59.14
$
46.07
$
43.52
$
40.22
 Total Return   F,G
 
16.97%
 
(30.29)%
 
33.40%
 
8.53%
 
12.42%
 
(9.68)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% J
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of fee waivers, if any
 
.61% J
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of all reductions
 
.61% J
 
.87%
 
.90%
 
.91%
 
.65%
 
.76%
    Net investment income (loss)
 
1.51% J
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 
1.29%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
2,934  
$
2,720
$
3,972
$
54
$
82
$
118
    Portfolio turnover rate K
 
60% J,L
 
43% L
 
41% L
 
34% L
 
70% L
 
45% 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 mutual funds or ETFs 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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
 
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.
 
For the period ended April 30, 2023
( Amounts in thousands except percentages)
 
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Discovery, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in Input A
Equities
$101,355
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.0 - 20.0 / 10.4
Increase
 
 
 
Enterprise value/Net income multiple (EV/NI)
15.0
Increase
 
 
Market approach
Discount rate
50.0%
Decrease
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in 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
$375
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation, capital loss carryforwards, and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,850,202
Gross unrealized depreciation
(322,761)
Net unrealized appreciation (depreciation)
$1,527,441
Tax cost
$6,531,019
 
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
$(389,025)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Discovery Fund
2,279,971
2,581,445
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity International Discovery Fund
2,234
23,400
93,437
Class K
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity International Discovery Fund
5,635
85,105
263,151
International Discovery and Class K
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .54% 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%
$177
$3
Class M
.25%
.25%
43
  1
Class C
.75%
.25%
29
  2
 
 
 
$249
$6
 
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
Class M
- A
Class C B
1
 
$10
 
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
$169
.24
Class M
20
.23
Class C
7
.26
International Discovery
2,711
.15
Class K
130
.04
Class I
423
.16
Class Z
601
.04
 
$4,061
 
 
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
  66,518
  46,313
  (7,361)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Discovery Fund
$8
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Discovery Fund
$52
$-
$-
 
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by an amount of less than five hundred dollars. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class M
$- A
 
 
A   In the amount of less than five hundred dollars.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $181.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity International Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$-
$20,037
Class M
-
2,384
Class C
-
909
International Discovery
12,630
509,968
Class K
2,923
134,333
Class I
1,852
53,775
Class Z
13,303
406,122
Total   
$30,708
$1,127,528
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity International Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
97
268
$3,943
$11,889
Reinvestment of distributions
-
387
-
19,790
Shares redeemed
(262)
(597)
(10,658)
(26,398)
Net increase (decrease)
(165)
58
$(6,715)
$5,281
Class M
 
 
 
 
Shares sold
10
22
$404
$962
Reinvestment of distributions
-
47
-
2,368
Shares redeemed
(33)
(58)
(1,314)
(2,608)
Net increase (decrease)
(23)
11
$(910)
$722
Class C
 
 
 
 
Shares sold
8
12
$332
$599
Reinvestment of distributions
-
18
-
888
Shares redeemed
(23)
(57)
(917)
(2,536)
Net increase (decrease)
(15)
(27)
$(585)
$(1,049)
International Discovery
 
 
 
 
Shares sold
2,653
7,204
$109,350
$327,014
Reinvestment of distributions
286
9,116
11,602
469,882
Shares redeemed
(6,341)
(11,205)
(260,019)
(499,877)
Net increase (decrease)
(3,402)
5,115
$(139,067)
$297,019
Class K
 
 
 
 
Shares sold
776
2,511
$31,813
$114,979
Reinvestment of distributions
72
2,616
2,923
134,333
Shares redeemed
(4,233)
(11,983)
(174,333)
(555,470)
Net increase (decrease)
(3,385)
(6,856)
$(139,597)
$(306,158)
Class I
 
 
 
 
Shares sold
1,167
34,479
$47,270
$1,453,949
Reinvestment of distributions
9
298
373
15,297
Shares redeemed
(2,227)
(30,537)
(90,433)
(1,266,702)
Net increase (decrease)
(1,051)
4,240
$(42,790)
$202,544
Class Z
 
 
 
 
Shares sold
378
3,672
$15,628
$187,806
Reinvestment of distributions
329
7,866
13,272
403,304
Shares redeemed
(6,136)
(4,955)
(247,032)
(200,579)
Net increase (decrease)
(5,429)
6,583
$(218,132)
$390,531
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity International Discovery Fund
26%
10%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Discovery Fund
39%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® International Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,166.80
 
$ 5.69
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.54
 
$ 5.31
 
Class M
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,165.80
 
$ 6.98
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.35
 
$ 6.51
 
Class C
 
 
 
1.83%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,162.70
 
$ 9.81
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.72
 
$ 9.15
 
Fidelity® International Discovery Fund
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.00
 
$ 3.87
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.22
 
$ 3.61
 
Class K
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.70
 
$ 3.28
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.77
 
$ 3.06
 
Class I
 
 
 
.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.10
 
$ 3.93
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.17
 
$ 3.66
 
Class Z
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.70
 
$ 3.28
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.77
 
$ 3.06
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.807261.118
IGI-SANN-0623
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, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Diversified International Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® International Capital Appreciation Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Overseas Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Worldwide Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.1
 
ASML Holding NV (depository receipt)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.7
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.4
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.1
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.0
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.7
 
Linde PLC  (United States of America, Chemicals)
1.6
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.6
 
Hoya Corp.  (Japan, Health Care Equipment & Supplies)
1.5
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
1.4
 
 
20.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.6
 
Industrials
20.1
 
Information Technology
13.0
 
Health Care
11.4
 
Consumer Discretionary
10.1
 
Consumer Staples
6.6
 
Materials
6.4
 
Energy
3.9
 
Communication Services
0.7
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Diversified International Fund
Showing Percentage of Net Assets
Common Stocks - 95.0%
 
 
Shares
Value ($)
 
Australia - 1.6%
 
 
 
Aristocrat Leisure Ltd.
 
930,555
23,538,829
Flutter Entertainment PLC (a)
 
207,974
41,597,246
Glencore PLC
 
14,357,690
84,748,179
TOTAL AUSTRALIA
 
 
149,884,254
Belgium - 0.9%
 
 
 
KBC Group NV
 
1,214,696
86,706,315
Canada - 6.3%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,176,862
58,736,693
Cameco Corp.
 
821,640
22,590,021
Canadian Natural Resources Ltd.
 
2,105,494
128,301,719
Canadian Pacific Kansas City Ltd. (b)
 
658,930
51,950,041
Constellation Software, Inc.
 
51,531
100,860,565
Franco-Nevada Corp.
 
382,011
57,964,957
GFL Environmental, Inc. (b)
 
1,856,392
67,387,030
Imperial Oil Ltd.
 
805,021
41,033,878
Lumine Group, Inc.
 
155,431
2,093,675
Thomson Reuters Corp.
 
337,124
44,331,116
Tourmaline Oil Corp.
 
823,392
36,992,930
TOTAL CANADA
 
 
612,242,625
China - 1.9%
 
 
 
Anta Sports Products Ltd.
 
2,678,400
33,282,408
Chervon Holdings Ltd.
 
3,061,999
15,582,124
Haier Smart Home Co. Ltd. (A Shares)
 
1,259,374
4,330,221
Kweichow Moutai Co. Ltd. (A Shares)
 
103,955
26,524,588
Li Ning Co. Ltd.
 
4,098,259
29,309,184
NXP Semiconductors NV
 
403,455
66,061,722
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
453,800
4,064,646
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
98,000
4,430,553
Sunny Optical Technology Group Co. Ltd.
 
343,676
3,631,731
TOTAL CHINA
 
 
187,217,177
Denmark - 3.6%
 
 
 
Carlsberg A/S Series B
 
223,800
36,971,912
DSV A/S
 
620,145
116,474,865
Novo Nordisk A/S Series B
 
1,164,171
193,665,084
TOTAL DENMARK
 
 
347,111,861
France - 10.7%
 
 
 
Air Liquide SA
 
216,146
38,882,554
Airbus Group NV (b)
 
735,629
103,013,531
AXA SA
 
2,045,201
66,755,710
BNP Paribas SA
 
1,819,469
117,562,059
Capgemini SA
 
516,295
93,812,510
Edenred SA
 
367,789
23,878,314
EssilorLuxottica SA
 
502,968
99,427,147
Legrand SA
 
528,360
49,894,530
LVMH Moet Hennessy Louis Vuitton SE
 
310,621
298,780,541
Pernod Ricard SA
 
541,858
125,027,155
Sartorius Stedim Biotech
 
53,552
14,309,670
Teleperformance
 
39,679
7,904,990
TOTAL FRANCE
 
 
1,039,248,711
Germany - 5.9%
 
 
 
Allianz SE
 
539,228
135,403,847
Bayer AG
 
405,647
26,771,189
Deutsche Borse AG
 
444,026
84,679,598
Deutsche Post AG
 
1,865,086
89,709,886
Hannover Reuck SE
 
272,987
58,235,727
Infineon Technologies AG
 
244,701
8,911,221
Merck KGaA
 
431,050
77,207,023
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
135,130
50,700,364
Siemens Healthineers AG (c)
 
544,402
33,845,036
TOTAL GERMANY
 
 
565,463,891
Greece - 0.1%
 
 
 
Piraeus Financial Holdings SA (a)
 
4,840,500
11,414,218
Hong Kong - 2.5%
 
 
 
AIA Group Ltd.
 
18,182,114
197,950,052
Prudential PLC
 
1,408,151
21,546,175
Techtronic Industries Co. Ltd.
 
2,096,502
22,680,985
TOTAL HONG KONG
 
 
242,177,212
India - 3.4%
 
 
 
Axis Bank Ltd.
 
2,650,700
28,010,073
Fairfax India Holdings Corp. (a)(c)
 
1,341,170
17,435,210
HDFC Bank Ltd.
 
6,527,794
135,105,920
Housing Development Finance Corp. Ltd.
 
2,637,447
89,957,529
Reliance Industries Ltd.
 
1,959,546
58,254,348
TOTAL INDIA
 
 
328,763,080
Indonesia - 1.1%
 
 
 
PT Bank Central Asia Tbk
 
82,277,170
50,917,352
PT Bank Rakyat Indonesia (Persero) Tbk
 
144,586,315
50,385,330
TOTAL INDONESIA
 
 
101,302,682
Ireland - 0.9%
 
 
 
CRH PLC
 
361,400
17,438,987
Kingspan Group PLC (Ireland)
 
706,442
48,807,463
Ryanair Holdings PLC sponsored ADR (a)
 
247,424
23,651,260
TOTAL IRELAND
 
 
89,897,710
Israel - 0.7%
 
 
 
NICE Ltd. sponsored ADR (a)
 
313,791
64,016,502
Italy - 1.3%
 
 
 
FinecoBank SpA
 
3,554,341
53,773,934
Reply SpA
 
77,713
9,034,171
UniCredit SpA
 
3,136,629
62,153,809
TOTAL ITALY
 
 
124,961,914
Japan - 15.7%
 
 
 
Bandai Namco Holdings, Inc.
 
424,647
9,646,035
Daikin Industries Ltd.
 
257,888
46,840,474
FUJIFILM Holdings Corp.
 
1,328,922
69,263,378
Fujitsu Ltd.
 
206,048
27,461,524
Hitachi Ltd.
 
2,512,632
138,985,325
Hoya Corp.
 
1,398,673
146,657,916
Itochu Corp.
 
2,945,975
97,732,308
Keyence Corp.
 
247,942
111,811,006
Minebea Mitsumi, Inc.
 
3,889,872
72,035,136
Misumi Group, Inc.
 
1,678,452
42,342,657
Nomura Research Institute Ltd.
 
1,048,003
26,367,282
Olympus Corp.
 
1,065,292
18,649,446
ORIX Corp.
 
3,385,617
57,597,888
Persol Holdings Co. Ltd.
 
2,321,306
47,863,972
Relo Group, Inc.
 
1,723,780
26,798,553
Renesas Electronics Corp. (a)
 
722,367
9,414,211
Seven & i Holdings Co. Ltd.
 
1,084,756
49,158,376
Shin-Etsu Chemical Co. Ltd.
 
4,437,270
126,621,146
SMC Corp.
 
165,307
82,446,011
Sony Group Corp.
 
1,364,788
123,477,485
Sumitomo Mitsui Financial Group, Inc.
 
1,523,133
62,255,987
Suzuki Motor Corp.
 
637,017
22,211,813
TIS, Inc.
 
1,411,261
38,752,838
Tokyo Electron Ltd.
 
597,504
68,417,499
TOTAL JAPAN
 
 
1,522,808,266
Korea (South) - 0.8%
 
 
 
Samsung Electronics Co. Ltd.
 
1,581,670
77,855,472
Luxembourg - 0.5%
 
 
 
Eurofins Scientific SA
 
681,669
47,516,551
Netherlands - 5.7%
 
 
 
Adyen BV (a)(c)
 
19,622
31,529,645
Argenx SE (a)
 
89,248
34,427,256
ASML Holding NV (depository receipt)
 
411,079
261,799,772
BE Semiconductor Industries NV
 
169,699
15,209,875
IMCD NV
 
500,460
75,108,426
Wolters Kluwer NV
 
993,222
131,495,923
TOTAL NETHERLANDS
 
 
549,570,897
Singapore - 0.1%
 
 
 
Sea Ltd. ADR (a)
 
111,684
8,506,970
Spain - 1.9%
 
 
 
Amadeus IT Holding SA Class A (a)
 
344,200
24,192,107
Banco Santander SA (Spain) (b)
 
11,113,482
39,021,706
CaixaBank SA (b)
 
13,733,556
50,836,223
Industria de Diseno Textil SA (b)
 
2,097,933
72,032,957
TOTAL SPAIN
 
 
186,082,993
Sweden - 2.0%
 
 
 
Indutrade AB
 
3,585,245
85,898,625
Investor AB (B Shares)
 
4,536,799
97,238,767
Kry International AB (a)(d)(e)
 
2,651
207,225
Nibe Industrier AB (B Shares)
 
576,302
6,434,545
TOTAL SWEDEN
 
 
189,779,162
Switzerland - 1.7%
 
 
 
Compagnie Financiere Richemont SA Series A
 
245,338
40,554,585
Julius Baer Group Ltd.
 
200,349
14,282,305
Sika AG
 
269,103
74,332,443
Zurich Insurance Group Ltd.
 
79,428
38,369,984
TOTAL SWITZERLAND
 
 
167,539,317
Taiwan - 1.1%
 
 
 
ECLAT Textile Co. Ltd.
 
654,000
10,407,694
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,187,413
100,098,916
TOTAL TAIWAN
 
 
110,506,610
United Kingdom - 12.4%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,123,703
165,367,489
B&M European Value Retail SA
 
11,949,938
72,041,752
BAE Systems PLC
 
9,929,973
126,507,696
Beazley PLC
 
3,886,655
29,087,517
Big Yellow Group PLC
 
1,665,833
25,624,876
Compass Group PLC
 
2,632,166
69,439,067
Diageo PLC
 
2,279,426
103,978,546
Entain PLC
 
1,381,863
25,077,317
Games Workshop Group PLC
 
123,644
15,414,648
Hiscox Ltd.
 
4,096,094
60,846,596
JD Sports Fashion PLC
 
16,751,352
33,904,667
Lloyds Banking Group PLC
 
39,363,803
23,914,369
NatWest Group PLC
 
6,828,101
22,492,442
RELX PLC:
 
 
 
 (Euronext N.V.)
 
4,540,137
150,683,642
 rights (a)(f)
 
4,540,137
2,195,369
Rentokil Initial PLC
 
10,965,611
87,300,020
S4 Capital PLC (a)
 
4,188,485
7,695,790
Smith & Nephew PLC
 
3,703,989
61,003,827
Standard Chartered PLC (United Kingdom)
 
4,382,426
34,609,846
Starling Bank Ltd. Series D (a)(d)(e)
 
8,636,400
32,778,463
WPP PLC
 
4,470,664
52,102,991
TOTAL UNITED KINGDOM
 
 
1,202,066,930
United States of America - 11.6%
 
 
 
Aon PLC
 
149,883
48,738,954
Booking Holdings, Inc. (a)
 
3,705
9,952,779
Experian PLC
 
1,252,858
44,357,291
Ferguson PLC
 
606,837
85,377,817
ICON PLC (a)
 
224,804
43,317,483
IQVIA Holdings, Inc. (a)
 
205,817
38,740,934
Linde PLC
 
421,050
155,556,923
Marsh & McLennan Companies, Inc.
 
466,082
83,983,316
Marvell Technology, Inc.
 
1,252,536
49,450,121
MasterCard, Inc. Class A
 
160,394
60,954,532
Nestle SA (Reg. S)
 
1,793,479
230,084,657
Roche Holding AG (participation certificate)
 
328,050
102,725,645
S&P Global, Inc.
 
208,579
75,626,574
Schlumberger Ltd.
 
1,914,554
94,483,240
TOTAL UNITED STATES OF AMERICA
 
 
1,123,350,266
Zambia - 0.6%
 
 
 
First Quantum Minerals Ltd.
 
2,207,645
53,641,121
 
TOTAL COMMON STOCKS
  (Cost $6,229,104,851)
 
 
 
9,189,632,707
 
 
 
 
Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.4%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(d)(e)
 
79,275
10,332,127
United States of America - 0.3%
 
 
 
Wasabi Holdings, Inc. Series C (a)(d)(e)
 
2,976,172
28,601,013
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
38,933,140
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
15,316
1,197,233
 
TOTAL PREFERRED STOCKS
  (Cost $59,932,348)
 
 
 
40,130,373
 
 
 
 
Money Market Funds - 5.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (g)
 
363,493,113
363,565,811
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
208,813,348
208,834,229
 
TOTAL MONEY MARKET FUNDS
  (Cost $572,399,084)
 
 
572,400,040
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
  (Cost $6,861,436,283)
 
 
 
9,802,163,120
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(125,997,001)
NET ASSETS - 100.0%
9,676,166,119
 
 
 
 
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 $82,809,891 or 0.9% 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 $73,116,061 or 0.8% of net assets.
 
(e)
Level 3 security
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
20,595,368
 
 
 
Kry International AB
5/14/21
1,151,345
 
 
 
Kry International AB Series E
5/14/21
7,002,062
 
 
 
Starling Bank Ltd. Series D
6/18/21
15,440,896
 
 
 
Wasabi Holdings, Inc. Series C
3/31/21
32,334,918
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
378,167,562
514,375,749
528,977,499
5,262,880
-
(1)
363,565,811
0.9%
Fidelity Securities Lending Cash Central Fund 4.88%
172,610,171
923,002,480
886,778,422
420,772
-
-
208,834,229
0.6%
Total
550,777,733
1,437,378,229
1,415,755,921
5,683,652
-
(1)
572,400,040
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
68,305,751
16,202,760
52,102,991
-
Consumer Discretionary
974,773,459
270,021,366
704,752,093
-
Consumer Staples
630,481,927
220,735,760
409,746,167
-
Energy
381,656,136
323,401,788
58,254,348
-
Financials
2,206,736,650
884,904,179
1,289,054,008
32,778,463
Health Care
1,108,062,249
354,363,844
753,698,405
-
Industrials
1,953,475,580
945,400,273
1,008,075,307
-
Information Technology
1,244,661,589
762,437,829
441,886,162
40,337,598
Materials
609,186,310
267,163,001
342,023,309
-
Real Estate
52,423,429
25,624,876
26,798,553
-
  Money Market Funds
572,400,040
572,400,040
-
-
 Total Investments in Securities:
9,802,163,120
4,642,655,716
5,086,391,343
73,116,061
Fidelity® Diversified International Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $195,697,226) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,289,037,199)
$
9,229,763,080
 
 
Fidelity Central Funds (cost $572,399,084)
572,400,040
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,861,436,283)
 
 
$
9,802,163,120
Foreign currency held at value (cost $14,197,037)
 
 
14,325,283
Receivable for investments sold
 
 
88,275,400
Receivable for fund shares sold
 
 
2,351,924
Dividends receivable
 
 
25,731,774
Reclaims receivable
 
 
31,437,816
Distributions receivable from Fidelity Central Funds
 
 
1,455,951
Prepaid expenses
 
 
3,661
Other receivables
 
 
1,323,466
  Total assets
 
 
9,967,068,395
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
53,937,888
 
 
Delayed delivery
2,195,374
 
 
Payable for fund shares redeemed
4,882,889
 
 
Accrued management fee
3,130,310
 
 
Other affiliated payables
1,200,674
 
 
Other payables and accrued expenses
16,720,912
 
 
Collateral on securities loaned
208,834,229
 
 
  Total Liabilities
 
 
 
290,902,276
Net Assets  
 
 
$
9,676,166,119
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,533,809,036
Total accumulated earnings (loss)
 
 
 
3,142,357,083
Net Assets
 
 
$
9,676,166,119
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Diversified International :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($8,192,295,174 ÷ 202,573,990 shares)
 
 
$
40.44
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,483,870,945 ÷ 36,768,383 shares)
 
 
$
40.36
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
93,173,469
Foreign Tax Reclaims
 
 
5,671,639
Income from Fidelity Central Funds (including $420,772 from security lending)
 
 
5,683,652
 Income before foreign taxes withheld
 
 
$
104,528,760
Less foreign taxes withheld
 
 
(15,835,491)
 Total Income
 
 
 
88,693,269
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
30,482,799
 
 
 Performance adjustment
(4,936,387)
 
 
Transfer agent fees
6,365,304
 
 
Accounting fees
837,418
 
 
Custodian fees and expenses
347,892
 
 
Independent trustees' fees and expenses
31,005
 
 
Registration fees
63,177
 
 
Audit
92,780
 
 
Legal
7,201
 
 
Miscellaneous
20,094
 
 
 Total expenses before reductions
 
33,311,283
 
 
 Expense reductions
 
(216,043)
 
 
 Total expenses after reductions
 
 
 
33,095,240
Net Investment income (loss)
 
 
 
55,598,029
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $2,472,713)
 
187,590,971
 
 
   Redemptions in-kind
 
52,451,555
 
 
 Foreign currency transactions
 
153,501
 
 
Total net realized gain (loss)
 
 
 
240,196,027
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $525,603)  
 
1,417,491,652
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
3,628,842
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,421,120,493
Net gain (loss)
 
 
 
1,661,316,520
Net increase (decrease) in net assets resulting from operations
 
 
$
1,716,914,549
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
55,598,029
$
92,319,482
Net realized gain (loss)
 
240,196,027
 
 
665,262,947
 
Change in net unrealized appreciation (depreciation)
 
1,421,120,493
 
(4,726,389,174)
 
Net increase (decrease) in net assets resulting from operations
 
1,716,914,549
 
 
(3,968,806,745)
 
Distributions to shareholders
 
(123,021,624)
 
 
(1,395,065,915)
 
Share transactions - net increase (decrease)
 
(545,101,274)
 
 
(845,248,874)
 
Total increase (decrease) in net assets
 
1,048,791,651
 
 
(6,209,121,534)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,627,374,468
 
14,836,496,002
 
End of period
$
9,676,166,119
$
8,627,374,468
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Diversified International Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.99
$
53.38
$
41.61
$
38.67
$
35.72
$
41.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.33
 
.16
 
.10
 
.50
 
.50
     Net realized and unrealized gain (loss)
 
6.72
 
(14.58)
 
12.07
 
3.37
 
4.77
 
(4.05)
  Total from investment operations
 
6.94  
 
(14.25)  
 
12.23  
 
3.47  
 
5.27
 
(3.55)
  Distributions from net investment income
 
(.14)
 
(.57)
 
(.02)
 
(.53)
 
(.43)
 
(.43)
  Distributions from net realized gain
 
(.35)
 
(4.57)
 
(.45)
 
-
 
(1.89)
 
(1.69)
     Total distributions
 
(.49)
 
(5.14)
 
(.46) C
 
(.53)
 
(2.32)
 
(2.12)
  Net asset value, end of period
$
40.44
$
33.99
$
53.38
$
41.61
$
38.67
$
35.72
 Total Return   D,E
 
20.53%
 
(29.36)%
 
29.58%
 
9.07%
 
16.02%
 
(9.05)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% H
 
.99%
 
1.01%
 
1.05%
 
.75%
 
.81%
    Expenses net of fee waivers, if any
 
.72% H
 
.99%
 
1.01%
 
1.05%
 
.75%
 
.80%
    Expenses net of all reductions
 
.72% H
 
.99%
 
1.01%
 
1.04%
 
.75%
 
.79%
    Net investment income (loss)
 
1.17% H
 
.80%
 
.32%
 
.26%
 
1.42%
 
1.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,192,295
$
7,230,515
$
11,529,722
$
9,419,192
$
8,734,682
$
9,275,299
    Portfolio turnover rate I,J
 
21% H
 
20%
 
29%
 
29%
 
37%
 
30%
 
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 mutual funds or ETFs 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.
 
Fidelity® Diversified International Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.94
$
53.32
$
41.56
$
38.61
$
35.68
$
41.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.38
 
.21
 
.15
 
.55
 
.55
     Net realized and unrealized gain (loss)
 
6.72
 
(14.58)
 
12.06
 
3.37
 
4.74
 
(4.05)
  Total from investment operations
 
6.96  
 
(14.20)  
 
12.27  
 
3.52  
 
5.29
 
(3.50)
  Distributions from net investment income
 
(.19)
 
(.62)
 
(.06)
 
(.57)
 
(.47)
 
(.48)
  Distributions from net realized gain
 
(.35)
 
(4.57)
 
(.45)
 
-
 
(1.89)
 
(1.69)
     Total distributions
 
(.54)
 
(5.18) C
 
(.51)
 
(.57)
 
(2.36)
 
(2.17)
  Net asset value, end of period
$
40.36
$
33.94
$
53.32
$
41.56
$
38.61
$
35.68
 Total Return   D,E
 
20.63%
 
(29.31)%
 
29.71%
 
9.22%
 
16.14%
 
(8.95)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% H
 
.88%
 
.91%
 
.94%
 
.63%
 
.69%
    Expenses net of fee waivers, if any
 
.61% H
 
.88%
 
.91%
 
.94%
 
.63%
 
.69%
    Expenses net of all reductions
 
.61% H
 
.88%
 
.91%
 
.93%
 
.63%
 
.67%
    Net investment income (loss)
 
1.28% H
 
.91%
 
.42%
 
.38%
 
1.54%
 
1.39%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,483,871
$
1,396,859
$
3,306,774
$
3,761,267
$
4,246,651
$
4,998,889
    Portfolio turnover rate I,J
 
21% H
 
20%
 
29%
 
29%
 
37%
 
30%
 
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 mutual funds or ETFs 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.
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign 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 Diversified International Fund
$1,154,427
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, deferred trustees compensation and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$3,067,327,170
Gross unrealized depreciation
(196,677,784)
 
Net unrealized appreciation (depreciation)
$2,870,649,386
 
Tax cost
$6,931,513,734
 
 
 
 
 
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 Fund
969,010,966
1,493,166,881
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Diversified International Fund
4,099,739
52,451,555
151,408,332
Diversified International and Class K
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Diversified International Fund
26,571,800
431,418,900
1,092,083,654
Diversified International and Class K
 
5.Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .55% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets A
Diversified International
$6,055,849
.15
Class K
309,455
.04
 
$6,365,304
 
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
.02
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Diversified International Fund
$1,809
 
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
28,834,796
57,684,876
8,888,189
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Fidelity Diversified International Fund
$9,094
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Diversified International Fund
$47,052
$-
$-
 
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 $745.
 
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 $215,298.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended April 30, 2023
Year ended
October 31, 2022
Fidelity Diversified International Fund
 
 
Distributions to shareholders
 
 
Diversified International
$101,421,541
$1,090,192,506
Class K
21,600,083
304,873,409
Total   
$123,021,624
$1,395,065,915
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Diversified International Fund
 
 
 
 
Diversified International
 
 
 
 
Shares sold
4,578,487
48,845,163
$175,097,619
$1,865,951,127
Reinvestment of distributions
2,350,798
20,838,853
87,708,255
979,217,736
Shares redeemed
(17,105,908)
(72,908,948)
(645,503,715)
(2,840,874,254)
Net increase (decrease)
(10,176,623)
(3,224,932)
$(382,697,841)
$4,294,609
Class K
 
 
 
 
Shares sold
2,605,174
7,508,397
$99,795,993
$323,341,358
Reinvestment of distributions
580,051
6,500,350
21,589,508
304,736,401
Shares redeemed
(7,570,395)
(34,873,914)
(283,788,934)
(1,477,621,242)
Net increase (decrease)
(4,385,170)
(20,865,167)
$(162,403,433)
$(849,543,483)
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
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
18%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Diversified International Fund
23%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.0
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.5
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.5
 
L'Oreal SA  (France, Personal Care Products)
2.2
 
Compagnie Financiere Richemont SA Series A  (Switzerland, Textiles, Apparel & Luxury Goods)
2.2
 
Hermes International SCA  (France, Textiles, Apparel & Luxury Goods)
2.0
 
Diageo PLC  (United Kingdom, Beverages)
2.0
 
Constellation Software, Inc.  (Canada, Software)
1.9
 
 
24.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
24.2
 
Industrials
23.0
 
Financials
12.6
 
Consumer Discretionary
12.4
 
Materials
9.3
 
Consumer Staples
9.1
 
Health Care
8.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® International Capital Appreciation Fund
Showing Percentage of Net Assets
Common Stocks - 98.9%
 
 
Shares
Value ($)
 
Brazil - 1.6%
 
 
 
MercadoLibre, Inc. (a)
 
56,429
72,087,483
Canada - 9.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,437,653
71,752,663
Canadian National Railway Co.
 
606,998
72,355,004
Canadian Pacific Kansas City Ltd.
 
934,906
73,696,690
Constellation Software, Inc.
 
43,614
85,364,784
GFL Environmental, Inc.
 
1,547,893
56,221,585
Thomson Reuters Corp.
 
572,461
75,277,449
TOTAL CANADA
 
 
434,668,175
China - 1.3%
 
 
 
NXP Semiconductors NV
 
349,826
57,280,509
Denmark - 4.5%
 
 
 
DSV A/S
 
404,182
75,912,962
Novo Nordisk A/S Series B
 
739,453
123,011,334
TOTAL DENMARK
 
 
198,924,296
France - 15.5%
 
 
 
Air Liquide SA
 
466,992
84,007,299
Capgemini SA
 
356,132
64,710,363
Dassault Systemes SA
 
1,747,580
70,613,894
Hermes International SCA
 
40,850
88,530,811
L'Oreal SA
 
207,671
99,027,340
LVMH Moet Hennessy Louis Vuitton SE
 
139,569
134,248,817
Pernod Ricard SA
 
350,746
80,930,381
Safran SA
 
417,958
65,000,731
TOTAL FRANCE
 
 
687,069,636
Germany - 1.7%
 
 
 
Infineon Technologies AG
 
2,004,681
73,004,017
India - 6.3%
 
 
 
HCL Technologies Ltd.
 
4,957,363
64,881,169
HDFC Bank Ltd.
 
3,455,317
71,514,785
ICICI Bank Ltd.
 
6,970,220
78,714,620
ITC Ltd.
 
12,454,605
65,016,323
TOTAL INDIA
 
 
280,126,897
Indonesia - 1.7%
 
 
 
PT Bank Central Asia Tbk
 
122,596,418
75,868,980
Ireland - 3.0%
 
 
 
CRH PLC
 
1,287,675
62,135,438
Kingspan Group PLC (Ireland)
 
985,264
68,071,032
TOTAL IRELAND
 
 
130,206,470
Israel - 1.5%
 
 
 
NICE Ltd. sponsored ADR (a)
 
314,189
64,097,698
Italy - 1.8%
 
 
 
Ferrari NV (Italy)
 
292,531
81,326,359
Japan - 6.4%
 
 
 
Hoya Corp.
 
681,884
71,498,975
Keyence Corp.
 
175,864
79,306,978
Shin-Etsu Chemical Co. Ltd.
 
2,198,469
62,735,120
Tokyo Electron Ltd.
 
597,885
68,461,126
TOTAL JAPAN
 
 
282,002,199
Korea (South) - 2.6%
 
 
 
LG Chemical Ltd.
 
108,807
60,464,438
Samsung SDI Co. Ltd.
 
108,039
56,091,442
TOTAL KOREA (SOUTH)
 
 
116,555,880
Netherlands - 6.0%
 
 
 
ASM International NV (Netherlands)
 
203,966
73,729,282
ASML Holding NV (Netherlands)
 
173,342
109,541,683
Wolters Kluwer NV
 
607,548
80,435,275
TOTAL NETHERLANDS
 
 
263,706,240
Sweden - 1.8%
 
 
 
Atlas Copco AB (A Shares)
 
5,587,653
80,695,015
Switzerland - 3.9%
 
 
 
Compagnie Financiere Richemont SA Series A
 
585,702
96,817,051
Sika AG
 
278,478
76,922,034
TOTAL SWITZERLAND
 
 
173,739,085
Taiwan - 2.9%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
7,799,090
127,625,472
United Kingdom - 11.2%
 
 
 
Ashtead Group PLC
 
986,762
56,759,979
AstraZeneca PLC (United Kingdom)
 
755,829
111,230,052
Compass Group PLC
 
3,061,038
80,753,122
Diageo PLC
 
1,884,746
85,974,780
RELX PLC (London Stock Exchange)
 
2,439,010
81,105,875
Rentokil Initial PLC
 
10,114,879
80,527,126
TOTAL UNITED KINGDOM
 
 
496,350,934
United States of America - 15.4%
 
 
 
Fiserv, Inc. (a)
 
457,100
55,821,052
Linde PLC
 
192,777
71,221,463
Marsh & McLennan Companies, Inc.
 
398,674
71,837,068
MasterCard, Inc. Class A
 
177,176
67,332,195
Moody's Corp.
 
219,461
68,717,628
S&P Global, Inc.
 
187,205
67,876,789
Schneider Electric SA
 
485,613
84,686,972
SolarEdge Technologies, Inc. (a)
 
226,472
64,687,197
Thermo Fisher Scientific, Inc.
 
113,843
63,171,481
Waste Connections, Inc. (Canada)
 
487,640
67,830,855
TOTAL UNITED STATES OF AMERICA
 
 
683,182,700
 
TOTAL COMMON STOCKS
  (Cost $3,316,781,494)
 
 
 
4,378,518,045
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (b)
 
  (Cost $39,798,774)
 
 
39,790,816
39,798,774
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
  (Cost $3,356,580,268)
 
 
 
4,418,316,819
NET OTHER ASSETS (LIABILITIES) - 0.2%  
10,023,224
NET ASSETS - 100.0%
4,428,340,043
 
 
 
 
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.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
44,808,754
633,980,039
638,990,019
888,348
-
-
39,798,774
0.1%
Fidelity Securities Lending Cash Central Fund 4.88%
10,588,050
288,879,540
299,467,590
23,341
-
-
-
0.0%
Total
55,396,804
922,859,579
938,457,609
911,689
-
-
39,798,774
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
553,763,643
241,944,653
311,818,990
-
Consumer Staples
402,701,487
251,710,384
150,991,103
-
Financials
557,683,117
331,584,732
226,098,385
-
Health Care
368,911,842
63,171,481
305,740,361
-
Industrials
1,018,576,550
788,361,721
230,214,829
-
Information Technology
1,059,395,614
590,025,410
469,370,204
-
Materials
417,485,792
71,221,463
346,264,329
-
  Money Market Funds
39,798,774
39,798,774
-
-
 Total Investments in Securities:
4,418,316,819
2,377,818,618
2,040,498,201
-
Fidelity® International Capital Appreciation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,316,781,494)
$
4,378,518,045
 
 
Fidelity Central Funds (cost $39,798,774)
39,798,774
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,356,580,268)
 
 
$
4,418,316,819
Foreign currency held at value (cost $1,043,485)
 
 
1,044,881
Receivable for investments sold
 
 
16,162,158
Receivable for fund shares sold
 
 
1,254,416
Dividends receivable
 
 
7,267,331
Reclaims receivable
 
 
7,296,590
Distributions receivable from Fidelity Central Funds
 
 
196,246
Prepaid expenses
 
 
1,623
Other receivables
 
 
1,927,234
  Total assets
 
 
4,453,467,298
Liabilities
 
 
 
 
Payable to custodian bank
$
16,149,303
 
 
Payable for fund shares redeemed
1,812,787
 
 
Accrued management fee
2,268,313
 
 
Other affiliated payables
679,573
 
 
Other payables and accrued expenses
4,217,279
 
 
  Total Liabilities
 
 
 
25,127,255
Net Assets  
 
 
$
4,428,340,043
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,755,016,135
Total accumulated earnings (loss)
 
 
 
673,323,908
Net Assets
 
 
$
4,428,340,043
Net Asset Value , offering price and redemption price per share ($4,428,340,043 ÷ 186,034,101 shares)
 
 
$
23.80
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
27,504,241
Non-Cash dividends
 
 
1,397,124
Income from Fidelity Central Funds (including $23,341 from security lending)
 
 
911,689
 Income before foreign taxes withheld
 
 
$
29,813,054
Less foreign taxes withheld
 
 
(3,317,994)
 Total Income
 
 
 
26,495,060
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
14,262,800
 
 
 Performance adjustment
(403,118)
 
 
Transfer agent fees
3,290,358
 
 
Accounting fees
731,710
 
 
Custodian fees and expenses
190,459
 
 
Independent trustees' fees and expenses
13,588
 
 
Registration fees
47,393
 
 
Audit
59,799
 
 
Legal
4,854
 
 
Interest
107,651
 
 
Miscellaneous
8,932
 
 
 Total expenses before reductions
 
18,314,426
 
 
 Expense reductions
 
(97,105)
 
 
 Total expenses after reductions
 
 
 
18,217,321
Net Investment income (loss)
 
 
 
8,277,739
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $551,343)
 
34,634,433
 
 
 Foreign currency transactions
 
475,389
 
 
Total net realized gain (loss)
 
 
 
35,109,822
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $2,494,140)
 
778,138,188
 
 
 Assets and liabilities in foreign currencies
 
731,600
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
778,869,788
Net gain (loss)
 
 
 
813,979,610
Net increase (decrease) in net assets resulting from operations
 
 
$
822,257,349
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,277,739
$
4,726,060
Net realized gain (loss)
 
35,109,822
 
 
(421,962,871)
 
Change in net unrealized appreciation (depreciation)
 
778,869,788
 
(1,404,871,443)
 
Net increase (decrease) in net assets resulting from operations
 
822,257,349
 
 
(1,822,108,254)
 
Distributions to shareholders
 
(1,939,358)
 
 
(482,951,298)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
209,485,691
 
1,823,528,638
  Reinvestment of distributions
 
1,625,726
 
 
405,305,190
 
Cost of shares redeemed
 
(426,352,798)
 
(1,952,267,374)
  Net increase (decrease) in net assets resulting from share transactions
 
(215,241,381)
 
 
276,566,454
 
Total increase (decrease) in net assets
 
605,076,610
 
 
(2,028,493,098)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,823,263,433
 
5,851,756,531
 
End of period
$
4,428,340,043
$
3,823,263,433
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
9,358,360
 
78,948,065
  Issued in reinvestment of distributions
 
72,968
 
 
14,830,047
 
Redeemed
 
(19,379,806)
 
(87,008,238)
Net increase (decrease)
 
(9,948,478)
 
6,769,874
 
 
 
 
 
 
Financial Highlights
Fidelity® International Capital Appreciation Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.51
$
30.93
$
24.57
$
22.41
$
18.84
$
21.06
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.02
 
(.02)
 
.06
 
.17 C
 
.11
     Net realized and unrealized gain (loss)
 
4.26
 
(8.86)
 
6.74
 
2.86
 
3.93
 
(1.63)
  Total from investment operations
 
4.30  
 
(8.84)  
 
6.72  
 
2.92  
 
4.10
 
(1.52)
  Distributions from net investment income
 
(.01)
 
-
 
(.05)
 
(.13)
 
(.08)
 
(.07)
  Distributions from net realized gain
 
-
 
(2.58)
 
(.31)
 
(.62)
 
(.45)
 
(.63)
     Total distributions
 
(.01)
 
(2.58)
 
(.36)
 
(.76) D
 
(.53)
 
(.70)
  Net asset value, end of period
$
23.80
$
19.51
$
30.93
$
24.57
$
22.41
$
18.84
 Total Return   E,F
 
22.04%
 
(30.97)%
 
27.56%
 
13.35%
 
22.45%
 
(7.51)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87% I
 
.99%
 
1.00%
 
1.03%
 
1.01%
 
1.06%
    Expenses net of fee waivers, if any
 
.86% I
 
.98%
 
1.00%
 
1.03%
 
1.01%
 
1.06%
    Expenses net of all reductions
 
.86% I
 
.98%
 
1.00%
 
.99%
 
1.00%
 
1.01%
    Net investment income (loss)
 
.39% I
 
.10%
 
(.08)%
 
.25%
 
.81% C
 
.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,428,340
$
3,823,263
$
5,851,757
$
4,514,343
$
3,480,765
$
2,165,082
    Portfolio turnover rate J
 
89% I
 
112% K
 
141%
 
135%
 
131% K
 
157% 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 mutual funds or ETFs 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 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.
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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, redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,115,218,842
Gross unrealized depreciation
(65,176,966)
Net unrealized appreciation (depreciation)
$1,050,041,876
Tax cost
$3,368,274,943
 
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
$(385,881,335)
Total capital loss carryforward
$(385,881,335)
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Capital Appreciation Fund
1,842,653,670
2,055,258,644
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
 
Fidelity International Capital Appreciation Fund
237,890
2,446,488
6,501,540
 
 
 
 
 
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total 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.
 
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 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
$2,637
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Capital Appreciation Fund  
Borrower
$   22,972,657
4.82%
$107,651
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Capital Appreciation Fund
34,113,296
58,674,582
3,282,891
 
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
$4,056
 
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
$2,527
$-
$-
 
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 $77.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $97,028.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity International Capital Appreciation Fund
36%
 
Mutual funds managed by the investment adviser or its affiliates were the owners of record of more than 10% or more of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Capital Appreciation Fund
40%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.3
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.5
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.5
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.4
 
Diageo PLC  (United Kingdom, Beverages)
2.0
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.0
 
Compagnie Financiere Richemont SA Series A  (Switzerland, Textiles, Apparel & Luxury Goods)
2.0
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.9
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.9
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.7
 
 
22.2
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
22.0
 
Financials
21.0
 
Health Care
15.1
 
Information Technology
11.8
 
Consumer Discretionary
11.6
 
Consumer Staples
7.6
 
Materials
5.6
 
Energy
1.9
 
Real Estate
1.0
 
Communication Services
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Overseas Fund
Showing Percentage of Net Assets
Common Stocks - 98.2%
 
 
Shares
Value ($)
 
Australia - 0.7%
 
 
 
Flutter Entertainment PLC (a)
 
295,174
59,038,272
Bailiwick of Jersey - 0.3%
 
 
 
JTC PLC (b)
 
2,649,000
26,400,007
Belgium - 1.1%
 
 
 
Azelis Group NV
 
812,200
19,241,708
KBC Group NV
 
978,390
69,838,537
TOTAL BELGIUM
 
 
89,080,245
Canada - 1.5%
 
 
 
Constellation Software, Inc.
 
59,400
116,262,397
Lumine Group, Inc.
 
178,222
2,400,673
TOTAL CANADA
 
 
118,663,070
China - 0.1%
 
 
 
Chervon Holdings Ltd.
 
699,700
3,560,684
Denmark - 4.7%
 
 
 
Carlsberg A/S Series B
 
303,600
50,154,926
DSV A/S
 
722,300
135,661,490
Novo Nordisk A/S Series B
 
1,139,100
189,494,410
TOTAL DENMARK
 
 
375,310,826
Finland - 1.0%
 
 
 
Nordea Bank ABP
 
7,207,600
79,996,590
France - 17.5%
 
 
 
Air Liquide SA
 
647,129
116,412,186
ALTEN
 
493,956
83,820,678
Antin Infrastructure Partners SA
 
198,900
3,353,269
BNP Paribas SA
 
697,700
45,080,762
Capgemini SA
 
600,933
109,191,515
Edenred SA
 
1,938,379
125,847,217
EssilorLuxottica SA
 
598,413
118,294,796
L'Oreal SA
 
245,700
117,161,363
LVMH Moet Hennessy Louis Vuitton SE
 
275,163
264,674,150
Pernod Ricard SA
 
539,800
124,552,297
Safran SA
 
783,600
121,865,290
Teleperformance (c)
 
137,066
27,306,771
TotalEnergies SE (c)
 
2,363,944
151,055,887
TOTAL FRANCE
 
 
1,408,616,181
Germany - 7.4%
 
 
 
Allianz SE
 
428,601
107,624,649
Deutsche Borse AG
 
537,091
102,427,898
Hannover Reuck SE
 
464,900
99,176,113
Infineon Technologies AG
 
2,427,900
88,416,288
Merck KGaA
 
599,600
107,396,661
Siemens Healthineers AG (b)
 
1,475,900
91,755,519
TOTAL GERMANY
 
 
596,797,128
Hong Kong - 1.9%
 
 
 
AIA Group Ltd.
 
14,169,800
154,267,686
India - 1.6%
 
 
 
HCL Technologies Ltd.
 
2,077,700
27,192,603
HDFC Bank Ltd.
 
4,972,900
102,924,239
TOTAL INDIA
 
 
130,116,842
Ireland - 1.0%
 
 
 
Kingspan Group PLC (Ireland)
 
1,160,000
80,143,391
Italy - 2.5%
 
 
 
FinecoBank SpA
 
4,669,000
70,637,707
GVS SpA (a)(b)
 
528,100
3,593,315
Recordati SpA
 
1,698,130
78,083,901
UniCredit SpA
 
2,418,700
47,927,701
TOTAL ITALY
 
 
200,242,624
Japan - 11.5%
 
 
 
Bandai Namco Holdings, Inc.
 
987,000
22,420,120
BayCurrent Consulting, Inc.
 
598,000
20,786,486
Capcom Co. Ltd.
 
1,182,700
44,443,041
FUJIFILM Holdings Corp.
 
1,063,600
55,434,803
Hoya Corp.
 
853,400
89,483,293
Iriso Electronics Co. Ltd.
 
501,900
17,179,849
Misumi Group, Inc.
 
1,737,300
43,827,227
NOF Corp.
 
941,400
43,013,940
Olympus Corp.
 
2,296,500
40,203,487
Persol Holdings Co. Ltd.
 
2,299,400
47,412,283
Relo Group, Inc.
 
1,741,700
27,077,144
Shin-Etsu Chemical Co. Ltd.
 
2,179,200
62,185,263
SMC Corp.
 
154,000
76,806,703
Sony Group Corp.
 
1,419,900
128,463,674
Suzuki Motor Corp.
 
1,410,600
49,185,474
TIS, Inc.
 
1,338,700
36,760,333
Tokio Marine Holdings, Inc.
 
3,636,600
73,121,239
Tokyo Electron Ltd.
 
423,300
48,470,182
TOTAL JAPAN
 
 
926,274,541
Kenya - 0.1%
 
 
 
Safaricom Ltd.
 
37,952,100
4,604,483
Luxembourg - 0.8%
 
 
 
Eurofins Scientific SA (c)
 
848,700
59,159,647
Netherlands - 7.1%
 
 
 
ASM International NV (Netherlands)
 
222,400
80,392,773
ASML Holding NV (Netherlands)
 
320,400
202,473,464
Euronext NV (b)
 
615,280
48,882,144
IMCD NV
 
622,424
93,412,634
Topicus.Com, Inc. (a)
 
122,288
8,145,914
Wolters Kluwer NV
 
1,051,300
139,185,060
TOTAL NETHERLANDS
 
 
572,491,989
Spain - 1.3%
 
 
 
Amadeus IT Holding SA Class A (a)
 
1,500,557
105,466,692
Sweden - 4.2%
 
 
 
Addlife AB
 
2,778,272
32,835,195
AddTech AB (B Shares)
 
3,841,696
76,796,084
Atlas Copco AB (A Shares)
 
7,024,444
101,444,669
Indutrade AB
 
4,506,101
107,961,347
Kry International AB (a)(d)(e)
 
2,787
217,856
Nordnet AB
 
1,189,863
18,657,147
TOTAL SWEDEN
 
 
337,912,298
Switzerland - 5.8%
 
 
 
Compagnie Financiere Richemont SA Series A
 
950,750
157,159,803
Julius Baer Group Ltd.
 
1,286,924
91,741,117
Partners Group Holding AG
 
66,700
64,412,866
Sika AG
 
420,382
116,119,185
Sonova Holding AG
 
115,271
36,340,961
TOTAL SWITZERLAND
 
 
465,773,932
Taiwan - 0.5%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,565,000
41,974,043
United Kingdom - 14.4%
 
 
 
Ashtead Group PLC
 
976,700
56,181,198
AstraZeneca PLC (United Kingdom)
 
1,357,400
199,759,037
BAE Systems PLC
 
6,056,800
77,163,535
Beazley PLC
 
4,595,935
34,395,731
Compass Group PLC
 
5,341,398
140,911,209
Dechra Pharmaceuticals PLC
 
778,595
36,498,023
Diageo PLC
 
3,553,000
162,074,037
Diploma PLC
 
1,567,295
52,906,088
Hiscox Ltd.
 
2,935,313
43,603,444
London Stock Exchange Group PLC
 
750,400
78,786,946
RELX PLC (London Stock Exchange)
 
4,016,300
133,556,454
Rentokil Initial PLC
 
12,425,315
98,921,095
Volution Group PLC
 
7,215,267
39,299,788
TOTAL UNITED KINGDOM
 
 
1,154,056,585
United States of America - 11.2%
 
 
 
CBRE Group, Inc. (a)
 
769,300
58,974,538
CDW Corp.
 
195,530
33,159,933
Equifax, Inc.
 
161,400
33,632,532
Experian PLC
 
2,444,300
86,540,155
Ferguson PLC
 
642,300
90,367,219
ICON PLC (a)
 
311,400
60,003,666
Linde PLC
 
316,700
117,004,815
Marsh & McLennan Companies, Inc.
 
647,200
116,618,968
Nestle SA (Reg. S)
 
1,228,240
157,570,387
S&P Global, Inc.
 
245,805
89,123,977
Thermo Fisher Scientific, Inc.
 
106,300
58,985,870
TOTAL UNITED STATES OF AMERICA
 
 
901,982,060
 
TOTAL COMMON STOCKS
  (Cost $5,632,573,559)
 
 
 
7,891,929,816
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
  (Cost $7,360,943)
 
16,101
1,258,596
 
 
 
 
Money Market Funds - 1.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
97,384,881
97,404,358
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
48,850,532
48,855,417
 
TOTAL MONEY MARKET FUNDS
  (Cost $146,259,775)
 
 
146,259,775
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $5,786,194,277)
 
 
 
8,039,448,187
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(625,659)
NET ASSETS - 100.0%
8,038,822,528
 
 
 
 
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 $170,630,985 or 2.1% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,476,452 or 0.0% 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 ($)
 
Kry International AB
5/14/21
1,210,410
 
 
 
Kry International AB Series E
5/14/21
7,360,943
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
214,978,741
596,671,060
714,245,443
1,811,913
-
-
97,404,358
0.2%
Fidelity Securities Lending Cash Central Fund 4.88%
17,314,388
669,063,739
637,522,710
460,752
-
-
48,855,417
0.1%
Total
232,293,129
1,265,734,799
1,351,768,153
2,272,665
-
-
146,259,775
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
49,047,524
4,604,483
44,443,041
-
Consumer Discretionary
930,880,078
59,038,272
871,841,806
-
Consumer Staples
611,513,010
291,868,586
319,644,424
-
Energy
151,055,887
-
151,055,887
-
Financials
1,694,845,954
982,684,834
712,161,120
-
Health Care
1,198,294,466
679,354,239
518,940,227
-
Industrials
1,764,012,522
1,190,689,748
573,322,774
-
Information Technology
952,751,900
635,847,347
315,428,101
1,476,452
Materials
454,735,389
117,004,815
337,730,574
-
Real Estate
86,051,682
58,974,538
27,077,144
-
  Money Market Funds
146,259,775
146,259,775
-
-
 Total Investments in Securities:
8,039,448,187
4,166,326,637
3,871,645,098
1,476,452
Fidelity® Overseas Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $47,419,033) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,639,934,502)
$
7,893,188,412
 
 
Fidelity Central Funds (cost $146,259,775)
146,259,775
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,786,194,277)
 
 
$
8,039,448,187
Foreign currency held at value (cost $8,329,701)
 
 
8,168,623
Receivable for investments sold
 
 
18,401,609
Receivable for fund shares sold
 
 
2,719,944
Dividends receivable
 
 
16,326,050
Reclaims receivable
 
 
25,295,145
Interest receivable
 
 
6,882
Distributions receivable from Fidelity Central Funds
 
 
273,092
Prepaid expenses
 
 
2,925
Other receivables
 
 
244,885
  Total assets
 
 
8,110,887,342
Liabilities
 
 
 
 
Payable for investments purchased
$
12,226,630
 
 
Payable for fund shares redeemed
2,859,760
 
 
Accrued management fee
3,721,995
 
 
Other affiliated payables
1,019,275
 
 
Other payables and accrued expenses
3,381,737
 
 
Collateral on securities loaned
48,855,417
 
 
  Total Liabilities
 
 
 
72,064,814
Net Assets  
 
 
$
8,038,822,528
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,933,773,271
Total accumulated earnings (loss)
 
 
 
2,105,049,257
Net Assets
 
 
$
8,038,822,528
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Overseas :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($7,487,724,545 ÷ 130,551,433 shares)
 
 
$
57.35
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($551,097,983 ÷ 9,628,607 shares)
 
 
$
57.24
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
75,123,141
Foreign Tax Reclaims
 
 
4,311,063
Income from Fidelity Central Funds (including $460,752 from security lending)
 
 
2,272,665
 Income before foreign taxes withheld
 
 
$
81,706,869
Less foreign taxes withheld
 
 
(12,462,276)
 Total Income
 
 
 
69,244,593
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
24,594,399
 
 
 Performance adjustment
(927,673)
 
 
Transfer agent fees
5,245,572
 
 
Accounting fees
800,300
 
 
Custodian fees and expenses
155,424
 
 
Independent trustees' fees and expenses
24,628
 
 
Registration fees
72,538
 
 
Audit
65,408
 
 
Legal
5,715
 
 
Interest
7,793
 
 
Miscellaneous
16,058
 
 
 Total expenses before reductions
 
30,060,162
 
 
 Expense reductions
 
(173,920)
 
 
 Total expenses after reductions
 
 
 
29,886,242
Net Investment income (loss)
 
 
 
39,358,351
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $39,393)
 
93,709,506
 
 
 Foreign currency transactions
 
54,977
 
 
Total net realized gain (loss)
 
 
 
93,764,483
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $1,424,171)
 
1,467,526,739
 
 
 Assets and liabilities in foreign currencies
 
2,400,260
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,469,926,999
Net gain (loss)
 
 
 
1,563,691,482
Net increase (decrease) in net assets resulting from operations
 
 
$
1,603,049,833
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
39,358,351
$
74,612,993
Net realized gain (loss)
 
93,764,483
 
 
(261,677,190)
 
Change in net unrealized appreciation (depreciation)
 
1,469,926,999
 
(3,015,457,116)
 
Net increase (decrease) in net assets resulting from operations
 
1,603,049,833
 
 
(3,202,521,313)
 
Distributions to shareholders
 
(57,098,273)
 
 
(471,071,500)
 
Share transactions - net increase (decrease)
 
(302,907,991)
 
 
(103,633,659)
 
Total increase (decrease) in net assets
 
1,243,043,569
 
 
(3,777,226,472)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,795,778,959
 
10,573,005,431
 
End of period
$
8,038,822,528
$
6,795,778,959
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Overseas Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.55
$
69.79
$
50.91
$
49.51
$
46.04
$
50.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28
 
.47
 
.21
 
.13
 
.77
 
.68
     Net realized and unrealized gain (loss)
 
10.91
 
(20.64)
 
18.98
 
1.97
 
5.12
 
(4.27)
  Total from investment operations
 
11.19  
 
(20.17)  
 
19.19  
 
2.10  
 
5.89
 
(3.59)
  Distributions from net investment income
 
(.39)
 
(.20)
 
(.11)
 
(.70)
 
(.68)
 
(.52)
  Distributions from net realized gain
 
-
 
(2.87)
 
(.21)
 
-
 
(1.74)
 
(.03)
     Total distributions
 
(.39)
 
(3.07)
 
(.31) C
 
(.70)
 
(2.42)
 
(.55)
  Net asset value, end of period
$
57.35
$
46.55
$
69.79
$
50.91
$
49.51
$
46.04
 Total Return   D,E
 
24.11%
 
(30.12)%
 
37.83%
 
4.25%
 
13.78%
 
(7.23)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.80% H
 
.95%
 
.99%
 
1.04%
 
.90%
 
.97%
    Expenses net of fee waivers, if any
 
.80% H
 
.95%
 
.98%
 
1.04%
 
.90%
 
.97%
    Expenses net of all reductions
 
.80% H
 
.94%
 
.98%
 
1.03%
 
.89%
 
.96%
    Net investment income (loss)
 
1.03% H
 
.84%
 
.33%
 
.27%
 
1.68%
 
1.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,487,725
$
6,175,776
$
8,981,609
$
6,160,617
$
6,182,831
$
5,825,757
    Portfolio turnover rate I
 
31% H
 
25%
 
30% J
 
41%
 
46% J
 
33%
 
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 mutual funds or ETFs 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.
 
Fidelity® Overseas Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.48
$
69.68
$
50.83
$
49.43
$
45.98
$
50.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.54
 
.27
 
.19
 
.82
 
.73
     Net realized and unrealized gain (loss)
 
10.90
 
(20.60)
 
18.95
 
1.96
 
5.11
 
(4.26)
  Total from investment operations
 
11.20  
 
(20.06)  
 
19.22  
 
2.15  
 
5.93
 
(3.53)
  Distributions from net investment income
 
(.44)
 
(.26)
 
(.16)
 
(.75)
 
(.73)
 
(.57)
  Distributions from net realized gain
 
-
 
(2.87)
 
(.21)
 
-
 
(1.74)
 
(.03)
     Total distributions
 
(.44)
 
(3.14) C
 
(.37)
 
(.75)
 
(2.48) C
 
(.60)
  Net asset value, end of period
$
57.24
$
46.48
$
69.68
$
50.83
$
49.43
$
45.98
 Total Return   D,E
 
24.19%
 
(30.04)%
 
37.97%
 
4.36%
 
13.90%
 
(7.13)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.70% H
 
.84%
 
.89%
 
.94%
 
.78%
 
.86%
    Expenses net of fee waivers, if any
 
.69% H
 
.84%
 
.88%
 
.93%
 
.78%
 
.86%
    Expenses net of all reductions
 
.69% H
 
.84%
 
.88%
 
.93%
 
.77%
 
.85%
    Net investment income (loss)
 
1.14% H
 
.94%
 
.43%
 
.38%
 
1.79%
 
1.46%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
551,098
$
620,003
$
1,591,397
$
1,022,402
$
1,040,002
$
1,026,091
    Portfolio turnover rate I
 
31% H
 
25%
 
30% J
 
41%
 
46% J
 
33%
 
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 mutual funds or ETFs 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.
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
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
$244,885
 
 
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, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,437,174,328
Gross unrealized depreciation
(208,425,184)
Net unrealized appreciation (depreciation)
$2,228,749,144
Tax cost
$5,810,699,043
 
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
$(248,124,930)
Total capital loss carryforward
$(248,124,930)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Overseas Fund
1,158,711,621
1,364,638,219
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Overseas Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .63% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
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
$   5,119,621
.15
Class K
125,951
.04
 
$5,245,572
 
 
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
$568
 
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
$   32,348,500
4.34%
$7,793
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Overseas Fund
23,061,367
102,759,041
(9,440,693)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Overseas Fund
$7,270
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Overseas Fund
$49,151
$-
$-
 
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 $214.
 
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 $173,706.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Overseas Fund
 
 
Distributions to shareholders
 
 
Overseas
$   51,233,808
$398,074,722
Class K
5,864,465
72,996,778
Total   
$57,098,273
$471,071,500
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, 2023
Year ended
October 31, 2022
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Overseas Fund
 
 
 
 
Overseas
 
 
 
 
Shares sold
6,053,153
40,345,843
$323,489,781
$2,183,494,857
Reinvestment of distributions
849,241
5,519,644
44,738,039
355,685,872
Shares redeemed
(9,013,140)
(41,890,883)
(472,634,825)
(2,190,097,209)
Net increase (decrease)
(2,110,746)
3,974,604
$(104,407,005)
$349,083,520
Class K
 
 
 
 
Shares sold
1,198,557
4,842,077
$64,463,555
$287,643,692
Reinvestment of distributions
111,598
1,135,606
5,864,465
72,996,779
Shares redeemed
(5,021,175)
(15,475,778)
(268,829,006)
(813,357,650)
Net increase (decrease)
(3,711,020)
(9,498,095)
$(198,500,986)
$(452,717,179)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Overseas Fund
29%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Overseas Fund
49%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.  (United States of America, Software)
5.6
 
Meta Platforms, Inc. Class A (United States of America, Interactive Media & Services)
4.2
 
S&P Global, Inc.  (United States of America, Capital Markets)
3.4
 
Fiserv, Inc.  (United States of America, Financial Services)
3.2
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
3.2
 
Apple, Inc.  (United States of America, Technology Hardware, Storage & Peripherals)
3.1
 
NVIDIA Corp.  (United States of America, Semiconductors & Semiconductor Equipment)
2.8
 
Alphabet, Inc. Class A (United States of America, Interactive Media & Services)
2.5
 
TJX Companies, Inc.  (United States of America, Specialty Retail)
2.4
 
Cummins, Inc.  (United States of America, Machinery)
2.0
 
 
32.4
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
22.0
 
Financials
17.6
 
Consumer Discretionary
15.1
 
Health Care
12.6
 
Industrials
11.2
 
Communication Services
9.8
 
Consumer Staples
3.7
 
Materials
2.9
 
Energy
1.7
 
Real Estate
0.8
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Worldwide Fund
Showing Percentage of Net Assets
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
Australia - 2.0%
 
 
 
Aub Group Ltd.
 
220,000
4,032,036
carsales.com Ltd.
 
544,560
8,635,801
Flutter Entertainment PLC (a)
 
46,300
9,260,545
Glencore PLC
 
1,280,000
7,555,371
Lovisa Holdings Ltd.
 
357,317
6,339,219
National Storage REIT unit
 
4,853,097
8,083,226
TOTAL AUSTRALIA
 
 
43,906,198
Austria - 0.3%
 
 
 
Wienerberger AG
 
203,600
6,124,669
Belgium - 0.5%
 
 
 
Azelis Group NV
 
68,300
1,618,085
Fagron NV
 
185,330
3,443,067
UCB SA
 
60,600
5,637,157
TOTAL BELGIUM
 
 
10,698,309
Canada - 1.3%
 
 
 
Constellation Software, Inc.
 
3,700
7,241,934
Definity Financial Corp.
 
144,900
3,930,380
Franco-Nevada Corp.
 
100
15,174
Lumine Group, Inc.
 
11,101
149,532
PrairieSky Royalty Ltd.
 
836,068
13,193,441
Shopify, Inc. Class A (a)
 
46,000
2,228,700
Thomson Reuters Corp.
 
18,000
2,366,963
TOTAL CANADA
 
 
29,126,124
China - 1.3%
 
 
 
Centre Testing International Group Co. Ltd. (A Shares)
 
959,500
2,677,089
Kweichow Moutai Co. Ltd. (A Shares)
 
18,100
4,618,297
Meituan Class B (a)(b)
 
12,000
205,085
PICC Property & Casualty Co. Ltd. (H Shares)
 
5,706,946
6,902,315
Tencent Holdings Ltd.
 
182,800
8,119,266
Trip.com Group Ltd. ADR (a)
 
160,600
5,702,906
TOTAL CHINA
 
 
28,224,958
Denmark - 1.4%
 
 
 
DSV A/S
 
38,284
7,190,453
GN Store Nord A/S (a)(c)
 
246,575
6,561,239
Novo Nordisk A/S Series B
 
99,000
16,469,095
TOTAL DENMARK
 
 
30,220,787
Finland - 0.6%
 
 
 
Nanoform Finland PLC (a)
 
754,800
1,863,040
Olvi Oyj (A Shares)
 
86,661
2,826,556
Sampo Oyj (A Shares)
 
159,551
8,080,193
TOTAL FINLAND
 
 
12,769,789
France - 2.4%
 
 
 
L'Oreal SA
 
31,000
14,782,264
LVMH Moet Hennessy Louis Vuitton SE
 
22,427
21,572,113
Pernod Ricard SA
 
26,100
6,022,258
TotalEnergies SE
 
101,941
6,514,024
Worldline SA (a)(b)
 
113,900
4,942,442
TOTAL FRANCE
 
 
53,833,101
Germany - 1.3%
 
 
 
Deutsche Post AG
 
204,311
9,827,277
Gerresheimer AG
 
30,000
3,262,726
Instone Real Estate Group BV (b)(c)
 
332,488
2,656,172
Nexus AG
 
46,000
2,635,745
Siemens Healthineers AG (b)
 
63,100
3,922,876
Stabilus Se
 
118,586
7,735,659
TOTAL GERMANY
 
 
30,040,455
Hong Kong - 1.6%
 
 
 
AIA Group Ltd.
 
761,327
8,288,625
Hong Kong Exchanges and Clearing Ltd.
 
170,174
7,065,097
Prudential PLC
 
1,366,086
20,902,537
TOTAL HONG KONG
 
 
36,256,259
Hungary - 0.1%
 
 
 
Richter Gedeon PLC
 
86,900
2,097,089
India - 0.2%
 
 
 
HDFC Bank Ltd.
 
212,324
4,394,475
Pine Labs Private Ltd. (a)(d)(e)
 
792
436,036
TOTAL INDIA
 
 
4,830,511
Indonesia - 0.9%
 
 
 
PT Astra International Tbk
 
13,899,000
6,411,176
PT Bank Central Asia Tbk
 
7,470,500
4,623,130
PT Bank Rakyat Indonesia (Persero) Tbk
 
20,994,500
7,316,148
PT United Tractors Tbk
 
1,194,000
2,357,047
TOTAL INDONESIA
 
 
20,707,501
Ireland - 0.5%
 
 
 
Cairn Homes PLC
 
3,300,000
3,757,431
Irish Residential Properties REIT PLC
 
2,591,367
2,946,801
Kingspan Group PLC (Ireland)
 
61,900
4,276,617
TOTAL IRELAND
 
 
10,980,849
Italy - 0.8%
 
 
 
BFF Bank SpA (b)
 
1,389,790
13,353,892
MARR SpA
 
205,098
3,209,164
Prada SpA
 
305,794
2,251,463
TOTAL ITALY
 
 
18,814,519
Japan - 4.9%
 
 
 
FUJIFILM Holdings Corp.
 
87,992
4,586,141
GMO Internet, Inc.
 
300,866
6,052,423
Hitachi Ltd.
 
219,300
12,130,500
Hoya Corp.
 
63,443
6,652,318
Iriso Electronics Co. Ltd.
 
204,185
6,989,176
Katitas Co. Ltd.
 
257,600
5,030,644
Keyence Corp.
 
22,340
10,074,364
Minebea Mitsumi, Inc.
 
352,600
6,529,672
NOF Corp.
 
130,000
5,939,890
PALTAC Corp.
 
130,991
5,025,719
Pan Pacific International Holdings Ltd.
 
335,900
6,276,940
Renesas Electronics Corp. (a)
 
226,031
2,945,737
Shin-Etsu Chemical Co. Ltd.
 
262,015
7,476,813
Sony Group Corp.
 
116,703
10,558,558
Tsuruha Holdings, Inc.
 
85,000
5,567,137
USS Co. Ltd.
 
324,600
5,454,576
ZOZO, Inc.
 
129,400
2,723,140
TOTAL JAPAN
 
 
110,013,748
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
5,920,700
718,320
Luxembourg - 0.1%
 
 
 
Novem Group SA
 
292,876
3,175,565
Netherlands - 1.0%
 
 
 
Argenx SE ADR (a)
 
16,000
6,206,080
ASML Holding NV (Netherlands)
 
4,300
2,717,340
Heineken NV (Bearer)
 
78,019
8,945,089
IMCD NV
 
32,351
4,855,199
TOTAL NETHERLANDS
 
 
22,723,708
Norway - 1.2%
 
 
 
Kongsberg Gruppen ASA
 
140,000
6,276,784
Schibsted ASA:
 
 
 
 (A Shares)
 
71,700
1,270,235
 (B Shares)
 
502,297
8,135,128
TGS ASA
 
696,049
10,894,288
Volue A/S (a)
 
825,800
1,394,795
TOTAL NORWAY
 
 
27,971,230
Russia - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(e)
 
139,553
51,541
Spain - 1.2%
 
 
 
Amadeus IT Holding SA Class A (a)
 
106,396
7,478,046
CaixaBank SA (c)
 
1,697,900
6,284,958
Cellnex Telecom SA (b)
 
89,256
3,758,034
Cie Automotive SA
 
275,635
8,297,691
TOTAL SPAIN
 
 
25,818,729
Sweden - 4.0%
 
 
 
Addlife AB
 
346,740
4,097,970
Alfa Laval AB (c)
 
244,697
8,959,851
Autoliv, Inc. (depository receipt)
 
76,777
6,552,404
Dustin Group AB (a)(b)
 
2,062,288
7,082,733
Evolution AB (b)
 
39,200
5,219,251
Haypp Group (a)
 
525,000
1,863,472
Hemnet Group AB
 
984,130
16,122,188
HEXPOL AB (B Shares)
 
850,359
10,008,565
Instalco AB
 
441,771
2,317,617
INVISIO AB
 
157,312
3,229,060
JM AB (B Shares)
 
95,942
1,537,123
Kry International AB (a)(d)(e)
 
489
38,225
Sandvik AB (c)
 
373,157
7,586,822
Stillfront Group AB (a)
 
604,994
1,286,085
Swedbank AB (A Shares)
 
727,850
12,633,512
TOTAL SWEDEN
 
 
88,534,878
Taiwan - 0.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
159,465
2,609,509
United Kingdom - 4.2%
 
 
 
AstraZeneca PLC (United Kingdom)
 
104,843
15,429,009
Beazley PLC
 
1,175,500
8,797,379
Clarkson PLC
 
166,062
6,469,651
Diageo PLC
 
295,773
13,492,014
Harbour Energy PLC
 
1,486,871
4,621,110
Hiscox Ltd.
 
515,647
7,659,825
Lancashire Holdings Ltd.
 
1,178,720
9,073,308
NatWest Group PLC
 
2,198,900
7,243,395
RS GROUP PLC
 
303,095
3,509,748
Sabre Insurance Group PLC (b)
 
6,755,301
10,731,012
WH Smith PLC
 
329,610
6,520,096
Zegona Communications PLC (a)
 
30,559
19,779
TOTAL UNITED KINGDOM
 
 
93,566,326
United States of America - 65.2%
 
 
 
Abbott Laboratories
 
65,000
7,180,550
Accenture PLC Class A
 
19,000
5,325,510
Advanced Micro Devices, Inc. (a)
 
216,000
19,303,920
Alphabet, Inc. Class A (a)
 
518,000
55,602,120
Amazon.com, Inc. (a)
 
197,000
20,773,650
Analog Devices, Inc.
 
111,000
19,966,680
Apple, Inc.
 
412,000
69,908,160
Arcellx, Inc. (a)
 
64,000
2,731,520
Arista Networks, Inc. (a)
 
65,000
10,410,400
Arthur J. Gallagher & Co.
 
7,000
1,456,420
AutoZone, Inc. (a)
 
9,500
25,301,445
Block, Inc. Class A (a)
 
65,000
3,951,350
Booking Holdings, Inc. (a)
 
3,500
9,402,085
Boston Scientific Corp. (a)
 
126,000
6,567,120
Celsius Holdings, Inc. (a)
 
76,000
7,263,320
Chart Industries, Inc. (a)
 
50,000
6,655,000
Chubb Ltd.
 
114,600
23,098,776
Costco Wholesale Corp.
 
7,000
3,522,540
Crocs, Inc. (a)
 
12,000
1,484,040
Cummins, Inc. (c)
 
187,500
44,070,000
Deckers Outdoor Corp. (a)
 
77,855
37,319,016
Dick's Sporting Goods, Inc.
 
16,000
2,320,160
Eaton Corp. PLC
 
117,000
19,553,040
Eli Lilly & Co.
 
180,000
71,254,800
Enphase Energy, Inc. (a)
 
9,000
1,477,800
Estee Lauder Companies, Inc. Class A
 
51,000
12,582,720
First Solar, Inc. (a)
 
35,000
6,390,300
Fiserv, Inc. (a)
 
590,201
72,075,346
Freeport-McMoRan, Inc.
 
356,000
13,495,960
General Electric Co.
 
52,000
5,146,440
Gilead Sciences, Inc.
 
343,000
28,198,030
Hubbell, Inc. Class B
 
36,000
9,695,520
ICON PLC (a)
 
9,900
1,907,631
Ingersoll Rand, Inc.
 
107,000
6,101,140
Intuitive Surgical, Inc. (a)
 
17,000
5,120,740
J.B. Hunt Transport Services, Inc.
 
132,000
23,138,280
Knight-Swift Transportation Holdings, Inc. Class A
 
233,100
13,128,192
Lattice Semiconductor Corp. (a)
 
255,000
20,323,500
Legend Biotech Corp. ADR (a)
 
103,500
7,111,485
LGI Homes, Inc. (a)
 
79,000
9,385,200
Lowe's Companies, Inc.
 
26,000
5,403,580
lululemon athletica, Inc. (a)
 
7,800
2,963,454
Marsh & McLennan Companies, Inc.
 
26,000
4,684,940
Meta Platforms, Inc. Class A (a)
 
391,000
93,965,120
Micron Technology, Inc.
 
231,000
14,867,160
Microsoft Corp.
 
406,000
124,747,557
Morgan Stanley
 
87,000
7,827,390
Netflix, Inc. (a)
 
24,000
7,918,320
NVIDIA Corp.
 
227,000
62,990,230
Olin Corp.
 
97,000
5,373,800
onsemi (a)
 
19,000
1,367,240
Oracle Corp.
 
305,000
28,889,600
Parker Hannifin Corp.
 
57,000
18,518,160
Patrick Industries, Inc.
 
82,891
5,688,809
RHI Magnesita NV
 
83,122
2,360,877
Roblox Corp. (a)
 
130,000
4,628,000
Roche Holding AG (participation certificate)
 
48,651
15,234,584
S&P Global, Inc.
 
207,628
75,281,760
Salesforce, Inc. (a)
 
173,000
34,318,010
Sherwin-Williams Co.
 
28,000
6,651,120
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
11,300
601,047
Stripe, Inc. Class B (a)(d)(e)
 
10,000
201,300
Stryker Corp.
 
24,000
7,191,600
Tempur Sealy International, Inc.
 
155,000
5,807,850
Teradyne, Inc.
 
164,000
14,986,320
Tesla, Inc. (a)
 
145,000
23,824,950
The Cooper Companies, Inc.
 
2,000
762,900
The Travelers Companies, Inc.
 
123,339
22,341,626
TJX Companies, Inc.
 
679,000
53,518,780
UiPath, Inc. Class A (a)
 
69,000
971,520
United Airlines Holdings, Inc. (a)
 
16,000
700,800
United Rentals, Inc.
 
34,000
12,277,740
UnitedHealth Group, Inc.
 
89,000
43,796,010
Viking Therapeutics, Inc. (a)
 
179,764
3,830,771
Visa, Inc. Class A
 
117,000
27,229,410
Warner Bros Discovery, Inc.
 
344,000
4,681,840
Zimmer Biomet Holdings, Inc.
 
14,000
1,938,160
TOTAL UNITED STATES OF AMERICA
 
 
1,458,042,241
 
TOTAL COMMON STOCKS
  (Cost $1,809,477,720)
 
 
 
2,171,856,913
 
 
 
 
Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
14,425
2,870,575
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
138,905
1,232,087
 
 
 
4,102,662
Ireland - 0.0%
 
 
 
Circle Internet Financial Ltd. Series F (d)(e)
 
23,730
612,471
United States of America - 0.0%
 
 
 
Instacart, Inc. Series I (a)(d)(e)
 
8,000
356,240
Stripe, Inc. Series H (a)(d)(e)
 
4,200
84,546
 
 
 
440,786
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
5,155,919
Nonconvertible Preferred Stocks - 0.1%
 
 
 
India - 0.1%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(d)(e)
 
1,892
1,041,641
 Series A (a)(d)(e)
 
473
260,410
 Series B (a)(d)(e)
 
514
282,983
 Series B2 (a)(d)(e)
 
416
229,029
 Series C (a)(d)(e)
 
774
426,126
 Series C1 (a)(d)(e)
 
163
89,740
 Series D (a)(d)(e)
 
174
95,796
 
 
 
2,425,725
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
2,824
220,749
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
2,646,474
 
TOTAL PREFERRED STOCKS
  (Cost $8,655,882)
 
 
 
7,802,393
 
 
 
 
Money Market Funds - 3.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
53,035,038
53,045,645
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
20,252,577
20,254,603
 
TOTAL MONEY MARKET FUNDS
  (Cost $73,296,784)
 
 
73,300,248
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
  (Cost $1,891,430,386)
 
 
 
2,252,959,554
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(15,460,205)
NET ASSETS - 100.0%
2,237,499,349
 
 
 
 
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 $51,871,497 or 2.3% 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 $8,477,954 or 0.4% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
1,580,608
 
 
 
Circle Internet Financial Ltd. Series F
5/09/22
999,982
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
1,972,888
 
 
 
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
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
15,584,500
561,034,661
523,573,517
712,650
81
(80)
53,045,645
0.1%
Fidelity Securities Lending Cash Central Fund 4.88%
7,256,240
92,391,691
79,393,328
67,815
-
-
20,254,603
0.1%
Total
22,840,740
653,426,352
602,966,845
780,465
81
(80)
73,300,248
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
217,730,811
194,347,135
20,513,101
2,870,575
Consumer Discretionary
336,537,824
262,241,789
74,296,035
-
Consumer Staples
83,239,140
59,153,911
23,677,448
407,781
Energy
37,579,910
28,708,839
8,871,071
-
Financials
394,814,148
317,148,961
77,052,716
612,471
Health Care
275,774,160
220,757,067
53,785,006
1,232,087
Industrials
256,541,359
225,376,821
31,164,538
-
Information Technology
493,722,872
457,058,941
33,257,350
3,406,581
Materials
65,002,239
44,030,165
20,972,074
-
Real Estate
18,716,843
5,602,973
13,113,870
-
  Money Market Funds
73,300,248
73,300,248
-
-
 Total Investments in Securities:
2,252,959,554
1,887,726,850
356,703,209
8,529,495
 
 
 
 
 
  Net Unrealized Depreciation on Unfunded Commitments
(498,191)
-
-
(498,191)
 Total
(498,191)
-
-
(498,191)
Fidelity® Worldwide Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $18,795,011) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,818,133,602)
$
2,179,659,306
 
 
Fidelity Central Funds (cost $73,296,784)
73,300,248
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,891,430,386)
 
 
$
2,252,959,554
Foreign currency held at value (cost $3,280,746)
 
 
3,280,402
Receivable for investments sold
 
 
20,050,980
Receivable for fund shares sold
 
 
586,160
Dividends receivable
 
 
2,879,340
Reclaims receivable
 
 
2,496,599
Distributions receivable from Fidelity Central Funds
 
 
210,988
Prepaid expenses
 
 
886
Other receivables
 
 
79,597
  Total assets
 
 
2,282,544,506
Liabilities
 
 
 
 
Payable for investments purchased
$
21,541,457
 
 
Unrealized depreciation on unfunded commitments
498,191
 
 
Payable for fund shares redeemed
1,385,823
 
 
Accrued management fee
759,196
 
 
Distribution and service plan fees payable
28,768
 
 
Other affiliated payables
323,803
 
 
Other payables and accrued expenses
253,316
 
 
Collateral on securities loaned
20,254,603
 
 
  Total Liabilities
 
 
 
45,045,157
Commitments and contingent liabilities (see Commitments note)
 
 
 
 
Net Assets  
 
 
$
2,237,499,349
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,872,481,518
Total accumulated earnings (loss)
 
 
 
365,017,831
Net Assets
 
 
$
2,237,499,349
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($73,825,545 ÷ 2,751,711 shares) (a)
 
 
$
26.83
Maximum offering price per share (100/94.25 of $26.83)
 
 
$
28.47
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($16,352,601 ÷ 615,710 shares) (a)
 
 
$
26.56
Maximum offering price per share (100/96.50 of $26.56)
 
 
$
27.52
Class C :
 
 
 
 
Net Asset Value and offering price per share ($8,453,585 ÷ 334,402 shares) (a)
 
 
$
25.28
Worldwide :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($2,011,909,914 ÷ 73,620,452 shares)
 
 
$
27.33
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($41,875,150 ÷ 1,544,189 shares)
 
 
$
27.12
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($85,082,554 ÷ 3,143,093 shares)
 
 
$
27.07
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
16,779,595
Income from Fidelity Central Funds (including $67,815 from security lending)
 
 
780,465
 Income before foreign taxes withheld
 
 
$
17,560,060
Less foreign taxes withheld
 
 
(1,030,491)
 Total Income
 
 
 
16,529,569
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
7,038,755
 
 
 Performance adjustment
(1,397,063)
 
 
Transfer agent fees
1,650,286
 
 
Distribution and service plan fees
170,086
 
 
Accounting fees
288,245
 
 
Custodian fees and expenses
38,888
 
 
Independent trustees' fees and expenses
7,169
 
 
Registration fees
81,602
 
 
Audit
48,991
 
 
Legal
3,470
 
 
Miscellaneous
4,889
 
 
 Total expenses before reductions
 
7,935,318
 
 
 Expense reductions
 
(50,272)
 
 
 Total expenses after reductions
 
 
 
7,885,046
Net Investment income (loss)
 
 
 
8,644,523
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,950,891
 
 
   Fidelity Central Funds
 
81
 
 
 Foreign currency transactions
 
868,572
 
 
Total net realized gain (loss)
 
 
 
4,819,544
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $96,861)
 
202,199,555
 
 
   Fidelity Central Funds
 
(80)
 
 
 Unfunded commitments
 
(270,653)
 
 
 Assets and liabilities in foreign currencies
 
276,043
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
202,204,865
Net gain (loss)
 
 
 
207,024,409
Net increase (decrease) in net assets resulting from operations
 
 
$
215,668,932
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,644,523
$
14,477,798
Net realized gain (loss)
 
4,819,544
 
 
145,952,644
 
Change in net unrealized appreciation (depreciation)
 
202,204,865
 
(1,000,391,802)
 
Net increase (decrease) in net assets resulting from operations
 
215,668,932
 
 
(839,961,360)
 
Distributions to shareholders
 
(124,836,814)
 
 
(362,130,555)
 
Share transactions - net increase (decrease)
 
44,424,784
 
 
68,731,196
 
Total increase (decrease) in net assets
 
135,256,902
 
 
(1,133,360,719)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,102,242,447
 
3,235,603,166
 
End of period
$
2,237,499,349
$
2,102,242,447
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Worldwide Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.75
$
40.06
$
31.49
$
27.36
$
26.57
$
27.28
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.09
 
(.13)
 
(.05)
 
.11
 
.03
     Net realized and unrealized gain (loss)
 
2.49
 
(9.90)
 
11.40
 
5.50
 
2.84
 
1.00
  Total from investment operations
 
2.56  
 
(9.81)  
 
11.27  
 
5.45  
 
2.95
 
1.03
  Distributions from net investment income
 
(.11)
 
(.07)
 
-
 
(.12)
 
(.02)
 
(.09)
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.70)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(1.48)
 
(4.50)
 
(2.70)
 
(1.32)
 
(2.16)
 
(1.74)
  Net asset value, end of period
$
26.83
$
25.75
$
40.06
$
31.49
$
27.36
$
26.57
 Total Return   C,D,E
 
10.34%
 
(27.31)%
 
37.72%
 
20.72%
 
12.35%
 
3.96%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% H
 
1.21%
 
1.29%
 
1.34%
 
1.26%
 
1.23%
    Expenses net of fee waivers, if any
 
1.01% H
 
1.21%
 
1.28%
 
1.34%
 
1.26%
 
1.23%
    Expenses net of all reductions
 
1.01% H
 
1.21%
 
1.28%
 
1.33%
 
1.25%
 
1.22%
    Net investment income (loss)
 
.52% H
 
.28%
 
(.34)%
 
(.18)%
 
.41%
 
.12%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
73,826
$
68,608
$
99,731
$
63,690
$
52,516
$
42,947
    Portfolio turnover rate I
 
137% H
 
137%
 
96%
 
112%
 
147%
 
117%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
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).
 
Fidelity Advisor® Worldwide Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.44
$
39.62
$
31.19
$
27.10
$
26.39
$
27.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.01
 
(.22)
 
(.13)
 
.03
 
(.05)
     Net realized and unrealized gain (loss)
 
2.48
 
(9.81)
 
11.29
 
5.46
 
2.82
 
1.00
  Total from investment operations
 
2.51  
 
(9.80)  
 
11.07  
 
5.33  
 
2.85
 
.95
  Distributions from net investment income
 
(.02)
 
-
 
-
 
(.04)
 
-
 
(.02)
  Distributions from net realized gain
 
(1.37)
 
(4.38)
 
(2.64)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(1.39)
 
(4.38)
 
(2.64)
 
(1.24)
 
(2.14)
 
(1.67)
  Net asset value, end of period
$
26.56
$
25.44
$
39.62
$
31.19
$
27.10
$
26.39
 Total Return   C,D,E
 
10.22%
 
(27.53)%
 
37.37%
 
20.40%
 
12.05%
 
3.65%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.27% H
 
1.47%
 
1.55%
 
1.61%
 
1.55%
 
1.52%
    Expenses net of fee waivers, if any
 
1.27% H
 
1.47%
 
1.55%
 
1.61%
 
1.54%
 
1.52%
    Expenses net of all reductions
 
1.26% H
 
1.47%
 
1.55%
 
1.61%
 
1.54%
 
1.51%
    Net investment income (loss)
 
.27% H
 
.02%
 
(.61)%
 
(.45)%
 
.13%
 
(.17)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,353
$
15,275
$
22,771
$
17,387
$
13,066
$
12,746
    Portfolio turnover rate I
 
137% H
 
137%
 
96%
 
112%
 
147%
 
117%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
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).
 
Fidelity Advisor® Worldwide Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.33
$
38.05
$
30.14
$
26.33
$
25.82
$
26.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03)
 
(.15)
 
(.39)
 
(.27)
 
(.10)
 
(.18)
     Net realized and unrealized gain (loss)
 
2.35
 
(9.39)
 
10.88
 
5.28
 
2.75
 
.98
  Total from investment operations
 
2.32  
 
(9.54)  
 
10.49  
 
5.01  
 
2.65
 
.80
  Distributions from net realized gain
 
(1.37)
 
(4.18)
 
(2.58)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(1.37)
 
(4.18)
 
(2.58)
 
(1.20)
 
(2.14)
 
(1.65)
  Net asset value, end of period
$
25.28
$
24.33
$
38.05
$
30.14
$
26.33
$
25.82
 Total Return   C,D,E
 
9.89%
 
(27.89)%
 
36.63%
 
19.76%
 
11.49%
 
3.12%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.81% H
 
2.00%
 
2.08%
 
2.14%
 
2.06%
 
2.01%
    Expenses net of fee waivers, if any
 
1.81% H
 
2.00%
 
2.08%
 
2.14%
 
2.06%
 
2.01%
    Expenses net of all reductions
 
1.81% H
 
2.00%
 
2.08%
 
2.13%
 
2.06%
 
2.00%
    Net investment income (loss)
 
(.28)% H
 
(.51)%
 
(1.14)%
 
(.98)%
 
(.39)%
 
(.66)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,454
$
8,517
$
13,602
$
11,677
$
10,618
$
12,744
    Portfolio turnover rate I
 
137% H
 
137%
 
96%
 
112%
 
147%
 
117%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the contingent deferred sales charge.
 
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).
 
Fidelity® Worldwide Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.26
$
40.76
$
31.97
$
27.74
$
26.90
$
27.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.18
 
(.02)
 
.03
 
.18
 
.11
     Net realized and unrealized gain (loss)
 
2.54
 
(10.09)
 
11.58
 
5.58
 
2.89
 
1.00
  Total from investment operations
 
2.65  
 
(9.91)  
 
11.56  
 
5.61  
 
3.07
 
1.11
  Distributions from net investment income
 
(.21)
 
(.16)
 
(.02)
 
(.18)
 
(.09)
 
(.17)
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(1.58)
 
(4.59)
 
(2.77)
 
(1.38)
 
(2.23)
 
(1.82)
  Net asset value, end of period
$
27.33
$
26.26
$
40.76
$
31.97
$
27.74
$
26.90
 Total Return   C,D
 
10.51%
 
(27.12)%
 
38.11%
 
21.07%
 
12.71%
 
4.23%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% G
 
.92%
 
1.00%
 
1.05%
 
.99%
 
.94%
    Expenses net of fee waivers, if any
 
.72% G
 
.92%
 
1.00%
 
1.05%
 
.99%
 
.94%
    Expenses net of all reductions
 
.72% G
 
.92%
 
1.00%
 
1.05%
 
.98%
 
.93%
    Net investment income (loss)
 
.81% G
 
.57%
 
(.06)%
 
.11%
 
.69%
 
.41%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,011,910
$
1,899,788
$
2,896,684
$
2,217,129
$
2,020,487
$
2,112,988
    Portfolio turnover rate H
 
137% G
 
137%
 
96%
 
112%
 
147%
 
117%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E 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.
 
F 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.
 
G Annualized.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.04
$
40.46
$
31.77
$
27.58
$
26.77
$
27.49
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.17
 
(.03)
 
.03
 
.18
 
.11
     Net realized and unrealized gain (loss)
 
2.53
 
(10.01)
 
11.49
 
5.55
 
2.86
 
.99
  Total from investment operations
 
2.64  
 
(9.84)  
 
11.46  
 
5.58  
 
3.04
 
1.10
  Distributions from net investment income
 
(.19)
 
(.16)
 
(.02)
 
(.19)
 
(.09)
 
(.18)
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(1.56)
 
(4.58) C
 
(2.77)
 
(1.39)
 
(2.23)
 
(1.82) C
  Net asset value, end of period
$
27.12
$
26.04
$
40.46
$
31.77
$
27.58
$
26.77
 Total Return   D,E
 
10.52%
 
(27.13)%
 
38.06%
 
21.08%
 
12.70%
 
4.22%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% H
 
.94%
 
1.02%
 
1.06%
 
.99%
 
.96%
    Expenses net of fee waivers, if any
 
.72% H
 
.93%
 
1.02%
 
1.06%
 
.99%
 
.95%
    Expenses net of all reductions
 
.72% H
 
.93%
 
1.02%
 
1.05%
 
.98%
 
.94%
    Net investment income (loss)
 
.81% H
 
.56%
 
(.08)%
 
.10%
 
.69%
 
.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
41,875
$
33,226
$
86,852
$
64,615
$
44,754
$
50,956
    Portfolio turnover rate I
 
137% H
 
137%
 
96%
 
112%
 
147%
 
117%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Worldwide Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.05
$
40.48
$
31.76
$
27.59
$
26.78
$
29.54
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.21
 
.02
 
.07
 
.22
 
(.01)
     Net realized and unrealized gain (loss)
 
2.52
 
(10.01)
 
11.50
 
5.53
 
2.86
 
(2.75)
  Total from investment operations
 
2.64  
 
(9.80)  
 
11.52  
 
5.60  
 
3.08
 
(2.76)
  Distributions from net investment income
 
(.25)
 
(.20)
 
(.05)
 
(.23)
 
(.13)
 
-
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
 
-
     Total distributions
 
(1.62)
 
(4.63)
 
(2.80)
 
(1.43)
 
(2.27)
 
-
  Net asset value, end of period
$
27.07
$
26.05
$
40.48
$
31.76
$
27.59
$
26.78
 Total Return   D,E
 
10.56%
 
(27.05)%
 
38.27%
 
21.19%
 
12.85%
 
(9.34)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% H
 
.81%
 
.90%
 
.93%
 
.85%
 
.88% H
    Expenses net of fee waivers, if any
 
.60% H
 
.81%
 
.90%
 
.93%
 
.84%
 
.88% H
    Expenses net of all reductions
 
.60% H
 
.81%
 
.90%
 
.93%
 
.84%
 
.87% H
    Net investment income (loss)
 
.93% H
 
.68%
 
.04%
 
.23%
 
.83%
 
(.27)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
85,083
$
76,829
$
115,963
$
71,278
$
205,197
$
294
    Portfolio turnover rate I
 
137% H
 
137%
 
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 mutual funds or ETFs 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).
 
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Worldwide, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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
$443,592,646
Gross unrealized depreciation
(86,283,890)
Net unrealized appreciation (depreciation)
$357,308,756
Tax cost
$1,895,650,798
 
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.
 
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
 
 
Investment to be Acquired
Commitment Amount
Unrealized Appreciation (Depreciation)
Fidelity Worldwide Fund
Stripe, Inc.
$999,995
$(498,191)
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Worldwide Fund
1,467,234,797
1,572,999,793
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .52% 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%
$88,443
$2,246
Class M
.25%
.25%
39,240
502
Class C
.75%
.25%
42,403
4,688
 
 
 
$170,086
$7,436
 
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
$46,017
Class M
1,515
Class C A
1,496
 
$49,028
 
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
$68,889
.19
Class M
16,168
.21
Class C
10,471
.25
Worldwide
1,509,241
.15
Class I
28,504
.16
Class Z
17,013
.04
 
$1,650,286
 
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 Diversified International Fund
$19,508
 
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
65,589,767
98,527,005
(227,602)
 
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
$2,117
 
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
$7,834
$-
$-
 
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$152
Class M
344
Class C
42
 
$538
 
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 $49,734.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Worldwide Fund
 
 
Distributions to shareholders
 
 
Class A
$   3,905,043
$11,246,925
Class M
825,955
2,460,774
Class C
473,638
1,484,213
Worldwide
112,981,740
323,847,724
Class I
1,950,914
9,721,033
Class Z
4,699,524
13,369,886
Total   
$124,836,814
$362,130,555
 
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Worldwide Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
196,082
425,346
$5,069,567
$13,150,315
Reinvestment of distributions
153,659
323,585
3,866,062
11,111,902
Shares redeemed
(262,917)
(573,433)
(6,816,824)
(17,987,153)
Net increase (decrease)
86,824
175,498
$2,118,805
$6,275,064
Class M
 
 
 
 
Shares sold
34,699
63,154
$888,583
$1,827,369
Reinvestment of distributions
32,920
71,924
820,689
2,446,862
Shares redeemed
(52,287)
(109,465)
(1,327,964)
(3,332,351)
Net increase (decrease)
15,332
25,613
$381,308
$941,880
Class C
 
 
 
 
Shares sold
19,840
49,629
$485,207
$1,443,792
Reinvestment of distributions
19,902
45,376
473,280
1,482,892
Shares redeemed
(55,451)
(102,345)
(1,344,668)
(2,936,201)
Net increase (decrease)
(15,709)
(7,340)
$(386,181)
$(9,517)
Worldwide
 
 
 
 
Shares sold
2,815,049
5,548,119
$73,948,827
$176,262,456
Reinvestment of distributions
4,190,088
8,857,534
107,266,234
309,393,660
Shares redeemed
(5,738,217)
(13,126,499)
(150,844,308)
(404,042,333)
Net increase (decrease)
1,266,920
1,279,154
$30,370,753
$81,613,783
Class I
 
 
 
 
Shares sold
531,386
391,287
$13,905,511
$11,850,826
Reinvestment of distributions
75,801
274,142
1,925,343
9,499,030
Shares redeemed
(338,879)
(1,536,108)
(8,731,352)
(45,074,681)
Net increase (decrease)
268,308
(870,679)
$7,099,502
$(23,724,825)
Class Z
 
 
 
 
Shares sold
338,982
785,358
$8,779,580
$23,797,734
Reinvestment of distributions
176,768
358,516
4,481,057
12,415,394
Shares redeemed
(322,310)
(1,058,983)
(8,420,040)
(32,578,317)
Net increase (decrease)
193,440
84,891
$4,840,597
$3,634,811
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® Diversified International Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International Fund
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,205.30
 
$ 3.94
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.22
 
$ 3.61
 
Class K
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,206.30
 
$ 3.34
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.77
 
$ 3.06
 
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation Fund
 
 
 
.86%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,220.40
 
$ 4.73
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.53
 
$ 4.31
Fidelity® Overseas Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Overseas Fund
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,241.10
 
$ 4.45
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.83
 
$ 4.01
 
Class K
 
 
 
.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,241.90
 
$ 3.84
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.46
 
Fidelity® Worldwide Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,103.40
 
$ 5.27
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.79
 
$ 5.06
 
Class M
 
 
 
1.27%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,102.20
 
$ 6.62
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.50
 
$ 6.36
 
Class C
 
 
 
1.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,098.90
 
$ 9.42
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.82
 
$ 9.05
 
Fidelity® Worldwide Fund
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,105.10
 
$ 3.76
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.22
 
$ 3.61
 
Class I
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,105.20
 
$ 3.76
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.22
 
$ 3.61
 
Class Z
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,105.60
 
$ 3.13
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.82
 
$ 3.01
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.703569.125
IBD-SANN-0623
Fidelity® Global Commodity Stock Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
10.6
 
Teck Resources Ltd. Class B (sub. vtg.)
5.0
 
Corteva, Inc.
4.7
 
Canadian Natural Resources Ltd.
4.1
 
Cenovus Energy, Inc. (Canada)
4.0
 
Wheaton Precious Metals Corp.
3.8
 
Nutrien Ltd.
3.7
 
TotalEnergies SE
3.5
 
Glencore PLC
3.2
 
Shell PLC (London)
3.0
 
 
45.6
 
 
Industries (% of Fund's net assets)
 
Oil, Gas & Consumable Fuels
36.3
 
Metals & Mining
33.9
 
Chemicals
12.2
 
Food Products
6.4
 
Energy Equipment & Services
3.6
 
Paper & Forest Products
2.8
 
Containers & Packaging
1.0
 
Machinery
0.7
 
Electrical Equipment
0.5
 
Marine Transportation
0.5
 
Pharmaceuticals
0.5
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 98.4%
 
 
Shares
Value ($)
 
Chemicals - 12.2%
 
 
 
Fertilizers & Agricultural Chemicals - 12.2%
 
 
 
CF Industries Holdings, Inc.
 
155,360
11,120,669
Corteva, Inc.
 
1,273,900
77,860,768
FMC Corp.
 
345,300
42,672,174
Icl Group Ltd.
 
625,000
3,831,609
Nutrien Ltd.
 
868,283
60,235,391
OCI NV
 
180,100
4,741,023
 
 
 
200,461,634
Containers & Packaging - 1.0%
 
 
 
Metal, Glass & Plastic Containers - 0.6%
 
 
 
Crown Holdings, Inc.
 
105,900
9,084,102
Paper & Plastic Packaging Products & Materials - 0.4%
 
 
 
Smurfit Kappa Group PLC
 
178,200
6,585,867
TOTAL CONTAINERS & PACKAGING
 
 
15,669,969
Electrical Equipment - 0.5%
 
 
 
Electrical Components & Equipment - 0.5%
 
 
 
GrafTech International Ltd. (a)
 
1,852,981
8,727,541
Energy Equipment & Services - 3.6%
 
 
 
Oil & Gas Drilling - 2.3%
 
 
 
Diamond Offshore Drilling, Inc. (b)
 
869,000
9,984,810
Noble Corp. PLC
 
448,000
17,225,600
Seadrill Ltd.
 
20,800
747,524
Valaris Ltd. (b)
 
161,400
9,684,000
 
 
 
37,641,934
Oil & Gas Equipment & Services - 1.3%
 
 
 
NOV, Inc.
 
236,600
3,963,050
Weatherford International PLC (b)
 
272,900
17,637,527
 
 
 
21,600,577
TOTAL ENERGY EQUIPMENT & SERVICES
 
 
59,242,511
Food Products - 6.4%
 
 
 
Agricultural Products & Services - 6.4%
 
 
 
Archer Daniels Midland Co.
 
510,700
39,875,456
Bunge Ltd.
 
329,200
30,813,120
Darling Ingredients, Inc. (b)
 
413,800
24,650,066
Golden Agri-Resources Ltd.
 
1,637,500
338,657
Wilmar International Ltd.
 
3,210,100
9,481,729
 
 
 
105,159,028
Machinery - 0.7%
 
 
 
Construction Machinery & Heavy Transportation Equipment - 0.4%
 
 
 
Epiroc AB (A Shares)
 
298,900
5,987,886
Industrial Machinery & Supplies & Components - 0.3%
 
 
 
Sandvik AB (a)
 
278,500
5,662,308
TOTAL MACHINERY
 
 
11,650,194
Marine Transportation - 0.5%
 
 
 
Marine Transportation - 0.5%
 
 
 
Kirby Corp. (b)
 
114,400
8,218,496
Metals & Mining - 33.9%
 
 
 
Copper - 6.2%
 
 
 
Antofagasta PLC
 
546,700
10,034,588
Capstone Copper Corp. (b)
 
195,500
919,168
First Quantum Minerals Ltd.
 
1,979,171
48,089,685
Freeport-McMoRan, Inc.
 
1,121,800
42,527,438
 
 
 
101,570,879
Diversified Metals & Mining - 13.4%
 
 
 
Anglo American PLC (United Kingdom)
 
21,189
652,922
BHP Group Ltd. (London)
 
1,609,122
47,280,534
Glencore PLC
 
8,897,500
52,518,680
IGO Ltd.
 
295,625
2,722,377
Ivanhoe Mines Ltd. (b)
 
875,600
7,593,682
Rio Tinto PLC
 
285,781
18,167,783
Sigma Lithium Corp. (a)(b)
 
243,100
8,462,311
Sumitomo Metal Mining Co. Ltd.
 
8,700
321,106
Teck Resources Ltd. Class B (sub. vtg.)
 
1,759,900
81,977,554
 
 
 
219,696,949
Gold - 8.2%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
515,217
29,228,017
Alamos Gold, Inc.
 
1,237,700
15,995,960
Barrick Gold Corp. (Canada)
 
484,247
9,207,073
Franco-Nevada Corp.
 
60,871
9,236,344
Newcrest Mining Ltd.
 
423,786
8,092,139
Wheaton Precious Metals Corp.
 
1,260,900
62,214,389
 
 
 
133,973,922
Precious Metals & Minerals - 0.3%
 
 
 
Anglo American Platinum Ltd. ADR (a)
 
146,700
1,487,538
Impala Platinum Holdings Ltd.
 
372,900
3,630,481
 
 
 
5,118,019
Silver - 0.2%
 
 
 
MAG Silver Corp. (b)
 
312,600
4,065,404
Steel - 5.6%
 
 
 
Champion Iron Ltd. (a)
 
6,740,300
29,003,911
Reliance Steel & Aluminum Co.
 
168,500
41,754,300
Vale SA
 
1,415,400
20,545,122
 
 
 
91,303,333
TOTAL METALS & MINING
 
 
555,728,506
Oil, Gas & Consumable Fuels - 36.3%
 
 
 
Integrated Oil & Gas - 23.1%
 
 
 
Cenovus Energy, Inc. (Canada) (a)
 
3,932,600
66,005,332
Exxon Mobil Corp.
 
1,473,100
174,326,650
Occidental Petroleum Corp.
 
400
24,612
Petroleo Brasileiro SA - Petrobras (ON)
 
2,391,400
12,786,928
Shell PLC (London)
 
1,575,100
48,399,945
Suncor Energy, Inc.
 
606,500
18,989,357
TotalEnergies SE (a)
 
910,100
58,155,338
 
 
 
378,688,162
Oil & Gas Exploration & Production - 10.1%
 
 
 
Antero Resources Corp. (b)
 
1,480,112
34,027,775
Canadian Natural Resources Ltd.
 
1,102,500
67,182,640
Coterra Energy, Inc.
 
474,100
12,136,960
Hess Corp.
 
114,200
16,565,852
MEG Energy Corp. (b)
 
51,200
852,546
Ovintiv, Inc.
 
515,100
18,584,808
Range Resources Corp.
 
622,200
16,457,190
 
 
 
165,807,771
Oil & Gas Storage & Transportation - 3.1%
 
 
 
Energy Transfer LP
 
1,332,100
17,157,448
Enterprise Products Partners LP
 
629,400
16,559,514
Targa Resources Corp.
 
218,600
16,510,858
 
 
 
50,227,820
TOTAL OIL, GAS & CONSUMABLE FUELS
 
 
594,723,753
Paper & Forest Products - 2.8%
 
 
 
Forest Products - 1.4%
 
 
 
West Fraser Timber Co. Ltd.
 
316,800
22,915,009
Paper Products - 1.4%
 
 
 
Stora Enso Oyj (R Shares)
 
206,400
2,615,470
UPM-Kymmene Corp. (a)
 
614,300
19,562,328
 
 
 
22,177,798
TOTAL PAPER & FOREST PRODUCTS
 
 
45,092,807
Pharmaceuticals - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
Bayer AG
 
134,400
8,869,899
 
TOTAL COMMON STOCKS
  (Cost $1,447,788,330)
 
 
 
1,613,544,338
 
 
 
 
Money Market Funds - 4.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
31,196,074
31,202,313
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d)
 
45,653,825
45,658,391
 
TOTAL MONEY MARKET FUNDS
  (Cost $76,860,704)
 
 
76,860,704
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.1%
  (Cost $1,524,649,034)
 
 
 
1,690,405,042
NET OTHER ASSETS (LIABILITIES) - (3.1)%  
(50,059,825)
NET ASSETS - 100.0%
1,640,345,217
 
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
32,028,909
416,851,569
417,678,165
483,758
-
-
31,202,313
0.1%
Fidelity Securities Lending Cash Central Fund 4.88%
20,391,450
631,740,769
606,473,828
120,800
-
-
45,658,391
0.1%
Total
52,420,359
1,048,592,338
1,024,151,993
604,558
-
-
76,860,704
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
1,613,544,338
1,396,205,396
217,338,942
-
  Money Market Funds
76,860,704
76,860,704
-
-
 Total Investments in Securities:
1,690,405,042
1,473,066,100
217,338,942
-
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $43,200,638) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,447,788,330)
$
1,613,544,338
 
 
Fidelity Central Funds (cost $76,860,704)
76,860,704
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,524,649,034)
 
 
$
1,690,405,042
Foreign currency held at value (cost $242,595)
 
 
242,592
Receivable for investments sold
 
 
24,226,304
Receivable for fund shares sold
 
 
1,199,241
Dividends receivable
 
 
3,537,757
Distributions receivable from Fidelity Central Funds
 
 
69,764
Prepaid expenses
 
 
589
Other receivables
 
 
9,265
  Total assets
 
 
1,719,690,554
Liabilities
 
 
 
 
Payable for investments purchased
$
28,299,485
 
 
Payable for fund shares redeemed
3,997,933
 
 
Accrued management fee
966,526
 
 
Distribution and service plan fees payable
64,684
 
 
Other affiliated payables
313,596
 
 
Other payables and accrued expenses
44,722
 
 
Collateral on securities loaned
45,658,391
 
 
  Total Liabilities
 
 
 
79,345,337
Net Assets  
 
 
$
1,640,345,217
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,669,472,907
Total accumulated earnings (loss)
 
 
 
(29,127,690)
Net Assets
 
 
$
1,640,345,217
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($124,167,449 ÷ 6,717,143 shares) (a)
 
 
$
18.49
Maximum offering price per share (100/94.25 of $18.49)
 
 
$
19.62
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($23,680,650 ÷ 1,282,967 shares) (a)
 
 
$
18.46
Maximum offering price per share (100/96.50 of $18.46)
 
 
$
19.13
Class C :
 
 
 
 
Net Asset Value and offering price per share ($32,736,766 ÷ 1,786,560 shares) (a)
 
 
$
18.32
Global Commodity Stock :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($728,795,853 ÷ 39,355,116 shares)
 
 
$
18.52
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($495,418,326 ÷ 26,770,850 shares)
 
 
$
18.51
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($235,546,173 ÷ 12,737,154 shares)
 
 
$
18.49
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
30,653,131
Income from Fidelity Central Funds (including $120,800 from security lending)
 
 
604,558
 Income before foreign taxes withheld
 
 
$
31,257,689
Less foreign taxes withheld
 
 
(1,979,245)
 Total Income
 
 
 
29,278,444
Expenses
 
 
 
 
Management fee
$
6,291,513
 
 
Transfer agent fees
1,621,556
 
 
Distribution and service plan fees
407,879
 
 
Accounting fees
393,154
 
 
Custodian fees and expenses
45,177
 
 
Independent trustees' fees and expenses
5,422
 
 
Registration fees
174,119
 
 
Audit
25,864
 
 
Legal
1,471
 
 
Interest
12,928
 
 
Miscellaneous
3,623
 
 
 Total expenses before reductions
 
8,982,706
 
 
 Expense reductions
 
(68,683)
 
 
 Total expenses after reductions
 
 
 
8,914,023
Net Investment income (loss)
 
 
 
20,364,421
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
299,633
 
 
 Foreign currency transactions
 
32,418
 
 
Total net realized gain (loss)
 
 
 
332,051
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(93,594,641)
 
 
 Assets and liabilities in foreign currencies
 
15,553
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(93,579,088)
Net gain (loss)
 
 
 
(93,247,037)
Net increase (decrease) in net assets resulting from operations
 
 
$
(72,882,616)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
20,364,421
$
36,916,447
Net realized gain (loss)
 
332,051
 
 
(11,614,714)
 
Change in net unrealized appreciation (depreciation)
 
(93,579,088)
 
103,859,568
 
Net increase (decrease) in net assets resulting from operations
 
(72,882,616)
 
 
129,161,301
 
Distributions to shareholders
 
(34,691,564)
 
 
(25,407,967)
 
Share transactions - net increase (decrease)
 
(67,197,403)
 
 
953,160,143
 
Total increase (decrease) in net assets
 
(174,771,583)
 
 
1,056,913,477
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,815,116,800
 
758,203,323
 
End of period
$
1,640,345,217
$
1,815,116,800
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Global Commodity Stock Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.50
$
16.35
$
10.80
$
12.14
$
12.42
$
12.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.47
 
.48
 
.28
 
.35
 
.21
     Net realized and unrealized gain (loss)
 
(.88)
 
3.19
 
5.24
 
(1.26)
 
(.41)
 
(.22)
  Total from investment operations
 
(.69)  
 
3.66  
 
5.72  
 
(.98)  
 
(.06)
 
(.01)
  Distributions from net investment income
 
(.32)
 
(.51)
 
(.17)
 
(.36)
 
(.20)
 
(.09)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.32)
 
(.51)
 
(.17)
 
(.36)
 
(.22)
 
(.13) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
18.49
$
19.50
$
16.35
$
10.80
$
12.14
$
12.42
 Total Return   E,F,G
 
(3.59)%
 
23.27%
 
53.37%
 
(8.39)%
 
(.44)%
 
(.05)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.19% J
 
1.19%
 
1.23%
 
1.31%
 
1.29%
 
1.28%
    Expenses net of fee waivers, if any
 
1.19% J
 
1.19%
 
1.22%
 
1.31%
 
1.28%
 
1.28%
    Expenses net of all reductions
 
1.19% J
 
1.19%
 
1.22%
 
1.29%
 
1.28%
 
1.27%
    Net investment income (loss)
 
1.97% J
 
2.53%
 
3.18%
 
2.53%
 
2.86%
 
1.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
124,167
$
128,363
$
45,343
$
20,453
$
25,779
$
27,258
    Portfolio turnover rate K
 
151% J
 
42%
 
37%
 
40%
 
55%
 
70%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Global Commodity Stock Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.46
$
16.32
$
10.78
$
12.12
$
12.39
$
12.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.42
 
.44
 
.25
 
.31
 
.16
     Net realized and unrealized gain (loss)
 
(.88)
 
3.19
 
5.24
 
(1.27)
 
(.40)
 
(.20)
  Total from investment operations
 
(.72)  
 
3.61  
 
5.68  
 
(1.02)  
 
(.09)
 
(.04)
  Distributions from net investment income
 
(.28)
 
(.47)
 
(.14)
 
(.32)
 
(.16)
 
(.06)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.28)
 
(.47)
 
(.14)
 
(.32)
 
(.18)
 
(.10) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
18.46
$
19.46
$
16.32
$
10.78
$
12.12
$
12.39
 Total Return   E,F,G
 
(3.75)%
 
22.93%
 
52.97%
 
(8.72)%
 
(.70)%
 
(.30)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.46% J
 
1.46%
 
1.52%
 
1.59%
 
1.59%
 
1.59%
    Expenses net of fee waivers, if any
 
1.45% J
 
1.46%
 
1.52%
 
1.59%
 
1.59%
 
1.59%
    Expenses net of all reductions
 
1.45% J
 
1.46%
 
1.52%
 
1.58%
 
1.59%
 
1.58%
    Net investment income (loss)
 
1.71% J
 
2.26%
 
2.88%
 
2.24%
 
2.55%
 
1.24%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,681
$
24,513
$
8,888
$
4,378
$
5,416
$
7,200
    Portfolio turnover rate K
 
151% J
 
42%
 
37%
 
40%
 
55%
 
70%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Global Commodity Stock Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.29
$
16.17
$
10.68
$
11.99
$
12.26
$
12.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.33
 
.37
 
.20
 
.26
 
.11
     Net realized and unrealized gain (loss)
 
(.88)
 
3.18
 
5.20
 
(1.26)
 
(.41)
 
(.19)
  Total from investment operations
 
(.76)  
 
3.51  
 
5.57  
 
(1.06)  
 
(.15)
 
(.08)
  Distributions from net investment income
 
(.21)
 
(.39)
 
(.08)
 
(.25)
 
(.11)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.21)
 
(.39)
 
(.08)
 
(.25)
 
(.12) C
 
(.05)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
18.32
$
19.29
$
16.17
$
10.68
$
11.99
$
12.26
 Total Return   E,F,G
 
(4.00)%
 
22.34%
 
52.30%
 
(9.11)%
 
(1.16)%
 
(.67)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.94% J
 
1.94%
 
1.97%
 
2.05%
 
2.02%
 
2.00%
    Expenses net of fee waivers, if any
 
1.94% J
 
1.93%
 
1.96%
 
2.04%
 
2.02%
 
1.99%
    Expenses net of all reductions
 
1.94% J
 
1.93%
 
1.96%
 
2.03%
 
2.01%
 
1.98%
    Net investment income (loss)
 
1.22% J
 
1.78%
 
2.44%
 
1.79%
 
2.13%
 
.84%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,737
$
34,984
$
11,020
$
7,871
$
11,294
$
20,793
    Portfolio turnover rate K
 
151% J
 
42%
 
37%
 
40%
 
55%
 
70%
 
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 mutual funds or ETFs 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).
 
Fidelity® Global Commodity Stock Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.55
$
16.39
$
10.82
$
12.15
$
12.44
$
12.59
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.52
 
.53
 
.31
 
.37
 
.23
     Net realized and unrealized gain (loss)
 
(.88)
 
3.19
 
5.26
 
(1.26)
 
(.41)
 
(.20)
  Total from investment operations
 
(.67)  
 
3.71  
 
5.79  
 
(.95)  
 
(.04)
 
.03
  Distributions from net investment income
 
(.36)
 
(.55)
 
(.22)
 
(.38)
 
(.23)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.36)
 
(.55)
 
(.22)
 
(.38)
 
(.25)
 
(.18)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
18.52
$
19.55
$
16.39
$
10.82
$
12.15
$
12.44
 Total Return   D,E
 
(3.53)%
 
23.57%
 
53.95%
 
(8.16)%
 
(.23)%
 
.23%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96% H
 
.94%
 
.94%
 
1.02%
 
1.06%
 
1.08%
    Expenses net of fee waivers, if any
 
.95% H
 
.94%
 
.94%
 
1.02%
 
1.06%
 
1.08%
    Expenses net of all reductions
 
.95% H
 
.94%
 
.94%
 
1.00%
 
1.06%
 
1.06%
    Net investment income (loss)
 
2.20% H
 
2.78%
 
3.46%
 
2.82%
 
3.08%
 
1.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
728,796
$
893,636
$
546,863
$
176,718
$
257,011
$
369,563
    Portfolio turnover rate I
 
151% H
 
42%
 
37%
 
40%
 
55%
 
70%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Global Commodity Stock Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.54
$
16.39
$
10.81
$
12.16
$
12.45
$
12.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.52
 
.53
 
.32
 
.39
 
.25
     Net realized and unrealized gain (loss)
 
(.87)
 
3.19
 
5.25
 
(1.26)
 
(.41)
 
(.21)
  Total from investment operations
 
(.66)  
 
3.71  
 
5.78  
 
(.94)  
 
(.02)
 
.04
  Distributions from net investment income
 
(.37)
 
(.56)
 
(.20)
 
(.41)
 
(.25)
 
(.14)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.37)
 
(.56)
 
(.20)
 
(.41)
 
(.27)
 
(.19)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
18.51
$
19.54
$
16.39
$
10.81
$
12.16
$
12.45
 Total Return   D,E
 
(3.48)%
 
23.56%
 
53.97%
 
(8.11)%
 
(.06)%
 
.30%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92% H
 
.92%
 
.93%
 
.95%
 
.92%
 
.93%
    Expenses net of fee waivers, if any
 
.92% H
 
.92%
 
.93%
 
.95%
 
.92%
 
.93%
    Expenses net of all reductions
 
.92% H
 
.92%
 
.93%
 
.93%
 
.91%
 
.91%
    Net investment income (loss)
 
2.23% H
 
2.80%
 
3.48%
 
2.88%
 
3.23%
 
1.90%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
495,418
$
499,191
$
85,252
$
33,185
$
102,633
$
117,981
    Portfolio turnover rate I
 
151% H
 
42%
 
37%
 
40%
 
55%
 
70%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Global Commodity Stock Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.53
$
16.38
$
10.81
$
12.16
$
12.46
$
13.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.23
 
.54
 
.56
 
.34
 
.39
 
(.01)
     Net realized and unrealized gain (loss)
 
(.89)
 
3.19
 
5.23
 
(1.26)
 
(.40)
 
(1.37)
  Total from investment operations
 
(.66)  
 
3.73  
 
5.79  
 
(.92)  
 
(.01)
 
(1.38)
  Distributions from net investment income
 
(.38)
 
(.58)
 
(.22)
 
(.43)
 
(.27)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
 
-
     Total distributions
 
(.38)
 
(.58)
 
(.22)
 
(.43)
 
(.29)
 
-
  Net asset value, end of period
$
18.49
$
19.53
$
16.38
$
10.81
$
12.16
$
12.46
 Total Return   D,E
 
(3.45)%
 
23.72%
 
54.07%
 
(7.99)%
 
.03%
 
(9.97)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.79% H
 
.79%
 
.80%
 
.85%
 
.83%
 
.89% H
    Expenses net of fee waivers, if any
 
.79% H
 
.79%
 
.80%
 
.84%
 
.83%
 
.89% H
    Expenses net of all reductions
 
.79% H
 
.79%
 
.80%
 
.83%
 
.82%
 
.87% H
    Net investment income (loss)
 
2.37% H
 
2.93%
 
3.60%
 
2.99%
 
3.32%
 
(.70)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
235,546
$
234,430
$
60,837
$
16,505
$
104,489
$
5,118
    Portfolio turnover rate I
 
151% H
 
42%
 
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 mutual funds or ETFs 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).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Commodity Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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
$222,932,386
Gross unrealized depreciation
(65,503,660)
Net unrealized appreciation (depreciation)
$157,428,726
Tax cost
$1,532,976,316
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(61,986,325)
Long-term
(122,480,238)
Total capital loss carryforward
$(184,466,563)
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Global Commodity Stock Fund
1,372,871,593
1,460,464,120
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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%
$168,190
$12,622
Class M
.25%
.25%
62,904
791
Class C
.75%
.25%
176,785
75,773
 
 
 
$407,879
$89,186
 
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
$131,680
Class M
3,526
Class C A
4,697
 
$139,903
 
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
$128,198
.19
Class M
27,025
.22
Class C
33,496
.19
Global Commodity Stock
892,662
.21
Class I
486,315
.17
Class Z
53,860
.04
 
$1,621,556
 
 
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
.04
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Global Commodity Stock Fund
$21,233
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Global Commodity Stock Fund
Borrower
$9,585,300
4.86%
$12,928
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Global Commodity Stock Fund
57,337,688
46,867,482
(3,824,073)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The 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
$1,853
 
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
$13,515
$-
$-
 
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 29, 2024. Some expenses, for example   the compensation of the independent Trustees, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class M
1.45%
$1,504
Global Commodity Stock
.95%
24,651
 
 
$26,155
 
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $166. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class M
121
Class C
7
 
$128
 
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 $42,234.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Global Commodity Stock Fund
 
 
Distributions to shareholders
 
 
Class A
$2,247,696
$1,448,690
Class M
366,393
259,454
Class C
382,649
264,183
Global Commodity Stock
16,441,380
18,171,488
Class I
10,386,346
3,064,346
Class Z
4,867,100
2,199,806
Total
$34,691,564
$25,407,967
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Fidelity Global Commodity Stock Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
1,307,233
5,245,104
$25,440,094
$102,330,553
Reinvestment of distributions
115,956
93,881
2,236,781
1,435,437
Shares redeemed
(1,287,539)
(1,530,075)
(24,366,674)
(28,265,460)
Net increase (decrease)
135,650
3,808,910
$3,310,201
$75,500,530
Class M
 
 
 
 
Shares sold
173,322
994,128
$3,371,035
$18,969,401
Reinvestment of distributions
18,802
16,878
362,695
258,240
Shares redeemed
(168,825)
(295,956)
(3,190,134)
(5,535,121)
Net increase (decrease)
23,299
715,050
$543,596
$13,692,520
Class C
 
 
 
 
Shares sold
267,044
1,526,059
$5,192,991
$29,910,914
Reinvestment of distributions
19,865
17,324
381,017
263,849
Shares redeemed
(313,589)
(411,550)
(5,919,218)
(7,532,050)
Net increase (decrease)
(26,680)
1,131,833
$(345,210)
$22,642,713
Global Commodity Stock
 
 
 
 
Shares sold
10,826,615
37,700,647
$212,425,121
$735,708,594
Reinvestment of distributions
741,996
1,053,837
14,327,947
16,113,170
Shares redeemed
(17,930,384)
(26,409,632)
(344,612,797)
(482,758,151)
Net increase (decrease)
(6,361,773)
12,344,852
$(117,859,729)
$269,063,613
Class I
 
 
 
 
Shares sold
12,226,292
29,119,851
$238,837,159
$566,732,834
Reinvestment of distributions
528,030
198,222
10,190,979
3,028,836
Shares redeemed
(11,529,104)
(8,975,269)
(218,278,054)
(163,585,245)
Net increase (decrease)
1,225,218
20,342,804
$30,750,084
$406,176,425
Class Z
 
 
 
 
Shares sold
3,925,536
12,915,308
$76,320,194
$249,174,298
Reinvestment of distributions
213,545
129,470
4,115,012
1,975,709
Shares redeemed
(3,404,407)
(4,757,037)
(64,031,551)
(85,065,665)
Net increase (decrease)
734,674
8,287,741
$16,403,655
$166,084,342
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® Global Commodity Stock Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 964.10
 
$ 5.80
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.89
 
$ 5.96
 
Class M
 
 
 
1.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 962.50
 
$ 7.06
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.60
 
$ 7.25
 
Class C
 
 
 
1.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 960.00
 
$ 9.43
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.17
 
$ 9.69
 
Fidelity® Global Commodity Stock Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 964.70
 
$ 4.63
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.08
 
$ 4.76
 
Class I
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 965.20
 
$ 4.48
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.23
 
$ 4.61
 
Class Z
 
 
 
.79%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 965.50
 
$ 3.85
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.88
 
$ 3.96
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.879383.114
GCS-SANN-0623
Fidelity® Total International Equity Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.7
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
2.4
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
2.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.9
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.7
 
Canadian Pacific Kansas City Ltd.  (Canada, Ground Transportation)
1.6
 
Linde PLC  (United States of America, Chemicals)
1.5
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.5
 
Housing Development Finance Corp. Ltd.  (India, Financial Services)
1.3
 
China Life Insurance Co. Ltd. (H Shares)  (China, Insurance)
1.3
 
 
18.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.6
 
Industrials
19.3
 
Information Technology
13.0
 
Consumer Discretionary
11.7
 
Materials
10.2
 
Health Care
5.9
 
Energy
5.7
 
Communication Services
4.2
 
Consumer Staples
2.5
 
Utilities
0.5
 
Real Estate
0.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.0%
 
 
Shares
Value ($)
 
Australia - 2.7%
 
 
 
BHP Group Ltd.
 
90,530
2,686,704
Flutter Entertainment PLC (a)
 
1,126
225,213
Glencore PLC
 
235,491
1,390,017
Imdex Ltd.
 
43,461
60,056
Macquarie Group Ltd.
 
7,862
959,100
National Australia Bank Ltd.
 
19,539
376,148
Steadfast Group Ltd.
 
17,941
70,731
Woodside Energy Group Ltd.
 
29,331
665,530
TOTAL AUSTRALIA
 
 
6,433,499
Belgium - 0.6%
 
 
 
Azelis Group NV
 
14,444
342,191
KBC Ancora
 
2,719
130,808
KBC Group NV
 
10,243
731,156
UCB SA
 
3,542
329,485
TOTAL BELGIUM
 
 
1,533,640
Brazil - 0.4%
 
 
 
Localiza Rent a Car SA
 
72,403
842,074
Localiza Rent a Car SA rights 5/11/23 (a)
 
323
1,111
TOTAL BRAZIL
 
 
843,185
Canada - 7.2%
 
 
 
Barrick Gold Corp.
 
79,265
1,509,206
CAE, Inc. (a)
 
57,079
1,284,525
Cameco Corp.
 
30,670
843,235
Canadian Natural Resources Ltd.
 
15,965
972,853
Canadian Pacific Kansas City Ltd.
 
47,229
3,722,964
Constellation Software, Inc.
 
921
1,802,654
Franco-Nevada Corp.
 
8,761
1,329,362
McCoy Global, Inc. (a)
 
7,000
7,957
Nutrien Ltd.
 
22,314
1,547,989
Osisko Gold Royalties Ltd.
 
3,688
59,940
Pason Systems, Inc.
 
5,003
43,573
Richelieu Hardware Ltd.
 
22,967
690,612
Suncor Energy, Inc.
 
41,159
1,288,678
The Toronto-Dominion Bank (b)
 
35,467
2,148,413
TOTAL CANADA
 
 
17,251,961
Chile - 0.4%
 
 
 
Antofagasta PLC
 
51,476
944,833
China - 9.8%
 
 
 
Alibaba Group Holding Ltd. (a)
 
185,082
1,956,988
BeiGene Ltd. ADR (a)
 
3,253
829,385
China Life Insurance Co. Ltd. (H Shares)
 
1,600,125
3,074,089
Chlitina Holding Ltd.
 
9,200
65,620
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
923,356
576,282
Haier Smart Home Co. Ltd. (A Shares)
 
595,300
2,046,875
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
517,285
943,685
Industrial & Commercial Bank of China Ltd. (H Shares)
 
2,267,664
1,220,013
JD.com, Inc. Class A
 
58,953
1,052,184
Li Ning Co. Ltd.
 
75,182
537,673
Meituan Class B (a)(c)
 
113,512
1,939,972
Shangri-La Asia Ltd. (a)
 
807,298
744,745
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
140,100
1,254,863
Sunny Optical Technology Group Co. Ltd.
 
83,074
877,869
Tencent Holdings Ltd.
 
128,221
5,695,079
Tsingtao Brewery Co. Ltd. (H Shares)
 
64,767
693,372
TOTAL CHINA
 
 
23,508,694
Denmark - 1.4%
 
 
 
DSV A/S
 
2,603
488,892
Novo Nordisk A/S Series B
 
13,289
2,210,685
Spar Nord Bank A/S
 
3,579
58,041
Vestas Wind Systems A/S
 
20,041
554,546
TOTAL DENMARK
 
 
3,312,164
Egypt - 0.0%
 
 
 
Integrated Diagnostics Holdings PLC (c)
 
60,949
27,488
Finland - 0.6%
 
 
 
Kone OYJ (B Shares)
 
7,297
415,697
Musti Group OYJ
 
3,187
65,986
Sampo Oyj (A Shares)
 
16,951
858,455
TOTAL FINLAND
 
 
1,340,138
France - 8.7%
 
 
 
Adevinta ASA Class B (a)
 
22,150
170,432
Air Liquide SA
 
5,362
964,571
Airbus Group NV (b)
 
15,781
2,209,886
ALTEN
 
2,502
424,571
AXA SA
 
44,456
1,451,051
BNP Paribas SA
 
19,679
1,271,527
Capgemini SA
 
3,047
553,650
Edenred SA
 
15,716
1,020,345
Euroapi SASU
 
459
5,510
Laurent-Perrier Group SA
 
469
63,565
Lectra
 
8,553
278,024
Legrand SA
 
12,547
1,184,849
LISI
 
3,559
100,787
LVMH Moet Hennessy Louis Vuitton SE
 
4,706
4,526,614
Safran SA
 
13,496
2,098,895
Teleperformance
 
1,400
278,913
TotalEnergies SE (b)
 
41,675
2,663,030
Vetoquinol SA
 
1,238
121,273
VINCI SA (b)
 
5,797
716,702
Vivendi SA (b)
 
49,329
541,056
TOTAL FRANCE
 
 
20,645,251
Germany - 4.2%
 
 
 
Bayer AG
 
13,509
891,544
Covestro AG (c)
 
9,215
404,266
CTS Eventim AG
 
5,036
330,730
Deutsche Borse AG
 
6,046
1,153,024
Deutsche Post AG
 
16,255
781,859
Hannover Reuck SE
 
4,336
924,990
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
2,396
898,972
Nexus AG
 
1,420
81,364
Rheinmetall AG
 
4,226
1,236,335
RWE AG
 
20,805
975,460
Scout24 AG (c)
 
1,401
87,223
Siemens AG
 
10,970
1,808,210
Stabilus Se
 
1,031
67,255
Vonovia SE
 
20,751
450,058
TOTAL GERMANY
 
 
10,091,290
Greece - 0.7%
 
 
 
National Bank of Greece SA (a)
 
300,374
1,568,855
Hong Kong - 1.7%
 
 
 
AIA Group Ltd.
 
230,018
2,504,223
Pacific Basin Shipping Ltd.
 
1,658,000
576,912
Prudential PLC
 
60,966
932,843
TOTAL HONG KONG
 
 
4,013,978
Hungary - 0.5%
 
 
 
Richter Gedeon PLC
 
53,390
1,288,419
India - 4.0%
 
 
 
Axis Bank Ltd.
 
113,658
1,201,030
Bharat Heavy Electricals Ltd.
 
786,593
757,692
Embassy Office Parks (REIT)
 
13,300
53,675
Housing Development Finance Corp. Ltd.
 
90,554
3,088,598
Indian Energy Exchange Ltd. (a)(c)
 
29,319
56,380
Kotak Mahindra Bank Ltd.
 
13,798
328,740
Larsen & Toubro Ltd.
 
46,599
1,352,446
Reliance Industries Ltd.
 
2,800
83,240
Reliance Industries Ltd. GDR (c)
 
12,081
720,028
Shree Cement Ltd.
 
2,976
888,271
Solar Industries India Ltd.
 
22,724
1,065,760
TOTAL INDIA
 
 
9,595,860
Indonesia - 0.4%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
1,256,307
437,797
PT United Tractors Tbk
 
255,716
504,803
TOTAL INDONESIA
 
 
942,600
Ireland - 1.5%
 
 
 
AerCap Holdings NV (a)
 
1,652
93,107
Bank of Ireland Group PLC
 
62,371
643,968
Cairn Homes PLC
 
48,104
54,772
CRH PLC
 
20,373
983,078
CRH PLC sponsored ADR
 
27,486
1,333,071
Irish Residential Properties REIT PLC
 
34,729
39,492
Ryanair Holdings PLC sponsored ADR (a)
 
5,613
536,547
TOTAL IRELAND
 
 
3,684,035
Israel - 0.4%
 
 
 
Ituran Location & Control Ltd.
 
3,915
81,432
Maytronics Ltd.
 
2,524
26,364
NICE Ltd. sponsored ADR (a)
 
4,486
915,189
Tel Aviv Stock Exchange Ltd.
 
7,900
36,373
TOTAL ISRAEL
 
 
1,059,358
Italy - 1.3%
 
 
 
Enel SpA
 
20,300
138,692
Eni SpA
 
66,346
1,002,316
Interpump Group SpA
 
14,603
812,276
Mediobanca SpA
 
57,318
614,534
Prada SpA
 
80,900
595,641
TOTAL ITALY
 
 
3,163,459
Japan - 11.7%
 
 
 
Ai Holdings Corp.
 
1,450
25,385
Aoki Super Co. Ltd.
 
1,900
33,696
Artnature, Inc.
 
5,300
30,485
Aucnet, Inc.
 
3,400
39,770
Azbil Corp.
 
38,665
1,081,335
Broadleaf Co. Ltd.
 
27,600
87,068
Central Automotive Products Ltd.
 
1,100
23,387
Curves Holdings Co. Ltd.
 
22,300
130,012
Daiichi Sankyo Kabushiki Kaisha
 
2,077
71,271
Daiichikosho Co. Ltd.
 
8,200
147,011
Daikokutenbussan Co. Ltd.
 
700
28,025
DENSO Corp.
 
14,642
883,844
Digital Hearts Holdings Co. Ltd.
 
3,600
39,003
FANUC Corp.
 
14,500
489,683
Fast Retailing Co. Ltd.
 
2,573
609,291
FUJIFILM Holdings Corp.
 
10,094
526,099
Fujitec Co. Ltd.
 
2,200
58,606
Fujitsu Ltd.
 
3,866
515,250
Funai Soken Holdings, Inc.
 
3,250
62,301
Goldcrest Co. Ltd.
 
6,560
87,935
Hitachi Ltd.
 
28,263
1,563,358
Hoya Corp.
 
13,429
1,408,098
Ibiden Co. Ltd.
 
6,912
271,961
INPEX Corp.
 
32,213
352,509
Itochu Corp.
 
28,948
960,346
Keyence Corp.
 
4,984
2,247,566
Kobayashi Pharmaceutical Co. Ltd.
 
1,600
99,843
Koshidaka Holdings Co. Ltd.
 
16,300
137,995
Kusuri No Aoki Holdings Co. Ltd.
 
1,000
47,984
Lasertec Corp.
 
4,950
673,428
Medikit Co. Ltd.
 
3,300
57,272
Minebea Mitsumi, Inc.
 
25,202
466,707
Miroku Jyoho Service Co., Ltd.
 
2,400
29,978
Misumi Group, Inc.
 
38,724
976,898
Mitsubishi Estate Co. Ltd.
 
28,594
352,401
Mitsubishi UFJ Financial Group, Inc.
 
190,172
1,190,388
Mitsuboshi Belting Ltd.
 
1,200
34,380
Nagaileben Co. Ltd.
 
7,400
115,112
Nihon Parkerizing Co. Ltd.
 
18,500
144,803
NOF Corp.
 
1,890
86,357
NS Tool Co. Ltd.
 
6,600
55,023
NSD Co. Ltd.
 
4,800
88,303
OBIC Co. Ltd.
 
1,450
223,409
ORIX Corp.
 
44,841
762,859
OSG Corp.
 
20,480
287,697
Paramount Bed Holdings Co. Ltd.
 
2,400
42,559
ProNexus, Inc.
 
5,100
37,464
Recruit Holdings Co. Ltd.
 
40,100
1,124,950
Renesas Electronics Corp. (a)
 
48,220
628,425
San-Ai Obbli Co. Ltd.
 
6,300
66,377
Shin-Etsu Chemical Co. Ltd.
 
34,990
998,468
SHO-BOND Holdings Co. Ltd.
 
16,680
712,836
Shoei Co. Ltd.
 
6,800
126,147
SK Kaken Co. Ltd.
 
420
133,550
SoftBank Group Corp.
 
10,864
407,426
Software Service, Inc.
 
800
51,267
Sony Group Corp.
 
6,174
558,585
Sumitomo Mitsui Financial Group, Inc.
 
25,934
1,060,017
Suzuki Motor Corp.
 
18,396
641,441
Techno Medica Co. Ltd.
 
500
6,595
The Monogatari Corp.
 
3,160
66,422
TIS, Inc.
 
13,774
378,230
Tocalo Co. Ltd.
 
4,800
45,078
Tokio Marine Holdings, Inc.
 
44,339
891,526
Toyota Motor Corp.
 
132,923
1,825,038
USS Co. Ltd.
 
27,100
455,388
YAKUODO Holdings Co. Ltd.
 
2,600
47,526
TOTAL JAPAN
 
 
27,909,447
Kenya - 0.1%
 
 
 
Safaricom Ltd.
 
1,488,945
180,644
Korea (South) - 4.2%
 
 
 
BGF Retail Co. Ltd.
 
491
68,528
Hyundai Mipo Dockyard Co. Ltd. (a)
 
10,552
581,071
Hyundai Motor Co. Ltd.
 
7,995
1,184,763
Korea Aerospace Industries Ltd.
 
35,636
1,464,360
POSCO
 
3,283
929,472
Samsung Electronics Co. Ltd.
 
115,662
5,693,299
TOTAL KOREA (SOUTH)
 
 
9,921,493
Luxembourg - 0.2%
 
 
 
ArcelorMittal SA (Netherlands)
 
17,958
508,747
Mexico - 0.5%
 
 
 
Grupo Financiero Banorte S.A.B. de CV Series O
 
62,027
536,386
Wal-Mart de Mexico SA de CV Series V
 
184,772
744,966
TOTAL MEXICO
 
 
1,281,352
Netherlands - 3.5%
 
 
 
Aalberts Industries NV
 
12,075
555,901
ASML Holding NV (Netherlands)
 
6,400
4,044,414
BE Semiconductor Industries NV
 
1,134
101,639
IMCD NV
 
3,740
561,295
Shell PLC ADR
 
47,948
2,971,817
Universal Music Group NV
 
10,273
224,246
TOTAL NETHERLANDS
 
 
8,459,312
Norway - 0.2%
 
 
 
Kongsberg Gruppen ASA
 
4,725
211,841
Medistim ASA
 
1,929
47,605
Schibsted ASA (B Shares)
 
12,781
206,999
Volue A/S (a)
 
10,613
17,926
TOTAL NORWAY
 
 
484,371
Peru - 0.4%
 
 
 
Credicorp Ltd. (United States)
 
7,815
1,058,776
Russia - 0.1%
 
 
 
LUKOIL PJSC sponsored ADR (a)(d)
 
15,040
4,255
Sberbank of Russia sponsored ADR (a)(d)
 
62,556
1,114
Yandex NV Series A (a)(d)
 
15,421
117,200
TOTAL RUSSIA
 
 
122,569
Singapore - 0.4%
 
 
 
United Overseas Bank Ltd.
 
43,682
927,717
South Africa - 1.7%
 
 
 
Absa Group Ltd.
 
100,354
974,546
Anglo American PLC (United Kingdom)
 
25,108
773,682
Clicks Group Ltd.
 
13,000
189,992
Impala Platinum Holdings Ltd.
 
104,324
1,015,678
MTN Group Ltd.
 
137,013
961,132
Thungela Resources Ltd. (b)
 
4,647
43,158
TOTAL SOUTH AFRICA
 
 
3,958,188
Spain - 1.4%
 
 
 
Amadeus IT Holding SA Class A (a)
 
23,421
1,646,146
Banco Santander SA (Spain) (b)
 
366,673
1,287,464
Cellnex Telecom SA (c)
 
7,098
298,854
Fluidra SA
 
2,001
34,242
Unicaja Banco SA (c)
 
147,836
149,787
TOTAL SPAIN
 
 
3,416,493
Sweden - 3.4%
 
 
 
Addlife AB
 
7,452
88,072
AddTech AB (B Shares)
 
25,409
507,930
Alleima AB
 
2,191
11,234
ASSA ABLOY AB (B Shares)
 
44,792
1,065,306
Atlas Copco AB (A Shares)
 
144,742
2,090,316
Autoliv, Inc.
 
8,407
721,405
Bergman & Beving AB (B Shares)
 
5,000
70,209
Epiroc AB (A Shares)
 
53,359
1,068,945
Hemnet Group AB
 
6,282
102,913
Investor AB (B Shares)
 
51,133
1,095,951
INVISIO AB
 
3,973
81,552
John Mattson Fastighetsforetag (a)
 
3,623
25,013
Lagercrantz Group AB (B Shares)
 
53,594
688,801
Sandvik AB (b)
 
20,613
419,092
Teqnion AB
 
2,800
48,764
TOTAL SWEDEN
 
 
8,085,503
Switzerland - 1.8%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
1,789
397,689
 (Reg.)
 
107
22,732
Swiss Life Holding AG
 
879
577,051
Tecan Group AG
 
416
180,483
UBS Group AG
 
14,000
282,945
UBS Group AG
 
72,902
1,476,266
Zurich Insurance Group Ltd.
 
2,665
1,287,405
TOTAL SWITZERLAND
 
 
4,224,571
Taiwan - 3.9%
 
 
 
Addcn Technology Co. Ltd.
 
9,413
62,229
ECLAT Textile Co. Ltd.
 
65,854
1,047,994
HIWIN Technologies Corp.
 
117,415
901,257
Taiwan Semiconductor Manufacturing Co. Ltd.
 
391,708
6,409,967
Yageo Corp.
 
48,420
784,386
TOTAL TAIWAN
 
 
9,205,833
Thailand - 0.4%
 
 
 
Kasikornbank PCL (For. Reg.)
 
239,571
879,684
United Kingdom - 5.0%
 
 
 
AstraZeneca PLC (United Kingdom)
 
4,532
666,943
BAE Systems PLC
 
173,655
2,212,362
Barratt Developments PLC
 
84,381
530,229
Beazley PLC
 
50,461
377,647
Bodycote PLC
 
20,381
176,863
BP PLC
 
94,472
633,812
Clarkson PLC
 
2,103
81,931
Compass Group PLC
 
55,816
1,472,480
Dechra Pharmaceuticals PLC
 
5,657
265,182
Howden Joinery Group PLC
 
16,094
138,468
Imperial Brands PLC
 
17,530
433,939
InterContinental Hotel Group PLC ADR
 
10,855
752,034
Lloyds Banking Group PLC
 
1,207,298
733,460
NatWest Group PLC
 
135,554
446,528
Rightmove PLC
 
66,834
482,291
Rolls-Royce Holdings PLC (a)
 
58,080
111,262
Spectris PLC
 
26,148
1,235,264
Spirax-Sarco Engineering PLC
 
1,585
220,907
Standard Chartered PLC (United Kingdom)
 
130,192
1,028,181
TOTAL UNITED KINGDOM
 
 
11,999,783
United States of America - 9.6%
 
 
 
Experian PLC
 
31,336
1,109,447
Ferguson PLC
 
3,065
431,225
Lam Research Corp.
 
775
406,162
Linde PLC
 
9,932
3,669,377
Marsh & McLennan Companies, Inc.
 
10,930
1,969,477
MasterCard, Inc. Class A
 
3,300
1,254,099
Moody's Corp.
 
3,174
993,843
Morningstar, Inc.
 
958
170,821
MSCI, Inc.
 
2,494
1,203,230
Nestle SA (Reg. S)
 
27,412
3,516,674
NOV, Inc.
 
20,142
337,379
Otis Worldwide Corp.
 
4,874
415,752
PriceSmart, Inc.
 
3,222
237,397
ResMed, Inc.
 
7,217
1,739,008
Roche Holding AG (participation certificate)
 
4,190
1,312,057
S&P Global, Inc.
 
2,607
945,246
Sanofi SA
 
14,650
1,578,805
Sherwin-Williams Co.
 
3,350
795,759
Visa, Inc. Class A
 
3,617
841,784
TOTAL UNITED STATES OF AMERICA
 
 
22,927,542
 
TOTAL COMMON STOCKS
  (Cost $200,010,165)
 
 
 
226,800,732
 
 
 
 
Preferred Stocks - 1.0%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.0%
 
 
 
China - 0.0%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
577
114,823
Nonconvertible Preferred Stocks - 1.0%
 
 
 
Brazil - 0.7%
 
 
 
Itau Unibanco Holding SA
 
218,862
1,137,356
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
55,737
591,927
 
 
 
1,729,283
Germany - 0.3%
 
 
 
Porsche Automobil Holding SE (Germany)
 
10,574
588,942
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
2,318,225
 
TOTAL PREFERRED STOCKS
  (Cost $2,297,963)
 
 
 
2,433,048
 
 
 
 
Money Market Funds - 5.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
7,682,024
7,683,560
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
4,901,528
4,902,018
 
TOTAL MONEY MARKET FUNDS
  (Cost $12,585,575)
 
 
12,585,578
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
  (Cost $214,893,703)
 
 
 
241,819,358
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(3,118,533)
NET ASSETS - 100.0%
238,700,825
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,627,683 or 1.9% of net assets.
 
(d)
Level 3 security
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $114,823 or 0.0% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
63,224
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
5,394,098
88,151,680
85,862,217
154,857
-
(1)
7,683,560
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
2,836,886
21,149,844
19,084,712
8,427
-
-
4,902,018
0.0%
Total
8,230,984
109,301,524
104,946,929
163,284
-
(1)
12,585,578
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
10,130,288
3,287,666
6,610,599
232,023
Consumer Discretionary
27,790,622
2,376,003
25,414,619
-
Consumer Staples
6,301,612
1,235,920
5,065,692
-
Energy
13,796,477
7,820,605
5,971,617
4,255
Financials
53,301,758
28,283,171
25,017,473
1,114
Health Care
14,359,167
5,003,274
9,355,893
-
Industrials
46,066,192
20,346,852
25,719,340
-
Information Technology
31,130,687
10,549,726
20,580,961
-
Materials
24,234,251
11,709,518
12,524,733
-
Real Estate
1,008,574
64,505
944,069
-
Utilities
1,114,152
975,460
138,692
-
  Money Market Funds
12,585,578
12,585,578
-
-
 Total Investments in Securities:
241,819,358
104,238,278
137,343,688
237,392
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,513,569) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $202,308,128)
$
229,233,780
 
 
Fidelity Central Funds (cost $12,585,575)
12,585,578
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $214,893,703)
 
 
$
241,819,358
Cash
 
 
44,200
Foreign currency held at value (cost $66,679)
 
 
68,856
Receivable for investments sold
 
 
212,288
Receivable for fund shares sold
 
 
1,409,064
Dividends receivable
 
 
927,353
Reclaims receivable
 
 
241,253
Interest receivable
 
 
5
Distributions receivable from Fidelity Central Funds
 
 
25,066
Prepaid expenses
 
 
58
Receivable from investment adviser for expense reductions
 
 
14,979
Other receivables
 
 
19,387
  Total assets
 
 
244,781,867
Liabilities
 
 
 
 
Payable for investments purchased
$
631,540
 
 
Payable for fund shares redeemed
78,580
 
 
Accrued management fee
147,277
 
 
Distribution and service plan fees payable
10,837
 
 
Other affiliated payables
43,920
 
 
Other payables and accrued expenses
266,870
 
 
Collateral on securities loaned
4,902,018
 
 
  Total Liabilities
 
 
 
6,081,042
Net Assets  
 
 
$
238,700,825
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
218,986,430
Total accumulated earnings (loss)
 
 
 
19,714,395
Net Assets
 
 
$
238,700,825
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($20,148,012 ÷ 1,982,767 shares) (a)
 
 
$
10.16
Maximum offering price per share (100/94.25 of $10.16)
 
 
$
10.78
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($11,304,611 ÷ 1,104,345 shares) (a)
 
 
$
10.24
Maximum offering price per share (100/96.50 of $10.24)
 
 
$
10.61
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,502,632 ÷ 246,091 shares) (a)
 
 
$
10.17
Total International Equity :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($118,823,537 ÷ 11,651,031 shares)
 
 
$
10.20
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($62,797,965 ÷ 6,183,136 shares)
 
 
$
10.16
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($23,124,068 ÷ 2,263,633 shares)
 
 
$
10.22
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
2,520,529
Non-Cash dividends
 
 
290,960
Interest  
 
 
110
Income from Fidelity Central Funds (including $8,427 from security lending)
 
 
163,284
 Income before foreign taxes withheld
 
 
$
2,974,883
Less foreign taxes withheld
 
 
(253,054)
 Total Income
 
 
 
2,721,829
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
691,067
 
 
 Performance adjustment
100,123
 
 
Transfer agent fees
176,095
 
 
Distribution and service plan fees
61,224
 
 
Accounting fees
50,889
 
 
Custodian fees and expenses
61,504
 
 
Independent trustees' fees and expenses
552
 
 
Registration fees
44,470
 
 
Audit
48,256
 
 
Legal
335
 
 
Miscellaneous
361
 
 
 Total expenses before reductions
 
1,234,876
 
 
 Expense reductions
 
(120,320)
 
 
 Total expenses after reductions
 
 
 
1,114,556
Net Investment income (loss)
 
 
 
1,607,273
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $30,126)
 
(2,446,328)
 
 
 Foreign currency transactions
 
(11,284)
 
 
Total net realized gain (loss)
 
 
 
(2,457,612)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $47,126)
 
32,970,246
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
22,388
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
32,992,633
Net gain (loss)
 
 
 
30,535,021
Net increase (decrease) in net assets resulting from operations
 
 
$
32,142,294
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,607,273
$
2,446,814
Net realized gain (loss)
 
(2,457,612)
 
 
(5,086,496)
 
Change in net unrealized appreciation (depreciation)
 
32,992,633
 
(39,932,764)
 
Net increase (decrease) in net assets resulting from operations
 
32,142,294
 
 
(42,572,446)
 
Distributions to shareholders
 
(1,806,040)
 
 
(9,629,532)
 
Share transactions - net increase (decrease)
 
54,246,943
 
 
88,690,287
 
Total increase (decrease) in net assets
 
84,583,197
 
 
36,488,309
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
154,117,628
 
117,629,319
 
End of period
$
238,700,825
$
154,117,628
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Total International Equity Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.56
$
12.48
$
9.60
$
9.34
$
8.20
$
9.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.15
 
.11 C
 
.05
 
.14
 
.08
     Net realized and unrealized gain (loss)
 
1.61
 
(3.10)
 
3.03
 
.35
 
1.05
 
(.89)
  Total from investment operations
 
1.68  
 
(2.95)  
 
3.14  
 
.40  
 
1.19
 
(.81)
  Distributions from net investment income
 
(.08)
 
(.19)
 
(.06)
 
(.14)
 
(.05)
 
(.15)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.08)
 
(.97) D
 
(.26)
 
(.14)
 
(.05)
 
(.38)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
10.16
$
8.56
$
12.48
$
9.60
$
9.34
$
8.20
 Total Return   F,G,H
 
19.73%
 
(25.44)%
 
33.04%
 
4.31%
 
14.63%
 
(9.04)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.45% K
 
1.56%
 
1.60%
 
1.66%
 
1.51%
 
1.60%
    Expenses net of fee waivers, if any
 
1.29% K
 
1.30%
 
1.34%
 
1.39%
 
1.45%
 
1.45%
    Expenses net of all reductions
 
1.29% K
 
1.30%
 
1.34%
 
1.37%
 
1.44%
 
1.44%
    Net investment income (loss)
 
1.38% K
 
1.55%
 
.91% C
 
.58%
 
1.55%
 
.90%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,148
$
12,786
$
8,642
$
6,091
$
7,249
$
7,526
    Portfolio turnover rate L
 
26% K
 
31%
 
39%
 
37%
 
69%
 
52%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Total International Equity Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.61
$
12.53
$
9.65
$
9.38
$
8.22
$
9.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.13
 
.08 C
 
.03
 
.11
 
.06
     Net realized and unrealized gain (loss)
 
1.62
 
(3.12)
 
3.04
 
.36
 
1.07
 
(.90)
  Total from investment operations
 
1.68  
 
(2.99)  
 
3.12  
 
.39  
 
1.18
 
(.84)
  Distributions from net investment income
 
(.05)
 
(.15)
 
(.04)
 
(.12)
 
(.02)
 
(.13)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.05)
 
(.93) D
 
(.24)
 
(.12)
 
(.02)
 
(.36)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
10.24
$
8.61
$
12.53
$
9.65
$
9.38
$
8.22
 Total Return   F,G,H
 
19.59%
 
(25.59)%
 
32.63%
 
4.13%
 
14.38%
 
(9.30)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.71% K
 
1.80%
 
1.83%
 
1.90%
 
1.76%
 
1.85%
    Expenses net of fee waivers, if any
 
1.55% K
 
1.55%
 
1.59%
 
1.64%
 
1.70%
 
1.70%
    Expenses net of all reductions
 
1.54% K
 
1.55%
 
1.59%
 
1.62%
 
1.69%
 
1.69%
    Net investment income (loss)
 
1.13% K
 
1.29%
 
.65% C
 
.33%
 
1.30%
 
.65%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,305
$
9,876
$
12,936
$
10,620
$
11,733
$
11,882
    Portfolio turnover rate L
 
26% K
 
31%
 
39%
 
37%
 
69%
 
52%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Total International Equity Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.53
$
12.41
$
9.57
$
9.30
$
8.17
$
9.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.08
 
.02 C
 
(.02)
 
.07
 
.01
     Net realized and unrealized gain (loss)
 
1.62
 
(3.11)
 
3.02
 
.36
 
1.06
 
(.89)
  Total from investment operations
 
1.65  
 
(3.03)  
 
3.04  
 
.34  
 
1.13
 
(.88)
  Distributions from net investment income
 
(.01)
 
(.07)
 
-
 
(.07)
 
-
 
(.10)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.01)
 
(.85) D
 
(.20)
 
(.07)
 
-
 
(.32) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
10.17
$
8.53
$
12.41
$
9.57
$
9.30
$
8.17
 Total Return   F,G,H
 
19.33%
 
(26.04)%
 
32.00%
 
3.62%
 
13.83%
 
(9.72)%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.24% K
 
2.34%
 
2.40%
 
2.46%
 
2.33%
 
2.43%
    Expenses net of fee waivers, if any
 
2.04% K
 
2.05%
 
2.10%
 
2.14%
 
2.20%
 
2.20%
    Expenses net of all reductions
 
2.04% K
 
2.05%
 
2.10%
 
2.12%
 
2.19%
 
2.19%
    Net investment income (loss)
 
.62% K
 
.79%
 
.15% C
 
(.17)%
 
.80%
 
.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,503
$
1,893
$
1,982
$
1,827
$
2,203
$
2,705
    Portfolio turnover rate L
 
26% K
 
31%
 
39%
 
37%
 
69%
 
52%
 
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 mutual funds or ETFs 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).
 
Fidelity® Total International Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.60
$
12.54
$
9.64
$
9.37
$
8.23
$
9.40
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.18
 
.14 C
 
.08
 
.16
 
.11
     Net realized and unrealized gain (loss)
 
1.62
 
(3.12)
 
3.04
 
.35
 
1.06
 
(.90)
  Total from investment operations
 
1.70  
 
(2.94)  
 
3.18  
 
.43  
 
1.22
 
(.79)
  Distributions from net investment income
 
(.10)
 
(.23)
 
(.08)
 
(.16)
 
(.08)
 
(.15)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.10)
 
(1.00)
 
(.28)
 
(.16)
 
(.08)
 
(.38)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
10.20
$
8.60
$
12.54
$
9.64
$
9.37
$
8.23
 Total Return   E,F
 
19.85%
 
(25.25)%
 
33.37%
 
4.65%
 
14.97%
 
(8.84)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.16% I
 
1.23%
 
1.27%
 
1.34%
 
1.20%
 
1.29%
    Expenses net of fee waivers, if any
 
1.04% I
 
1.05%
 
1.09%
 
1.14%
 
1.20%
 
1.20%
    Expenses net of all reductions
 
1.04% I
 
1.05%
 
1.09%
 
1.12%
 
1.19%
 
1.19%
    Net investment income (loss)
 
1.62% I
 
1.79%
 
1.16% C
 
.83%
 
1.81%
 
1.15%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
118,824
$
86,458
$
82,604
$
61,362
$
70,251
$
71,170
    Portfolio turnover rate J
 
26% I
 
31%
 
39%
 
37%
 
69%
 
52%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Total International Equity Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.56
$
12.49
$
9.60
$
9.35
$
8.19
$
9.38
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.17
 
.14 C
 
.08
 
.16
 
.10
     Net realized and unrealized gain (loss)
 
1.62
 
(3.10)
 
3.03
 
.34
 
1.07
 
(.89)
  Total from investment operations
 
1.70  
 
(2.93)  
 
3.17  
 
.42  
 
1.23
 
(.79)
  Distributions from net investment income
 
(.10)
 
(.23)
 
(.08)
 
(.17)
 
(.07)
 
(.17)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.10)
 
(1.00)
 
(.28)
 
(.17)
 
(.07)
 
(.40)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
10.16
$
8.56
$
12.49
$
9.60
$
9.35
$
8.19
 Total Return   E,F
 
19.95%
 
(25.28)%
 
33.40%
 
4.50%
 
15.11%
 
(8.86)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% I
 
1.22%
 
1.26%
 
1.33%
 
1.18%
 
1.29%
    Expenses net of fee waivers, if any
 
1.04% I
 
1.04%
 
1.06%
 
1.14%
 
1.18%
 
1.20%
    Expenses net of all reductions
 
1.04% I
 
1.04%
 
1.06%
 
1.13%
 
1.17%
 
1.19%
    Net investment income (loss)
 
1.62% I
 
1.80%
 
1.18% C
 
.82%
 
1.82%
 
1.15%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
62,798
$
35,423
$
5,714
$
2,073
$
3,086
$
9,405
    Portfolio turnover rate J
 
26% I
 
31%
 
39%
 
37%
 
69%
 
52%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® Total International Equity Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.61
$
12.53
$
9.62
$
9.36
$
8.22
$
9.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.19
 
.16 C
 
.09
 
.18
 
.12
     Net realized and unrealized gain (loss)
 
1.62
 
(3.11)
 
3.03
 
.35
 
1.05
 
(.89)
  Total from investment operations
 
1.71  
 
(2.92)  
 
3.19  
 
.44  
 
1.23
 
(.77)
  Distributions from net investment income
 
(.10)
 
(.23)
 
(.08)
 
(.18)
 
(.09)
 
(.17)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.10)
 
(1.00)
 
(.28)
 
(.18)
 
(.09)
 
(.40)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
10.22
$
8.61
$
12.53
$
9.62
$
9.36
$
8.22
 Total Return   E,F
 
19.96%
 
(25.09)%
 
33.54%
 
4.74%
 
15.13%
 
(8.63)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% I
 
1.10%
 
1.16%
 
1.22%
 
1.09%
 
1.16%
    Expenses net of fee waivers, if any
 
.89% I
 
.90%
 
.94%
 
.98%
 
1.04%
 
1.05%
    Expenses net of all reductions
 
.89% I
 
.90%
 
.94%
 
.97%
 
1.03%
 
1.04%
    Net investment income (loss)
 
1.78% I
 
1.94%
 
1.31% C
 
.99%
 
1.97%
 
1.30%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,124
$
7,681
$
5,752
$
3,422
$
3,815
$
216
    Portfolio turnover rate J
 
26% I
 
31%
 
39%
 
37%
 
69%
 
52%
 
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 mutual funds or ETFs 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 1.04%.
 
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 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).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total International Equity, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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
$39,034,694
Gross unrealized depreciation
(15,256,848)
Net unrealized appreciation (depreciation)
$23,777,846
Tax cost
$218,041,512
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
  Short-term
$(2,940,975)
Total capital loss carryforward
$(2,940,975)
 
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
75,436,492
24,959,723
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total 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%
$21,815
$1,308
Class M
  .25%
  .25%
  27,880
  385
Class C
  .75%
  .25%
  11,529
  3,538
 
 
 
$61,224
$5,231
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
$5,469
Class M
  312
Class C A
  515
 
$6,296
 
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
$18,990
.22
Class M
  12,800
.23
Class C
  2,966
.26
Total International Equity
  95,530
.18
Class I
  42,572
.17
Class Z
  3,237
.04
 
$176,095
 
 
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
$73
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Total International Equity Fund
  6,848,879
  853,647
  (203,412)
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
$188
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Total International Equity Fund
$1,170
$-
$-
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 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.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.30%
$13,032
Class M
1.55%
  9,133
Class C
2.05%
  2,195
Total International Equity
1.05%
  58,291
Class I
1.05%
  23,780
Class Z
.90%
                   8,856
 
 
$115,287
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$117
Class M
  191
 
$308
 
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 $4,725.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity Total International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$136,043
  $682,772
Class M
  60,649
  954,432
Class C
  1,760
  136,202
Total International Equity
  1,034,854
  6,786,798
Class I
  451,131
  530,168
Class Z
  121,603
  539,160
Total   
$1,806,040
$9,629,532
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Fidelity Total International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
596,975
888,736
$5,798,261
$8,539,920
Reinvestment of distributions
14,206
60,242
135,808
667,482
Shares redeemed
(121,486)
(148,110)
(1,182,774)
(1,522,197)
Net increase (decrease)
489,695
800,868
$4,751,295
$7,685,205
Class M
 
 
 
 
Shares sold
63,997
208,686
$630,246
$2,095,684
Reinvestment of distributions
6,291
85,446
60,649
954,432
Shares redeemed
(113,122)
(179,080)
(1,099,968)
(1,802,328)
Net increase (decrease)
(42,834)
115,052
$(409,073)
$1,247,788
Class C
 
 
 
 
Shares sold
46,593
104,691
$464,565
$1,089,289
Reinvestment of distributions
183
12,220
1,760
135,883
Shares redeemed
(22,530)
(54,762)
(219,385)
(553,236)
Net increase (decrease)
24,246
62,149
$246,940
$671,936
Total International Equity
 
 
 
 
Shares sold
3,232,414
4,897,322
$31,889,002
$50,896,948
Reinvestment of distributions
97,973
561,002
939,562
6,227,120
Shares redeemed
(1,733,997)
(1,992,599)
(16,929,689)
(19,350,338)
Net increase (decrease)
1,596,390
3,465,725
$15,898,875
$37,773,730
Class I
 
 
 
 
Shares sold
2,559,544
4,463,099
$25,288,799
$43,483,713
Reinvestment of distributions
46,910
47,315
447,992
523,303
Shares redeemed
(559,771)
(831,499)
(5,482,783)
(8,050,707)
Net increase (decrease)
2,046,683
3,678,915
$20,254,008
$35,956,309
Class Z
 
 
 
 
Shares sold
1,587,729
1,300,267
$15,645,153
$12,980,304
Reinvestment of distributions
10,898
45,956
104,625
510,116
Shares redeemed
(227,421)
(912,726)
(2,244,880)
(8,135,101)
Net increase (decrease)
1,371,206
433,497
$13,504,898
$5,355,319
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® Total International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.29%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,197.30
 
$ 7.03
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.40
 
$ 6.46
 
Class M
 
 
 
1.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,195.90
 
$ 8.44
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.11
 
$ 7.75
 
Class C
 
 
 
2.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,193.30
 
$ 11.09
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.68
 
$ 10.19
 
Fidelity® Total International Equity Fund
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,198.50
 
$ 5.67
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.64
 
$ 5.21
 
Class I
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,199.50
 
$ 5.67
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.64
 
$ 5.21
 
Class Z
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,199.60
 
$ 4.85
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.38
 
$ 4.46
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.912361.113
TIE-SANN-0623
Fidelity® Infrastructure Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Aena SME SA
7.5
 
NextEra Energy, Inc.
7.4
 
Southern Co.
5.0
 
Iberdrola SA
4.7
 
Cellnex Telecom SA
4.4
 
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR
4.2
 
GFL Environmental, Inc.
4.2
 
National Grid PLC
4.1
 
Cheniere Energy, Inc.
3.9
 
The Williams Companies, Inc.
3.3
 
 
48.7
 
 
Market Sectors (% of Fund's net assets)
 
Utilities
38.1
 
Industrials
29.3
 
Energy
12.5
 
Real Estate
10.7
 
Communication Services
5.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 5.4%
 
 
 
Diversified Telecommunication Services - 5.4%
 
 
 
Cellnex Telecom SA (a)
 
54,638
2,300,478
Helios Towers PLC (b)
 
409,362
536,588
 
 
 
2,837,066
ENERGY - 12.5%
 
 
 
Oil, Gas & Consumable Fuels - 12.5%
 
 
 
Cheniere Energy, Inc.
 
13,502
2,065,806
Enterprise Products Partners LP
 
12,796
336,663
ONEOK, Inc.
 
15,531
1,015,883
Targa Resources Corp.
 
18,609
1,405,538
The Williams Companies, Inc.
 
57,237
1,731,992
 
 
 
6,555,882
INDUSTRIALS - 29.3%
 
 
 
Commercial Services & Supplies - 9.1%
 
 
 
GFL Environmental, Inc.
 
60,225
2,186,168
Republic Services, Inc.
 
8,880
1,284,226
Waste Connections, Inc. (United States)
 
9,458
1,316,081
 
 
 
4,786,475
Construction & Engineering - 3.2%
 
 
 
Ferrovial SA
 
30,164
944,948
VINCI SA
 
6,070
750,453
 
 
 
1,695,401
Ground Transportation - 2.1%
 
 
 
Canadian Pacific Kansas City Ltd.
 
2,794
220,279
CSX Corp.
 
14,079
431,381
Union Pacific Corp.
 
2,360
461,852
 
 
 
1,113,512
Transportation Infrastructure - 14.9%
 
 
 
Aena SME SA (a)(c)
 
23,499
3,959,121
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR
 
12,343
2,191,747
Grupo Aeroportuario Norte S.A.B. de CV ADR
 
18,858
1,649,698
 
 
 
7,800,566
TOTAL INDUSTRIALS
 
 
15,395,954
REAL ESTATE - 10.7%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 10.5%
 
 
 
American Tower Corp.
 
6,277
1,282,956
Crown Castle International Corp.
 
6,368
783,837
Equinix, Inc.
 
1,577
1,141,874
Londonmetric Properity PLC
 
124,328
300,936
Prologis (REIT), Inc.
 
6,505
814,751
SBA Communications Corp. Class A
 
2,580
673,096
Segro PLC
 
49,251
516,709
 
 
 
5,514,159
Real Estate Management & Development - 0.2%
 
 
 
Catena AB
 
2,989
114,430
TOTAL REAL ESTATE
 
 
5,628,589
UTILITIES - 38.1%
 
 
 
Electric Utilities - 25.7%
 
 
 
Constellation Energy Corp.
 
7,270
562,698
Exelon Corp.
 
38,406
1,629,951
Iberdrola SA
 
190,390
2,467,093
Kansai Electric Power Co., Inc.
 
86,761
936,560
NextEra Energy, Inc.
 
50,745
3,888,589
ORSTED A/S (a)
 
9,065
812,895
Southern Co.
 
35,700
2,625,735
Xcel Energy, Inc.
 
8,042
562,216
 
 
 
13,485,737
Independent Power and Renewable Electricity Producers - 5.7%
 
 
 
Brookfield Renewable Partners LP
 
19,390
601,090
EDP Renovaveis SA
 
39,023
866,869
RWE AG
 
32,916
1,543,294
 
 
 
3,011,253
Multi-Utilities - 6.7%
 
 
 
National Grid PLC
 
148,700
2,132,050
WEC Energy Group, Inc.
 
14,259
1,371,288
 
 
 
3,503,338
TOTAL UTILITIES
 
 
20,000,328
 
TOTAL COMMON STOCKS
  (Cost $44,806,699)
 
 
 
50,417,819
 
 
 
 
Money Market Funds - 10.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (d)
 
1,984,285
1,984,682
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
 
3,349,919
3,350,254
 
TOTAL MONEY MARKET FUNDS
  (Cost $5,334,936)
 
 
5,334,936
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.2%
  (Cost $50,141,635)
 
 
 
55,752,755
NET OTHER ASSETS (LIABILITIES) - (6.2)%  
(3,242,422)
NET ASSETS - 100.0%
52,510,333
 
 
 
 
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 $7,072,494 or 13.5% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
1,292,455
10,184,615
9,492,388
45,344
-
-
1,984,682
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
377,175
8,233,253
5,260,174
550
-
-
3,350,254
0.0%
Total
1,669,630
18,417,868
14,752,562
45,894
-
-
5,334,936
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
2,837,066
536,588
2,300,478
-
Energy
6,555,882
6,555,882
-
-
Industrials
15,395,954
15,395,954
-
-
Real Estate
5,628,589
5,628,589
-
-
Utilities
20,000,328
14,464,625
5,535,703
-
  Money Market Funds
5,334,936
5,334,936
-
-
 Total Investments in Securities:
55,752,755
47,916,574
7,836,181
-
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,226,981) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $44,806,699)
$
50,417,819
 
 
Fidelity Central Funds (cost $5,334,936)
5,334,936
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $50,141,635)
 
 
$
55,752,755
Cash
 
 
16,931
Foreign currency held at value (cost $26,511)
 
 
26,511
Receivable for investments sold
 
 
293,366
Receivable for fund shares sold
 
 
7,733
Dividends receivable
 
 
77,086
Distributions receivable from Fidelity Central Funds
 
 
8,526
Prepaid expenses
 
 
19
Receivable from investment adviser for expense reductions
 
 
9,432
  Total assets
 
 
56,192,359
Liabilities
 
 
 
 
Payable for investments purchased
$
252,643
 
 
Payable for fund shares redeemed
8,520
 
 
Accrued management fee
29,423
 
 
Other affiliated payables
12,540
 
 
Other payables and accrued expenses
28,646
 
 
Collateral on securities loaned
3,350,254
 
 
  Total Liabilities
 
 
 
3,682,026
Net Assets  
 
 
$
52,510,333
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
51,445,728
Total accumulated earnings (loss)
 
 
 
1,064,605
Net Assets
 
 
$
52,510,333
Net Asset Value , offering price and redemption price per share ($52,510,333 ÷ 4,294,575 shares)
 
 
$
12.23
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
476,212
Non-Cash dividends
 
 
39,747
Interest  
 
 
73
Income from Fidelity Central Funds (including $550 from security lending)
 
 
45,894
 Income before foreign taxes withheld
 
 
$
561,926
Less foreign taxes withheld
 
 
(25,073)
 Total Income
 
 
 
536,853
Expenses
 
 
 
 
Management fee
$
157,531
 
 
Transfer agent fees
58,707
 
 
Accounting fees
8,246
 
 
Custodian fees and expenses
6,418
 
 
Independent trustees' fees and expenses
147
 
 
Registration fees
7,375
 
 
Audit
25,862
 
 
Legal
31
 
 
Miscellaneous
101
 
 
 Total expenses before reductions
 
264,418
 
 
 Expense reductions
 
(44,796)
 
 
 Total expenses after reductions
 
 
 
219,622
Net Investment income (loss)
 
 
 
317,231
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(886,542)
 
 
 Foreign currency transactions
 
9,664
 
 
Total net realized gain (loss)
 
 
 
(876,878)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
4,472,536
 
 
 Assets and liabilities in foreign currencies
 
1,327
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
4,473,863
Net gain (loss)
 
 
 
3,596,985
Net increase (decrease) in net assets resulting from operations
 
 
$
3,914,216
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
317,231
$
548,089
Net realized gain (loss)
 
(876,878)
 
 
(2,117,443)
 
Change in net unrealized appreciation (depreciation)
 
4,473,863
 
(4,462,414)
 
Net increase (decrease) in net assets resulting from operations
 
3,914,216
 
 
(6,031,768)
 
Distributions to shareholders
 
(403,456)
 
 
(639,029)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
17,567,555
 
27,766,378
  Reinvestment of distributions
 
373,580
 
 
598,670
 
Cost of shares redeemed
 
(6,297,592)
 
(30,384,461)
  Net increase (decrease) in net assets resulting from share transactions
 
11,643,543
 
 
(2,019,413)
 
Total increase (decrease) in net assets
 
15,154,303
 
 
(8,690,210)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
37,356,030
 
46,046,240
 
End of period
$
52,510,333
$
37,356,030
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,466,825
 
2,232,445
  Issued in reinvestment of distributions
 
31,505
 
 
51,607
 
Redeemed
 
(533,527)
 
(2,600,860)
Net increase (decrease)
 
964,803
 
(316,808)
 
 
 
 
 
 
Financial Highlights
Fidelity® Infrastructure Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.22
$
12.63
$
10.44
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.13 D
 
.07
 
.17
     Net realized and unrealized gain (loss)
 
1.04
 
(1.38)
 
2.21
 
.31
  Total from investment operations
 
1.12  
 
(1.25)  
 
2.28  
 
.48  
  Distributions from net investment income
 
(.11)
 
(.16)
 
(.09)
 
(.04)
     Total distributions
 
(.11)
 
(.16)
 
(.09)
 
(.04)
  Net asset value, end of period
$
12.23
$
11.22
$
12.63
$
10.44
 Total Return   E,F
 
10.03%
 
(9.95)%
 
21.96%
 
4.79%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% I
 
1.13%
 
1.24%
 
2.24% I
    Expenses net of fee waivers, if any
 
.95% I
 
.98%
 
1.00%
 
1.00% I
    Expenses net of all reductions
 
.94% I
 
.98%
 
1.00%
 
.98% I
    Net investment income (loss)
 
1.36% I
 
1.08% D
 
.61%
 
1.67% I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
52,510
$
37,356
$
46,046
$
12,762
    Portfolio turnover rate J
 
67% I
 
91%
 
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 mutual funds or ETFs 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 .86%.
 
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).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Infrastructure Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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
$6,669,034
Gross unrealized depreciation
(1,399,162)
Net unrealized appreciation (depreciation)
$5,269,872
Tax cost
$50,482,883
 
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
$(3,401,550)
 
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
25,558,616
14,874,047
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total 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 .25% 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
$91
 
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
586,206
168,238
(77,455)
 
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
$44
 
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
$97
$-
$-
 
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 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 $43,714.
 
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 $31.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,051.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
VIP FundsManager 60% Portfolio
Fidelity Infrastructure Fund
11%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Infrastructure Fund
26%
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Infrastructure Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,100.30
 
$ 4.95
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.08
 
$ 4.76
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9896236.103
ISF-SANN-0623
Fidelity® International Small Cap Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Rheinmetall AG  (Germany, Aerospace & Defense)
1.4
 
Renesas Electronics Corp.  (Japan, Semiconductors & Semiconductor Equipment)
1.2
 
Compania de Distribucion Integral Logista Holdings SA  (Spain, Air Freight & Logistics)
1.0
 
Talanx AG  (Germany, Insurance)
1.0
 
International Games Systems Co. Ltd.  (Taiwan, Entertainment)
1.0
 
Hiscox Ltd.  (United Kingdom, Insurance)
1.0
 
Gruma S.A.B. de CV Series B (Mexico, Food Products)
1.0
 
Mytilineos SA  (Greece, Industrial Conglomerates)
1.0
 
John Wood Group PLC  (United Kingdom, Energy Equipment & Services)
0.9
 
Tate & Lyle PLC  (United Kingdom, Food Products)
0.9
 
 
10.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.6
 
Consumer Discretionary
15.3
 
Financials
11.2
 
Information Technology
9.2
 
Consumer Staples
9.1
 
Materials
8.1
 
Real Estate
6.5
 
Health Care
6.4
 
Energy
3.8
 
Communication Services
3.6
 
Utilities
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.4%
 
 
Shares
Value ($)
 
Australia - 4.0%
 
 
 
EBOS Group Ltd.
 
588,895
16,161,051
Flight Centre Travel Group Ltd. (a)(b)
 
1,241,931
16,308,715
GUD Holdings Ltd.
 
2,712,365
17,302,035
Imdex Ltd.
 
12,363,179
17,083,897
Inghams Group Ltd.
 
13,276,299
24,782,756
Nanosonics Ltd. (a)
 
4,720,837
17,984,675
National Storage REIT unit
 
8,318,658
13,855,398
Servcorp Ltd. (c)
 
7,066,585
14,911,728
SomnoMed Ltd. (a)(c)
 
4,189,521
2,541,251
TOTAL AUSTRALIA
 
 
140,931,506
Austria - 1.8%
 
 
 
Mayr-Melnhof Karton AG (b)
 
203,100
32,360,886
Strabag SE
 
224,397
9,779,254
Wienerberger AG
 
700,100
21,060,317
TOTAL AUSTRIA
 
 
63,200,457
Belgium - 1.2%
 
 
 
Econocom Group SA
 
4,361,695
14,971,163
Fagron NV
 
1,510,500
28,062,120
TOTAL BELGIUM
 
 
43,033,283
Brazil - 1.4%
 
 
 
Atacadao SA
 
5,200,000
11,207,346
Hypera SA
 
3,944,700
29,459,897
YDUQS Participacoes SA
 
5,099,500
8,301,845
TOTAL BRAZIL
 
 
48,969,088
Canada - 3.6%
 
 
 
CCL Industries, Inc. Class B (b)
 
322,300
15,155,724
Computer Modelling Group Ltd.
 
2,193,536
11,478,887
ECN Capital Corp.
 
2,147,200
5,008,047
Genesis Land Development Corp. (c)
 
4,033,799
5,984,379
Lassonde Industries, Inc. Class A (sub. vtg.)
 
160,099
11,463,412
McCoy Global, Inc. (a)(b)
 
1,327,470
1,508,878
North West Co., Inc.
 
696,261
20,422,491
Open Text Corp.
 
635,996
24,086,028
Parkland Corp.
 
417,500
9,845,463
Richelieu Hardware Ltd.
 
288,800
8,684,144
Total Energy Services, Inc.
 
560,300
3,312,546
VerticalScope Holdings, Inc. (a)
 
677,619
1,735,497
Western Forest Products, Inc.
 
12,341,175
9,473,242
TOTAL CANADA
 
 
128,158,738
China - 4.4%
 
 
 
Best Pacific International Holdings Ltd.
 
22,158,900
3,152,237
Chervon Holdings Ltd.
 
2,520,800
12,828,031
Far East Horizon Ltd.
 
24,099,000
21,679,995
Far East Horizon Ltd. rights (a)
 
202,512
0
Impro Precision Industries Ltd. (d)
 
20,906,300
7,753,816
Precision Tsugami China Corp. Ltd.
 
9,358,453
9,080,377
Qingdao Port International Co. Ltd. (H Shares) (d)
 
32,819,000
19,215,491
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
4,544,166
16,678,741
Sinopharm Group Co. Ltd. (H Shares)
 
6,564,000
23,251,514
TravelSky Technology Ltd. (H Shares)
 
10,575,000
21,109,054
Weifu High-Technology Group Co. Ltd. (B Shares)
 
6,863,386
9,291,210
Xingda International Holdings Ltd.
 
63,233,353
12,986,168
TOTAL CHINA
 
 
157,026,634
Denmark - 0.5%
 
 
 
Spar Nord Bank A/S
 
1,137,175
18,441,584
Finland - 1.4%
 
 
 
Huhtamaki Oyj
 
603,500
21,705,491
Nanoform Finland PLC (a)
 
797,822
1,969,229
Rovio Entertainment OYJ (d)
 
2,534,169
26,011,214
TOTAL FINLAND
 
 
49,685,934
France - 3.0%
 
 
 
Altarea SCA
 
126,957
16,619,397
Antin Infrastructure Partners SA
 
352,855
5,948,807
ARGAN SA
 
230,400
17,974,545
Elior SA (a)(d)
 
2,889,200
10,028,370
Lectra
 
361,754
11,759,194
Maisons du Monde SA (d)
 
1,033,507
10,875,744
Thermador Groupe SA
 
308,166
31,919,403
TOTAL FRANCE
 
 
105,125,460
Germany - 4.9%
 
 
 
DWS Group GmbH & Co. KGaA (d)
 
226,600
7,515,685
JOST Werke AG (d)
 
416,020
22,966,463
NORMA Group AG
 
623,692
14,789,539
Rheinmetall AG
 
172,725
50,531,460
Stabilus Se
 
301,700
19,680,639
Takkt AG
 
1,279,912
20,478,065
Talanx AG
 
712,867
35,787,751
TOTAL GERMANY
 
 
171,749,602
Greece - 1.0%
 
 
 
Mytilineos SA
 
1,178,216
34,144,664
Hong Kong - 1.8%
 
 
 
ASMPT Ltd.
 
2,561,900
20,142,066
China Metal Recycling (Holdings) Ltd. (a)(e)
 
436,800
1
HKT Trust/HKT Ltd. unit
 
6,000,000
7,885,636
Magnificent Hotel Investment Ltd. (a)
 
316,412,000
4,581,305
Pico Far East Holdings Ltd.
 
61,300,071
10,336,599
Sino Land Ltd.
 
11,082,375
14,934,296
WH Group Ltd. (d)
 
13,480,500
7,505,117
TOTAL HONG KONG
 
 
65,385,020
Hungary - 0.9%
 
 
 
Richter Gedeon PLC
 
1,330,000
32,095,841
India - 1.5%
 
 
 
Embassy Office Parks (REIT)
 
4,826,000
19,476,300
IndusInd Bank Ltd.
 
1,181,800
16,752,908
Shriram Transport Finance Co. Ltd.
 
1,040,252
17,018,959
TOTAL INDIA
 
 
53,248,167
Indonesia - 0.6%
 
 
 
PT Avia Avian Tbk
 
194,018,300
7,938,376
PT Selamat Sempurna Tbk
 
140,279,700
14,875,304
TOTAL INDONESIA
 
 
22,813,680
Ireland - 2.0%
 
 
 
AerCap Holdings NV (a)
 
272,672
15,367,794
Dalata Hotel Group PLC (a)
 
4,560,609
22,890,401
Irish Residential Properties REIT PLC
 
14,359,200
16,328,719
Mincon Group PLC (c)
 
13,529,844
14,461,279
TOTAL IRELAND
 
 
69,048,193
Italy - 2.3%
 
 
 
Banca Generali SpA
 
538,500
17,854,598
BFF Bank SpA (d)
 
2,405,056
23,109,144
MARR SpA (a)
 
985,827
15,425,215
Recordati SpA
 
552,011
25,382,728
TOTAL ITALY
 
 
81,771,685
Japan - 19.0%
 
 
 
Amano Corp.
 
933,050
18,997,790
Arcland Sakamoto Co. Ltd.
 
1,858,234
21,046,404
ASKUL Corp.
 
1,486,200
19,806,316
Capcom Co. Ltd.
 
595,900
22,392,498
Central Automotive Products Ltd.
 
425,700
9,050,787
DaikyoNishikawa Corp.
 
2,441,100
12,221,276
Dexerials Corp.
 
745,600
14,189,202
Dip Corp.
 
559,700
13,808,967
Funai Soken Holdings, Inc.
 
1,074,600
20,599,630
GMO Internet, Inc.
 
1,087,400
21,874,871
Inaba Denki Sangyo Co. Ltd.
 
1,066,600
23,823,548
Isuzu Motors Ltd.
 
1,545,900
18,255,569
Justsystems Corp.
 
388,300
10,260,829
Kamigumi Co. Ltd.
 
1,276,900
27,984,364
Kansai Electric Power Co., Inc.
 
1,900,000
20,509,960
LIXIL Group Corp. (b)
 
878,600
13,830,078
Maruwa Ceramic Co. Ltd.
 
157,000
20,021,421
Meitec Corp.
 
912,100
15,412,634
Minebea Mitsumi, Inc.
 
1,035,000
19,166,792
Mitani Shoji Co. Ltd.
 
862,200
8,491,229
Nishimoto Co. Ltd.
 
348,500
9,927,652
NOF Corp.
 
440,800
20,140,795
NSD Co. Ltd.
 
1,198,000
22,038,868
PALTAC Corp.
 
664,200
25,483,296
Park24 Co. Ltd. (a)
 
730,800
11,296,035
Persol Holdings Co. Ltd.
 
1,070,500
22,073,084
Relo Group, Inc.
 
700,000
10,882,472
Renesas Electronics Corp. (a)
 
3,289,700
42,872,848
Roland Corp.
 
691,600
20,731,322
S Foods, Inc.
 
1,137,623
25,310,172
San-Ai Obbli Co. Ltd.
 
2,212,800
23,314,138
Ship Healthcare Holdings, Inc.
 
1,384,400
24,420,574
Sumco Corp.
 
1,188,900
16,373,122
TIS, Inc.
 
646,700
17,758,204
TKC Corp.
 
286,800
7,751,449
Tsuruha Holdings, Inc.
 
299,100
19,589,774
TOTAL JAPAN
 
 
671,707,970
Korea (South) - 1.7%
 
 
 
Hyundai Fire & Marine Insurance Co. Ltd.
 
519,796
14,608,897
Soulbrain Co. Ltd.
 
150,700
24,806,946
Vitzrocell Co. Ltd. (c)
 
1,472,541
19,587,443
TOTAL KOREA (SOUTH)
 
 
59,003,286
Mexico - 4.2%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
10,462,482
23,130,991
GCC S.A.B. de CV
 
2,790,200
22,181,000
Genomma Lab Internacional SA de CV
 
17,396,561
14,455,609
Gruma S.A.B. de CV Series B
 
2,206,400
34,536,397
Grupo Comercial Chedraui S.A.B. de CV
 
4,884,400
28,872,551
Qualitas Controladora S.A.B. de CV
 
3,581,235
23,673,060
TOTAL MEXICO
 
 
146,849,608
Netherlands - 1.3%
 
 
 
Acomo NV
 
832,199
20,449,102
Arcadis NV
 
387,250
15,984,586
Van Lanschot Kempen NV (Bearer)
 
283,041
8,592,373
TOTAL NETHERLANDS
 
 
45,026,061
Norway - 1.4%
 
 
 
Europris ASA (d)
 
3,112,200
22,267,443
Selvaag Bolig ASA
 
2,186,000
7,466,456
Sparebanken Midt-Norge
 
1,494,876
19,329,356
TOTAL NORWAY
 
 
49,063,255
Peru - 0.4%
 
 
 
Intercorp Financial Services, Inc.
 
683,100
15,280,947
Philippines - 1.3%
 
 
 
Century Pacific Food, Inc.
 
56,692,400
26,440,433
Robinsons Land Corp.
 
71,319,100
18,575,519
TOTAL PHILIPPINES
 
 
45,015,952
Romania - 0.5%
 
 
 
Banca Transilvania SA
 
4,015,712
17,193,969
Singapore - 1.9%
 
 
 
Boustead Singapore Ltd.
 
13,008,812
7,854,295
HRnetgroup Ltd.
 
29,161,800
16,403,998
Mapletree Industrial (REIT)
 
13,547,731
24,218,161
The Hour Glass Ltd.
 
12,996,880
20,315,715
TOTAL SINGAPORE
 
 
68,792,169
Spain - 3.7%
 
 
 
Cie Automotive SA
 
811,100
24,417,280
Compania de Distribucion Integral Logista Holdings SA
 
1,321,900
35,919,796
Grupo Catalana Occidente SA
 
697,922
22,532,879
Indra Sistemas SA
 
1,848,677
24,444,686
Prosegur Compania de Seguridad SA (Reg.)
 
6,646,781
12,758,561
Viscofan Envolturas Celulosicas SA
 
170,300
11,672,052
TOTAL SPAIN
 
 
131,745,254
Sweden - 1.4%
 
 
 
Granges AB
 
1,892,076
18,782,291
Haypp Group (a)
 
1,154,900
4,099,284
HEXPOL AB (B Shares)
 
1,785,500
21,014,997
Nordnet AB
 
376,000
5,895,710
TOTAL SWEDEN
 
 
49,792,282
Switzerland - 0.6%
 
 
 
Anhui Heli Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 1/5/24 (a)(d)
 
8,014,256
23,013,228
Taiwan - 3.2%
 
 
 
International Games Systems Co. Ltd.
 
2,037,000
35,550,205
Lumax International Corp. Ltd.
 
4,537,292
10,585,328
Sporton International, Inc.
 
1,873,312
16,145,713
Test Research, Inc.
 
7,513,000
15,740,730
Tripod Technology Corp.
 
4,318,000
16,175,353
Yageo Corp.
 
804,578
13,033,860
Yung Chi Paint & Varnish Manufacturing Co. Ltd.
 
2,538,000
6,132,601
TOTAL TAIWAN
 
 
113,363,790
Thailand - 0.5%
 
 
 
Star Petroleum Refining PCL (For. Reg.)
 
66,737,300
19,053,637
United Kingdom - 15.4%
 
 
 
Alliance Pharma PLC
 
17,288,027
13,839,926
Ashtead Technology Holdings PLC (c)
 
7,272,000
31,164,283
B&M European Value Retail SA
 
4,416,300
26,624,238
Bodycote PLC
 
1,873,371
16,256,849
DCC PLC (United Kingdom)
 
300,000
18,640,116
Direct Line Insurance Group PLC
 
6,000,000
12,943,268
Grainger Trust PLC
 
6,417,566
20,856,804
Harbour Energy PLC
 
4,257,094
13,230,804
Hiscox Ltd.
 
2,334,148
34,673,267
Informa PLC
 
2,750,933
24,981,981
J.D. Wetherspoon PLC (a)
 
1,919,100
17,196,340
Jet2 PLC
 
1,677,500
25,846,509
John Wood Group PLC (a)
 
11,802,800
33,433,963
LSL Property Services PLC
 
4,204,235
14,318,752
Luxfer Holdings PLC sponsored
 
1,027,759
15,673,325
Mears Group PLC (c)
 
7,921,714
22,051,685
On The Beach Group PLC (a)(d)
 
6,731,236
11,166,515
Pets At Home Group PLC
 
2,610,700
12,651,525
Premier Foods PLC
 
12,699,400
20,013,804
Rathbone Brothers PLC
 
487,700
11,976,398
RS GROUP PLC
 
2,171,153
25,141,289
Sabre Insurance Group PLC (d)
 
9,562,200
15,189,861
Savills PLC
 
1,177,500
14,228,499
Tate & Lyle PLC
 
3,183,043
32,602,358
Ten Entertainment Group PLC (c)
 
5,931,311
20,051,731
Vistry Group PLC
 
1,657,298
16,297,983
WH Smith PLC
 
1,103,900
21,836,516
TOTAL UNITED KINGDOM
 
 
542,888,589
United States of America - 2.6%
 
 
 
Adient PLC (a)
 
490,800
18,130,152
Adtalem Global Education, Inc. (a)
 
527,500
21,400,675
Antero Resources Corp. (a)
 
920,100
21,153,099
RHI Magnesita NV
 
1,054,291
29,944,553
TOTAL UNITED STATES OF AMERICA
 
 
90,628,479
 
TOTAL COMMON STOCKS
  (Cost $3,161,563,832)
 
 
 
3,373,248,012
 
 
 
 
Money Market Funds - 2.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
67,561,136
67,574,648
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
7,397,719
7,398,459
 
TOTAL MONEY MARKET FUNDS
  (Cost $74,973,106)
 
 
74,973,107
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 97.5%
  (Cost $3,236,536,938)
 
 
 
3,448,221,119
NET OTHER ASSETS (LIABILITIES) - 2.5%  
87,687,470
NET ASSETS - 100.0%
3,535,908,589
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
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 $206,618,091 or 5.8% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
-
191,911,753
124,337,106
706,541
-
1
67,574,648
0.2%
Fidelity Securities Lending Cash Central Fund 4.88%
28,602,852
107,993,297
129,197,690
82,162
-
-
7,398,459
0.0%
Total
28,602,852
299,905,050
253,534,796
788,703
-
1
74,973,107
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Ashtead Technology Holdings PLC
19,751,365
1,332,382
-
-
-
10,080,536
31,164,283
Genesis Land Development Corp.
5,655,343
-
-
192,186
-
329,036
5,984,379
Mears Group PLC
17,260,781
-
-
-
-
4,790,904
22,051,685
Mincon Group PLC
13,237,160
-
-
31,849
-
1,224,119
14,461,279
Servcorp Ltd.
15,413,681
-
-
477,383
-
(501,953)
14,911,728
SomnoMed Ltd.
3,698,161
-
-
-
-
(1,156,910)
2,541,251
Ten Entertainment Group PLC
14,590,349
-
-
-
-
5,461,382
20,051,731
Vitzrocell Co. Ltd.
12,328,605
-
-
191,205
-
7,258,838
19,587,443
Total
101,935,445
1,332,382
-
892,623
-
27,485,952
130,753,779
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
128,893,630
52,728,692
76,164,938
-
Consumer Discretionary
527,580,786
268,236,042
259,344,744
-
Consumer Staples
320,220,632
206,664,728
113,555,904
-
Energy
136,331,415
93,963,640
42,367,775
-
Financials
394,138,454
324,077,695
70,060,759
-
Health Care
229,624,415
145,265,350
84,359,065
-
Industrials
776,117,202
462,239,703
313,877,499
-
Information Technology
324,740,235
75,261,071
249,479,164
-
Materials
284,459,858
191,678,501
92,781,356
1
Real Estate
230,631,425
113,777,551
116,853,874
-
Utilities
20,509,960
-
20,509,960
-
  Money Market Funds
74,973,107
74,973,107
-
-
 Total Investments in Securities:
3,448,221,119
2,008,866,080
1,439,355,038
1
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $6,357,538) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,030,263,303)
$
3,242,494,233
 
 
Fidelity Central Funds (cost $74,973,106)
74,973,107
 
 
Other affiliated issuers (cost $131,300,529)
130,753,779
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,236,536,938)
 
 
$
3,448,221,119
Foreign currency held at value (cost $84,431,301)
 
 
84,432,541
Receivable for investments sold
 
 
386
Receivable for fund shares sold
 
 
3,344,408
Dividends receivable
 
 
13,789,061
Reclaims receivable
 
 
2,439,687
Distributions receivable from Fidelity Central Funds
 
 
291,037
Prepaid expenses
 
 
1,252
Other receivables
 
 
14,936
  Total assets
 
 
3,552,534,427
Liabilities
 
 
 
 
Payable for investments purchased
$
2,374,360
 
 
Payable for fund shares redeemed
2,084,087
 
 
Accrued management fee
2,756,167
 
 
Distribution and service plan fees payable
43,836
 
 
Other affiliated payables
504,224
 
 
Other payables and accrued expenses
1,468,800
 
 
Collateral on securities loaned
7,394,364
 
 
  Total Liabilities
 
 
 
16,625,838
Net Assets  
 
 
$
3,535,908,589
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,415,963,907
Total accumulated earnings (loss)
 
 
 
119,944,682
Net Assets
 
 
$
3,535,908,589
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($118,245,777 ÷ 4,122,499 shares) (a)
 
 
$
28.68
Maximum offering price per share (100/94.25 of $28.68)
 
 
$
30.43
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($17,265,357 ÷ 604,611 shares) (a)
 
 
$
28.56
Maximum offering price per share (100/96.50 of $28.56)
 
 
$
29.60
Class C :
 
 
 
 
Net Asset Value and offering price per share ($14,887,531 ÷ 541,359 shares) (a)
 
 
$
27.50
International Small Cap :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,475,189,645 ÷ 50,333,294 shares)
 
 
$
29.31
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($843,091,408 ÷ 28,563,772 shares)
 
 
$
29.52
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,067,228,871 ÷ 36,200,928 shares)
 
 
$
29.48
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $892,623 earned from affiliated issuers)
 
 
$
40,226,643
Income from Fidelity Central Funds (including $82,162 from security lending)
 
 
788,703
 Income before foreign taxes withheld
 
 
$
41,015,346
Less foreign taxes withheld
 
 
(4,073,904)
 Total Income
 
 
 
36,941,442
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
13,588,257
 
 
 Performance adjustment
759,518
 
 
Transfer agent fees
2,213,519
 
 
Distribution and service plan fees
249,678
 
 
Accounting fees
675,286
 
 
Custodian fees and expenses
215,050
 
 
Independent trustees' fees and expenses
10,227
 
 
Registration fees
112,429
 
 
Audit
56,283
 
 
Legal
2,426
 
 
Interest
29,538
 
 
Miscellaneous
6,919
 
 
 Total expenses before reductions
 
17,919,130
 
 
 Expense reductions
 
(76,188)
 
 
 Total expenses after reductions
 
 
 
17,842,942
Net Investment income (loss)
 
 
 
19,098,500
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $50,382)
 
(38,045,782)
 
 
 Foreign currency transactions
 
4,055,809
 
 
Total net realized gain (loss)
 
 
 
(33,989,973)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $33,190)
 
585,034,120
 
 
   Fidelity Central Funds
 
1
 
 
   Other affiliated issuers
 
27,485,952
 
 
 Assets and liabilities in foreign currencies
 
477,800
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
612,997,873
Net gain (loss)
 
 
 
579,007,900
Net increase (decrease) in net assets resulting from operations
 
 
$
598,106,400
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
19,098,500
$
78,961,606
Net realized gain (loss)
 
(33,989,973)
 
 
(56,580,886)
 
Change in net unrealized appreciation (depreciation)
 
612,997,873
 
(993,174,796)
 
Net increase (decrease) in net assets resulting from operations
 
598,106,400
 
 
(970,794,076)
 
Distributions to shareholders
 
(22,796,062)
 
 
(242,362,167)
 
Share transactions - net increase (decrease)
 
29,385,298
 
 
612,399,770
 
Total increase (decrease) in net assets
 
604,695,636
 
 
(600,756,473)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,931,212,953
 
3,531,969,426
 
End of period
$
3,535,908,589
$
2,931,212,953
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Small Cap Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.88
$
34.31
$
24.75
$
26.32
$
25.78
$
29.24
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.58
 
.31
 
.27
 
.49
 
.38
     Net realized and unrealized gain (loss)
 
4.79
 
(8.74)
 
9.42
 
(1.26)
 
1.43
 
(2.87)
  Total from investment operations
 
4.91  
 
(8.16)  
 
9.73  
 
(.99)  
 
1.92
 
(2.49)
  Distributions from net investment income
 
(.11)
 
(.75)
 
(.17)
 
(.44)
 
(.38)
 
(.23)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(.11)
 
(2.27)
 
(.17)
 
(.58)
 
(1.38)
 
(.97)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
28.68
$
23.88
$
34.31
$
24.75
$
26.32
$
25.78
 Total Return   D,E,F
 
20.61%
 
(25.19)%
 
39.43%
 
(3.91)%
 
8.00%
 
(8.83)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.38% I
 
1.29%
 
1.29%
 
1.36%
 
1.47%
 
1.49%
    Expenses net of fee waivers, if any
 
1.38% I
 
1.29%
 
1.29%
 
1.36%
 
1.47%
 
1.49%
    Expenses net of all reductions
 
1.38% I
 
1.29%
 
1.29%
 
1.35%
 
1.46%
 
1.48%
    Net investment income (loss)
 
.87% I
 
2.06%
 
.95%
 
1.09%
 
1.94%
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
118,246
$
95,906
$
136,131
$
92,044
$
105,786
$
80,395
    Portfolio turnover rate J
 
11% I
 
17%
 
28%
 
43%
 
28%
 
25%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® International Small Cap Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.73
$
34.12
$
24.62
$
26.18
$
25.62
$
29.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.50
 
.22
 
.19
 
.41
 
.30
     Net realized and unrealized gain (loss)
 
4.79
 
(8.70)
 
9.38
 
(1.25)
 
1.43
 
(2.86)
  Total from investment operations
 
4.87  
 
(8.20)  
 
9.60  
 
(1.06)  
 
1.84
 
(2.56)
  Distributions from net investment income
 
(.04)
 
(.66)
 
(.10)
 
(.36)
 
(.27)
 
(.15)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(.04)
 
(2.19) C
 
(.10)
 
(.50)
 
(1.28) C
 
(.89)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
28.56
$
23.73
$
34.12
$
24.62
$
26.18
$
25.62
 Total Return   E,F,G
 
20.52%
 
(25.43)%
 
39.07%
 
(4.19)%
 
7.65%
 
(9.10)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.66% J
 
1.57%
 
1.57%
 
1.67%
 
1.78%
 
1.77%
    Expenses net of fee waivers, if any
 
1.65% J
 
1.56%
 
1.57%
 
1.67%
 
1.78%
 
1.77%
    Expenses net of all reductions
 
1.65% J
 
1.56%
 
1.57%
 
1.65%
 
1.77%
 
1.76%
    Net investment income (loss)
 
.60% J
 
1.79%
 
.68%
 
.78%
 
1.62%
 
1.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,265
$
13,761
$
19,926
$
12,492
$
16,013
$
16,362
    Portfolio turnover rate K
 
11% J
 
17%
 
28%
 
43%
 
28%
 
25%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® International Small Cap Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.88
$
32.93
$
23.80
$
25.27
$
24.77
$
28.21
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
.35
 
.06
 
.08
 
.28
 
.16
     Net realized and unrealized gain (loss)
 
4.61
 
(8.40)
 
9.07
 
(1.23)
 
1.39
 
(2.76)
  Total from investment operations
 
4.62  
 
(8.05)  
 
9.13  
 
(1.15)  
 
1.67
 
(2.60)
  Distributions from net investment income
 
-
 
(.48)
 
-
 
(.18)
 
(.17)
 
(.10)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
-
 
(2.00)
 
-
 
(.32)
 
(1.17)
 
(.84)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
27.50
$
22.88
$
32.93
$
23.80
$
25.27
$
24.77
 Total Return   D,E,F
 
20.19%
 
(25.77)%
 
38.36%
 
(4.65)%
 
7.17%
 
(9.51)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.15% I
 
2.06%
 
2.05%
 
2.13%
 
2.24%
 
2.24%
    Expenses net of fee waivers, if any
 
2.15% I
 
2.05%
 
2.05%
 
2.13%
 
2.24%
 
2.24%
    Expenses net of all reductions
 
2.15% I
 
2.05%
 
2.05%
 
2.11%
 
2.23%
 
2.23%
    Net investment income (loss)
 
.10% I
 
1.30%
 
.19%
 
.32%
 
1.16%
 
.58%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,888
$
13,556
$
21,683
$
17,659
$
23,937
$
41,918
    Portfolio turnover rate J
 
11% I
 
17%
 
28%
 
43%
 
28%
 
25%
 
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 mutual funds or ETFs 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).
 
Fidelity® International Small Cap Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.43
$
35.05
$
25.28
$
26.86
$
26.29
$
29.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.67
 
.41
 
.34
 
.57
 
.48
     Net realized and unrealized gain (loss)
 
4.91
 
(8.94)
 
9.61
 
(1.27)
 
1.45
 
(2.93)
  Total from investment operations
 
5.07  
 
(8.27)  
 
10.02  
 
(.93)  
 
2.02
 
(2.45)
  Distributions from net investment income
 
(.19)
 
(.83)
 
(.25)
 
(.51)
 
(.45)
 
(.29)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(.19)
 
(2.35)
 
(.25)
 
(.65)
 
(1.45)
 
(1.03)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
29.31
$
24.43
$
35.05
$
25.28
$
26.86
$
26.29
 Total Return   D,E
 
20.81%
 
(25.01)%
 
39.83%
 
(3.61)%
 
8.27%
 
(8.54)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.12% H
 
1.02%
 
1.01%
 
1.08%
 
1.19%
 
1.20%
    Expenses net of fee waivers, if any
 
1.11% H
 
1.02%
 
1.01%
 
1.08%
 
1.19%
 
1.20%
    Expenses net of all reductions
 
1.11% H
 
1.02%
 
1.01%
 
1.07%
 
1.18%
 
1.19%
    Net investment income (loss)
 
1.14% H
 
2.33%
 
1.23%
 
1.37%
 
2.22%
 
1.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,475,189
$
1,145,773
$
1,534,214
$
1,122,746
$
1,282,412
$
1,256,193
    Portfolio turnover rate I
 
11% H
 
17%
 
28%
 
43%
 
28%
 
25%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® International Small Cap Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.60
$
35.27
$
25.44
$
27.03
$
26.45
$
29.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.68
 
.41
 
.35
 
.58
 
.47
     Net realized and unrealized gain (loss)
 
4.94
 
(8.99)
 
9.67
 
(1.28)
 
1.46
 
(2.95)
  Total from investment operations
 
5.10  
 
(8.31)  
 
10.08  
 
(.93)  
 
2.04
 
(2.48)
  Distributions from net investment income
 
(.18)
 
(.84)
 
(.25)
 
(.52)
 
(.46)
 
(.30)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(.18)
 
(2.36)
 
(.25)
 
(.66)
 
(1.46)
 
(1.04)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
29.52
$
24.60
$
35.27
$
25.44
$
27.03
$
26.45
 Total Return   D,E
 
20.81%
 
(24.98)%
 
39.80%
 
(3.62)%
 
8.28%
 
(8.58)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.11% H
 
1.02%
 
1.02%
 
1.08%
 
1.19%
 
1.21%
    Expenses net of fee waivers, if any
 
1.11% H
 
1.01%
 
1.02%
 
1.08%
 
1.18%
 
1.21%
    Expenses net of all reductions
 
1.11% H
 
1.01%
 
1.02%
 
1.06%
 
1.18%
 
1.20%
    Net investment income (loss)
 
1.14% H
 
2.34%
 
1.22%
 
1.38%
 
2.22%
 
1.61%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
843,091
$
696,515
$
1,080,258
$
605,100
$
777,771
$
564,988
    Portfolio turnover rate I
 
11% H
 
17%
 
28%
 
43%
 
28%
 
25%
 
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 mutual funds or ETFs 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).
 
Fidelity Advisor® International Small Cap Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.59
$
35.26
$
25.43
$
27.03
$
26.46
$
28.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.18
 
.70
 
.45
 
.38
 
.61
 
.03
     Net realized and unrealized gain (loss)
 
4.93
 
(8.97)
 
9.67
 
(1.28)
 
1.47
 
(2.35)
  Total from investment operations
 
5.11  
 
(8.27)  
 
10.12  
 
(.90)  
 
2.08
 
(2.32)
  Distributions from net investment income
 
(.22)
 
(.88)
 
(.29)
 
(.56)
 
(.50)
 
-
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
-
     Total distributions
 
(.22)
 
(2.40)
 
(.29)
 
(.70)
 
(1.51) D
 
-
  Net asset value, end of period
$
29.48
$
24.59
$
35.26
$
25.43
$
27.03
$
26.46
 Total Return   E,F
 
20.88%
 
(24.89)%
 
39.99%
 
(3.51)%
 
8.44%
 
(8.06)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% I
 
.89%
 
.89%
 
.94%
 
1.05%
 
1.15% I
    Expenses net of fee waivers, if any
 
.98% I
 
.89%
 
.89%
 
.94%
 
1.05%
 
1.15% I
    Expenses net of all reductions
 
.98% I
 
.89%
 
.89%
 
.93%
 
1.04%
 
1.14% I
    Net investment income (loss)
 
1.27% I
 
2.47%
 
1.35%
 
1.51%
 
2.35%
 
2.01% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,067,229
$
965,701
$
739,757
$
275,127
$
245,252
$
7,421
    Portfolio turnover rate J
 
11% I
 
17%
 
28%
 
43%
 
28%
 
25%
 
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 mutual funds or ETFs 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).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income.   For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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, passive foreign investment companies (PFIC), capital loss carryforwards, certain foreign taxes and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$625,078,945
Gross unrealized depreciation
(440,930,953)
Net unrealized appreciation (depreciation)
$184,147,992
Tax cost
$3,264,073,127
 
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
$(27,055,387)
  Long-term
(15,013,621)
Total capital loss carryforward
$(42,069,008)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Small Cap Fund
174,130,769
242,689,527
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the   relative investment performance of International Small Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index, over the same 36 month performance period. For the reporting period, the total 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%
$136,564
$2,570
Class M
  .25%
  .25%
  39,446
  506
Class C
  .75%
  .25%
                 73,668
                   5,968
 
 
 
$249,678
$9,044
 
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
$17,567
Class M
  748
Class C A
  2,039
 
$20,354
 
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
$105,675
.19
Class M
17,171
.22
Class C
15,339
.21
International Small Cap
1,196,490
.18
Class I
668,035
.17
Class Z
210,809
.04
 
$2,213,519
 
 
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
$898
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Small Cap Fund .
Borrower
$   10,391,750
4.13%
$28,591
 
 
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
5,952,377
24,401,098
(2,928,407)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Fidelity International Small Cap Fund
$3,157
 
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
$10,284
$-
$-
 
8. Bank Borrowings.   The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:  
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Small Cap Fund
$9,529,000
3.58%
$947
9. Expense Reductions. Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$80
Class M
  313
Class C
  34
 
$427
 
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 $75,761.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity International Small Cap Fund
 
 
Distributions to shareholders
 
 
Class A
$440,641
  $9,065,367
Class M
  19,955
  1,272,726
Class C
  -
  1,312,589
International Small Cap
  8,831,165
  100,730,178
Class I
  5,018,235
  74,208,475
Class Z
           8,486,066
        55,772,832
Total
$22,796,062
$242,362,167
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Six months ended
  April 30, 2023
Year ended
  October 31, 2022
Fidelity International Small Cap Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
491,797
830,534
$13,553,560
$23,685,249
Reinvestment of distributions
16,707
295,136
437,544
8,995,592
Shares redeemed
(402,874)
(1,076,634)
(10,842,206)
(30,435,716)
Net increase (decrease)
105,630
49,036
$3,148,898
$2,245,125
Class M
 
 
 
 
Shares sold
59,784
86,516
$1,654,959
$2,471,290
Reinvestment of distributions
763
41,863
19,926
1,271,367
Shares redeemed
(35,752)
(132,638)
(953,159)
(3,771,297)
Net increase (decrease)
24,795
(4,259)
$721,726
$(28,640)
Class C
 
 
 
 
Shares sold
34,410
60,983
$895,099
$1,691,801
Reinvestment of distributions
-
44,584
-
1,311,796
Shares redeemed
(85,478)
(171,531)
(2,220,831)
(4,624,227)
Net increase (decrease)
(51,068)
(65,964)
$(1,325,732)
$(1,620,630)
International Small Cap
 
 
 
 
Shares sold
7,455,033
13,356,832
$207,663,914
$375,220,830
Reinvestment of distributions
303,022
2,945,011
8,099,784
91,615,712
Shares redeemed
(4,322,793)
(13,181,058)
(119,265,729)
(380,933,549)
Net increase (decrease)
3,435,262
3,120,785
$96,497,969
$85,902,993
Class I
 
 
 
 
Shares sold
5,870,142
13,697,966
$164,154,464
$404,258,743
Reinvestment of distributions
178,126
2,305,754
4,795,157
72,208,170
Shares redeemed
(5,801,469)
(18,313,122)
(159,576,212)
(518,387,511)
Net increase (decrease)
246,799
(2,309,402)
$9,373,409
$(41,920,598)
Class Z
 
 
 
 
Shares sold
6,438,289
35,845,899
$179,749,751
$1,046,158,928
Reinvestment of distributions
206,606
1,517,664
5,553,574
47,460,406
Shares redeemed
(9,716,433)
(19,068,812)
(264,334,297)
(525,797,814)
Net increase (decrease)
(3,071,538)
18,294,751
$(79,030,972)
$567,821,520
 
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® International Small Cap Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.38%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,206.10
 
$ 7.55
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.95
 
$ 6.90
 
Class M
 
 
 
1.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,205.20
 
$ 9.02
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.61
 
$ 8.25
 
Class C
 
 
 
2.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,201.90
 
$ 11.74
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.13
 
$ 10.74
 
Fidelity® International Small Cap Fund
 
 
 
1.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,208.10
 
$ 6.08
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.29
 
$ 5.56
 
Class I
 
 
 
1.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,208.10
 
$ 6.08
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.29
 
$ 5.56
 
Class Z
 
 
 
.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,208.80
 
$ 5.37
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.93
 
$ 4.91
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.800662.119
ISC-SANN-0623
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
9.2
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
6.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.6
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.0
 
Wal-Mart de Mexico SA de CV Series V  (Mexico, Consumer Staples Distribution & Retail)
2.5
 
China Construction Bank Corp. (H Shares)  (China, Banks)
2.4
 
LG Chemical Ltd.  (Korea (South), Chemicals)
2.0
 
Ping An Insurance Group Co. of China Ltd. (H Shares) (China, Insurance)
1.9
 
NetEase, Inc. ADR  (China, Entertainment)
1.9
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
1.9
 
 
36.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.7
 
Information Technology
20.5
 
Consumer Discretionary
13.8
 
Communication Services
12.9
 
Consumer Staples
7.9
 
Industrials
6.0
 
Health Care
5.4
 
Materials
5.0
 
Energy
2.7
 
Utilities
1.7
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.8%
 
 
Shares
Value ($)
 
Brazil - 4.1%
 
 
 
Azul SA sponsored ADR (a)
 
2,254
14,674
Hapvida Participacoes e Investimentos SA (a)(b)
 
54,148
29,963
Localiza Rent a Car SA
 
3,230
37,566
Localiza Rent a Car SA rights 5/11/23 (a)
 
8
28
Lojas Renner SA
 
6,999
22,227
Natura & Co. Holding SA
 
5,521
12,242
Pet Center Comercio e Participacoes SA
 
19,682
24,347
Raia Drogasil SA
 
6,333
33,368
TOTAL BRAZIL
 
 
174,415
China - 31.9%
 
 
 
Alibaba Group Holding Ltd. (a)
 
12,289
129,939
Alibaba Group Holding Ltd. sponsored ADR (a)
 
196
16,599
Baidu, Inc. sponsored ADR (a)
 
136
16,403
BeiGene Ltd. ADR (a)
 
34
8,669
Bilibili, Inc. ADR (a)
 
842
17,143
BYD Co. Ltd. (H Shares)
 
884
26,808
China Construction Bank Corp. (H Shares)
 
152,958
102,256
China Life Insurance Co. Ltd. (H Shares)
 
9,684
18,604
China Merchants Bank Co. Ltd. (H Shares)
 
1,966
9,490
China Resources Beer Holdings Co. Ltd.
 
4,067
31,417
Contemporary Amperex Technology Co. Ltd.
 
326
10,934
ENN Energy Holdings Ltd.
 
2,810
38,530
Haier Smart Home Co. Ltd.
 
9,232
30,092
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
3,297
6,015
JD.com, Inc. sponsored ADR
 
768
27,433
Kunlun Energy Co. Ltd.
 
22,092
20,479
Kweichow Moutai Co. Ltd. (A Shares)
 
94
23,985
Li Auto, Inc. ADR (a)
 
815
19,153
Li Ning Co. Ltd.
 
1,479
10,577
Meituan Class B (a)(b)
 
4,376
74,788
NetEase, Inc. ADR
 
897
79,950
New Horizon Health Ltd. (a)(b)
 
4,515
16,202
PDD Holdings, Inc. ADR (a)
 
622
42,389
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
11,067
80,740
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
993
44,893
Shenzhou International Group Holdings Ltd.
 
2,885
27,711
Silergy Corp.
 
428
6,751
Sinopharm Group Co. Ltd. (H Shares)
 
2,000
7,085
Sinotruk Hong Kong Ltd.
 
18,120
27,692
Sunny Optical Technology Group Co. Ltd.
 
1,436
15,175
Tencent Holdings Ltd.
 
5,769
256,237
Trip.com Group Ltd. ADR (a)
 
1,340
47,583
Wuliangye Yibin Co. Ltd. (A Shares)
 
679
16,628
Wuxi Biologics (Cayman), Inc. (a)(b)
 
4,089
24,382
Zai Lab Ltd. (a)
 
3,530
12,359
Zai Lab Ltd. ADR (a)
 
121
4,233
Zijin Mining Group Co. Ltd. (H Shares)
 
6,448
10,917
TOTAL CHINA
 
 
1,360,241
Hungary - 0.8%
 
 
 
OTP Bank PLC
 
316
9,614
Richter Gedeon PLC
 
951
22,950
TOTAL HUNGARY
 
 
32,564
India - 14.2%
 
 
 
Axis Bank Ltd.
 
2,512
26,544
Axis Bank Ltd. sponsored GDR (Reg. S)
 
90
4,752
Bharti Airtel Ltd.
 
3,921
38,425
HDFC Bank Ltd. sponsored ADR
 
1,131
78,944
HDFC Standard Life Insurance Co. Ltd. (b)
 
3,889
25,274
Hindustan Unilever Ltd.
 
1,332
40,135
Housing Development Finance Corp. Ltd.
 
1,526
52,049
ICICI Bank Ltd.
 
3,975
44,890
Infosys Ltd. sponsored ADR
 
3,305
51,360
Larsen & Toubro Ltd.
 
1,985
57,611
NTPC Ltd.
 
5,868
12,390
Reliance Industries Ltd.
 
1,757
52,233
Reliance Industries Ltd. GDR (b)
 
1,079
64,308
SRF Ltd.
 
309
9,639
Tata Consultancy Services Ltd.
 
286
11,319
Tata Steel Ltd.
 
10,090
13,391
Ultratech Cement Ltd.
 
224
20,758
TOTAL INDIA
 
 
604,022
Indonesia - 3.6%
 
 
 
PT Bank Central Asia Tbk
 
108,726
67,285
PT Bank Mandiri (Persero) Tbk
 
106,196
37,540
PT Bank Rakyat Indonesia (Persero) Tbk
 
97,701
34,047
PT Telkom Indonesia Persero Tbk
 
56,845
16,465
TOTAL INDONESIA
 
 
155,337
Korea (South) - 13.7%
 
 
 
Db Insurance Co. Ltd.
 
409
25,721
Hansol Chemical Co. Ltd.
 
103
17,175
Hyundai Fire & Marine Insurance Co. Ltd.
 
1,242
34,906
Hyundai Motor Co. Ltd.
 
401
59,423
JYP Entertainment Corp.
 
147
9,948
KB Financial Group, Inc.
 
468
17,377
LG Chemical Ltd.
 
154
85,578
LG Energy Solution (a)
 
40
17,440
LG H & H Co. Ltd.
 
27
12,613
LG Innotek Co. Ltd.
 
34
6,770
NAVER Corp.
 
110
15,943
Samsung Electronics Co. Ltd.
 
4,863
239,374
SK Hynix, Inc.
 
615
41,396
TOTAL KOREA (SOUTH)
 
 
583,664
Malaysia - 0.2%
 
 
 
Press Metal Aluminium Holdings
 
7,366
8,536
Mexico - 5.7%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
1,508
9,048
Grupo Aeroportuario Norte S.A.B. de CV
 
4,996
54,919
Grupo Financiero Banorte S.A.B. de CV Series O
 
8,409
72,718
Wal-Mart de Mexico SA de CV Series V
 
26,145
105,412
TOTAL MEXICO
 
 
242,097
Peru - 0.3%
 
 
 
Credicorp Ltd. (United States)
 
98
13,277
Saudi Arabia - 1.2%
 
 
 
Al Rajhi Bank
 
642
13,146
Dr Sulaiman Al Habib Medical Services Group Co.
 
490
37,494
TOTAL SAUDI ARABIA
 
 
50,640
Singapore - 1.4%
 
 
 
Sea Ltd. ADR (a)
 
802
61,088
South Africa - 4.5%
 
 
 
Absa Group Ltd.
 
4,610
44,768
Bid Corp. Ltd.
 
1,421
32,339
Gold Fields Ltd. sponsored ADR
 
1,066
16,587
Impala Platinum Holdings Ltd.
 
2,120
20,640
MTN Group Ltd.
 
5,393
37,831
Naspers Ltd. Class N
 
216
38,509
TOTAL SOUTH AFRICA
 
 
190,674
Switzerland - 0.2%
 
 
 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 11/16/24 (a)(b)
 
172
7,808
Taiwan - 13.4%
 
 
 
Chailease Holding Co. Ltd.
 
4,779
34,782
E.SUN Financial Holdings Co. Ltd.
 
11,851
9,631
eMemory Technology, Inc.
 
484
28,919
HIWIN Technologies Corp.
 
4,084
31,348
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
8,921
30,378
MediaTek, Inc.
 
2,024
43,979
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
4,666
393,342
TOTAL TAIWAN
 
 
572,379
Thailand - 0.6%
 
 
 
CP ALL PCL (For. Reg.)
 
10,881
20,680
Thai Beverage PCL
 
11,450
5,502
TOTAL THAILAND
 
 
26,182
 
TOTAL COMMON STOCKS
  (Cost $4,082,062)
 
 
 
4,082,924
 
 
 
 
Nonconvertible Preferred Stocks - 1.8%
 
 
Shares
Value ($)
 
Brazil - 1.8%
 
 
 
Banco Bradesco SA (PN)
 
3,234
8,980
Itau Unibanco Holding SA
 
8,996
46,749
Itau Unibanco Holding SA sponsored ADR
 
3,960
20,394
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $72,366)
 
 
 
76,123
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
  (Cost $159,981)
 
 
159,949
159,981
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
  (Cost $4,314,409)
 
 
 
4,319,028
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(58,683)
NET ASSETS - 100.0%
4,260,345
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
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 $248,740 or 5.8% of net assets.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
102,935
2,315,186
2,258,140
5,986
-
-
159,981
0.0%
Total
102,935
2,315,186
2,258,140
5,986
-
-
159,981
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
549,433
212,415
337,018
-
Consumer Discretionary
597,578
238,240
359,338
-
Consumer Staples
334,321
183,361
150,960
-
Energy
116,541
64,308
52,233
-
Financials
934,478
313,342
621,136
-
Health Care
222,053
103,309
118,744
-
Industrials
252,212
107,187
145,025
-
Information Technology
868,763
444,702
424,061
-
Materials
212,269
25,635
186,634
-
Utilities
71,399
-
71,399
-
  Money Market Funds
159,981
159,981
-
-
 Total Investments in Securities:
4,319,028
1,852,480
2,466,548
-
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,154,428)
$
4,159,047
 
 
Fidelity Central Funds (cost $159,981)
159,981
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,314,409)
 
 
$
4,319,028
Cash
 
 
4,683
Foreign currency held at value (cost $13,391)
 
 
13,392
Receivable for fund shares sold
 
 
800
Dividends receivable
 
 
3,914
Distributions receivable from Fidelity Central Funds
 
 
1,067
Receivable from investment adviser for expense reductions
 
 
15,779
Other receivables
 
 
140
  Total assets
 
 
4,358,803
Liabilities
 
 
 
 
Payable for investments purchased
$
45,730
 
 
Payable for fund shares redeemed
1,012
 
 
Accrued management fee
2,840
 
 
Distribution and service plan fees payable
299
 
 
Other affiliated payables
957
 
 
Audit fee payable
32,190
 
 
Custody fee payable
14,862
 
 
Other payables and accrued expenses
568
 
 
  Total Liabilities
 
 
 
98,458
Net Assets  
 
 
$
4,260,345
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,910,374
Total accumulated earnings (loss)
 
 
 
(650,029)
Net Assets
 
 
$
4,260,345
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($239,488 ÷ 30,792 shares) (a)
 
 
$
7.78
Maximum offering price per share (100/94.25 of $7.78)
 
 
$
8.25
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($194,896 ÷ 25,065 shares) (a)
 
 
$
7.78
Maximum offering price per share (100/96.50 of $7.78)
 
 
$
8.06
Class C :
 
 
 
 
Net Asset Value and offering price per share ($198,750 ÷ 25,658 shares) (a)
 
 
$
7.75
Fidelity Sustainable Emerging Markets Equity Fund :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,087,295 ÷ 396,492 shares)
 
 
$
7.79
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($211,321 ÷ 27,136 shares)
 
 
$
7.79
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($328,595 ÷ 42,130 shares)
 
 
$
7.80
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
37,242
Non-Cash dividends
 
 
11,645
Income from Fidelity Central Funds  
 
 
5,986
 Income before foreign taxes withheld
 
 
$
54,873
Less foreign taxes withheld
 
 
(5,112)
 Total Income
 
 
 
49,761
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
17,182
 
 
 Performance adjustment
(24)
 
 
Transfer agent fees
4,391
 
 
Distribution and service plan fees
1,756
 
 
Accounting fees and expenses
1,102
 
 
Custodian fees and expenses
25,369
 
 
Independent trustees' fees and expenses
11
 
 
Registration fees
100,314
 
 
Audit
33,759
 
 
Legal
3
 
 
Miscellaneous
8
 
 
 Total expenses before reductions
 
183,871
 
 
 Expense reductions
 
(155,042)
 
 
 Total expenses after reductions
 
 
 
28,829
Net Investment income (loss)
 
 
 
20,932
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(259,875)
 
 
 Foreign currency transactions
 
(2,637)
 
 
 Futures contracts
 
5,437
 
 
Total net realized gain (loss)
 
 
 
(257,075)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $565)
 
765,330
 
 
 Assets and liabilities in foreign currencies
 
(26)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
765,304
Net gain (loss)
 
 
 
508,229
Net increase (decrease) in net assets resulting from operations
 
 
$
529,161
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
20,932
$
14,880
Net realized gain (loss)
 
(257,075)
 
 
(409,178)
 
Change in net unrealized appreciation (depreciation)
 
765,304
 
(761,262)
 
Net increase (decrease) in net assets resulting from operations
 
529,161
 
 
(1,155,560)
 
Distributions to shareholders
 
(23,630)
 
 
-
 
Share transactions - net increase (decrease)
 
742,489
 
 
4,167,885
 
Total increase (decrease) in net assets
 
1,248,020
 
 
3,012,325
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,012,325
 
-
 
End of period
$
4,260,345
$
3,012,325
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
6.55
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.03
 
.03
     Net realized and unrealized gain (loss)
 
1.24
 
(3.48)
  Total from investment operations
 
1.27  
 
(3.45)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
7.78
$
6.55
 Total Return   D,E,F
 
19.37%
 
(34.50)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
8.67% I
 
8.77% I,J
    Expenses net of fee waivers, if any
 
1.50% I
 
1.57% I
    Expenses net of all reductions
 
1.49% I
 
1.56% I
    Net investment income (loss)
 
.76% I
 
.51% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
239
$
164
    Portfolio turnover rate K
 
139% I
 
84% I
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
6.54
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.02
 
.01
     Net realized and unrealized gain (loss)
 
1.24
 
(3.47)
  Total from investment operations
 
1.26  
 
(3.46)  
  Distributions from net investment income
 
(.02)
 
-
     Total distributions
 
(.02)
 
-
  Net asset value, end of period
$
7.78
$
6.54
 Total Return   D,E,F
 
19.24%
 
(34.60)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
8.77% I
 
9.01% I,J
    Expenses net of fee waivers, if any
 
1.75% I
 
1.82% I
    Expenses net of all reductions
 
1.74% I
 
1.82% I
    Net investment income (loss)
 
.51% I
 
.26% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
195
$
164
    Portfolio turnover rate K
 
139% I
 
84% I
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
6.52
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
- D
 
(.01)
     Net realized and unrealized gain (loss)
 
1.23
 
(3.47)
  Total from investment operations
 
1.23  
 
(3.48)  
  Net asset value, end of period
$
7.75
$
6.52
 Total Return   E,F,G
 
18.87%
 
(34.80)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
9.26% J
 
9.51% J,K
    Expenses net of fee waivers, if any
 
2.25% J
 
2.32% J
    Expenses net of all reductions
 
2.24% J
 
2.32% J
    Net investment income (loss)
 
.01% J
 
(.24)% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
199
$
163
    Portfolio turnover rate L
 
139% J
 
84% J
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 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 Audit fees are not annualized.
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.04
 
.05
     Net realized and unrealized gain (loss)
 
1.23
 
(3.48)
  Total from investment operations
 
1.27  
 
(3.43)  
  Distributions from net investment income
 
(.05)
 
-
     Total distributions
 
(.05)
 
-
  Net asset value, end of period
$
7.79
$
6.57
 Total Return   D,E
 
19.40%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
8.25% H
 
8.07% H,I
    Expenses net of fee waivers, if any
 
1.25% H
 
1.25% H
    Expenses net of all reductions
 
1.24% H
 
1.25% H
    Net investment income (loss)
 
1.02% H
 
.83% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,087
$
2,082
    Portfolio turnover rate J
 
139% H
 
84% H
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.04
 
.04
     Net realized and unrealized gain (loss)
 
1.23
 
(3.47)
  Total from investment operations
 
1.27  
 
(3.43)  
  Distributions from net investment income
 
(.05)
 
-
     Total distributions
 
(.05)
 
-
  Net asset value, end of period
$
7.79
$
6.57
 Total Return   D,E
 
19.40%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
8.20% H
 
8.50% H,I
    Expenses net of fee waivers, if any
 
1.25% H
 
1.31% H
    Expenses net of all reductions
 
1.24% H
 
1.31% H
    Net investment income (loss)
 
1.01% H
 
.76% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
211
$
164
    Portfolio turnover rate J
 
139% H
 
84% H
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.05
 
.05
     Net realized and unrealized gain (loss)
 
1.23
 
(3.48)
  Total from investment operations
 
1.28  
 
(3.43)  
  Distributions from net investment income
 
(.05)
 
-
     Total distributions
 
(.05)
 
-
  Net asset value, end of period
$
7.80
$
6.57
 Total Return   D,E
 
19.55%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
8.23% H
 
8.23% H,I
    Expenses net of fee waivers, if any
 
1.10% H
 
1.15% H
    Expenses net of all reductions
 
1.09% H
 
1.15% H
    Net investment income (loss)
 
1.17% H
 
.93% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
329
$
276
    Portfolio turnover rate J
 
139% H
 
84% H
 
A For the period February 10, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable Emerging Markets Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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   futures contracts, 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
$285,028
Gross unrealized depreciation
(330,952)
Net unrealized appreciation (depreciation)
$(45,924)
Tax cost
$4,364,952
 
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
$(285,926)
  Long-term
(16,652)
Total capital loss carryforward
$(302,578)
 
Due to large subscriptions in a prior period, $89,764 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $57,333 per year.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Sustainable Emerging Markets Equity Fund
3,617,324
2,853,590
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI Emerging Markets Index, over the same 36 month performance period. The Fund's performance adjustment took effect in 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, 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%
$289
$244
Class M
  .25%
  .25%
  486
  486
Class C
  .75%
  .25%
  981
  968
 
 
 
$1,756
$1,698
 
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
$217
.19
Class M
  109
.11
Class C
  116
.12
Fidelity Sustainable Emerging Markets Equity Fund
  3,763
.23
Class I
  117
.12
Class Z
  69
.04
 
$4,391
 
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
$16
 
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
30,788
54,954
(7,880)
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Sustainable Emerging Markets Equity Fund
$4
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 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.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.50%
$8,267
Class M
1.75%
  6,810
Class C
2.25%
  6,865
Fidelity Sustainable Emerging Markets Equity Fund
1.25%
  114,115
Class I
1.25%
  7,061
Class Z
1.10%
                 11,661
 
 
$154,779
 
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 $164.
 
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 $99.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022 A
Fidelity Sustainable Emerging Markets Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$1,114
  $-
Class M
  450
  -
Fidelity Sustainable Emerging Markets Equity Fund
  18,515
  -
Class I
  1,326
  -
Class Z
  2,225
  -
Total
$23,630
$-
A   For the period February 10, 2022 (commencement of operations) through October 31, 2022.
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
  April 30, 2023  
Year ended
  October 31, 2022 A
Six months ended
  April 30, 2023    
Year ended
  October 31, 2022 A
Fidelity Sustainable Emerging Markets Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
8,116
25,041
$62,655
$250,393
Reinvestment of distributions
147
-
1,114
-
Shares redeemed
(2,471)
(41)
(20,694)
(320)
Net increase (decrease)
5,792
25,000
$43,075
$250,073
Class M
 
 
 
 
Shares sold
6
25,000
$48
$250,003
Reinvestment of distributions
59
-
450
-
Net increase (decrease)
65
25,000
$498
$250,003
Class C
 
 
 
 
Shares sold
658
25,000
$5,392
$250,000
Net increase (decrease)
658
25,000
$5,392
$250,000
Fidelity Sustainable Emerging Markets Equity Fund
 
 
 
 
Shares sold
274,168
382,605
$2,208,394
$3,306,578
Reinvestment of distributions
2,252
-
17,120
-
Shares redeemed
(196,993)
(65,540)
(1,550,517)
(507,726)
Net increase (decrease)
79,427
317,065
$674,997
$2,798,852
Class I
 
 
 
 
Shares sold
1,962
25,000
$15,875
$250,000
Reinvestment of distributions
174
-
1,326
-
Net increase (decrease)
2,136
25,000
$17,201
$250,000
Class Z
 
 
 
 
Shares sold
-
42,008
$   -
$369,361
Reinvestment of distributions
174
-
1,326
-
Shares redeemed
-
(52)
-
(404)
Net increase (decrease)
174
41,956
$1,326
$368,957
 
A   For the period February 10, 2022 (commencement of operations) through October 31, 2022.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
 
Affiliated %
Fund
 
Fidelity Sustainable Emerging Markets Equity Fund
33%
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
Fidelity Sustainable Multi-Asset Fund
Fidelity Sustainable Emerging Markets Equity Fund
14%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,193.70
 
$ 8.16
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.36
 
$ 7.50
 
Class M
 
 
 
1.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,192.40
 
$ 9.51
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.12
 
$ 8.75
 
Class C
 
 
 
2.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,188.70
 
$ 12.21
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,013.64
 
$ 11.23
 
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
1.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,194.00
 
$ 6.80
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.60
 
$ 6.26
 
Class I
 
 
 
1.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,194.00
 
$ 6.80
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.60
 
$ 6.26
 
Class Z
 
 
 
1.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,195.50
 
$ 5.99
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.34
 
$ 5.51
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9905244.101
MAR-SANN-0623
Fidelity® International Growth Fund
 
 
Semi-Annual Report
April 30, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
6.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
5.6
 
Nestle SA (Reg. S)  (United States of America, Food Products)
4.9
 
Linde PLC  (United States of America, Chemicals)
3.7
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.1
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.0
 
Safran SA  (France, Aerospace & Defense)
2.9
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
2.8
 
Marsh & McLennan Companies, Inc.  (United States of America, Insurance)
2.7
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.6
 
 
37.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
27.0
 
Financials
17.2
 
Information Technology
15.2
 
Consumer Discretionary
13.5
 
Health Care
8.7
 
Materials
7.6
 
Consumer Staples
5.4
 
Communication Services
1.5
 
Energy
0.9
 
Real Estate
0.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.9%
 
 
Shares
Value ($)
 
Belgium - 0.4%
 
 
 
Azelis Group NV
 
697,917
16,534,247
Canada - 3.3%
 
 
 
CAE, Inc. (a)
 
1,250,200
28,134,921
Canadian Pacific Kansas City Ltd.
 
1,064,100
83,880,784
Franco-Nevada Corp.
 
263,780
40,025,016
TOTAL CANADA
 
 
152,040,721
Denmark - 3.8%
 
 
 
Novo Nordisk A/S Series B
 
858,300
142,782,067
Vestas Wind Systems A/S
 
1,297,900
35,913,665
TOTAL DENMARK
 
 
178,695,732
Finland - 0.6%
 
 
 
Kone OYJ (B Shares)
 
472,700
26,928,882
France - 15.1%
 
 
 
Adevinta ASA Class B (a)
 
1,400,258
10,774,197
Airbus Group NV (b)
 
832,300
116,550,818
Edenred SA
 
989,539
64,244,778
Lectra
 
336,961
10,953,271
Legrand SA
 
812,600
76,736,118
LVMH Moet Hennessy Louis Vuitton SE (b)
 
299,200
287,794,887
Safran SA
 
874,100
135,939,829
TOTAL FRANCE
 
 
702,993,898
Germany - 1.8%
 
 
 
Deutsche Borse AG
 
378,600
72,202,294
Vonovia SE
 
442,210
9,590,879
TOTAL GERMANY
 
 
81,793,173
Hong Kong - 2.6%
 
 
 
AIA Group Ltd.
 
11,230,000
122,261,860
India - 1.7%
 
 
 
Housing Development Finance Corp. Ltd.
 
1,126,178
38,411,460
Kotak Mahindra Bank Ltd.
 
893,600
21,290,177
Reliance Industries Ltd.
 
410,000
12,188,682
Reliance Industries Ltd. GDR (c)
 
153,600
9,154,560
TOTAL INDIA
 
 
81,044,879
Ireland - 1.9%
 
 
 
CRH PLC sponsored ADR
 
1,780,166
86,338,051
Israel - 1.3%
 
 
 
NICE Ltd. sponsored ADR (a)
 
290,600
59,285,306
Italy - 1.6%
 
 
 
Interpump Group SpA
 
625,126
34,771,954
Prada SpA
 
5,171,000
38,072,416
TOTAL ITALY
 
 
72,844,370
Japan - 11.1%
 
 
 
Azbil Corp.
 
1,526,470
42,690,427
FANUC Corp.
 
928,200
31,346,441
Hoya Corp.
 
657,800
68,973,647
Keyence Corp.
 
321,048
144,778,618
Lasertec Corp.
 
263,800
35,888,943
Misumi Group, Inc.
 
2,323,985
58,627,651
OSG Corp.
 
723,100
10,157,897
Recruit Holdings Co. Ltd.
 
2,595,400
72,810,332
SHO-BOND Holdings Co. Ltd.
 
695,400
29,718,581
USS Co. Ltd.
 
1,273,700
21,403,245
TOTAL JAPAN
 
 
516,395,782
Kenya - 0.2%
 
 
 
Safaricom Ltd.
 
85,504,800
10,373,744
Netherlands - 6.6%
 
 
 
Aalberts Industries NV
 
225,000
10,358,411
ASML Holding NV (Netherlands)
 
414,500
261,938,985
IMCD NV
 
228,900
34,353,033
TOTAL NETHERLANDS
 
 
306,650,429
Norway - 0.3%
 
 
 
Schibsted ASA (B Shares)
 
804,500
13,029,563
South Africa - 0.2%
 
 
 
Clicks Group Ltd.
 
610,138
8,917,004
Spain - 2.3%
 
 
 
Amadeus IT Holding SA Class A (a)
 
1,532,700
107,725,864
Sweden - 6.7%
 
 
 
ASSA ABLOY AB (B Shares) (b)
 
2,884,676
68,607,416
Atlas Copco AB (A Shares)
 
9,241,500
133,462,650
Autoliv, Inc.
 
417,269
35,805,853
Epiroc AB (A Shares)
 
3,440,300
68,919,785
Lagercrantz Group AB (B Shares)
 
548,100
7,044,293
TOTAL SWEDEN
 
 
313,839,997
Switzerland - 1.0%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
103,858
23,087,302
 (Reg.)
 
18,350
3,898,490
UBS Group AG
 
911,240
18,416,458
TOTAL SWITZERLAND
 
 
45,402,250
Taiwan - 1.7%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
4,887,000
79,971,597
United Kingdom - 5.7%
 
 
 
BAE Systems PLC
 
3,621,500
46,137,852
Compass Group PLC
 
3,614,800
95,361,895
Dechra Pharmaceuticals PLC
 
237,400
11,128,546
InterContinental Hotel Group PLC ADR (b)
 
648,770
44,946,786
Rightmove PLC
 
2,907,600
20,981,993
Spectris PLC
 
1,028,557
48,590,301
TOTAL UNITED KINGDOM
 
 
267,147,373
United States of America - 27.0%
 
 
 
Experian PLC
 
2,029,500
71,854,210
Lam Research Corp.
 
48,766
25,557,285
Linde PLC
 
470,379
173,781,522
Marsh & McLennan Companies, Inc.
 
703,951
126,844,931
MasterCard, Inc. Class A
 
213,800
81,250,414
Moody's Corp.
 
205,600
64,377,472
MSCI, Inc.
 
161,500
77,915,675
Nestle SA (Reg. S)
 
1,776,179
227,865,248
NOV, Inc.
 
1,024,000
17,152,000
Otis Worldwide Corp.
 
315,700
26,929,210
PriceSmart, Inc.
 
189,998
13,999,053
ResMed, Inc.
 
422,200
101,733,312
Roche Holding AG (participation certificate)
 
263,873
82,629,246
S&P Global, Inc.
 
168,100
60,949,698
Sherwin-Williams Co.
 
214,600
50,976,084
Visa, Inc. Class A
 
234,260
54,519,330
TOTAL UNITED STATES OF AMERICA
 
 
1,258,334,690
 
TOTAL COMMON STOCKS
  (Cost $3,055,578,438)
 
 
 
4,508,549,412
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $6,992,915)
 
63,819
12,699,981
 
 
 
 
Money Market Funds - 10.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
106,552,071
106,573,382
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
387,263,127
387,301,853
 
TOTAL MONEY MARKET FUNDS
  (Cost $493,875,235)
 
 
493,875,235
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 107.8%
  (Cost $3,556,446,588)
 
 
 
5,015,124,628
NET OTHER ASSETS (LIABILITIES) - (7.8)%  
(362,574,608)
NET ASSETS - 100.0%
4,652,550,020
 
 
 
 
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 $9,154,560 or 0.2% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,699,981 or 0.3% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
6,992,915
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
21,706,800
647,260,843
562,394,261
1,956,379
713
(713)
106,573,382
0.3%
Fidelity Securities Lending Cash Central Fund 4.88%
34,813,698
717,988,388
365,500,233
241,312
-
-
387,301,853
1.2%
Total
56,520,498
1,365,249,231
927,894,494
2,197,691
713
(713)
493,875,235
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
67,859,478
55,159,497
-
12,699,981
Consumer Discretionary
631,110,946
80,752,639
550,358,307
-
Consumer Staples
250,781,305
22,916,057
227,865,248
-
Energy
38,495,242
26,306,560
12,188,682
-
Financials
802,684,547
548,518,756
254,165,791
-
Health Care
407,246,818
112,861,858
294,384,960
-
Industrials
1,245,660,479
567,683,418
677,977,061
-
Information Technology
716,699,026
413,369,441
303,329,585
-
Materials
351,120,673
351,120,673
-
-
Real Estate
9,590,879
-
9,590,879
-
  Money Market Funds
493,875,235
493,875,235
-
-
 Total Investments in Securities:
5,015,124,628
2,672,564,134
2,329,860,513
12,699,981
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $370,034,009) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,062,571,353)
$
4,521,249,393
 
 
Fidelity Central Funds (cost $493,875,235)
493,875,235
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,556,446,588)
 
 
$
5,015,124,628
Foreign currency held at value (cost $321,392)
 
 
313,192
Receivable for investments sold
 
 
8,056,378
Receivable for fund shares sold
 
 
3,014,726
Dividends receivable
 
 
11,322,073
Reclaims receivable
 
 
9,794,956
Distributions receivable from Fidelity Central Funds
 
 
486,682
Prepaid expenses
 
 
1,598
Other receivables
 
 
1,183
  Total assets
 
 
5,048,115,416
Liabilities
 
 
 
 
Payable for investments purchased
$
422,499
 
 
Payable for fund shares redeemed
3,224,752
 
 
Accrued management fee
2,587,441
 
 
Distribution and service plan fees payable
79,937
 
 
Other affiliated payables
625,340
 
 
Other payables and accrued expenses
1,324,277
 
 
Collateral on securities loaned
387,301,150
 
 
  Total Liabilities
 
 
 
395,565,396
Net Assets  
 
 
$
4,652,550,020
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,244,333,059
Total accumulated earnings (loss)
 
 
 
1,408,216,961
Net Assets
 
 
$
4,652,550,020
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($185,039,732 ÷ 10,464,397 shares) (a)
 
 
$
17.68
Maximum offering price per share (100/94.25 of $17.68)
 
 
$
18.76
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($30,371,778 ÷ 1,731,889 shares) (a)
 
 
$
17.54
Maximum offering price per share (100/96.50 of $17.54)
 
 
$
18.18
Class C :
 
 
 
 
Net Asset Value and offering price per share ($34,817,971 ÷ 2,054,174 shares) (a)
 
 
$
16.95
International Growth :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,427,860,358 ÷ 79,933,638 shares)
 
 
$
17.86
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,571,966,749 ÷ 88,227,654 shares)
 
 
$
17.82
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,402,493,432 ÷ 78,563,983 shares)
 
 
$
17.85
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
36,267,054
Foreign Tax Reclaims
 
 
2,163,903
Interest  
 
 
697
Income from Fidelity Central Funds (including $241,312 from security lending)
 
 
2,197,691
 Income before foreign taxes withheld
 
 
$
40,629,345
Less foreign taxes withheld
 
 
(6,068,517)
 Total Income
 
 
 
34,560,828
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
14,213,023
 
 
 Performance adjustment
860,021
 
 
Transfer agent fees
2,930,301
 
 
Distribution and service plan fees
470,433
 
 
Accounting fees
731,410
 
 
Custodian fees and expenses
180,982
 
 
Independent trustees' fees and expenses
13,333
 
 
Registration fees
110,525
 
 
Audit
44,303
 
 
Legal
3,096
 
 
Interest
23,665
 
 
Miscellaneous
8,817
 
 
 Total expenses before reductions
 
19,589,909
 
 
 Expense reductions
 
(95,863)
 
 
 Total expenses after reductions
 
 
 
19,494,046
Net Investment income (loss)
 
 
 
15,066,782
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(50,850,807)
 
 
   Fidelity Central Funds
 
713
 
 
 Foreign currency transactions
 
70,556
 
 
Total net realized gain (loss)
 
 
 
(50,779,538)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $547,372)
 
801,195,070
 
 
   Fidelity Central Funds
 
(713)
 
 
 Assets and liabilities in foreign currencies
 
865,255
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
802,059,612
Net gain (loss)
 
 
 
751,280,074
Net increase (decrease) in net assets resulting from operations
 
 
$
766,346,856
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
15,066,782
$
14,250,128
Net realized gain (loss)
 
(50,779,538)
 
 
85,832,715
 
Change in net unrealized appreciation (depreciation)
 
802,059,612
 
(1,635,676,492)
 
Net increase (decrease) in net assets resulting from operations
 
766,346,856
 
 
(1,535,593,649)
 
Distributions to shareholders
 
(63,050,595)
 
 
(105,083,685)
 
Share transactions - net increase (decrease)
 
174,388,056
 
 
(1,611,089)
 
Total increase (decrease) in net assets
 
877,684,317
 
 
(1,642,288,423)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,774,865,703
 
5,417,154,126
 
End of period
$
4,652,550,020
$
3,774,865,703
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Growth Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.89
$
21.04
$
16.06
$
15.03
$
12.47
$
13.34
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
- C
 
(.04)
 
(.01)
 
.15 D
 
.09
     Net realized and unrealized gain (loss)
 
2.98
 
(5.80)
 
5.02
 
1.16
 
2.48
 
(.90)
  Total from investment operations
 
3.02  
 
(5.80)  
 
4.98  
 
1.15  
 
2.63
 
(.81)
  Distributions from net investment income
 
-
 
(.03)
 
-
 
(.12)
 
(.07)
 
(.04)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.23)
 
(.35)
 
-
 
(.12)
 
(.07)
 
(.06)
  Net asset value, end of period
$
17.68
$
14.89
$
21.04
$
16.06
$
15.03
$
12.47
 Total Return   E,F,G
 
20.41%
 
(28.00)%
 
31.01%
 
7.66%
 
21.25%
 
(6.12)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.23% J
 
1.30%
 
1.28%
 
1.30%
 
1.28%
 
1.24%
    Expenses net of fee waivers, if any
 
1.22% J
 
1.30%
 
1.28%
 
1.30%
 
1.28%
 
1.23%
    Expenses net of all reductions
 
1.22% J
 
1.30%
 
1.28%
 
1.29%
 
1.27%
 
1.22%
    Net investment income (loss)
 
.42% J
 
.02%
 
(.20)%
 
(.08)%
 
1.14% D
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
185,040
$
157,490
$
232,527
$
174,561
$
164,247
$
138,802
    Portfolio turnover rate K
 
25% J
 
22%
 
21%
 
23%
 
21%
 
34%
 
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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount represents less than $.005 per share.
 
D 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%.
 
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).
 
Fidelity Advisor® International Growth Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.79
$
20.92
$
16.01
$
14.99
$
12.43
$
13.30
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
(.04)
 
(.09)
 
(.06)
 
.11 C
 
.05
     Net realized and unrealized gain (loss)
 
2.97
 
(5.77)
 
5.00
 
1.15
 
2.48
 
(.90)
  Total from investment operations
 
2.98  
 
(5.81)  
 
4.91  
 
1.09  
 
2.59
 
(.85)
  Distributions from net investment income
 
-
 
-
 
-
 
(.07)
 
(.03)
 
(.01)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.23)
 
(.32)
 
-
 
(.07)
 
(.03)
 
(.02) D
  Net asset value, end of period
$
17.54
$
14.79
$
20.92
$
16.01
$
14.99
$
12.43
 Total Return   E,F,G
 
20.27%
 
(28.18)%
 
30.67%
 
7.27%
 
20.92%
 
(6.40)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.50% J
 
1.57%
 
1.55%
 
1.59%
 
1.58%
 
1.54%
    Expenses net of fee waivers, if any
 
1.50% J
 
1.57%
 
1.55%
 
1.59%
 
1.58%
 
1.53%
    Expenses net of all reductions
 
1.49% J
 
1.57%
 
1.55%
 
1.58%
 
1.58%
 
1.52%
    Net investment income (loss)
 
.16% J
 
(.25)%
 
(.48)%
 
(.37)%
 
.83% C
 
.34%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,372
$
26,250
$
38,761
$
30,353
$
28,534
$
26,479
    Portfolio turnover rate K
 
25% J
 
22%
 
21%
 
23%
 
21%
 
34%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® International Growth Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.33
$
20.39
$
15.68
$
14.68
$
12.20
$
13.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03)
 
(.13)
 
(.18)
 
(.13)
 
.05 C
 
(.01)
     Net realized and unrealized gain (loss)
 
2.88
 
(5.61)
 
4.89
 
1.13
 
2.43
 
(.89)
  Total from investment operations
 
2.85  
 
(5.74)  
 
4.71  
 
1.00  
 
2.48
 
(.90)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
 
-
     Total distributions
 
(.23)
 
(.32)
 
-
 
-
 
-
 
-
  Net asset value, end of period
$
16.95
$
14.33
$
20.39
$
15.68
$
14.68
$
12.20
 Total Return   D,E,F
 
20.02%
 
(28.58)%
 
30.04%
 
6.81%
 
20.33%
 
(6.87)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.99% I
 
2.07%
 
2.05%
 
2.07%
 
2.04%
 
1.99%
    Expenses net of fee waivers, if any
 
1.99% I
 
2.06%
 
2.05%
 
2.07%
 
2.04%
 
1.99%
    Expenses net of all reductions
 
1.99% I
 
2.06%
 
2.05%
 
2.06%
 
2.03%
 
1.98%
    Net investment income (loss)
 
(.34)% I
 
(.74)%
 
(.97)%
 
(.85)%
 
.38% C
 
(.11)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
34,818
$
33,575
$
58,867
$
55,013
$
57,291
$
60,489
    Portfolio turnover rate J
 
25% I
 
22%
 
21%
 
23%
 
21%
 
34%
 
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 mutual funds or ETFs 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 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).
 
Fidelity® International Growth Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.05
$
21.26
$
16.20
$
15.16
$
12.57
$
13.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.05
 
.02
 
.03
 
.19 C
 
.13
     Net realized and unrealized gain (loss)
 
3.02
 
(5.85)
 
5.06
 
1.17
 
2.51
 
(.92)
  Total from investment operations
 
3.08  
 
(5.80)  
 
5.08  
 
1.20  
 
2.70
 
(.79)
  Distributions from net investment income
 
(.04)
 
(.09)
 
(.02)
 
(.16)
 
(.11)
 
(.08)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.27)
 
(.41)
 
(.02)
 
(.16)
 
(.11)
 
(.09) D
  Net asset value, end of period
$
17.86
$
15.05
$
21.26
$
16.20
$
15.16
$
12.57
 Total Return   E,F
 
20.58%
 
(27.79)%
 
31.38%
 
7.93%
 
21.66%
 
(5.89)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% I
 
1.01%
 
.99%
 
1.01%
 
.99%
 
.95%
    Expenses net of fee waivers, if any
 
.94% I
 
1.01%
 
.99%
 
1.01%
 
.99%
 
.95%
    Expenses net of all reductions
 
.94% I
 
1.01%
 
.99%
 
1.00%
 
.99%
 
.94%
    Net investment income (loss)
 
.71% I
 
.31%
 
.09%
 
.21%
 
1.42% C
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,427,860
$
1,194,442
$
1,773,433
$
1,292,392
$
1,040,532
$
811,101
    Portfolio turnover rate J
 
25% I
 
22%
 
21%
 
23%
 
21%
 
34%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® International Growth Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.01
$
21.20
$
16.16
$
15.13
$
12.55
$
13.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.05
 
.01
 
.03
 
.20 C
 
.13
     Net realized and unrealized gain (loss)
 
3.01
 
(5.83)
 
5.05
 
1.16
 
2.49
 
(.91)
  Total from investment operations
 
3.07  
 
(5.78)  
 
5.06  
 
1.19  
 
2.69
 
(.78)
  Distributions from net investment income
 
(.03)
 
(.09)
 
(.02)
 
(.16)
 
(.11)
 
(.09)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.26)
 
(.41)
 
(.02)
 
(.16)
 
(.11)
 
(.10) D
  Net asset value, end of period
$
17.82
$
15.01
$
21.20
$
16.16
$
15.13
$
12.55
 Total Return   E,F
 
20.61%
 
(27.78)%
 
31.36%
 
7.90%
 
21.64%
 
(5.83)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95% I
 
1.02%
 
1.00%
 
1.01%
 
.97%
 
.93%
    Expenses net of fee waivers, if any
 
.94% I
 
1.02%
 
1.00%
 
1.01%
 
.97%
 
.93%
    Expenses net of all reductions
 
.94% I
 
1.02%
 
1.00%
 
1.00%
 
.97%
 
.92%
    Net investment income (loss)
 
.70% I
 
.30%
 
.07%
 
.21%
 
1.44% C
 
.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,571,967
$
1,373,850
$
2,035,690
$
1,382,837
$
953,360
$
660,961
    Portfolio turnover rate J
 
25% I
 
22%
 
21%
 
23%
 
21%
 
34%
 
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 mutual funds or ETFs 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 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).
 
Fidelity Advisor® International Growth Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.05
$
21.25
$
16.19
$
15.16
$
12.57
$
13.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.08
 
.04
 
.05
 
.22 C
 
.15
     Net realized and unrealized gain (loss)
 
3.02
 
(5.85)
 
5.06
 
1.16
 
2.50
 
(.91)
  Total from investment operations
 
3.09  
 
(5.77)  
 
5.10  
 
1.21  
 
2.72
 
(.76)
  Distributions from net investment income
 
(.06)
 
(.11)
 
(.04)
 
(.18)
 
(.13)
 
(.10)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.29)
 
(.43)
 
(.04)
 
(.18)
 
(.13)
 
(.12)
  Net asset value, end of period
$
17.85
$
15.05
$
21.25
$
16.19
$
15.16
$
12.57
 Total Return   D,E
 
20.68%
 
(27.68)%
 
31.55%
 
8.01%
 
21.85%
 
(5.71)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81% H
 
.89%
 
.87%
 
.88%
 
.84%
 
.80%
    Expenses net of fee waivers, if any
 
.81% H
 
.89%
 
.87%
 
.88%
 
.84%
 
.80%
    Expenses net of all reductions
 
.81% H
 
.89%
 
.87%
 
.87%
 
.84%
 
.79%
    Net investment income (loss)
 
.84% H
 
.43%
 
.20%
 
.34%
 
1.57% C
 
1.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,402,493
$
989,259
$
1,277,877
$
1,350,267
$
1,082,899
$
556,558
    Portfolio turnover rate I
 
25% H
 
22%
 
21%
 
23%
 
21%
 
34%
 
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 mutual funds or ETFs 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 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).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
 
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign 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. 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
$1,566,281,927
Gross unrealized depreciation
(115,505,408)
Net unrealized appreciation (depreciation)
$1,450,776,519
Tax cost
$3,564,348,109
 
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
565,081,819
513,929,060
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total 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.
 
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%
$220,712
$4,458
Class M
.25%
.25%
73,110
1,071
Class C
.75%
.25%
176,611
12,840
 
 
 
$470,433
$18,369
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
$51,929
Class M
1,292
Class C A
2,055
 
$55,276
 
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
$182,619
.21
Class M
33,219
.23
Class C
38,809
.22
International Growth
1,126,650
.17
Class I
1,309,746
.18
Class Z
239,258
.04
 
$2,930,301
 
 
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
$793
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Growth Fund
47,283,204
16,398,422
(5,583,265)
 
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
$4,014
 
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
$27,231
$-
$-
 
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
 
 
Class M
$692
 
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 $95,171.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity International Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$   2,422,202
$3,874,293
Class M
405,995
584,059
Class C
523,121
921,429
International Growth
20,712,364
34,022,956
Class I
22,283,776
39,437,200
Class Z
16,703,137
26,243,748
Total   
$63,050,595
$105,083,685
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
April 30, 2023
Year ended
October 31, 2022
Six months ended
April 30, 2023
Year ended
October 31, 2022
Fidelity International Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
838,555
1,571,011
$14,015,021
$27,633,662
Reinvestment of distributions
147,890
192,594
2,418,006
3,867,288
Shares redeemed
(1,099,324)
(2,239,322)
(18,330,146)
(38,758,166)
Net increase (decrease)
(112,879)
(475,717)
$(1,897,119)
$(7,257,216)
Class M
 
 
 
 
Shares sold
60,526
182,229
$996,965
$3,218,457
Reinvestment of distributions
25,006
29,196
405,854
583,619
Shares redeemed
(128,799)
(289,342)
(2,130,366)
(4,956,089)
Net increase (decrease)
(43,267)
(77,917)
$(727,547)
$(1,154,013)
Class C
 
 
 
 
Shares sold
99,348
235,265
$1,597,615
$4,302,683
Reinvestment of distributions
33,238
47,271
522,168
919,894
Shares redeemed
(420,577)
(828,106)
(6,733,681)
(13,580,412)
Net increase (decrease)
(287,991)
(545,570)
$(4,613,898)
$(8,357,835)
International Growth
 
 
 
 
Shares sold
7,417,383
16,241,408
$125,720,692
$290,344,779
Reinvestment of distributions
1,147,426
1,547,748
18,921,062
31,326,431
Shares redeemed
(8,000,808)
(21,846,639)
(134,098,247)
(372,519,642)
Net increase (decrease)
564,001
(4,057,483)
$10,543,507
$(50,848,432)
Class I
 
 
 
 
Shares sold
13,303,685
27,427,945
$223,519,843
$483,250,347
Reinvestment of distributions
1,326,495
1,891,163
21,820,838
38,182,588
Shares redeemed
(17,937,326)
(33,802,275)
(300,628,460)
(571,344,966)
Net increase (decrease)
(3,307,146)
(4,483,167)
$(55,287,779)
$(49,912,031)
Class Z
 
 
 
 
Shares sold
29,232,117
45,989,188
$494,964,735
$767,374,148
Reinvestment of distributions
410,878
542,351
6,767,160
10,966,334
Shares redeemed
(16,806,873)
(40,926,928)
(275,361,003)
(662,422,044)
Net increase (decrease)
12,836,122
5,604,611
$226,370,892
$115,918,438
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
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, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
Fidelity® International Growth Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.22%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,204.10
 
$ 6.67
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.74
 
$ 6.11
 
Class M
 
 
 
1.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,202.70
 
$ 8.19
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.36
 
$ 7.50
 
Class C
 
 
 
1.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,200.20
 
$ 10.86
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.93
 
$ 9.94
 
Fidelity® International Growth Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,205.80
 
$ 5.14
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.13
 
$ 4.71
 
Class I
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,206.10
 
$ 5.14
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.13
 
$ 4.71
 
Class Z
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,206.80
 
$ 4.43
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.78
 
$ 4.06
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.912353.113
IGF-SANN-0623
Fidelity® Series Canada Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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.
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
The Toronto-Dominion Bank  (Banks)
7.5
 
Canadian Pacific Kansas City Ltd.  (Ground Transportation)
6.9
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
5.7
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Consumer Staples Distribution & Retail)
5.1
 
Royal Bank of Canada  (Banks)
4.8
 
Bank of Montreal  (Banks)
4.3
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
4.0
 
Franco-Nevada Corp.  (Metals & Mining)
3.9
 
Constellation Software, Inc.  (Software)
3.9
 
PrairieSky Royalty Ltd.  (Oil, Gas & Consumable Fuels)
3.1
 
 
49.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
29.8
 
Energy
18.3
 
Industrials
14.9
 
Materials
12.5
 
Information Technology
7.4
 
Consumer Staples
6.9
 
Consumer Discretionary
5.7
 
Communication Services
3.0
 
Health Care
0.8
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.8%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
VerticalScope Holdings, Inc. (a)
 
335,500
859,272
Media - 1.3%
 
 
 
Quebecor, Inc.:
 
 
 
 Class A
 
2,128,200
54,836,670
 Class B (sub. vtg.)
 
453,500
11,705,277
 
 
 
66,541,947
Wireless Telecommunication Services - 1.5%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.)
 
1,630,200
80,544,406
TOTAL COMMUNICATION SERVICES
 
 
147,945,625
CONSUMER DISCRETIONARY - 5.7%
 
 
 
Automobile Components - 0.8%
 
 
 
Magna International, Inc. Class A (sub. vtg.)
 
799,600
41,690,035
Broadline Retail - 2.5%
 
 
 
Dollarama, Inc. (b)
 
2,136,700
132,348,130
Hotels, Restaurants & Leisure - 2.1%
 
 
 
Restaurant Brands International, Inc.
 
1,552,400
108,828,986
Specialty Retail - 0.1%
 
 
 
Diversified Royalty Corp. (b)
 
3,280,500
7,215,478
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Canada Goose Holdings, Inc. (a)(b)
 
398,383
7,809,759
TOTAL CONSUMER DISCRETIONARY
 
 
297,892,388
CONSUMER STAPLES - 6.9%
 
 
 
Beverages - 0.1%
 
 
 
GURU Organic Energy Corp. (a)(c)
 
1,843,396
3,741,624
Consumer Staples Distribution & Retail - 6.6%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (b)
 
5,300,000
264,520,796
Metro, Inc.
 
584,000
33,285,220
Neighbourly Pharmacy, Inc. (b)
 
840,375
13,180,772
North West Co., Inc. (b)
 
1,242,000
36,429,922
 
 
 
347,416,710
Personal Care Products - 0.2%
 
 
 
Jamieson Wellness, Inc. (d)
 
422,900
10,444,133
TOTAL CONSUMER STAPLES
 
 
361,602,467
ENERGY - 18.3%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Computer Modelling Group Ltd.
 
2,590,600
13,556,744
Pason Systems, Inc.
 
3,017,200
26,278,156
 
 
 
39,834,900
Oil, Gas & Consumable Fuels - 17.5%
 
 
 
Cameco Corp. (b)
 
1,471,800
40,465,402
Canadian Natural Resources Ltd.
 
4,905,000
298,894,195
Enbridge, Inc.
 
3,526,600
140,220,646
Parkland Corp. (b)
 
2,848,600
67,175,532
PrairieSky Royalty Ltd. (b)
 
10,382,180
163,834,379
Suncor Energy, Inc.
 
6,642,400
207,971,811
 
 
 
918,561,965
TOTAL ENERGY
 
 
958,396,865
FINANCIALS - 29.8%
 
 
 
Banks - 18.1%
 
 
 
Bank of Montreal (b)
 
2,491,000
224,545,765
Bank of Nova Scotia (b)
 
1,578,700
78,803,913
Royal Bank of Canada (b)
 
2,500,300
248,230,692
The Toronto-Dominion Bank (b)
 
6,471,830
392,030,914
 
 
 
943,611,284
Capital Markets - 5.3%
 
 
 
Brookfield Asset Management Ltd. Class A
 
2,728,272
91,462,608
Brookfield Corp. (Canada) Class A
 
3,412,188
110,713,204
TMX Group Ltd.
 
745,900
75,545,188
 
 
 
277,721,000
Insurance - 6.4%
 
 
 
Definity Financial Corp.
 
2,551,524
69,209,512
Intact Financial Corp.
 
711,800
107,669,699
Sun Life Financial, Inc. (b)
 
3,246,200
159,237,150
 
 
 
336,116,361
TOTAL FINANCIALS
 
 
1,557,448,645
HEALTH CARE - 0.8%
 
 
 
Health Care Providers & Services - 0.8%
 
 
 
Andlauer Healthcare Group, Inc.
 
814,170
30,953,904
dentalcorp Holdings Ltd. (a)(b)
 
1,424,571
9,326,453
 
 
 
40,280,357
INDUSTRIALS - 14.9%
 
 
 
Commercial Services & Supplies - 2.7%
 
 
 
GFL Environmental, Inc. (b)
 
3,917,614
142,293,084
Ground Transportation - 9.9%
 
 
 
Canadian National Railway Co.
 
1,325,700
158,025,280
Canadian Pacific Kansas City Ltd.
 
4,578,221
360,891,614
 
 
 
518,916,894
Professional Services - 2.3%
 
 
 
Thomson Reuters Corp.
 
917,000
120,583,622
TOTAL INDUSTRIALS
 
 
781,793,600
INFORMATION TECHNOLOGY - 7.4%
 
 
 
IT Services - 2.8%
 
 
 
Shopify, Inc. Class A (a)
 
2,982,100
144,477,281
Software - 4.6%
 
 
 
ApplyBoard, Inc. (a)(e)(f)
 
10,248
593,872
ApplyBoard, Inc. (non-vtg.) (a)(e)(f)
 
2,527
146,440
Constellation Software, Inc.
 
103,200
201,991,234
Dye & Durham Ltd.
 
2,495,400
26,559,153
Enghouse Systems Ltd.
 
206,100
5,672,561
Lumine Group, Inc.
 
485,740
6,542,979
 
 
 
241,506,239
TOTAL INFORMATION TECHNOLOGY
 
 
385,983,520
MATERIALS - 12.5%
 
 
 
Chemicals - 2.8%
 
 
 
Nutrien Ltd.
 
2,130,678
147,811,511
Containers & Packaging - 1.2%
 
 
 
CCL Industries, Inc.:
 
 
 
 Class A
 
157,800
7,395,874
 Class B (b)
 
1,123,200
52,816,970
 
 
 
60,212,844
Metals & Mining - 8.0%
 
 
 
Franco-Nevada Corp.
 
1,352,381
205,205,363
Lundin Mining Corp.
 
5,608,500
42,844,577
Triple Flag Precious Metals Corp.
 
1,025,800
16,588,757
Wheaton Precious Metals Corp.
 
3,168,800
156,352,570
 
 
 
420,991,267
Paper & Forest Products - 0.5%
 
 
 
Stella-Jones, Inc.
 
569,900
22,302,172
Western Forest Products, Inc.
 
5,724,300
4,394,045
 
 
 
26,696,217
TOTAL MATERIALS
 
 
655,711,839
 
TOTAL COMMON STOCKS
  (Cost $3,784,315,105)
 
 
 
5,187,055,306
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.0%
 
 
 
Software - 0.0%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(e)(f)
 
12,606
730,518
 Series A2 (a)(e)(f)
 
9,868
571,851
 Series A3 (a)(e)(f)
 
563
32,626
 Series D (a)(e)(f)
 
27,521
1,594,842
 Series Seed (a)(e)(f)
 
3,768
218,356
(Cost $4,705,692)
 
 
3,148,193
 
 
 
 
Convertible Bonds - 0.2%
 
 
Principal
Amount (g)
 
Value ($)
 
COMMUNICATION SERVICES - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Cineplex, Inc. 5.75% 9/30/25 (d)
 
  (Cost $8,491,643)
 
CAD
12,287,000
9,158,683
 
 
 
 
Money Market Funds - 15.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (h)
 
12,139,355
12,141,783
Fidelity Securities Lending Cash Central Fund 4.88% (h)(i)
 
793,343,645
793,422,979
 
TOTAL MONEY MARKET FUNDS
  (Cost $805,564,762)
 
 
805,564,762
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 114.7%
  (Cost $4,603,077,202)
 
 
 
6,004,926,944
NET OTHER ASSETS (LIABILITIES) - (14.7)%  
(770,988,210)
NET ASSETS - 100.0%
5,233,938,734
 
 
 
 
Currency Abbreviations
         CAD
-
Canadian dollar
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,602,816 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 $3,888,505 or 0.1% of net assets.
 
(f)
Level 3 security
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ApplyBoard, Inc.
6/04/21 - 6/30/21
524,312
 
 
 
ApplyBoard, Inc. (non-vtg.)
6/30/21
269,861
 
 
 
ApplyBoard, Inc. Series A1
6/04/21
816,255
 
 
 
ApplyBoard, Inc. Series A2
6/04/21
638,966
 
 
 
ApplyBoard, Inc. Series A3
6/04/21
36,455
 
 
 
ApplyBoard, Inc. Series D
6/04/21
2,970,033
 
 
 
ApplyBoard, Inc. Series Seed
6/04/21
243,983
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
4,119,421
107,352,585
99,330,223
135,472
-
-
12,141,783
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
772,969,944
3,446,884,082
3,426,431,047
1,030,246
-
-
793,422,979
2.4%
Total
777,089,365
3,554,236,667
3,525,761,270
1,165,718
-
-
805,564,762
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
GURU Organic Energy Corp.
5,007,698
-
86,726
-
(183,896)
(995,452)
3,741,624
Total
5,007,698
-
86,726
-
(183,896)
(995,452)
3,741,624
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
147,945,625
147,945,625
-
-
Consumer Discretionary
297,892,388
297,892,388
-
-
Consumer Staples
361,602,467
361,602,467
-
-
Energy
958,396,865
958,396,865
-
-
Financials
1,557,448,645
1,557,448,645
-
-
Health Care
40,280,357
40,280,357
-
-
Industrials
781,793,600
781,793,600
-
-
Information Technology
389,131,713
385,243,208
-
3,888,505
Materials
655,711,839
655,711,839
-
-
 Corporate Bonds
9,158,683
-
9,158,683
-
  Money Market Funds
805,564,762
805,564,762
-
-
 Total Investments in Securities:
6,004,926,944
5,991,879,756
9,158,683
3,888,505
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $757,223,836) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,784,086,733)
$
5,195,620,558
 
 
Fidelity Central Funds (cost $805,564,762)
805,564,762
 
 
Other affiliated issuers (cost $13,425,707)
3,741,624
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,603,077,202)
 
 
$
6,004,926,944
Cash
 
 
139,799
Foreign currency held at value (cost $39,242,828)
 
 
39,145,432
Receivable for investments sold
 
 
11,841
Receivable for fund shares sold
 
 
654,534
Dividends receivable
 
 
7,998,292
Interest receivable
 
 
44,289
Distributions receivable from Fidelity Central Funds
 
 
239,235
  Total assets
 
 
6,053,160,366
Liabilities
 
 
 
 
Payable for investments purchased
$
1,495,683
 
 
Payable for fund shares redeemed
24,293,378
 
 
Other payables and accrued expenses
11,363
 
 
Collateral on securities loaned
793,421,208
 
 
  Total Liabilities
 
 
 
819,221,632
Net Assets  
 
 
$
5,233,938,734
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,793,862,766
Total accumulated earnings (loss)
 
 
 
1,440,075,968
Net Assets
 
 
$
5,233,938,734
Net Asset Value , offering price and redemption price per share ($5,233,938,734 ÷ 372,257,614 shares)
 
 
$
14.06
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
71,738,395
Non-Cash dividends
 
 
3,272,703
Interest  
 
 
479,148
Income from Fidelity Central Funds (including $1,030,246 from security lending)
 
 
1,165,718
 Income before foreign taxes withheld
 
 
$
76,655,964
Less foreign taxes withheld
 
 
(11,449,020)
 Total Income
 
 
 
65,206,944
Expenses
 
 
 
 
Custodian fees and expenses
$
23,747
 
 
Independent trustees' fees and expenses
17,292
 
 
Interest
109,028
 
 
 Total Expenses
 
 
 
150,067
Net Investment income (loss)
 
 
 
65,056,877
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
17,394,864
 
 
   Redemptions in-kind
 
40,743,911
 
 
   Affiliated issuers
 
(183,896)
 
 
 Foreign currency transactions
 
(1,765,050)
 
 
Total net realized gain (loss)
 
 
 
56,189,829
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
305,988,848
 
 
   Affiliated issuers
 
(995,452)
 
 
 Assets and liabilities in foreign currencies
 
(67,708)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
304,925,688
Net gain (loss)
 
 
 
361,115,517
Net increase (decrease) in net assets resulting from operations
 
 
$
426,172,394
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
65,056,877
$
133,720,673
Net realized gain (loss)
 
56,189,829
 
 
50,400,505
 
Change in net unrealized appreciation (depreciation)
 
304,925,688
 
(624,986,211)
 
Net increase (decrease) in net assets resulting from operations
 
426,172,394
 
 
(440,865,033)
 
Distributions to shareholders
 
(160,606,918)
 
 
(132,881,856)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
291,396,791
 
958,291,641
  Reinvestment of distributions
 
160,606,918
 
 
132,881,856
 
Cost of shares redeemed
 
(890,827,461)
 
(1,175,374,764)
  Net increase (decrease) in net assets resulting from share transactions
 
(438,823,752)
 
 
(84,201,267)
 
Total increase (decrease) in net assets
 
(173,258,276)
 
 
(657,948,156)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,407,197,010
 
6,065,145,166
 
End of period
$
5,233,938,734
$
5,407,197,010
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
21,259,270
 
67,737,438
  Issued in reinvestment of distributions
 
12,084,794
 
 
9,351,292
 
Redeemed
 
(65,491,321)
 
(83,298,959)
Net increase (decrease)
 
(32,147,257)
 
(6,210,229)
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Canada Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.37
$
14.77
$
9.77
$
10.89
$
9.99
$
10.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.32
 
.28
 
.27
 
.27
 
.26
     Net realized and unrealized gain (loss)
 
.93
 
(1.40)
 
4.97
 
(1.14)
 
.86
 
(.81)
  Total from investment operations
 
1.10  
 
(1.08)  
 
5.25  
 
(.87)  
 
1.13
 
(.55)
  Distributions from net investment income
 
(.40)
 
(.32)
 
(.25)
 
(.25)
 
(.23)
 
(.10)
  Distributions from net realized gain
 
(.01)
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.41)
 
(.32)
 
(.25)
 
(.25)
 
(.23)
 
(.12)
  Net asset value, end of period
$
14.06
$
13.37
$
14.77
$
9.77
$
10.89
$
9.99
 Total Return   C,D
 
8.40%
 
(7.45)%
 
54.40%
 
(8.22)%
 
11.62%
 
(5.26)%
 Ratios to Average Net Assets A,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% G
 
-% H
 
-% H
 
-% H
 
-% H
 
-% H
    Expenses net of fee waivers, if any
 
.01% G
 
-% H
 
-% H
 
-% H
 
-% H
 
-% H
    Expenses net of all reductions
 
.01% G
 
-% H
 
-% H
 
-% H
 
-% H
 
-% H
    Net investment income (loss)
 
2.46% G
 
2.29%
 
2.13%
 
2.70%
 
2.63%
 
2.42%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,233,939
$
5,407,197
$
6,065,145
$
3,914,417
$
1,916,409
$
1,385,499
    Portfolio turnover rate I
 
13% G,J
 
19% J
 
19%
 
14%
 
12% J
 
36%
 
A 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 mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
B Calculated based on average shares outstanding during the period.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E 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.
 
F 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.
 
G Annualized.
 
H Amount represents less than .005%.
 
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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Series Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, 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
$1,503,494,430
Gross unrealized depreciation
(159,068,690)
Net unrealized appreciation (depreciation)
$1,344,425,740
Tax cost
$4,660,501,204
 
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
328,270,984
779,433,480
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Canada Fund
6,298,392
40,743,911
85,154,321
 
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
$   114,444,000
4.29%
$109,028
 
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
  28,087,225
  18,885,418
  2,623,097
 
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Canada Fund
1,619,205
9,969,579
21,259,781
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series Canada Fund
$114,023
$   -
$-
 
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Canada Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,084.00
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9883883.105
SAD-SANN-0623
Fidelity® SAI Sustainable International Equity Fund
 
 
Semi-Annual Report
April 30, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
4.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
3.9
 
Sony Group Corp.  (Japan, Household Durables)
3.6
 
Nestle SA (Reg. S)  (United States of America, Food Products)
3.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.8
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.5
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
2.4
 
ORIX Corp.  (Japan, Financial Services)
2.4
 
Koninklijke KPN NV  (Netherlands, Diversified Telecommunication Services)
2.1
 
 
30.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.9
 
Health Care
14.5
 
Industrials
11.8
 
Consumer Discretionary
11.2
 
Information Technology
10.6
 
Consumer Staples
10.5
 
Materials
6.3
 
Utilities
4.7
 
Communication Services
2.4
 
Energy
1.4
 
Real Estate
0.7
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 97.0%
 
 
Shares
Value ($)
 
Australia - 1.7%
 
 
 
Bapcor Ltd.
 
8,011
34,957
EBOS Group Ltd.
 
1,403
38,503
TOTAL AUSTRALIA
 
 
73,460
Austria - 2.0%
 
 
 
Verbund AG
 
607
54,110
Wienerberger AG
 
1,195
35,948
TOTAL AUSTRIA
 
 
90,058
Belgium - 2.2%
 
 
 
KBC Group NV
 
557
39,759
UCB SA
 
608
56,558
TOTAL BELGIUM
 
 
96,317
China - 0.9%
 
 
 
Chervon Holdings Ltd.
 
7,483
38,080
Denmark - 5.8%
 
 
 
Novo Nordisk A/S Series B
 
1,164
193,637
ORSTED A/S (a)
 
458
41,071
Vestas Wind Systems A/S
 
797
22,053
TOTAL DENMARK
 
 
256,761
Finland - 1.4%
 
 
 
Neste OYJ
 
1,305
63,185
France - 12.8%
 
 
 
Air Liquide SA
 
253
45,512
AXA SA
 
2,405
78,500
BNP Paribas SA
 
1,256
81,154
Capgemini SA
 
159
28,891
Edenred SA
 
400
25,970
L'Oreal SA
 
161
76,772
LVMH Moet Hennessy Louis Vuitton SE
 
128
123,121
Pernod Ricard SA
 
393
90,680
Worldline SA (a)(b)
 
356
15,448
TOTAL FRANCE
 
 
566,048
Germany - 9.0%
 
 
 
Deutsche Borse AG
 
339
64,650
Deutsche Post AG
 
990
47,619
Gerresheimer AG
 
139
15,117
Merck KGaA
 
455
81,497
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
175
65,659
SAP SE
 
236
31,935
Siemens AG
 
544
89,669
TOTAL GERMANY
 
 
396,146
Hong Kong - 4.3%
 
 
 
AIA Group Ltd.
 
10,003
108,903
Hang Seng Bank Ltd.
 
3,154
46,751
Prudential PLC
 
2,285
34,963
TOTAL HONG KONG
 
 
190,617
India - 1.4%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
865
60,377
Ireland - 2.6%
 
 
 
CRH PLC
 
1,436
69,691
Dalata Hotel Group PLC (b)
 
8,928
44,811
TOTAL IRELAND
 
 
114,502
Italy - 0.5%
 
 
 
Carel Industries SpA (a)
 
841
22,055
Japan - 16.0%
 
 
 
FUJIFILM Holdings Corp.
 
1,427
74,375
Fujitsu Ltd.
 
334
44,515
Hitachi Ltd.
 
1,671
92,431
Hoya Corp.
 
734
76,964
Itochu Corp.
 
3,214
106,624
ORIX Corp.
 
6,150
104,627
Persol Holdings Co. Ltd.
 
1,196
24,661
Sony Group Corp.
 
1,775
160,591
TIS, Inc.
 
671
18,425
TOTAL JAPAN
 
 
703,213
Kenya - 0.2%
 
 
 
Safaricom Ltd.
 
84,934
10,304
Korea (South) - 0.5%
 
 
 
SK Hynix, Inc.
 
316
21,270
Netherlands - 7.4%
 
 
 
ASML Holding NV (Netherlands)
 
206
130,180
BE Semiconductor Industries NV
 
124
11,114
Heineken NV (Bearer)
 
334
38,294
ING Groep NV (Certificaten Van Aandelen)
 
4,326
53,388
Koninklijke KPN NV
 
25,909
94,487
TOTAL NETHERLANDS
 
 
327,463
New Zealand - 0.8%
 
 
 
Contact Energy Ltd.
 
7,135
34,605
Norway - 2.1%
 
 
 
DNB Bank ASA
 
5,029
88,339
Schibsted ASA (A Shares)
 
193
3,419
TOTAL NORWAY
 
 
91,758
Singapore - 0.9%
 
 
 
United Overseas Bank Ltd.
 
1,760
37,379
Spain - 1.4%
 
 
 
CaixaBank SA
 
3,467
12,833
EDP Renovaveis SA
 
404
8,975
Iberdrola SA
 
3,141
40,701
TOTAL SPAIN
 
 
62,509
Sweden - 3.4%
 
 
 
Boliden AB
 
2,059
73,525
Instalco AB
 
1,015
5,325
Investor AB (B Shares)
 
925
19,826
Lagercrantz Group AB (B Shares)
 
1,022
13,135
Nibe Industrier AB (B Shares)
 
3,408
38,051
TOTAL SWEDEN
 
 
149,862
Taiwan - 1.9%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
5,033
82,361
United Kingdom - 13.0%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,177
173,211
Barratt Developments PLC
 
3,328
20,912
Beazley PLC
 
1,929
14,437
Big Yellow Group PLC
 
451
6,938
Bunzl PLC
 
362
14,394
Compass Group PLC
 
2,660
70,173
Diageo PLC
 
1,752
79,919
Endava PLC ADR (b)
 
163
9,384
Grainger Trust PLC
 
6,531
21,225
Impax Asset Management Group PLC
 
492
4,848
National Grid PLC
 
2,102
30,138
NatWest Group PLC
 
15,726
51,803
Reckitt Benckiser Group PLC
 
492
39,758
Renewi PLC (b)
 
682
5,143
Smart Metering Systems PLC
 
3,116
31,054
TOTAL UNITED KINGDOM
 
 
573,337
United States of America - 4.8%
 
 
 
Ferguson PLC
 
147
20,682
Linde PLC
 
140
51,723
Nestle SA (Reg. S)
 
1,079
138,424
TOTAL UNITED STATES OF AMERICA
 
 
210,829
 
TOTAL COMMON STOCKS
  (Cost $3,995,346)
 
 
 
4,272,496
 
 
 
 
Money Market Funds - 3.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
  (Cost $163,209)
 
 
163,176
163,209
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
  (Cost $4,158,555)
 
 
 
4,435,705
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(29,030)
NET ASSETS - 100.0%
4,406,675
 
 
 
 
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 $78,574 or 1.8% 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.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
102,083
1,278,339
1,217,213
3,053
-
-
163,209
0.0%
Total
102,083
1,278,339
1,217,213
3,053
-
-
163,209
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
108,210
13,723
94,487
-
Consumer Discretionary
492,645
65,723
426,922
-
Consumer Staples
463,847
205,746
258,101
-
Energy
63,185
63,185
-
-
Financials
1,009,614
388,051
621,563
-
Health Care
635,487
153,172
482,315
-
Industrials
519,761
136,704
383,057
-
Information Technology
465,585
192,704
272,881
-
Materials
276,399
161,196
115,203
-
Real Estate
28,163
28,163
-
-
Utilities
209,600
104,156
105,444
-
  Money Market Funds
163,209
163,209
-
-
 Total Investments in Securities:
4,435,705
1,675,732
2,759,973
-
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,995,346)
$
4,272,496
 
 
Fidelity Central Funds (cost $163,209)
163,209
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,158,555)
 
 
$
4,435,705
Cash
 
 
39,062
Foreign currency held at value (cost $1,360)
 
 
1,355
Receivable for investments sold
 
 
6
Dividends receivable
 
 
21,221
Reclaims receivable
 
 
3,120
Distributions receivable from Fidelity Central Funds
 
 
668
Prepaid expenses
 
 
1
Receivable from investment adviser for expense reductions
 
 
9,457
  Total assets
 
 
4,510,595
Liabilities
 
 
 
 
Payable for investments purchased
$
66,690
 
 
Accrued management fee
2,398
 
 
Audit fee payable
24,624
 
 
Custody fee payable
10,208
 
 
  Total Liabilities
 
 
 
103,920
Net Assets  
 
 
$
4,406,675
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,239,772
Total accumulated earnings (loss)
 
 
 
166,903
Net Assets
 
 
$
4,406,675
Net Asset Value , offering price and redemption price per share ($4,406,675 ÷ 452,001 shares)
 
 
$
9.75
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
51,263
Income from Fidelity Central Funds  
 
 
3,053
 Income before foreign taxes withheld
 
 
$
54,316
Less foreign taxes withheld
 
 
(6,481)
 Total Income
 
 
 
47,835
Expenses
 
 
 
 
Management fee
$
11,337
 
 
Custodian fees and expenses
14,321
 
 
Independent trustees' fees and expenses
7
 
 
Registration fees
28,007
 
 
Audit
22,408
 
 
Legal
2
 
 
Miscellaneous
480
 
 
 Total expenses before reductions
 
76,562
 
 
 Expense reductions
 
(64,240)
 
 
 Total expenses after reductions
 
 
 
12,322
Net Investment income (loss)
 
 
 
35,513
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(57,263)
 
 
 Foreign currency transactions
 
1,765
 
 
Total net realized gain (loss)
 
 
 
(55,498)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
597,900
 
 
 Assets and liabilities in foreign currencies
 
113
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
598,013
Net gain (loss)
 
 
 
542,515
Net increase (decrease) in net assets resulting from operations
 
 
$
578,028
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
35,513
$
18,247
Net realized gain (loss)
 
(55,498)
 
 
(91,225)
 
Change in net unrealized appreciation (depreciation)
 
598,013
 
(320,866)
 
Net increase (decrease) in net assets resulting from operations
 
578,028
 
 
(393,844)
 
Distributions to shareholders
 
(17,379)
 
 
-
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,801,367
 
2,599,216
  Reinvestment of distributions
 
16,766
 
 
-
 
Cost of shares redeemed
 
(157,789)
 
(19,690)
  Net increase (decrease) in net assets resulting from share transactions
 
1,660,344
 
 
2,579,526
 
Total increase (decrease) in net assets
 
2,220,993
 
 
2,185,682
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,185,682
 
-
 
End of period
$
4,406,675
$
2,185,682
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
196,167
 
273,624
  Issued in reinvestment of distributions
 
1,851
 
 
-
 
Redeemed
 
(17,271)
 
(2,370)
Net increase (decrease)
 
180,747
 
271,254
 
 
 
 
 
 
Financial Highlights
Fidelity SAI Sustainable International Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
8.06
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.08
     Net realized and unrealized gain (loss)
 
1.65
 
(2.02)
  Total from investment operations
 
1.75  
 
(1.94)  
  Distributions from net investment income
 
(.06)
 
-
     Total distributions
 
(.06)
 
-
  Net asset value, end of period
$
9.75
$
8.06
 Total Return   D,E
 
21.73%
 
(19.40)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
4.58% H
 
5.78% H,I
    Expenses net of fee waivers, if any
 
.74% H
 
.75% H
    Expenses net of all reductions
 
.74% H
 
.68% H
    Net investment income (loss)
 
2.12% H
 
1.79% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,407
$
2,186
    Portfolio turnover rate J
 
50% H
 
51% H
 
A For the period April 14, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity SAI Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency.   Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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
$381,729
Gross unrealized depreciation
(120,095)
Net unrealized appreciation (depreciation)
$261,634
Tax cost
$4,174,071
 
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
$(82,536)
Total capital loss carryforward
$(82,536)
 
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
2,410,187
803,960
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .68% of the Fund's average net assets.
 
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
131,907
31,660
497
 
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.
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through February 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 $64,041.
 
Through arrangements with the Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $121.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $78.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity SAI Sustainable International Equity Fund  
45%
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable International Equity Fund
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,217.30
 
$ 4.07
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.12
 
$ 3.71
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9904872.101
IEE-SANN-0623
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
Semi-Annual Report
April 30, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
8.9
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.4
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.3
 
Reliance Industries Ltd. GDR  (India, Oil, Gas & Consumable Fuels)
2.6
 
Wal-Mart de Mexico SA de CV Series V  (Mexico, Consumer Staples Distribution & Retail)
2.4
 
China Construction Bank Corp. (H Shares)  (China, Banks)
2.3
 
LG Chemical Ltd.  (Korea (South), Chemicals)
1.9
 
Ping An Insurance Group Co. of China Ltd. (H Shares) (China, Insurance)
1.8
 
NetEase, Inc. ADR  (China, Entertainment)
1.8
 
 
36.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.0
 
Information Technology
19.7
 
Consumer Discretionary
13.4
 
Communication Services
12.5
 
Consumer Staples
7.5
 
Industrials
5.4
 
Health Care
5.1
 
Materials
4.9
 
Energy
2.6
 
Utilities
1.7
 
 
Asset Allocation (% of Fund's net assets)
Futures - 3.3%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 92.1%
 
 
Shares
Value ($)
 
Brazil - 3.9%
 
 
 
Azul SA sponsored ADR (a)
 
1,565
10,188
Hapvida Participacoes e Investimentos SA (a)(b)
 
35,999
19,920
Localiza Rent a Car SA
 
2,171
25,250
Localiza Rent a Car SA rights 5/11/23 (a)
 
5
17
Lojas Renner SA
 
4,715
14,974
Natura & Co. Holding SA
 
3,753
8,322
Pet Center Comercio e Participacoes SA
 
11,337
14,024
Raia Drogasil SA
 
4,279
22,545
TOTAL BRAZIL
 
 
115,240
China - 31.1%
 
 
 
Alibaba Group Holding Ltd. (a)
 
8,488
89,749
Alibaba Group Holding Ltd. sponsored ADR (a)
 
109
9,231
Baidu, Inc. sponsored ADR (a)
 
92
11,096
BeiGene Ltd. ADR (a)
 
23
5,864
Bilibili, Inc. ADR (a)
 
566
11,524
BYD Co. Ltd. (H Shares)
 
596
18,074
China Construction Bank Corp. (H Shares)
 
103,359
69,098
China Life Insurance Co. Ltd. (H Shares)
 
6,492
12,472
China Merchants Bank Co. Ltd. (H Shares)
 
1,328
6,410
China Resources Beer Holdings Co. Ltd.
 
2,748
21,228
Contemporary Amperex Technology Co. Ltd.
 
219
7,345
ENN Energy Holdings Ltd.
 
1,892
25,942
Haier Smart Home Co. Ltd.
 
6,221
20,278
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
2,228
4,065
JD.com, Inc. sponsored ADR
 
522
18,646
Kunlun Energy Co. Ltd.
 
14,928
13,838
Kweichow Moutai Co. Ltd. (A Shares)
 
63
16,075
Li Auto, Inc. ADR (a)
 
556
13,066
Li Ning Co. Ltd.
 
999
7,144
Meituan Class B (a)(b)
 
2,946
50,348
NetEase, Inc. ADR
 
606
54,013
New Horizon Health Ltd. (a)(b)
 
3,071
11,020
PDD Holdings, Inc. ADR (a)
 
422
28,759
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
7,478
54,556
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
824
37,253
Shenzhou International Group Holdings Ltd.
 
1,949
18,720
Silergy Corp.
 
287
4,527
Sinopharm Group Co. Ltd. (H Shares)
 
2,000
7,085
Sinotruk Hong Kong Ltd.
 
12,215
18,667
Sunny Optical Technology Group Co. Ltd.
 
970
10,250
Tencent Holdings Ltd.
 
3,898
173,134
Trip.com Group Ltd. ADR (a)
 
904
32,101
Wuliangye Yibin Co. Ltd. (A Shares)
 
456
11,167
Wuxi Biologics (Cayman), Inc. (a)(b)
 
2,763
16,475
Zai Lab Ltd. ADR (a)
 
329
11,508
Zijin Mining Group Co. Ltd. (H Shares)
 
4,357
7,377
TOTAL CHINA
 
 
928,105
Hungary - 0.6%
 
 
 
OTP Bank PLC
 
215
6,541
Richter Gedeon PLC
 
498
12,018
TOTAL HUNGARY
 
 
18,559
India - 13.7%
 
 
 
Axis Bank Ltd.
 
1,741
18,397
Axis Bank Ltd. sponsored GDR (Reg. S)
 
52
2,746
Bharti Airtel Ltd.
 
2,649
25,959
HDFC Bank Ltd. sponsored ADR
 
764
53,327
HDFC Standard Life Insurance Co. Ltd. (b)
 
2,621
17,034
Hindustan Unilever Ltd.
 
900
27,118
Housing Development Finance Corp. Ltd.
 
1,031
35,165
ICICI Bank Ltd.
 
2,686
30,333
Infosys Ltd. sponsored ADR
 
2,233
34,701
Larsen & Toubro Ltd.
 
1,341
38,920
NTPC Ltd.
 
3,965
8,372
Reliance Industries Ltd.
 
851
25,299
Reliance Industries Ltd. GDR (b)
 
899
53,580
SRF Ltd.
 
205
6,395
Tata Consultancy Services Ltd.
 
193
7,639
Tata Steel Ltd.
 
6,818
9,049
Ultratech Cement Ltd.
 
151
13,993
TOTAL INDIA
 
 
408,027
Indonesia - 3.5%
 
 
 
PT Bank Central Asia Tbk
 
73,470
45,467
PT Bank Mandiri (Persero) Tbk
 
71,760
25,367
PT Bank Rakyat Indonesia (Persero) Tbk
 
65,839
22,944
PT Telkom Indonesia Persero Tbk
 
38,409
11,125
TOTAL INDONESIA
 
 
104,903
Korea (South) - 13.1%
 
 
 
Db Insurance Co. Ltd.
 
276
17,357
Hansol Chemical Co. Ltd.
 
70
11,672
Hyundai Fire & Marine Insurance Co. Ltd.
 
839
23,580
Hyundai Motor Co. Ltd.
 
271
40,159
JYP Entertainment Corp.
 
98
6,632
KB Financial Group, Inc.
 
313
11,622
LG Chemical Ltd.
 
104
57,793
LG Energy Solution (a)
 
27
11,772
LG H & H Co. Ltd.
 
13
6,073
LG Innotek Co. Ltd.
 
22
4,380
NAVER Corp.
 
74
10,725
Samsung Electronics Co. Ltd.
 
3,290
161,946
SK Hynix, Inc.
 
428
28,809
TOTAL KOREA (SOUTH)
 
 
392,520
Malaysia - 0.2%
 
 
 
Press Metal Aluminium Holdings
 
4,977
5,767
Mexico - 5.3%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
1,019
6,114
Grupo Aeroportuario Norte S.A.B. de CV
 
2,944
32,362
Grupo Financiero Banorte S.A.B. de CV Series O
 
5,682
49,136
Wal-Mart de Mexico SA de CV Series V
 
17,667
71,230
TOTAL MEXICO
 
 
158,842
Peru - 0.3%
 
 
 
Credicorp Ltd. (United States)
 
66
8,942
Saudi Arabia - 1.1%
 
 
 
Al Rajhi Bank
 
430
8,805
Dr Sulaiman Al Habib Medical Services Group Co.
 
332
25,404
TOTAL SAUDI ARABIA
 
 
34,209
Singapore - 1.4%
 
 
 
Sea Ltd. ADR (a)
 
541
41,208
South Africa - 4.3%
 
 
 
Absa Group Ltd.
 
3,115
30,250
Bid Corp. Ltd.
 
960
21,848
Gold Fields Ltd. sponsored ADR
 
712
11,079
Impala Platinum Holdings Ltd.
 
1,432
13,942
MTN Group Ltd.
 
3,643
25,555
Naspers Ltd. Class N
 
146
26,029
TOTAL SOUTH AFRICA
 
 
128,703
Taiwan - 13.0%
 
 
 
Chailease Holding Co. Ltd.
 
3,229
23,501
E.SUN Financial Holdings Co. Ltd.
 
8,006
6,506
eMemory Technology, Inc.
 
328
19,598
HIWIN Technologies Corp.
 
2,754
21,139
Hon Hai Precision Industry Co. Ltd. (Foxconn) GDR (Reg. S)
 
3,092
21,180
MediaTek, Inc.
 
1,378
29,942
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
3,153
265,802
TOTAL TAIWAN
 
 
387,668
Thailand - 0.6%
 
 
 
CP ALL PCL (For. Reg.)
 
7,394
14,053
Thai Beverage PCL
 
7,749
3,724
TOTAL THAILAND
 
 
17,777
 
TOTAL COMMON STOCKS
  (Cost $2,719,500)
 
 
 
2,750,470
 
 
 
 
Nonconvertible Preferred Stocks - 1.7%
 
 
Shares
Value ($)
 
Brazil - 1.7%
 
 
 
Banco Bradesco SA (PN)
 
2,162
6,003
Itau Unibanco Holding SA
 
8,736
45,398
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $52,651)
 
 
 
51,401
 
 
 
 
Government Obligations - 0.3%
 
 
Principal
Amount (c)
 
Value ($)
 
United States of America - 0.3%
 
 
 
U.S. Treasury Bills, yield at date of purchase 4.74% 5/18/23 (d)
  (Cost $9,978)
 
10,000
9,979
 
 
 
 
Money Market Funds - 7.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
  (Cost $223,332)
 
 
223,287
223,332
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
  (Cost $3,005,461)
 
 
 
3,035,182
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(47,031)
NET ASSETS - 100.0%
2,988,151
 
 
 
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)
2
Jun 2023
98,420
(1,346)
(1,346)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 3.3%
 
 
 
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 $172,442 or 5.8% of net assets.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $9,979.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
56,344
972,712
805,724
3,519
-
-
223,332
0.0%
Total
56,344
972,712
805,724
3,519
-
-
223,332
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
370,971
143,396
227,575
-
Consumer Discretionary
401,302
156,830
244,472
-
Consumer Staples
223,383
123,945
99,438
-
Energy
78,879
53,580
25,299
-
Financials
630,957
211,148
419,809
-
Health Care
150,612
74,714
75,898
-
Industrials
165,660
67,817
97,843
-
Information Technology
588,774
321,683
267,091
-
Materials
143,181
17,193
125,988
-
Utilities
48,152
-
48,152
-
 Government Obligations
9,979
-
9,979
-
  Money Market Funds
223,332
223,332
-
-
 Total Investments in Securities:
3,035,182
1,393,638
1,641,544
-
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(1,346)
(1,346)
-
-
  Total Liabilities
(1,346)
(1,346)
-
-
 Total Derivative Instruments:
(1,346)
(1,346)
-
-
 
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, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
0
(1,346)
Total Equity Risk
0
(1,346)
Total Value of Derivatives
0
(1,346)
 
(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).
 
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,782,129)
$
2,811,850
 
 
Fidelity Central Funds (cost $223,332)
223,332
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,005,461)
 
 
$
3,035,182
Cash
 
 
2,862
Foreign currency held at value (cost $8,962)
 
 
8,963
Dividends receivable
 
 
2,510
Distributions receivable from Fidelity Central Funds
 
 
766
Receivable for daily variation margin on futures contracts
 
 
500
Prepaid expenses
 
 
1
Receivable from investment adviser for expense reductions
 
 
11,495
Other receivables
 
 
18
  Total assets
 
 
3,062,297
Liabilities
 
 
 
 
Payable for investments purchased
$
31,088
 
 
Accrued management fee
1,914
 
 
Audit fee payable
27,088
 
 
Deferred independent trustees' fees payable
13,826
 
 
Other payables and accrued expenses
230
 
 
  Total Liabilities
 
 
 
74,146
Net Assets  
 
 
$
2,988,151
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,153,611
Total accumulated earnings (loss)
 
 
 
(165,460)
Net Assets
 
 
$
2,988,151
Net Asset Value , offering price and redemption price per share ($2,988,151 ÷ 331,213 shares)
 
 
$
9.02
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
22,070
Non-Cash dividends
 
 
6,765
Interest  
 
 
194
Income from Fidelity Central Funds  
 
 
3,519
 Income before foreign taxes withheld
 
 
$
32,548
Less foreign taxes withheld
 
 
(3,160)
 Total Income
 
 
 
29,388
Expenses
 
 
 
 
Management fee
$
9,870
 
 
Custodian fees and expenses
21,390
 
 
Independent trustees' fees and expenses
6
 
 
Registration fees
30,109
 
 
Audit
25,259
 
 
Legal
2
 
 
Miscellaneous
2
 
 
 Total expenses before reductions
 
86,638
 
 
 Expense reductions
 
(74,821)
 
 
 Total expenses after reductions
 
 
 
11,817
Net Investment income (loss)
 
 
 
17,571
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(78,681)
 
 
 Foreign currency transactions
 
(3,200)
 
 
 Futures contracts
 
8,939
 
 
Total net realized gain (loss)
 
 
 
(72,942)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $233)
 
410,835
 
 
 Assets and liabilities in foreign currencies
 
(16)
 
 
 Futures contracts
 
(1,346)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
409,473
Net gain (loss)
 
 
 
336,531
Net increase (decrease) in net assets resulting from operations
 
 
$
354,102
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
17,571
$
12,746
Net realized gain (loss)
 
(72,942)
 
 
(131,753)
 
Change in net unrealized appreciation (depreciation)
 
409,473
 
(381,337)
 
Net increase (decrease) in net assets resulting from operations
 
354,102
 
 
(500,344)
 
Distributions to shareholders
 
(19,218)
 
 
-
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
961,168
 
2,279,784
  Reinvestment of distributions
 
18,756
 
 
-
 
Cost of shares redeemed
 
(98,928)
 
(7,169)
  Net increase (decrease) in net assets resulting from share transactions
 
880,996
 
 
2,272,615
 
Total increase (decrease) in net assets
 
1,215,880
 
 
1,772,271
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,772,271
 
-
 
End of period
$
2,988,151
$
1,772,271
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
106,977
 
233,926
  Issued in reinvestment of distributions
 
2,130
 
 
-
 
Redeemed
 
(10,942)
 
(878)
Net increase (decrease)
 
98,165
 
233,048
 
 
 
 
 
 
Financial Highlights
Fidelity SAI Sustainable Emerging Markets Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.60
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.06
 
.06
     Net realized and unrealized gain (loss)
 
1.44
 
(2.46)
  Total from investment operations
 
1.50  
 
(2.40)  
  Distributions from net investment income
 
(.08)
 
-
     Total distributions
 
(.08)
 
-
  Net asset value, end of period
$
9.02
$
7.60
 Total Return   D,E
 
19.71%
 
(24.00)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
6.83% H
 
6.38% H,I
    Expenses net of fee waivers, if any
 
.94% H
 
.96% H
    Expenses net of all reductions
 
.93% H
 
.96% H
    Net investment income (loss)
 
1.38% H
 
1.27% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,988
$
1,772
    Portfolio turnover rate J
 
103% H
 
74% H
 
A For the period April 14, 2022 (commencement of operations) through October 31, 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 mutual funds or ETFs 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 Audit fees are not annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity SAI Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.
 
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, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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, futures contacts, passive foreign investment companies (PFIC),capital loss carryforwards and losses deferred due to wash sale.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$175,698
Gross unrealized depreciation
(174,134)
Net unrealized appreciation (depreciation)
$1,564
Tax cost
$3,032,272
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(85,372)
Long-term
(7,516)
Total capital loss carryforward
$(92,888)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Sustainable Emerging Markets Equity Fund
1,958,197
1,215,176
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .78% 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
$5
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity SAI Sustainable Emerging Markets Equity Fund
  21,139
  36,627
  (4,919)
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund 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. During the period this reimbursement reduced the Fund's expenses by $74,593.
 
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 $169.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $59.
 
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity SAI Sustainable Emerging Markets Equity Fund  
  61%
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,197.10
 
$ 5.12
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.13
 
$ 4.71
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9905648.101
ESP-SANN-0623
Fidelity® SAI International SMA Completion Fund
 
 
Semi-Annual Report
April 30, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
5.3
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
4.9
 
Minebea Mitsumi, Inc.  (Japan, Machinery)
4.5
 
Constellation Software, Inc.  (Canada, Software)
4.1
 
Hannover Reuck SE  (Germany, Insurance)
3.9
 
Investor AB (B Shares)  (Sweden, Financial Services)
3.8
 
Indutrade AB  (Sweden, Machinery)
3.8
 
Housing Development Finance Corp. Ltd.  (India, Financial Services)
3.5
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
3.4
 
B&M European Value Retail SA  (United Kingdom, Broadline Retail)
3.3
 
 
40.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.8
 
Industrials
21.3
 
Information Technology
19.1
 
Consumer Discretionary
10.1
 
Energy
6.0
 
Health Care
3.9
 
Materials
3.7
 
Communication Services
2.7
 
Real Estate
1.4
 
Consumer Staples
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 91.6%
 
 
Shares
Value ($)
 
Australia - 1.8%
 
 
 
Aristocrat Leisure Ltd.
 
359,137
9,084,540
Canada - 6.8%
 
 
 
Constellation Software, Inc.
 
10,836
21,209,080
Lumine Group, Inc.
 
32,512
437,941
Tourmaline Oil Corp.
 
302,879
13,607,591
TOTAL CANADA
 
 
35,254,612
China - 2.9%
 
 
 
Anta Sports Products Ltd.
 
398,089
4,946,744
Chervon Holdings Ltd.
 
526,600
2,679,800
Kweichow Moutai Co. Ltd. (A Shares)
 
11,800
3,010,823
Li Ning Co. Ltd.
 
635,337
4,543,688
TOTAL CHINA
 
 
15,181,055
France - 5.9%
 
 
 
Capgemini SA
 
51,685
9,391,336
Edenred SA
 
36,806
2,389,591
Sartorius Stedim Biotech
 
22,279
5,953,188
Teleperformance
 
63,574
12,665,436
TOTAL FRANCE
 
 
30,399,551
Germany - 3.9%
 
 
 
Hannover Reuck SE
 
93,982
20,048,977
India - 8.0%
 
 
 
Axis Bank Ltd.
 
518,478
5,478,782
Housing Development Finance Corp. Ltd.
 
534,392
18,226,938
Reliance Industries Ltd.
 
584,671
17,381,387
TOTAL INDIA
 
 
41,087,107
Indonesia - 4.7%
 
 
 
PT Bank Central Asia Tbk
 
21,605,187
13,370,403
PT Bank Rakyat Indonesia (Persero) Tbk
 
31,170,438
10,862,251
TOTAL INDONESIA
 
 
24,232,654
Ireland - 2.2%
 
 
 
Kingspan Group PLC (Ireland)
 
166,007
11,469,279
Italy - 1.7%
 
 
 
FinecoBank SpA
 
438,676
6,636,767
Reply SpA
 
15,900
1,848,382
TOTAL ITALY
 
 
8,485,149
Japan - 21.3%
 
 
 
Itochu Corp.
 
763,666
25,334,513
Keyence Corp.
 
60,824
27,428,963
Minebea Mitsumi, Inc.
 
1,267,536
23,473,042
Misumi Group, Inc.
 
117,474
2,963,541
Nomura Research Institute Ltd.
 
249,371
6,274,062
Olympus Corp.
 
476,400
8,340,057
Relo Group, Inc.
 
152,001
2,363,067
TIS, Inc.
 
513,891
14,111,305
TOTAL JAPAN
 
 
110,288,550
Korea (South) - 2.8%
 
 
 
Samsung Electronics Co. Ltd.
 
295,104
14,526,078
Luxembourg - 1.1%
 
 
 
Eurofins Scientific SA
 
83,693
5,833,920
Netherlands - 3.2%
 
 
 
BE Semiconductor Industries NV
 
41,400
3,710,622
IMCD NV
 
86,510
12,983,315
TOTAL NETHERLANDS
 
 
16,693,937
Spain - 4.3%
 
 
 
CaixaBank SA
 
2,783,505
10,303,441
Cellnex Telecom SA (a)
 
287,432
12,102,034
TOTAL SPAIN
 
 
22,405,475
Sweden - 8.0%
 
 
 
Indutrade AB
 
815,006
19,526,670
Investor AB (B Shares)
 
915,204
19,615,881
Nibe Industrier AB (B Shares)
 
189,000
2,110,229
TOTAL SWEDEN
 
 
41,252,780
Switzerland - 2.3%
 
 
 
Sika AG
 
43,604
12,044,429
United Kingdom - 9.3%
 
 
 
B&M European Value Retail SA
 
2,796,687
16,860,191
Beazley PLC
 
717,596
5,370,450
Big Yellow Group PLC
 
290,900
4,474,804
Games Workshop Group PLC
 
32,300
4,026,828
JD Sports Fashion PLC
 
4,935,057
9,988,535
S4 Capital PLC (b)
 
1,110,703
2,040,771
Standard Chartered PLC (United Kingdom)
 
679,100
5,363,136
TOTAL UNITED KINGDOM
 
 
48,124,715
Zambia - 1.4%
 
 
 
First Quantum Minerals Ltd.
 
294,268
7,150,092
 
TOTAL COMMON STOCKS
  (Cost $452,926,235)
 
 
 
473,562,900
 
 
 
 
Money Market Funds - 7.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
  (Cost $40,734,424)
 
 
40,726,279
40,734,424
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.5%
  (Cost $493,660,659)
 
 
 
514,297,324
NET OTHER ASSETS (LIABILITIES) - 0.5%  
2,787,722
NET ASSETS - 100.0%
517,085,046
 
 
 
 
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 $12,102,034 or 2.3% 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.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
43,600,978
82,200,147
85,066,701
704,834
-
-
40,734,424
0.1%
Total
43,600,978
82,200,147
85,066,701
704,834
-
-
40,734,424
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
14,142,805
2,040,771
12,102,034
-
Consumer Discretionary
52,130,326
30,875,554
21,254,772
-
Consumer Staples
3,010,823
-
3,010,823
-
Energy
30,988,978
13,607,591
17,381,387
-
Financials
117,666,617
59,424,802
58,241,815
-
Health Care
20,127,165
11,787,108
8,340,057
-
Industrials
110,526,025
58,754,929
51,771,096
-
Information Technology
98,937,769
36,597,361
62,340,408
-
Materials
19,194,521
7,150,092
12,044,429
-
Real Estate
6,837,871
4,474,804
2,363,067
-
  Money Market Funds
40,734,424
40,734,424
-
-
 Total Investments in Securities:
514,297,324
265,447,436
248,849,888
-
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $452,926,235)
$
473,562,900
 
 
Fidelity Central Funds (cost $40,734,424)
40,734,424
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $493,660,659)
 
 
$
514,297,324
Foreign currency held at value (cost $122,672)
 
 
122,674
Receivable for fund shares sold
 
 
619,641
Dividends receivable
 
 
1,551,442
Reclaims receivable
 
 
743,132
Distributions receivable from Fidelity Central Funds
 
 
146,257
Other receivables
 
 
37,107
  Total assets
 
 
517,517,577
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
214,786
 
 
Distributions payable
66
 
 
Deferred taxes
217,509
 
 
Other payables and accrued expenses
170
 
 
  Total Liabilities
 
 
 
432,531
Net Assets  
 
 
$
517,085,046
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
552,382,286
Total accumulated earnings (loss)
 
 
 
(35,297,240)
Net Assets
 
 
$
517,085,046
Net Asset Value , offering price and redemption price per share ($517,085,046 ÷ 47,063,015 shares)
 
 
$
10.99
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,047,973
Non-Cash dividends
 
 
339,033
Income from Fidelity Central Funds  
 
 
704,834
 Income before foreign taxes withheld
 
 
$
7,091,840
Less foreign taxes withheld
 
 
(852,271)
 Total Income
 
 
 
6,239,569
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
1,513
 
 
 Total expenses before reductions
 
1,513
 
 
 Expense reductions
 
(108)
 
 
 Total expenses after reductions
 
 
 
1,405
Net Investment income (loss)
 
 
 
6,238,164
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(17,392,210)
 
 
 Foreign currency transactions
 
46,097
 
 
Total net realized gain (loss)
 
 
 
(17,346,113)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $21,245)
 
80,527,763
 
 
 Assets and liabilities in foreign currencies
 
41,684
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
80,569,447
Net gain (loss)
 
 
 
63,223,334
Net increase (decrease) in net assets resulting from operations
 
 
$
69,461,498
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,238,164
$
7,825,590
Net realized gain (loss)
 
(17,346,113)
 
 
(43,209,211)
 
Change in net unrealized appreciation (depreciation)
 
80,569,447
 
(176,966,374)
 
Net increase (decrease) in net assets resulting from operations
 
69,461,498
 
 
(212,349,995)
 
Distributions to shareholders
 
(6,168,884)
 
 
(34,086,499)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
77,260,440
 
318,466,891
  Reinvestment of distributions
 
1,847,861
 
 
10,192,289
 
Cost of shares redeemed
 
(64,022,911)
 
(227,226,081)
  Net increase (decrease) in net assets resulting from share transactions
 
15,085,390
 
 
101,433,099
 
Total increase (decrease) in net assets
 
78,378,004
 
 
(145,003,395)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
438,707,042
 
583,710,437
 
End of period
$
517,085,046
$
438,707,042
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
7,320,533
 
28,001,783
  Issued in reinvestment of distributions
 
177,850
 
 
704,861
 
Redeemed
 
(6,104,776)
 
(20,788,845)
Net increase (decrease)
 
1,393,607
 
7,917,799
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International SMA Completion Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.61
$
15.46
$
12.38
$
10.47
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.18
 
.19
 
.17 D
 
.08
     Net realized and unrealized gain (loss)
 
1.38
 
(5.16)
 
3.01
 
1.77
 
.39
  Total from investment operations
 
1.52  
 
(4.98)  
 
3.20  
 
1.94  
 
.47
  Distributions from net investment income
 
(.14)
 
(.16)
 
(.12)
 
(.03)
 
-
  Distributions from net realized gain
 
-
 
(.71)
 
-
 
-
 
-
     Total distributions
 
(.14)
 
(.87)
 
(.12)
 
(.03)
 
-
  Net asset value, end of period
$
10.99
$
9.61
$
15.46
$
12.38
$
10.47
 Total Return   E,F
 
15.89%
 
(34.09)%
 
26.03%
 
18.57%
 
4.70%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions I
 
-% J
 
-%
 
-%
 
-%
 
-% J
    Expenses net of fee waivers, if any I
 
-% J
 
-%
 
-%
 
-%
 
-% J
    Expenses net of all reductions I
 
-% J
 
-%
 
-%
 
-%
 
-% J
    Net investment income (loss)
 
2.59% J
 
1.56%
 
1.30%
 
1.45% D
 
1.41% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
517,085
$
438,707
$
583,710
$
318,362
$
46,836
    Portfolio turnover rate K
 
37% J
 
40%
 
37%
 
17%
 
24% J
 
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 mutual funds or ETFs 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 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 Amount represents less than .005%.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended April 30, 2023
 
1 . Organization.
Fidelity SAI International SMA Completion Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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, 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
$61,407,090
Gross unrealized depreciation
(44,310,335)
Net unrealized appreciation (depreciation)
$17,096,755
Tax cost
$497,200,569
 
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
$(14,508,749)
  Long-term
(23,763,343)
Total capital loss carryforward
$(38,272,092)
 
 
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.
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
85,484,786
82,873,028
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
5,407,937
7,806,027
(1,673,200)
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. 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 $108.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International SMA Completion Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,158.90
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.79
 
$- E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9893099.104
ISM-SANN-0623
Fidelity® Diversified International K6 Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.1
 
ASML Holding NV (depository receipt)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.7
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.4
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.0
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.0
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.7
 
Linde PLC  (United States of America, Chemicals)
1.6
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.5
 
Hoya Corp.  (Japan, Health Care Equipment & Supplies)
1.5
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
1.4
 
 
19.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.3
 
Industrials
19.9
 
Information Technology
12.9
 
Health Care
11.2
 
Consumer Discretionary
10.0
 
Consumer Staples
6.6
 
Materials
6.3
 
Energy
3.9
 
Communication Services
0.7
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 94.1%
 
 
Shares
Value ($)
 
Australia - 1.5%
 
 
 
Aristocrat Leisure Ltd.
 
416,842
10,544,216
Flutter Entertainment PLC (a)
 
93,543
18,709,700
Glencore PLC
 
6,431,464
37,962,574
TOTAL AUSTRALIA
 
 
67,216,490
Belgium - 0.9%
 
 
 
KBC Group NV
 
544,135
38,840,945
Canada - 6.3%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
530,800
26,492,007
Cameco Corp.
 
367,129
10,093,778
Canadian Natural Resources Ltd.
 
949,025
57,830,390
Canadian Pacific Kansas City Ltd. (b)
 
293,431
23,134,100
Constellation Software, Inc.
 
23,095
45,203,368
Franco-Nevada Corp.
 
167,775
25,457,567
GFL Environmental, Inc. (b)
 
837,257
30,392,429
Imperial Oil Ltd.
 
364,609
18,585,008
Lumine Group, Inc.
 
65,474
881,943
Thomson Reuters Corp.
 
151,071
19,865,527
Tourmaline Oil Corp.
 
365,426
16,417,670
TOTAL CANADA
 
 
274,353,787
China - 1.9%
 
 
 
Anta Sports Products Ltd.
 
1,205,164
14,975,642
Chervon Holdings Ltd.
 
1,336,744
6,802,520
Haier Smart Home Co. Ltd. (A Shares)
 
548,502
1,885,965
Kweichow Moutai Co. Ltd. (A Shares)
 
46,851
11,954,244
Li Ning Co. Ltd.
 
1,836,085
13,130,979
NXP Semiconductors NV
 
181,287
29,683,933
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
197,600
1,769,885
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
42,688
1,929,913
Sunny Optical Technology Group Co. Ltd.
 
152,275
1,609,137
TOTAL CHINA
 
 
83,742,218
Denmark - 3.6%
 
 
 
Carlsberg A/S Series B
 
99,761
16,480,585
DSV A/S
 
277,784
52,173,046
Novo Nordisk A/S Series B
 
521,475
86,749,713
TOTAL DENMARK
 
 
155,403,344
France - 10.7%
 
 
 
Air Liquide SA
 
97,491
17,537,679
Airbus Group NV (b)
 
329,541
46,147,150
AXA SA
 
915,734
29,889,714
BNP Paribas SA
 
814,637
52,636,458
Capgemini SA
 
231,162
42,002,900
Edenred SA
 
156,667
10,171,440
EssilorLuxottica SA
 
225,280
44,533,544
Legrand SA
 
238,846
22,554,904
LVMH Moet Hennessy Louis Vuitton SE
 
139,189
133,883,304
Pernod Ricard SA
 
242,719
56,004,463
Sartorius Stedim Biotech
 
23,652
6,320,069
Teleperformance
 
17,879
3,561,917
TOTAL FRANCE
 
 
465,243,542
Germany - 5.8%
 
 
 
Allianz SE
 
241,443
60,627,992
Bayer AG
 
181,178
11,957,072
Deutsche Borse AG
 
198,961
37,943,583
Deutsche Post AG
 
835,451
40,184,857
Hannover Reuck SE
 
123,152
26,271,750
Infineon Technologies AG
 
108,964
3,968,117
Merck KGaA
 
194,396
34,819,015
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
60,500
22,699,415
Siemens Healthineers AG (c)
 
247,333
15,376,494
TOTAL GERMANY
 
 
253,848,295
Greece - 0.1%
 
 
 
Piraeus Financial Holdings SA (a)
 
2,022,138
4,768,335
Hong Kong - 2.5%
 
 
 
AIA Group Ltd.
 
8,144,676
88,671,704
Prudential PLC
 
630,021
9,639,977
Techtronic Industries Co. Ltd.
 
938,086
10,148,673
TOTAL HONG KONG
 
 
108,460,354
India - 3.4%
 
 
 
Axis Bank Ltd.
 
1,195,509
12,633,001
Fairfax India Holdings Corp. (a)(c)
 
600,679
7,808,827
HDFC Bank Ltd.
 
2,924,094
60,520,049
Housing Development Finance Corp. Ltd.
 
1,181,463
40,297,110
Reliance Industries Ltd.
 
877,811
26,095,997
TOTAL INDIA
 
 
147,354,984
Indonesia - 1.0%
 
 
 
PT Bank Central Asia Tbk
 
36,811,721
22,780,990
PT Bank Rakyat Indonesia (Persero) Tbk
 
64,767,442
22,570,109
TOTAL INDONESIA
 
 
45,351,099
Ireland - 0.9%
 
 
 
CRH PLC
 
161,695
7,802,427
Kingspan Group PLC (Ireland)
 
318,550
22,008,342
Ryanair Holdings PLC sponsored ADR (a)
 
109,577
10,474,465
TOTAL IRELAND
 
 
40,285,234
Israel - 0.7%
 
 
 
NICE Ltd. sponsored ADR (a)
 
140,578
28,679,318
Italy - 1.3%
 
 
 
FinecoBank SpA
 
1,527,140
23,104,234
Reply SpA
 
33,926
3,943,913
UniCredit SpA
 
1,414,682
28,032,603
TOTAL ITALY
 
 
55,080,750
Japan - 15.6%
 
 
 
Bandai Namco Holdings, Inc.
 
188,238
4,275,905
Daikin Industries Ltd.
 
115,533
20,984,382
FUJIFILM Holdings Corp.
 
595,346
31,029,417
Fujitsu Ltd.
 
92,064
12,270,042
Hitachi Ltd.
 
1,132,561
62,647,200
Hoya Corp.
 
630,834
66,146,126
Itochu Corp.
 
1,319,661
43,779,569
Keyence Corp.
 
111,086
50,094,931
Minebea Mitsumi, Inc.
 
1,742,438
32,267,581
Misumi Group, Inc.
 
741,820
18,714,047
Nomura Research Institute Ltd.
 
466,723
11,742,540
Olympus Corp.
 
480,775
8,416,648
ORIX Corp.
 
1,521,748
25,888,773
Persol Holdings Co. Ltd.
 
996,068
20,538,340
Relo Group, Inc.
 
761,752
11,842,492
Renesas Electronics Corp. (a)
 
321,706
4,192,617
Seven & i Holdings Co. Ltd.
 
485,933
22,021,245
Shin-Etsu Chemical Co. Ltd.
 
1,987,585
56,717,371
SMC Corp.
 
74,082
36,948,014
Sony Group Corp.
 
611,330
55,309,316
Sumitomo Mitsui Financial Group, Inc.
 
680,190
27,801,840
Suzuki Motor Corp.
 
282,292
9,843,092
TIS, Inc.
 
631,539
17,341,887
Tokyo Electron Ltd.
 
269,070
30,809,997
TOTAL JAPAN
 
 
681,623,372
Korea (South) - 0.8%
 
 
 
Samsung Electronics Co. Ltd.
 
708,509
34,875,355
Luxembourg - 0.5%
 
 
 
Eurofins Scientific SA
 
308,399
21,497,320
Netherlands - 5.6%
 
 
 
Adyen BV (a)(c)
 
8,821
14,174,039
Argenx SE (a)
 
39,214
15,126,730
ASML Holding NV (depository receipt) (b)
 
184,075
117,230,005
BE Semiconductor Industries NV
 
75,868
6,799,939
IMCD NV
 
219,450
32,934,788
Wolters Kluwer NV
 
444,916
58,903,891
TOTAL NETHERLANDS
 
 
245,169,392
Singapore - 0.1%
 
 
 
Sea Ltd. ADR (a)
 
50,004
3,808,805
Spain - 1.9%
 
 
 
Amadeus IT Holding SA Class A (a)
 
155,220
10,909,642
Banco Santander SA (Spain) (b)
 
5,038,383
17,690,792
CaixaBank SA
 
6,178,956
22,872,065
Industria de Diseno Textil SA (b)
 
939,826
32,269,117
TOTAL SPAIN
 
 
83,741,616
Sweden - 2.0%
 
 
 
Indutrade AB
 
1,608,931
38,548,261
Investor AB (B Shares)
 
2,046,188
43,856,648
Kry International AB (a)(d)(e)
 
663
51,826
Nibe Industrier AB (B Shares)
 
275,620
3,077,361
TOTAL SWEDEN
 
 
85,534,096
Switzerland - 1.7%
 
 
 
Compagnie Financiere Richemont SA Series A
 
110,580
18,278,970
Julius Baer Group Ltd.
 
87,275
6,221,584
Sika AG
 
120,787
33,364,150
Zurich Insurance Group Ltd.
 
35,934
17,358,954
TOTAL SWITZERLAND
 
 
75,223,658
Taiwan - 1.1%
 
 
 
ECLAT Textile Co. Ltd.
 
293,000
4,662,774
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
531,882
44,837,653
TOTAL TAIWAN
 
 
49,500,427
United Kingdom - 12.2%
 
 
 
AstraZeneca PLC (United Kingdom)
 
506,824
74,585,733
B&M European Value Retail SA
 
5,368,397
32,364,078
BAE Systems PLC
 
4,448,185
56,669,805
Beazley PLC
 
1,741,093
13,030,246
Big Yellow Group PLC
 
736,587
11,330,638
Compass Group PLC
 
1,186,394
31,298,213
Diageo PLC
 
1,021,123
46,579,658
Entain PLC
 
606,997
11,015,460
Games Workshop Group PLC
 
54,792
6,830,897
Hiscox Ltd.
 
1,737,971
25,817,186
JD Sports Fashion PLC
 
7,550,541
15,282,264
Lloyds Banking Group PLC
 
17,611,787
10,699,545
NatWest Group PLC
 
3,054,961
10,063,345
RELX PLC:
 
 
 
 (Euronext N.V.)
 
2,036,979
67,605,760
 rights (a)(f)
 
2,036,979
984,975
Rentokil Initial PLC
 
4,912,010
39,105,762
S4 Capital PLC (a)
 
1,840,680
3,382,007
Smith & Nephew PLC
 
1,669,503
27,496,322
Standard Chartered PLC (United Kingdom)
 
1,957,852
15,461,974
Starling Bank Ltd. Series D (a)(d)(e)
 
2,406,800
9,134,733
WPP PLC
 
2,002,673
23,339,990
TOTAL UNITED KINGDOM
 
 
532,078,591
United States of America - 11.5%
 
 
 
Aon PLC
 
67,102
21,820,228
Booking Holdings, Inc. (a)
 
1,669
4,483,451
Experian PLC
 
561,190
19,868,866
Ferguson PLC
 
272,129
38,286,690
ICON PLC (a)
 
100,730
19,409,664
IQVIA Holdings, Inc. (a)
 
92,167
17,348,594
Linde PLC
 
189,887
70,153,752
Marsh & McLennan Companies, Inc.
 
208,784
37,620,789
Marvell Technology, Inc.
 
536,171
21,168,031
MasterCard, Inc. Class A
 
71,842
27,302,115
Nestle SA (Reg. S)
 
803,387
103,066,176
Roche Holding AG (participation certificate)
 
146,468
45,865,020
S&P Global, Inc.
 
93,493
33,898,692
Schlumberger Ltd.
 
856,423
42,264,475
TOTAL UNITED STATES OF AMERICA
 
 
502,556,543
Zambia - 0.5%
 
 
 
First Quantum Minerals Ltd.
 
960,877
23,347,286
 
TOTAL COMMON STOCKS
  (Cost $3,269,304,105)
 
 
 
4,107,585,156
 
 
 
 
Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.3%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(d)(e)
 
21,668
2,824,050
United States of America - 0.2%
 
 
 
Wasabi Holdings, Inc.:
 
 
 
 Series C (a)(d)(e)
 
743,562
7,145,631
 Series D (d)(e)
 
304,085
4,278,476
 
 
 
11,424,107
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
14,248,157
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
3,828
299,230
 
TOTAL PREFERRED STOCKS
  (Cost $19,777,817)
 
 
 
14,547,387
 
 
 
 
Money Market Funds - 8.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (g)
 
206,929,732
206,971,118
Fidelity Securities Lending Cash Central Fund 4.88% (g)(h)
 
179,019,353
179,037,255
 
TOTAL MONEY MARKET FUNDS
  (Cost $386,007,751)
 
 
386,008,373
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.3%
  (Cost $3,675,089,673)
 
 
 
4,508,140,916
NET OTHER ASSETS (LIABILITIES) - (3.3)%  
(143,944,291)
NET ASSETS - 100.0%
4,364,196,625
 
 
 
 
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 $37,359,360 or 0.9% 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 $23,733,946 or 0.5% of net assets.
 
(e)
Level 3 security
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
5,629,271
 
 
 
Kry International AB
5/14/21
287,945
 
 
 
Kry International AB Series E
5/14/21
1,750,058
 
 
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
4,642,638
 
 
 
Wasabi Holdings, Inc. Series C
3/31/21
8,078,504
 
 
 
Wasabi Holdings, Inc. Series D
9/09/22
4,319,984
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
165,418,854
281,890,502
240,338,237
4,000,777
-
(1)
206,971,118
0.5%
Fidelity Securities Lending Cash Central Fund 4.88%
39,190,867
614,436,806
474,590,418
146,164
-
-
179,037,255
0.5%
Total
204,609,721
896,327,308
714,928,655
4,146,941
-
(1)
386,008,373
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
30,530,802
7,190,812
23,339,990
-
Consumer Discretionary
436,755,505
120,954,967
315,800,538
-
Consumer Staples
282,598,378
98,977,055
183,621,323
-
Energy
171,287,318
145,191,321
26,095,997
-
Financials
980,621,784
393,744,154
577,742,897
9,134,733
Health Care
497,577,977
159,304,700
338,273,277
-
Industrials
874,280,587
423,521,481
450,759,106
-
Information Technology
552,964,256
340,431,003
197,934,040
14,599,213
Materials
272,342,806
118,958,605
153,384,201
-
Real Estate
23,173,130
11,330,638
11,842,492
-
  Money Market Funds
386,008,373
386,008,373
-
-
 Total Investments in Securities:
4,508,140,916
2,205,613,109
2,278,793,861
23,733,946
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $173,198,996) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,289,081,922)
$
4,122,132,543
 
 
Fidelity Central Funds (cost $386,007,751)
386,008,373
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,675,089,673)
 
 
$
4,508,140,916
Foreign currency held at value (cost $4,561,114)
 
 
4,561,158
Receivable for investments sold
 
 
38,602,311
Receivable for fund shares sold
 
 
3,219,208
Dividends receivable
 
 
11,453,134
Reclaims receivable
 
 
10,771,532
Distributions receivable from Fidelity Central Funds
 
 
807,260
Other receivables
 
 
37,611
  Total assets
 
 
4,577,593,130
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
26,000,495
 
 
Delayed delivery
984,977
 
 
Payable for fund shares redeemed
1,748,519
 
 
Accrued management fee
2,164,987
 
 
Other payables and accrued expenses
3,460,272
 
 
Collateral on securities loaned
179,037,255
 
 
  Total Liabilities
 
 
 
213,396,505
Net Assets  
 
 
$
4,364,196,625
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,819,769,378
Total accumulated earnings (loss)
 
 
 
544,427,247
Net Assets
 
 
$
4,364,196,625
Net Asset Value , offering price and redemption price per share ($4,364,196,625 ÷ 335,727,126 shares)
 
 
$
13.00
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
40,549,333
Income from Fidelity Central Funds (including $146,164 from security lending)
 
 
4,146,941
 Income before foreign taxes withheld
 
 
$
44,696,274
Less foreign taxes withheld
 
 
(4,474,420)
 Total Income
 
 
 
40,221,854
Expenses
 
 
 
 
Management fee
$
12,150,553
 
 
Independent trustees' fees and expenses
12,234
 
 
 Total expenses before reductions
 
12,162,787
 
 
 Expense reductions
 
(259)
 
 
 Total expenses after reductions
 
 
 
12,162,528
Net Investment income (loss)
 
 
 
28,059,326
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $527,612)
 
(27,695,921)
 
 
 Foreign currency transactions
 
85,191
 
 
Total net realized gain (loss)
 
 
 
(27,610,730)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $396,102)
 
723,718,747
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
978,504
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
724,697,250
Net gain (loss)
 
 
 
697,086,520
Net increase (decrease) in net assets resulting from operations
 
 
$
725,145,846
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
28,059,326
$
46,223,928
Net realized gain (loss)
 
(27,610,730)
 
 
(175,880,317)
 
Change in net unrealized appreciation (depreciation)
 
724,697,250
 
(1,165,207,771)
 
Net increase (decrease) in net assets resulting from operations
 
725,145,846
 
 
(1,294,864,160)
 
Distributions to shareholders
 
(31,800,731)
 
 
(40,087,762)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
515,021,512
 
1,845,177,962
  Reinvestment of distributions
 
31,800,731
 
 
40,087,762
 
Cost of shares redeemed
 
(359,387,981)
 
(1,028,832,082)
  Net increase (decrease) in net assets resulting from share transactions
 
187,434,262
 
 
856,433,642
 
Total increase (decrease) in net assets
 
880,779,377
 
 
(478,518,280)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,483,417,248
 
3,961,935,528
 
End of period
$
4,364,196,625
$
3,483,417,248
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
42,558,601
 
141,560,986
  Issued in reinvestment of distributions
 
2,652,271
 
 
2,683,250
 
Redeemed
 
(29,434,085)
 
(80,800,526)
Net increase (decrease)
 
15,776,787
 
63,443,710
 
 
 
 
 
 
Financial Highlights
Fidelity® Diversified International K6 Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.89
$
15.45
$
11.96
$
11.08
$
9.69
$
10.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.15
 
.10
 
.08
 
.16
 
.18
     Net realized and unrealized gain (loss)
 
2.12
 
(4.56)
 
3.47
 
.98
 
1.36
 
(1.12)
  Total from investment operations
 
2.21  
 
(4.41)  
 
3.57  
 
1.06  
 
1.52
 
(.94)
  Distributions from net investment income
 
(.10)
 
(.15)
 
(.08)
 
(.15)
 
(.13)
 
(.02)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.10)
 
(.15)
 
(.08)
 
(.18)
 
(.13)
 
(.02) C
  Net asset value, end of period
$
13.00
$
10.89
$
15.45
$
11.96
$
11.08
$
9.69
 Total Return   D,E
 
20.36%
 
(28.81)%
 
30.00%
 
9.70%
 
15.89%
 
(8.83)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% H
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.60% H
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions
 
.60% H
 
.60%
 
.60%
 
.59%
 
.59%
 
.58%
    Net investment income (loss)
 
1.39% H
 
1.21%
 
.73%
 
.73%
 
1.59%
 
1.67%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,364,197
$
3,483,417
$
3,961,936
$
3,102,294
$
2,977,388
$
2,207,355
    Portfolio turnover rate I
 
28% H,J
 
31% J
 
30% J
 
34%
 
48% J
 
48% J
 
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 mutual funds or ETFs 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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Diversified International K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.  
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards, and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$932,612,298
Gross unrealized depreciation
(103,024,100)
Net unrealized appreciation (depreciation)
$829,588,198
Tax cost
$3,678,552,718
 
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
$(264,515,026)
  Long-term
(12,124,417)
Total capital loss carryforward
$(276,639,443)
 
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
535,447,334
582,674,817
 
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
13,582,263
161,449,478
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Diversified International K6 Fund
4,786,586
30,753,342
72,038,115
 
 
Prior Year Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Diversified International K6 Fund
75,623,497
961,127,384
5. Fees and Other Transactions with Affiliates.
Management Fee.   Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Diversified International K6 Fund
$   877
 
 
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
  22,270,884
  18,464,101
  (671,221)
 
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
$16,175
$   -
$-
 
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 $259.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,203.60
 
$ 3.28
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.82
 
$ 3.01
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9883986.105
DIFK6-SANN-0623
Fidelity Series Select International Small Cap Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Top Holdings (% of Fund's net assets)
 
Lancashire Holdings Ltd.  (United Kingdom, Insurance)
1.0
 
Daiichikosho Co. Ltd.  (Japan, Entertainment)
0.9
 
AAK AB  (Sweden, Food Products)
0.9
 
Steadfast Group Ltd.  (Australia, Insurance)
0.9
 
VZ Holding AG  (Switzerland, Capital Markets)
0.8
 
Sembcorp Industries Ltd.  (Singapore, Multi-Utilities)
0.8
 
Munters Group AB  (Sweden, Building Products)
0.8
 
Mitie Group PLC  (United Kingdom, Commercial Services & Supplies)
0.8
 
Rexel SA  (France, Trading Companies & Distributors)
0.8
 
Rovio Entertainment OYJ  (Finland, Entertainment)
0.8
 
 
8.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
23.5
 
Consumer Discretionary
14.4
 
Financials
10.5
 
Information Technology
9.8
 
Real Estate
8.8
 
Materials
8.1
 
Consumer Staples
6.6
 
Communication Services
6.4
 
Health Care
6.1
 
Energy
2.3
 
Utilities
1.9
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
Australia - 8.0%
 
 
 
29Metals Ltd.
 
3,273
2,589
ALS Ltd.
 
890
7,768
Ansell Ltd.
 
270
4,805
Aurizon Holdings Ltd.
 
2,153
4,895
Beach Energy Ltd.
 
4,620
4,547
Challenger Ltd.
 
953
3,835
Flight Centre Travel Group Ltd. (a)
 
592
7,774
GUD Holdings Ltd.
 
1,090
6,953
IGO Ltd.
 
534
4,918
Incitec Pivot Ltd.
 
2,753
5,866
Iress Ltd.
 
669
4,597
McMillan Shakespeare Ltd.
 
754
7,702
National Storage REIT unit
 
4,732
7,882
Red 5 Ltd. (a)
 
30,304
3,413
Steadfast Group Ltd.
 
2,580
10,171
Treasury Wine Estates Ltd.
 
809
7,494
TOTAL AUSTRALIA
 
 
95,209
Austria - 1.7%
 
 
 
AT&S Austria Technologie & Systemtechnik AG
 
97
2,961
Schoeller-Bleckmann Oilfield Equipment AG
 
97
6,092
Wienerberger AG
 
268
8,062
Zumtobel AG
 
440
3,452
TOTAL AUSTRIA
 
 
20,567
Bailiwick of Jersey - 0.6%
 
 
 
JTC PLC (b)
 
725
7,225
Belgium - 1.7%
 
 
 
Azelis Group NV
 
277
6,562
Econocom Group SA
 
1,921
6,594
Fagron NV
 
406
7,543
TOTAL BELGIUM
 
 
20,699
Finland - 1.6%
 
 
 
Huhtamaki Oyj
 
173
6,222
Musti Group OYJ
 
156
3,230
Rovio Entertainment OYJ (b)
 
885
9,084
TOTAL FINLAND
 
 
18,536
France - 6.3%
 
 
 
Altarea SCA
 
43
5,629
ALTEN
 
48
8,145
Euroapi SASU
 
303
3,638
Exclusive Networks SA
 
344
7,429
Ipsos SA
 
157
8,505
Nexans SA
 
55
4,718
Rexel SA
 
413
9,557
SEB SA
 
50
5,719
Ubisoft Entertainment SA (a)
 
150
4,393
Vallourec SA (a)
 
514
5,854
Vicat SA
 
127
3,701
Virbac SA
 
23
7,844
TOTAL FRANCE
 
 
75,132
Germany - 5.3%
 
 
 
Bilfinger Berger AG
 
151
6,522
CTS Eventim AG
 
118
7,749
DIC Asset AG rights (a)(c)
 
310
256
Gerresheimer AG
 
60
6,525
Lanxess AG
 
140
5,686
Mensch und Maschine Software SE
 
82
4,662
Patrizia Immobilien AG
 
474
5,087
PVA TePla AG (a)
 
189
4,040
SAF-Holland SA
 
623
8,602
Stabilus Se
 
116
7,567
Takkt AG
 
400
6,400
TOTAL GERMANY
 
 
63,096
Hong Kong - 2.3%
 
 
 
ASMPT Ltd.
 
469
3,687
Dah Sing Financial Holdings Ltd.
 
1,207
3,092
Fortune (REIT)
 
4,496
3,761
Hysan Development Co. Ltd.
 
2,024
5,720
Luk Fook Holdings International Ltd.
 
2,386
7,646
Melco International Development Ltd. (a)
 
3,000
3,491
TOTAL HONG KONG
 
 
27,397
Ireland - 2.3%
 
 
 
Bank of Ireland Group PLC
 
775
8,002
C&C Group PLC (United Kingdom) (a)
 
3,268
6,423
Dalata Hotel Group PLC (a)
 
1,560
7,830
Uniphar PLC
 
1,750
5,843
TOTAL IRELAND
 
 
28,098
Israel - 1.3%
 
 
 
Bezeq The Israel Telecommunication Corp. Ltd.
 
3,530
4,782
Nova Ltd. (a)
 
80
7,323
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
63
3,585
TOTAL ISRAEL
 
 
15,690
Italy - 2.7%
 
 
 
Banca Generali SpA
 
257
8,521
Banco BPM SpA
 
1,100
4,467
Brembo SpA
 
574
8,418
Carel Industries SpA (b)
 
244
6,399
GVS SpA (a)(b)
 
739
5,028
TOTAL ITALY
 
 
32,833
Japan - 32.6%
 
 
 
Aeon Delight Co. Ltd.
 
200
4,432
Anritsu Corp.
 
441
4,038
As One Corp.
 
120
5,084
ASKUL Corp.
 
481
6,410
Azbil Corp.
 
196
5,481
Bank of Kyoto Ltd.
 
169
8,315
Capcom Co. Ltd.
 
203
7,628
Cosmos Pharmaceutical Corp.
 
61
6,000
Daido Steel Co. Ltd.
 
150
5,777
Daiichikosho Co. Ltd.
 
626
11,223
Daiwa Securities Living Invest
 
8
6,802
Dowa Holdings Co. Ltd.
 
162
5,293
Food & Life Companies Ltd.
 
251
6,046
FP Corp.
 
241
5,995
Fujitec Co. Ltd.
 
262
6,979
Fukushima Industries Corp.
 
180
6,788
Fuyo General Lease Co. Ltd.
 
110
8,050
GMO Internet, Inc.
 
180
3,621
Haseko Corp.
 
518
6,324
Inaba Denki Sangyo Co. Ltd.
 
400
8,934
J. Front Retailing Co. Ltd.
 
642
6,752
JEOL Ltd.
 
110
3,209
JTOWER, Inc. (a)
 
135
5,822
Kamigumi Co. Ltd.
 
398
8,723
Kaneka Corp.
 
298
7,928
Kawasaki Heavy Industries Ltd.
 
290
6,309
Kissei Pharmaceutical Co. Ltd.
 
365
7,395
Koshidaka Holdings Co. Ltd.
 
900
7,619
Kyoritsu Maintenance Co. Ltd.
 
148
5,974
Kyushu Railway Co.
 
260
5,904
Maruwa Ceramic Co. Ltd.
 
52
6,631
Milbon Co. Ltd.
 
162
6,830
Mitsubishi Logisnext Co. Ltd.
 
900
6,554
Miura Co. Ltd.
 
200
5,327
Money Forward, Inc. (a)
 
100
4,164
Morinaga & Co. Ltd.
 
222
6,579
Nabtesco Corp.
 
291
7,014
Nagaileben Co. Ltd.
 
290
4,511
Net One Systems Co. Ltd.
 
238
5,612
Nikkiso Co. Ltd.
 
978
6,869
Nippon Gas Co. Ltd.
 
343
4,823
Okinawa Cellular Telephone Co.
 
299
6,680
PALTAC Corp.
 
182
6,983
Park24 Co. Ltd. (a)
 
416
6,430
Penta-Ocean Construction Co. Ltd.
 
908
4,414
Relo Group, Inc.
 
388
6,032
Resonac Holdings Corp.
 
325
5,146
Roland Corp.
 
186
5,576
Sanwa Holdings Corp.
 
568
6,221
SHIFT, Inc. (a)
 
29
5,399
SOSiLA Logistics REIT, Inc.
 
5
4,972
Stanley Electric Co. Ltd.
 
358
8,076
Sumco Corp.
 
459
6,321
Suruga Bank Ltd.
 
1,988
7,541
Tokyo Tatemono Co. Ltd.
 
433
5,484
Toyo Suisan Kaisha Ltd.
 
170
7,590
Tsumura & Co.
 
219
4,444
Tsuruha Holdings, Inc.
 
69
4,519
Valqua Ltd.
 
348
8,755
Workman Co. Ltd.
 
183
7,455
Yokogawa Electric Corp.
 
348
5,652
Zuken, Inc.
 
290
7,363
TOTAL JAPAN
 
 
390,822
Netherlands - 1.1%
 
 
 
Eurocommercial Properties NV
 
342
8,193
TKH Group NV (bearer) (depositary receipt)
 
100
4,829
TOTAL NETHERLANDS
 
 
13,022
New Zealand - 0.7%
 
 
 
Contact Energy Ltd.
 
1,780
8,633
Norway - 1.4%
 
 
 
Schibsted ASA (A Shares)
 
200
3,543
Sparebanken Midt-Norge
 
500
6,465
TGS ASA
 
439
6,871
TOTAL NORWAY
 
 
16,879
Singapore - 2.4%
 
 
 
CDL Hospitality Trusts unit
 
7,932
7,524
Mapletree Industrial (REIT)
 
3,585
6,409
Sembcorp Industries Ltd.
 
3,093
9,952
Wing Tai Holdings Ltd.
 
4,256
4,727
TOTAL SINGAPORE
 
 
28,612
Spain - 2.9%
 
 
 
Applus Services SA
 
892
7,475
Bankinter SA
 
1,287
7,604
Cie Automotive SA
 
179
5,389
Compania de Distribucion Integral Logista Holdings SA
 
317
8,614
Fluidra SA
 
320
5,476
TOTAL SPAIN
 
 
34,558
Sweden - 5.4%
 
 
 
AAK AB
 
510
10,265
AddTech AB (B Shares)
 
391
7,816
Arjo AB
 
990
4,379
Avanza Bank Holding AB
 
310
6,581
Cloetta AB
 
2,481
5,250
Hemnet Group AB
 
338
5,537
HEXPOL AB (B Shares)
 
715
8,415
Loomis AB (B Shares)
 
210
6,717
Munters Group AB (b)
 
1,005
9,839
TOTAL SWEDEN
 
 
64,799
Switzerland - 3.8%
 
 
 
Bucher Industries AG
 
16
7,174
Lastminute.com NV (a)
 
155
4,335
OC Oerlikon Corp. AG (Reg.)
 
793
4,416
PSP Swiss Property AG
 
57
6,702
Sensirion Holding AG (a)(b)
 
45
4,863
Tecan Group AG
 
18
7,809
VZ Holding AG
 
109
10,121
TOTAL SWITZERLAND
 
 
45,420
United Kingdom - 13.7%
 
 
 
B&M European Value Retail SA
 
1,466
8,838
Britvic PLC
 
699
8,025
Close Brothers Group PLC
 
531
6,059
DCC PLC (United Kingdom)
 
100
6,213
Grainger Trust PLC
 
2,272
7,384
Harbour Energy PLC
 
1,109
3,447
Hill & Smith Holdings PLC
 
338
5,845
J.D. Wetherspoon PLC (a)
 
707
6,335
Jet2 PLC
 
516
7,950
Lancashire Holdings Ltd.
 
1,514
11,657
Mitie Group PLC
 
8,396
9,708
Pets At Home Group PLC
 
1,177
5,704
Renewi PLC (a)
 
1,032
7,782
Sabre Insurance Group PLC (b)
 
5,571
8,850
Savills PLC
 
400
4,833
Senior Engineering Group PLC
 
3,931
8,122
Spectris PLC
 
189
8,929
Synthomer PLC
 
2,500
3,758
Tate & Lyle PLC
 
651
6,668
Unite Group PLC
 
523
6,303
Vistry Group PLC
 
664
6,530
Volution Group PLC
 
1,204
6,558
WH Smith PLC
 
401
7,932
TOTAL UNITED KINGDOM
 
 
163,430
 
TOTAL COMMON STOCKS
  (Cost $1,001,622)
 
 
 
1,170,657
 
 
 
 
Nonconvertible Preferred Stocks - 0.6%
 
 
Shares
Value ($)
 
Germany - 0.6%
 
 
 
Jungheinrich AG
  (Cost $5,082)
 
201
7,761
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.4%
  (Cost $1,006,704)
 
 
 
1,178,418
NET OTHER ASSETS (LIABILITIES) - 1.6%  
19,063
NET ASSETS - 100.0%
1,197,481
 
 
 
 
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 $51,288 or 4.3% of net assets.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
-
1,000,000
1,000,000
423
-
-
-
0.0%
Total
-
1,000,000
1,000,000
423
-
-
-
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
74,946
39,200
35,746
-
Consumer Discretionary
171,941
78,862
93,079
-
Consumer Staples
79,228
40,216
39,012
-
Energy
26,811
22,264
4,547
-
Financials
126,556
85,552
41,004
-
Health Care
73,029
43,581
29,448
-
Industrials
283,918
172,655
111,263
-
Information Technology
117,512
54,946
62,566
-
Materials
97,369
41,689
55,680
-
Real Estate
103,700
44,131
59,569
-
Utilities
23,408
-
23,408
-
 
 
 
 
 
 Total Investments in Securities:
1,178,418
623,096
555,322
-
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule
 
Unaffiliated issuers (cost $1,006,704):
 
 
 
$
1,178,418
Cash
 
 
16,578
Foreign currency held at value (cost $504)
 
 
503
Dividends receivable
 
 
5,193
Receivable from investment adviser for expense reductions
 
 
52
  Total assets
 
 
1,200,744
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
2,164
 
 
Delayed delivery
256
 
 
Other payables and accrued expenses
843
 
 
  Total Liabilities
 
 
 
3,263
Net Assets  
 
 
$
1,197,481
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,003,400
Total accumulated earnings (loss)
 
 
 
194,081
Net Assets
 
 
$
1,197,481
Net Asset Value , offering price and redemption price per share ($1,197,481 ÷ 100,311 shares)
 
 
$
11.94
 
Statement of Operations
 
 
 
For the period November 4, 2022 (commencement of operations) through April 30, 2023
(Unaudited)
 
Investment Income
 
 
 
 
Dividends
 
 
$
15,491
Income from Fidelity Central Funds  
 
 
423
 Income before foreign taxes withheld
 
 
$
15,914
Less foreign taxes withheld
 
 
(1,537)
 Total Income
 
 
 
14,377
Expenses
 
 
 
 
Custodian fees and expenses
$
2,034
 
 
Independent trustees' fees and expenses
2
 
 
 Total expenses before reductions
 
2,036
 
 
 Expense reductions
 
(2,012)
 
 
 Total expenses after reductions
 
 
 
24
Net Investment income (loss)
 
 
 
14,353
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
7,027
 
 
 Foreign currency transactions
 
4,465
 
 
Total net realized gain (loss)
 
 
 
11,492
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
171,714
 
 
 Assets and liabilities in foreign currencies
 
(78)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
171,636
Net gain (loss)
 
 
 
183,128
Net increase (decrease) in net assets resulting from operations
 
 
$
197,481
Statement of Changes in Net Assets
 
 
For the period November 4, 2022 (commencement of operations) through April 30, 2023
(Unaudited)
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
14,353
Net realized gain (loss)
 
11,492
 
Change in net unrealized appreciation (depreciation)
 
171,636
Net increase (decrease) in net assets resulting from operations
 
197,481
 
Distributions to shareholders
 
(3,400)
 
Share transactions
 
 
Proceeds from sales of shares
 
1,000,000
  Reinvestment of distributions
 
3,400
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,003,400
 
Total increase (decrease) in net assets
 
1,197,481
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
1,197,481
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
100,000
  Issued in reinvestment of distributions
 
311
 
Redeemed
 
-
Net increase (decrease)
 
100,311
 
 
 
 
Financial Highlights
Fidelity Series Select International Small Cap Fund
 
 
Six months ended
(Unaudited) April 30, 2023 A
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.14
     Net realized and unrealized gain (loss)
 
1.83
  Total from investment operations
 
1.97  
  Distributions from net investment income
 
(.03)
     Total distributions
 
(.03)
  Net asset value, end of period
$
11.94
 Total Return   D,E
 
19.77%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
.37% H
    Expenses net of fee waivers, if any
 
.01% H
    Expenses net of all reductions
 
-% H,I
    Net investment income (loss)
 
2.59% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
1,197
    Portfolio turnover rate J
 
13% K
 
A For the period November 4, 2022 (commencement of operations) through April 30, 2023.
 
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 mutual funds or ETFs 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 represents less than .005%.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Amount not annualized.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Series Select International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
Fidelity Central Fund+
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. 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.
 
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
$188,244
Gross unrealized depreciation
(16,530)
Net unrealized appreciation (depreciation)
$171,714
Tax cost
$1,006,704
 
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 Select International Small Cap Fund
1,152,159
152,410
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $1,962.
 
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 $50.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 4, 2022 to April 30, 2023). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period
 
 
 
 
 
 
 
 
 
 
Fidelity Series Select International Small Cap Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,197.70
 
$ .05 C  
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05 D
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C    Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 178 / 365 (to reflect the period November 4, 2022 to April 30, 2023).
 
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 Series Select International Small Cap Fund
 
At its July 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 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, and the purpose of Series funds generally.  The Board considered the structure of the investment personnel compensation program, and whether this structure provides appropriate incentives to act in the best interests of the 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 operations capabilities and resources, which are integral parts of the investment management process.
 
Administrative Services . The Board considered the nature, extent, quality, and cost of advisory and administrative services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.
 
Investment Performance . The 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 took into consideration the fact that it oversees funds managed by Fidelity that have similar or identical investment objectives and policies as the fund.  
 
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 . The Board considered that the fund will not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, with certain exceptions. The Board also noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
 
The Board also noted that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2026.
 
Based on its review, the Board considered that the fund will not pay a management fee and concluded that the fund's projected total expense ratio was 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.  The Board also noted that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund are not relevant to approval of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, with certain exceptions.  In connection with its future renewal of the fund's Advisory Contracts, the Board will consider Fidelity's profits in respect of all the Fidelity funds.
 
Economies of Scale . The Board concluded that because the fund will pay no advisory fees and FMR will bear all expenses of the fund, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve the fund's Advisory Contracts.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received information explaining that the fund is offered exclusively to other Fidelity funds and Fidelity managed 529 plans and collective investment trusts, which use the fund to gain exposure to a specific type of investment. The Board also noted that those Fidelity funds investing in the fund will benefit from investing in one centralized fund as the fund may deliver more uniform asset class performance and offer additional opportunities to generate returns and diversify the investing funds' small cap equity allocations.  
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.                                                                                                                       
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9906199.100
SSI-SANN-0623
Fidelity® Enduring Opportunities Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
4.1
 
Amazon.com, Inc.
1.9
 
Alphabet, Inc. Class A
1.4
 
Alphabet, Inc. Class C
1.4
 
Meta Platforms, Inc. Class A
1.2
 
JPMorgan Chase & Co.
1.1
 
UnitedHealth Group, Inc.
1.0
 
Tesla, Inc.
1.0
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.9
 
The Home Depot, Inc.
0.9
 
 
14.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
19.9
 
Consumer Discretionary
18.7
 
Industrials
14.7
 
Financials
11.5
 
Health Care
9.1
 
Communication Services
7.9
 
Consumer Staples
6.7
 
Real Estate
4.5
 
Materials
4.1
 
Energy
1.8
 
Utilities
1.0
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.9%
 
 
 
Entertainment - 1.7%
 
 
 
Netflix, Inc. (a)
 
234
77,204
Sea Ltd. ADR (a)
 
288
21,937
The Walt Disney Co. (a)
 
713
73,083
Universal Music Group NV
 
1,045
22,811
 
 
 
195,035
Interactive Media & Services - 5.9%
 
 
 
Adevinta ASA Class B (a)
 
2,741
21,090
Alphabet, Inc.:
 
 
 
 Class A (a)
 
1,533
164,552
 Class C (a)
 
1,501
162,438
Hemnet Group AB
 
1,213
19,872
Kakao Corp.
 
398
17,435
Match Group, Inc. (a)
 
954
35,203
Meta Platforms, Inc. Class A (a)
 
621
149,239
NAVER Corp.
 
163
23,624
Rightmove PLC
 
2,316
16,713
Tencent Holdings Ltd.
 
1,540
68,401
Z Holdings Corp.
 
7,791
21,341
 
 
 
699,908
Media - 0.3%
 
 
 
S4 Capital PLC (a)
 
11,328
20,814
Schibsted ASA (A Shares)
 
957
16,954
 
 
 
37,768
TOTAL COMMUNICATION SERVICES
 
 
932,711
CONSUMER DISCRETIONARY - 18.7%
 
 
 
Automobile Components - 0.6%
 
 
 
Aptiv PLC (a)
 
330
33,944
DENSO Corp.
 
514
31,027
 
 
 
64,971
Automobiles - 2.0%
 
 
 
Ferrari NV (Italy)
 
140
38,921
Maruti Suzuki India Ltd.
 
287
30,259
Tesla, Inc. (a)
 
715
117,482
Toyota Motor Corp.
 
3,473
47,684
 
 
 
234,346
Broadline Retail - 2.8%
 
 
 
Amazon.com, Inc. (a)
 
2,101
221,550
B&M European Value Retail SA
 
4,042
24,368
Dollarama, Inc.
 
393
24,343
MercadoLibre, Inc. (a)
 
28
35,770
Prosus NV
 
295
22,100
 
 
 
328,131
Hotels, Restaurants & Leisure - 4.4%
 
 
 
Amadeus IT Holding SA Class A (a)
 
495
34,791
Chipotle Mexican Grill, Inc. (a)
 
29
59,961
Churchill Downs, Inc.
 
200
58,506
Compass Group PLC
 
1,201
31,684
Domino's Pizza, Inc.
 
99
31,430
Doordash, Inc. (a)
 
544
33,287
Hilton Worldwide Holdings, Inc.
 
352
50,695
Jubilant Foodworks Ltd.
 
4,048
22,224
Oriental Land Co. Ltd.
 
970
34,328
Restaurant Brands Asia Ltd. (a)
 
12,252
15,373
Vail Resorts, Inc.
 
136
32,711
Wingstop, Inc.
 
238
47,626
Yum! Brands, Inc.
 
320
44,986
Zomato Ltd. (a)
 
32,462
25,986
 
 
 
523,588
Household Durables - 0.8%
 
 
 
Berkeley Group Holdings PLC
 
397
22,187
Maytronics Ltd.
 
1,154
12,054
NVR, Inc. (a)
 
10
58,400
 
 
 
92,641
Leisure Products - 0.3%
 
 
 
Roland Corp.
 
647
19,394
SHIMANO, Inc.
 
129
19,950
 
 
 
39,344
Specialty Retail - 4.6%
 
 
 
Carvana Co. Class A (a)
 
893
6,197
Fast Retailing Co. Ltd.
 
141
33,389
Five Below, Inc. (a)
 
217
42,827
Floor & Decor Holdings, Inc. Class A (a)
 
418
41,524
Lowe's Companies, Inc.
 
323
67,129
National Vision Holdings, Inc. (a)
 
744
15,654
Nitori Holdings Co. Ltd.
 
184
23,430
The Home Depot, Inc.
 
354
106,391
TJX Companies, Inc.
 
625
49,263
Ulta Beauty, Inc. (a)
 
102
56,246
Warby Parker, Inc. (a)
 
2,569
27,052
Wayfair LLC Class A (a)
 
635
22,117
WH Smith PLC
 
1,154
22,828
Workman Co. Ltd.
 
350
14,258
ZOZO, Inc.
 
833
17,530
 
 
 
545,835
Textiles, Apparel & Luxury Goods - 3.2%
 
 
 
adidas AG
 
108
19,019
Hermes International SCA
 
24
52,013
lululemon athletica, Inc. (a)
 
192
72,947
LVMH Moet Hennessy Louis Vuitton SE
 
84
80,798
Moncler SpA
 
534
39,518
NIKE, Inc. Class B
 
504
63,867
PVH Corp.
 
349
29,948
Shenzhou International Group Holdings Ltd.
 
1,715
16,473
 
 
 
374,583
TOTAL CONSUMER DISCRETIONARY
 
 
2,203,439
CONSUMER STAPLES - 6.7%
 
 
 
Beverages - 1.5%
 
 
 
Ambev SA
 
9,683
27,489
Davide Campari Milano NV
 
2,576
33,154
Kweichow Moutai Co. Ltd. (A Shares)
 
115
29,343
Monster Beverage Corp.
 
824
46,144
Pernod Ricard SA
 
166
38,302
 
 
 
174,432
Consumer Staples Distribution & Retail - 3.6%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
709
35,386
Avenue Supermarts Ltd. (a)(b)
 
498
21,472
Casey's General Stores, Inc.
 
168
38,442
Clicks Group Ltd.
 
1,582
23,121
Cosmos Pharmaceutical Corp.
 
150
14,753
Costco Wholesale Corp.
 
174
87,560
Ocado Group PLC (a)
 
3,534
22,438
Target Corp.
 
237
37,387
Wal-Mart de Mexico SA de CV Series V
 
8,515
34,331
Walmart, Inc.
 
619
93,450
Welcia Holdings Co. Ltd.
 
782
16,373
 
 
 
424,713
Food Products - 0.6%
 
 
 
Freshpet, Inc. (a)
 
481
33,175
McCormick & Co., Inc. (non-vtg.)
 
398
34,964
 
 
 
68,139
Household Products - 0.2%
 
 
 
Unicharm Corp.
 
664
26,806
Personal Care Products - 0.8%
 
 
 
Hindustan Unilever Ltd.
 
887
26,727
L'Oreal SA
 
100
47,685
Shiseido Co. Ltd.
 
471
23,609
 
 
 
98,021
TOTAL CONSUMER STAPLES
 
 
792,111
ENERGY - 1.8%
 
 
 
Oil, Gas & Consumable Fuels - 1.8%
 
 
 
Cheniere Energy, Inc.
 
268
41,004
Hess Corp.
 
465
67,453
Parkland Corp.
 
761
17,946
PrairieSky Royalty Ltd.
 
3,064
48,351
Reliance Industries Ltd.
 
1,258
37,398
 
 
 
212,152
FINANCIALS - 11.5%
 
 
 
Banks - 3.0%
 
 
 
Bank of America Corp.
 
2,519
73,756
Credicorp Ltd. (United States)
 
253
34,276
FinecoBank SpA
 
1,536
23,238
JPMorgan Chase & Co.
 
948
131,052
KBC Group NV
 
413
29,480
PNC Financial Services Group, Inc.
 
278
36,210
PT Bank Central Asia Tbk
 
53,101
32,862
SVB Financial Group (a)
 
145
71
 
 
 
360,945
Capital Markets - 3.9%
 
 
 
Avanza Bank Holding AB
 
742
15,752
Banca Generali SpA
 
585
19,396
Bolsa Mexicana de Valores S.A.B. de CV
 
13,232
29,254
Brookfield Corp. (Canada) Class A
 
823
26,703
Charles Schwab Corp.
 
822
42,941
CME Group, Inc.
 
215
39,941
HUB24 Ltd.
 
1,140
21,556
Moody's Corp.
 
124
38,827
Morningstar, Inc.
 
153
27,281
MSCI, Inc.
 
88
42,456
Netwealth Group Ltd.
 
1,886
17,138
Nordnet AB
 
1,221
19,145
Partners Group Holding AG
 
19
18,348
S&P Global, Inc.
 
155
56,200
St. James's Place PLC
 
1,319
20,000
VZ Holding AG
 
239
22,193
 
 
 
457,131
Consumer Finance - 0.2%
 
 
 
Bajaj Finance Ltd.
 
341
26,330
Financial Services - 1.7%
 
 
 
Adyen BV (a)(b)
 
18
28,923
Block, Inc. Class A (a)
 
531
32,279
Edenred SA
 
403
26,164
Fiserv, Inc. (a)
 
431
52,634
Toast, Inc. (a)
 
1,925
35,035
Zenkoku Hosho Co. Ltd.
 
657
24,147
 
 
 
199,182
Insurance - 2.7%
 
 
 
Arthur J. Gallagher & Co.
 
291
60,545
Assurant, Inc.
 
240
29,551
Chubb Ltd.
 
384
77,399
Globe Life, Inc.
 
312
33,858
Hannover Reuck SE
 
142
30,293
Lifenet Insurance Co. (a)
 
2,965
25,841
Qualitas Controladora S.A.B. de CV
 
5,435
35,927
Steadfast Group Ltd.
 
5,820
22,945
 
 
 
316,359
TOTAL FINANCIALS
 
 
1,359,947
HEALTH CARE - 8.9%
 
 
 
Biotechnology - 0.4%
 
 
 
Repligen Corp. (a)
 
159
24,109
Zai Lab Ltd. (a)
 
4,853
16,991
 
 
 
41,100
Health Care Equipment & Supplies - 4.2%
 
 
 
Align Technology, Inc. (a)
 
132
42,940
Boston Scientific Corp. (a)
 
1,090
56,811
Coloplast A/S Series B
 
165
23,733
Fisher & Paykel Healthcare Corp.
 
1,258
21,578
Hoya Corp.
 
275
28,835
IDEXX Laboratories, Inc. (a)
 
83
40,849
Inspire Medical Systems, Inc. (a)
 
162
43,356
Intuitive Surgical, Inc. (a)
 
172
51,810
Masimo Corp. (a)
 
255
48,231
ResMed, Inc.
 
177
42,650
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
486
21,972
Straumann Holding AG
 
192
28,887
The Cooper Companies, Inc.
 
113
43,104
 
 
 
494,756
Health Care Providers & Services - 2.1%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
437
24,216
Chemed Corp.
 
82
45,203
Humana, Inc.
 
106
56,232
UnitedHealth Group, Inc.
 
253
124,499
 
 
 
250,150
Health Care Technology - 0.3%
 
 
 
Veeva Systems, Inc. Class A (a)
 
159
28,474
Life Sciences Tools & Services - 1.7%
 
 
 
10X Genomics, Inc. (a)
 
568
29,780
Danaher Corp.
 
243
57,569
Lonza Group AG
 
47
29,311
Sartorius Stedim Biotech
 
66
17,636
West Pharmaceutical Services, Inc.
 
135
48,767
Wuxi Biologics (Cayman), Inc. (a)(b)
 
3,155
18,813
 
 
 
201,876
Pharmaceuticals - 0.2%
 
 
 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
3,959
27,917
TOTAL HEALTH CARE
 
 
1,044,273
INDUSTRIALS - 14.7%
 
 
 
Aerospace & Defense - 1.0%
 
 
 
HEICO Corp.
 
225
37,944
INVISIO AB
 
1,159
23,790
Northrop Grumman Corp.
 
115
53,046
 
 
 
114,780
Air Freight & Logistics - 1.5%
 
 
 
C.H. Robinson Worldwide, Inc.
 
441
44,484
Deutsche Post AG
 
723
34,776
DSV A/S
 
145
27,234
Expeditors International of Washington, Inc.
 
336
38,250
ZTO Express, Inc. sponsored ADR
 
919
25,438
 
 
 
170,182
Building Products - 0.8%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,245
29,610
Belimo Holding AG (Reg.)
 
49
23,561
Carel Industries SpA (b)
 
722
18,935
Kingspan Group PLC (Ireland)
 
315
21,763
 
 
 
93,869
Commercial Services & Supplies - 1.6%
 
 
 
Casella Waste Systems, Inc. Class A (a)
 
452
40,228
Cintas Corp.
 
84
38,285
Copart, Inc. (a)
 
620
49,011
GFL Environmental, Inc.
 
625
22,701
Sunny Friend Environmental Technology Co. Ltd.
 
3,528
18,216
Waste Connections, Inc. (Canada)
 
135
18,779
 
 
 
187,220
Construction & Engineering - 0.2%
 
 
 
Sweco AB (B Shares)
 
1,610
21,540
Electrical Equipment - 1.1%
 
 
 
AMETEK, Inc.
 
291
40,138
Eaton Corp. PLC
 
272
45,457
Generac Holdings, Inc. (a)
 
308
31,484
Nidec Corp.
 
346
17,121
 
 
 
134,200
Ground Transportation - 0.8%
 
 
 
Localiza Rent a Car SA
 
2,219
25,808
Localiza Rent a Car SA rights 5/11/23 (a)
 
9
31
Old Dominion Freight Lines, Inc.
 
157
50,301
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
7,033
17,231
 
 
 
93,371
Industrial Conglomerates - 0.5%
 
 
 
Honeywell International, Inc.
 
296
59,153
Machinery - 3.1%
 
 
 
Atlas Copco AB (A Shares)
 
2,289
33,057
Fortive Corp.
 
572
36,087
Haitian International Holdings Ltd.
 
8,136
21,140
IDEX Corp.
 
173
35,693
Indutrade AB
 
942
22,569
Kone OYJ (B Shares)
 
371
21,135
Minebea Mitsumi, Inc.
 
935
17,315
Misumi Group, Inc.
 
855
21,569
Miura Co. Ltd.
 
820
21,843
Rational AG
 
22
15,878
Schindler Holding AG (participation certificate)
 
87
19,340
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
3,302
29,576
SMC Corp.
 
48
23,940
Spirax-Sarco Engineering PLC
 
136
18,955
Tocalo Co. Ltd.
 
1,606
15,082
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
4,467
15,115
 
 
 
368,294
Marine Transportation - 0.1%
 
 
 
SITC International Holdings Co. Ltd.
 
8,782
16,244
Passenger Airlines - 0.2%
 
 
 
Ryanair Holdings PLC sponsored ADR (a)
 
221
21,125
Professional Services - 3.1%
 
 
 
BayCurrent Consulting, Inc.
 
540
18,770
Centre Testing International Group Co. Ltd. (A Shares)
 
4,438
12,382
CoStar Group, Inc. (a)
 
519
39,937
Equifax, Inc.
 
197
41,051
Experian PLC
 
870
30,802
Funai Soken Holdings, Inc.
 
852
16,332
Headhunter Group PLC ADR (a)(c)
 
622
1,693
Recruit Holdings Co. Ltd.
 
866
24,294
RELX PLC (London Stock Exchange)
 
1,230
40,902
Sporton International, Inc.
 
3,374
29,080
Thomson Reuters Corp.
 
242
31,823
TriNet Group, Inc. (a)
 
427
39,617
Verisk Analytics, Inc.
 
201
39,016
 
 
 
365,699
Trading Companies & Distributors - 0.7%
 
 
 
AddTech AB (B Shares)
 
1,555
31,085
Ashtead Group PLC
 
481
27,668
IMCD NV
 
158
23,712
 
 
 
82,465
TOTAL INDUSTRIALS
 
 
1,728,142
INFORMATION TECHNOLOGY - 19.9%
 
 
 
Electronic Equipment, Instruments & Components - 2.4%
 
 
 
Amphenol Corp. Class A
 
556
41,961
Azbil Corp.
 
666
18,626
CDW Corp.
 
229
38,836
Cognex Corp.
 
604
28,805
Keyence Corp.
 
84
37,880
Lagercrantz Group AB (B Shares)
 
2,284
29,354
Murata Manufacturing Co. Ltd.
 
476
27,006
Sunny Optical Technology Group Co. Ltd.
 
2,000
21,135
Teledyne Technologies, Inc. (a)
 
90
37,296
 
 
 
280,899
IT Services - 1.8%
 
 
 
Cloudflare, Inc. (a)
 
615
28,936
FDM Group Holdings PLC
 
1,642
13,888
Kainos Group PLC
 
981
15,288
Nagarro SE (a)
 
139
14,903
Reply SpA
 
122
14,183
SHIFT, Inc. (a)
 
109
20,292
Shopify, Inc. Class A (a)
 
364
17,636
Softcat PLC
 
1,075
18,063
Twilio, Inc. Class A (a)
 
520
27,357
VeriSign, Inc. (a)
 
196
43,473
 
 
 
214,019
Semiconductors & Semiconductor Equipment - 4.2%
 
 
 
ASM International NV (Netherlands)
 
85
30,726
ASML Holding NV (Netherlands)
 
112
70,777
BE Semiconductor Industries NV
 
276
24,737
Disco Corp.
 
303
34,498
eMemory Technology, Inc.
 
518
30,951
Monolithic Power Systems, Inc.
 
91
42,039
Silergy Corp.
 
930
14,669
Silicon Laboratories, Inc. (a)
 
339
47,223
Taiwan Semiconductor Manufacturing Co. Ltd.
 
6,524
106,760
Teradyne, Inc.
 
357
32,623
Tokyo Electron Ltd.
 
279
31,947
Universal Display Corp.
 
193
25,758
 
 
 
492,708
Software - 11.2%
 
 
 
Adobe, Inc. (a)
 
189
71,359
ANSYS, Inc. (a)
 
124
38,926
Atlassian Corp. PLC (a)
 
143
21,115
ATOSS Software AG
 
139
27,815
Bill Holdings, Inc. (a)
 
435
33,412
Black Knight, Inc. (a)
 
545
29,779
Ceridian HCM Holding, Inc. (a)
 
601
38,151
Confluent, Inc. (a)
 
1,110
24,420
Constellation Software, Inc.
 
17
33,274
Dassault Systemes SA
 
756
30,547
Fortnox AB
 
3,520
24,206
HubSpot, Inc. (a)
 
101
42,516
Microsoft Corp.
 
1,577
484,539
Money Forward, Inc. (a)
 
614
25,570
Paycom Software, Inc. (a)
 
116
33,683
Procore Technologies, Inc. (a)
 
611
32,634
Roper Technologies, Inc.
 
89
40,475
Salesforce, Inc. (a)
 
382
75,777
SAP SE
 
349
47,225
ServiceNow, Inc. (a)
 
91
41,807
Synopsys, Inc. (a)
 
149
55,327
Topicus.Com, Inc. (a)
 
266
17,719
Workday, Inc. Class A (a)
 
187
34,808
Xero Ltd. (a)
 
304
18,977
 
 
 
1,324,061
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
Seagate Technology Holdings PLC
 
616
36,202
TOTAL INFORMATION TECHNOLOGY
 
 
2,347,889
MATERIALS - 4.1%
 
 
 
Chemicals - 2.6%
 
 
 
Air Products & Chemicals, Inc.
 
155
45,626
Asian Paints Ltd.
 
663
23,620
Ecolab, Inc.
 
229
38,435
Givaudan SA
 
8
27,942
Linde PLC
 
167
61,698
NOF Corp.
 
431
19,693
Shin-Etsu Chemical Co. Ltd.
 
1,125
32,103
Sika AG
 
124
34,252
Symrise AG
 
185
22,352
 
 
 
305,721
Construction Materials - 0.7%
 
 
 
Martin Marietta Materials, Inc.
 
120
43,584
Vulcan Materials Co.
 
247
43,255
 
 
 
86,839
Metals & Mining - 0.8%
 
 
 
First Quantum Minerals Ltd.
 
931
22,621
Freeport-McMoRan, Inc.
 
1,162
44,051
Press Metal Aluminium Holdings
 
19,537
22,639
 
 
 
89,311
TOTAL MATERIALS
 
 
481,871
REAL ESTATE - 4.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.3%
 
 
 
American Tower Corp.
 
268
54,777
ARGAN SA
 
181
14,121
Big Yellow Group PLC
 
1,115
17,152
Embassy Office Parks (REIT)
 
6,240
25,183
Equinix, Inc.
 
65
47,065
Equity Lifestyle Properties, Inc.
 
535
36,862
Extra Space Storage, Inc.
 
218
33,145
National Storage REIT unit
 
16,314
27,172
Prologis (REIT), Inc.
 
406
50,852
Safestore Holdings PLC
 
1,505
18,734
Segro PLC
 
1,591
16,692
Sun Communities, Inc.
 
247
34,316
Warehouses de Pauw
 
525
15,689
Warehouses de Pauw rights 5/12/23 (a)(d)
 
525
579
 
 
 
392,339
Real Estate Management & Development - 1.2%
 
 
 
Ayala Land, Inc.
 
36,338
17,532
CBRE Group, Inc. (a)
 
454
34,804
Colliers International Group, Inc.
 
176
18,717
Grainger Trust PLC
 
6,552
21,294
Katitas Co. Ltd.
 
926
18,084
Oberoi Realty Ltd.
 
2,683
30,146
 
 
 
140,577
TOTAL REAL ESTATE
 
 
532,916
UTILITIES - 1.0%
 
 
 
Electric Utilities - 0.9%
 
 
 
Constellation Energy Corp.
 
439
33,979
NextEra Energy, Inc.
 
875
67,051
 
 
 
101,030
Gas Utilities - 0.1%
 
 
 
Nippon Gas Co. Ltd.
 
1,244
17,494
TOTAL UTILITIES
 
 
118,524
 
TOTAL COMMON STOCKS
  (Cost $10,446,363)
 
 
 
11,753,975
 
 
 
 
Nonconvertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
HEALTH CARE - 0.2%
 
 
 
Life Sciences Tools & Services - 0.2%
 
 
 
Sartorius AG (non-vtg.)
 
  (Cost $13,707)
 
 
63
24,408
 
 
 
 
Money Market Funds - 0.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (e)
 
  (Cost $20,542)
 
 
20,538
20,542
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $10,480,612)
 
 
 
11,798,925
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(11,524)
NET ASSETS - 100.0%
11,787,401
 
 
 
 
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 $88,143 or 0.7% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
-
919,038
898,496
2,315
-
-
20,542
0.0%
Total
-
919,038
898,496
2,315
-
-
20,542
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
932,711
801,910
130,801
-
Consumer Discretionary
2,203,439
1,685,842
517,597
-
Consumer Staples
792,111
633,028
159,083
-
Energy
212,152
174,754
37,398
-
Financials
1,359,947
1,160,205
199,742
-
Health Care
1,068,681
850,161
218,520
-
Industrials
1,728,142
1,342,852
383,597
1,693
Information Technology
2,347,889
1,912,353
435,536
-
Materials
481,871
327,212
154,659
-
Real Estate
532,916
414,220
118,696
-
Utilities
118,524
101,030
17,494
-
  Money Market Funds
20,542
20,542
-
-
 Total Investments in Securities:
11,798,925
9,424,109
2,373,123
1,693
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,460,070)
$
11,778,383
 
 
Fidelity Central Funds (cost $20,542)
20,542
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,480,612)
 
 
$
11,798,925
Cash
 
 
981
Foreign currency held at value (cost $1,193)
 
 
1,195
Receivable for fund shares sold
 
 
1,899
Dividends receivable
 
 
17,278
Distributions receivable from Fidelity Central Funds
 
 
202
Prepaid expenses
 
 
5
Receivable from investment adviser for expense reductions
 
 
1,629
  Total assets
 
 
11,822,114
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
579
 
 
Payable for fund shares redeemed
3,794
 
 
Accrued management fee
3,252
 
 
Transfer agent fee payable
2,539
 
 
Other affiliated payables
349
 
 
Audit fee payable
18,744
 
 
Custody fee payable
3,798
 
 
Other payables and accrued expenses
1,658
 
 
  Total Liabilities
 
 
 
34,713
Net Assets  
 
 
$
11,787,401
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,558,809
Total accumulated earnings (loss)
 
 
 
228,592
Net Assets
 
 
$
11,787,401
Net Asset Value , offering price and redemption price per share ($11,787,401 ÷ 948,073 shares)
 
 
$
12.43
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
72,586
Non-Cash dividends
 
 
4,422
Income from Fidelity Central Funds  
 
 
2,315
 Income before foreign taxes withheld
 
 
$
79,323
Less foreign taxes withheld
 
 
(7,203)
 Total Income
 
 
 
72,120
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
33,973
 
 
 Performance adjustment
(7,136)
 
 
Transfer agent fees
15,202
 
 
Accounting fees and expenses
2,087
 
 
Custodian fees and expenses
7,962
 
 
Independent trustees' fees and expenses
42
 
 
Registration fees
5,619
 
 
Audit
33,683
 
 
Legal
9
 
 
Miscellaneous
28
 
 
 Total expenses before reductions
 
91,469
 
 
 Expense reductions
 
(35,829)
 
 
 Total expenses after reductions
 
 
 
55,640
Net Investment income (loss)
 
 
 
16,480
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $331)
 
(69,902)
 
 
 Foreign currency transactions
 
1,021
 
 
Total net realized gain (loss)
 
 
 
(68,881)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,718)  
 
1,521,122
 
 
 Assets and liabilities in foreign currencies
 
342
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,521,464
Net gain (loss)
 
 
 
1,452,583
Net increase (decrease) in net assets resulting from operations
 
 
$
1,469,063
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
16,480
$
8,806
Net realized gain (loss)
 
(68,881)
 
 
(933,940)
 
Change in net unrealized appreciation (depreciation)
 
1,521,464
 
(6,033,124)
 
Net increase (decrease) in net assets resulting from operations
 
1,469,063
 
 
(6,958,258)
 
Distributions to shareholders
 
-
 
 
(572,700)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
730,074
 
3,817,785
  Reinvestment of distributions
 
-
 
 
537,633
 
Cost of shares redeemed
 
(1,619,918)
 
(7,108,348)
  Net increase (decrease) in net assets resulting from share transactions
 
(889,844)
 
 
(2,752,930)
 
Total increase (decrease) in net assets
 
579,219
 
 
(10,283,888)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
11,208,182
 
21,492,070
 
End of period
$
11,787,401
$
11,208,182
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
60,940
 
278,587
  Issued in reinvestment of distributions
 
-
 
 
33,571
 
Redeemed
 
(137,348)
 
(575,644)
Net increase (decrease)
 
(76,408)
 
(263,486)
 
 
 
 
 
 
Financial Highlights
Fidelity® Enduring Opportunities Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.94
$
16.69
$
11.91
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.02
 
.01
 
(.04)
 
(.01)
     Net realized and unrealized gain (loss)
 
1.47
 
(5.32)
 
4.82
 
1.93
  Total from investment operations
 
1.49  
 
(5.31)  
 
4.78  
 
1.92  
  Distributions from net investment income
 
-
 
(.03)
 
-
 
- D
  Distributions from net realized gain
 
-
 
(.41)
 
-
 
-
  Tax return of capital
 
-
 
-
 
-
 
(.01)
     Total distributions
 
-
 
(.44)
 
-
 
(.01)
  Net asset value, end of period
$
12.43
$
10.94
$
16.69
$
11.91
 Total Return   E,F
 
13.62%
 
(32.65)%
 
40.13%
 
19.22%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.55% I
 
1.41%
 
1.70%
 
2.63% I
    Expenses net of fee waivers, if any
 
.95% I
 
.98%
 
1.08%
 
1.10% I
    Expenses net of all reductions
 
.94% I
 
.98%
 
1.08%
 
1.09% I
    Net investment income (loss)
 
.28% I
 
.05%
 
(.25)%
 
(.10)% I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,787
$
11,208
$
21,492
$
10,055
    Portfolio turnover rate J
 
12% I
 
15%
 
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 mutual funds or ETFs 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).
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Enduring Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost.   Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,534,718
Gross unrealized depreciation
(1,266,438)
Net unrealized appreciation (depreciation)
$1,268,280
Tax cost
$10,530,645
 
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
$(440,776)
Long-term
(540,264)
Total capital loss carryforward
$(981,040)
 
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
676,023
1,510,601
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI ACWI (All Country World Index) Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .46% 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 .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 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
$   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 Enduring Opportunities Fund
  -
  81,875
  16,423
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Fidelity Enduring Opportunities Fund
$12
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 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 $35,425.
 
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 $131.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $273.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Enduring Opportunities Fund.
20%
 
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Enduring Opportunities Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,136.20
 
$ 5.03
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.08
 
$ 4.76
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9896222.103
IDF-SANN-0623
Fidelity® International Capital Appreciation K6 Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.0
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.5
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.5
 
L'Oreal SA  (France, Personal Care Products)
2.2
 
Compagnie Financiere Richemont SA Series A  (Switzerland, Textiles, Apparel & Luxury Goods)
2.2
 
Hermes International SCA  (France, Textiles, Apparel & Luxury Goods)
2.0
 
Diageo PLC  (United Kingdom, Beverages)
2.0
 
Constellation Software, Inc.  (Canada, Software)
1.9
 
 
24.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
24.1
 
Industrials
22.9
 
Financials
12.6
 
Consumer Discretionary
12.4
 
Materials
9.3
 
Consumer Staples
9.1
 
Health Care
8.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
Brazil - 1.6%
 
 
 
MercadoLibre, Inc. (a)
 
12,622
16,124,479
Canada - 9.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
321,623
16,052,070
Canadian National Railway Co.
 
135,794
16,186,833
Canadian Pacific Kansas City Ltd.
 
209,151
16,486,937
Constellation Software, Inc.
 
9,757
19,097,175
GFL Environmental, Inc.
 
352,133
12,789,951
Thomson Reuters Corp.
 
128,067
16,840,548
TOTAL CANADA
 
 
97,453,514
China - 1.3%
 
 
 
NXP Semiconductors NV
 
78,261
12,814,456
Denmark - 4.5%
 
 
 
DSV A/S
 
90,421
16,982,760
Novo Nordisk A/S Series B
 
165,396
27,514,369
TOTAL DENMARK
 
 
44,497,129
France - 15.5%
 
 
 
Air Liquide SA
 
104,472
18,793,492
Capgemini SA
 
79,671
14,476,484
Dassault Systemes SA
 
390,958
15,797,312
Hermes International SCA
 
9,138
19,804,028
L'Oreal SA
 
46,439
22,144,308
LVMH Moet Hennessy Louis Vuitton SE
 
31,267
30,075,144
Pernod Ricard SA
 
78,466
18,105,077
Safran SA
 
93,503
14,541,565
TOTAL FRANCE
 
 
153,737,410
Germany - 1.7%
 
 
 
Infineon Technologies AG
 
448,476
16,332,050
India - 6.3%
 
 
 
HCL Technologies Ltd.
 
1,109,033
14,514,845
HDFC Bank Ltd.
 
773,004
15,998,884
ICICI Bank Ltd.
 
1,559,339
17,609,599
ITC Ltd.
 
2,786,275
14,545,090
TOTAL INDIA
 
 
62,668,418
Indonesia - 1.7%
 
 
 
PT Bank Central Asia Tbk
 
27,426,588
16,972,986
Ireland - 2.9%
 
 
 
CRH PLC
 
288,071
13,900,571
Kingspan Group PLC (Ireland)
 
220,417
15,228,419
TOTAL IRELAND
 
 
29,128,990
Israel - 1.5%
 
 
 
NICE Ltd. sponsored ADR (a)(b)
 
70,288
14,339,455
Italy - 1.8%
 
 
 
Ferrari NV (Italy)
 
65,443
18,193,767
Japan - 6.4%
 
 
 
Hoya Corp.
 
152,547
15,995,322
Keyence Corp.
 
39,343
17,741,974
Shin-Etsu Chemical Co. Ltd.
 
491,829
14,034,745
Tokyo Electron Ltd.
 
133,755
15,315,684
TOTAL JAPAN
 
 
63,087,725
Korea (South) - 2.6%
 
 
 
LG Chemical Ltd.
 
24,341
13,526,381
Samsung SDI Co. Ltd.
 
24,169
12,548,006
TOTAL KOREA (SOUTH)
 
 
26,074,387
Netherlands - 5.9%
 
 
 
ASM International NV (Netherlands)
 
45,630
16,494,255
ASML Holding NV (Netherlands)
 
38,779
24,505,988
Wolters Kluwer NV
 
135,917
17,994,498
TOTAL NETHERLANDS
 
 
58,994,741
Sweden - 1.8%
 
 
 
Atlas Copco AB (A Shares)
 
1,250,038
18,052,630
Switzerland - 3.9%
 
 
 
Compagnie Financiere Richemont SA Series A
 
131,030
21,659,373
Sika AG
 
62,299
17,208,418
TOTAL SWITZERLAND
 
 
38,867,791
Taiwan - 2.9%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
1,743,262
28,526,999
United Kingdom - 11.2%
 
 
 
Ashtead Group PLC
 
220,752
12,697,975
AstraZeneca PLC (United Kingdom)
 
169,089
24,883,642
Compass Group PLC
 
684,798
18,065,629
Diageo PLC
 
421,644
19,233,759
RELX PLC (London Stock Exchange)
 
545,641
18,144,530
Rentokil Initial PLC
 
2,262,844
18,015,077
TOTAL UNITED KINGDOM
 
 
111,040,612
United States of America - 15.4%
 
 
 
Fiserv, Inc. (a)
 
102,259
12,487,869
Linde PLC
 
43,127
15,933,270
Marsh & McLennan Companies, Inc.
 
89,189
16,070,966
MasterCard, Inc. Class A
 
39,636
15,062,869
Moody's Corp.
 
49,096
15,372,940
S&P Global, Inc.
 
41,880
15,184,850
Schneider Electric SA
 
108,638
18,945,587
SolarEdge Technologies, Inc. (a)
 
50,665
14,471,444
Thermo Fisher Scientific, Inc.
 
25,468
14,132,193
Waste Connections, Inc. (Canada)
 
109,092
15,174,727
TOTAL UNITED STATES OF AMERICA
 
 
152,836,715
 
TOTAL COMMON STOCKS
  (Cost $778,779,463)
 
 
 
979,744,254
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
11,019,005
11,021,209
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d)
 
3,091,443
3,091,752
 
TOTAL MONEY MARKET FUNDS
  (Cost $14,112,961)
 
 
14,112,961
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $792,892,424)
 
 
 
993,857,215
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(517,705)
NET ASSETS - 100.0%
993,339,510
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
9,866,092
200,036,310
198,881,193
264,858
-
-
11,021,209
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
13,243,268
60,572,168
70,723,684
7,948
-
-
3,091,752
0.0%
Total
23,109,360
260,608,478
269,604,877
272,806
-
-
14,112,961
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
123,922,420
54,122,274
69,800,146
-
Consumer Staples
90,080,304
56,301,455
33,778,849
-
Financials
124,760,963
74,179,494
50,581,469
-
Health Care
82,525,526
14,132,193
68,393,333
-
Industrials
228,082,037
176,579,808
51,502,229
-
Information Technology
236,976,127
131,996,569
104,979,558
-
Materials
93,396,877
15,933,270
77,463,607
-
  Money Market Funds
14,112,961
14,112,961
-
-
 Total Investments in Securities:
993,857,215
537,358,024
456,499,191
-
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,047,093) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $778,779,463)
$
979,744,254
 
 
Fidelity Central Funds (cost $14,112,961)
14,112,961
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $792,892,424)
 
 
$
993,857,215
Cash
 
 
2,857
Foreign currency held at value (cost $261,420)
 
 
261,350
Receivable for fund shares sold
 
 
1,370,878
Dividends receivable
 
 
1,631,569
Reclaims receivable
 
 
960,912
Interest receivable
 
 
116
Distributions receivable from Fidelity Central Funds
 
 
61,061
Other receivables
 
 
162,756
  Total assets
 
 
998,308,714
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
544,066
 
 
Accrued management fee
535,576
 
 
Deferred taxes
795,719
 
 
Other payables and accrued expenses
2,091
 
 
Collateral on securities loaned
3,091,752
 
 
  Total Liabilities
 
 
 
4,969,204
Net Assets  
 
 
$
993,339,510
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
856,293,022
Total accumulated earnings (loss)
 
 
 
137,046,488
Net Assets
 
 
$
993,339,510
Net Asset Value , offering price and redemption price per share ($993,339,510 ÷ 72,282,633 shares)
 
 
$
13.74
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,060,476
Non-Cash dividends
 
 
313,088
Interest  
 
 
534
Income from Fidelity Central Funds (including $7,948 from security lending)
 
 
272,806
 Income before foreign taxes withheld
 
 
$
6,646,904
Less foreign taxes withheld
 
 
(731,456)
 Total Income
 
 
 
5,915,448
Expenses
 
 
 
 
Management fee
$
2,978,851
 
 
Independent trustees' fees and expenses
2,715
 
 
Interest
22,775
 
 
 Total expenses before reductions
 
3,004,341
 
 
 Expense reductions
 
(14)
 
 
 Total expenses after reductions
 
 
 
3,004,327
Net Investment income (loss)
 
 
 
2,911,121
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $85,105)
 
7,825,109
 
 
 Foreign currency transactions
 
74,963
 
 
Total net realized gain (loss)
 
 
 
7,900,072
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $592,329)
 
163,414,388
 
 
 Assets and liabilities in foreign currencies
 
99,804
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
163,514,192
Net gain (loss)
 
 
 
171,414,264
Net increase (decrease) in net assets resulting from operations
 
 
$
174,325,385
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,911,121
$
3,648,889
Net realized gain (loss)
 
7,900,072
 
 
(72,374,973)
 
Change in net unrealized appreciation (depreciation)
 
163,514,192
 
(233,838,244)
 
Net increase (decrease) in net assets resulting from operations
 
174,325,385
 
 
(302,564,328)
 
Distributions to shareholders
 
(3,323,601)
 
 
(75,709,685)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
156,437,704
 
376,598,093
  Reinvestment of distributions
 
3,323,601
 
 
75,709,685
 
Cost of shares redeemed
 
(100,541,311)
 
(234,149,001)
  Net increase (decrease) in net assets resulting from share transactions
 
59,219,994
 
 
218,158,777
 
Total increase (decrease) in net assets
 
230,221,778
 
 
(160,115,236)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
763,117,732
 
923,232,968
 
End of period
$
993,339,510
$
763,117,732
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
12,171,287
 
28,863,775
  Issued in reinvestment of distributions
 
258,445
 
 
4,794,787
 
Redeemed
 
(7,727,894)
 
(17,893,097)
Net increase (decrease)
 
4,701,838
 
15,765,465
 
 
 
 
 
 
Financial Highlights
Fidelity® International Capital Appreciation K6 Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.29
$
17.82
$
13.99
$
12.40
$
10.17
$
11.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.06
 
.05
 
.08
 
.13 C
 
.11
     Net realized and unrealized gain (loss)
 
2.46
 
(5.14)
 
3.85
 
1.62
 
2.18
 
(.92)
  Total from investment operations
 
2.50  
 
(5.08)  
 
3.90  
 
1.70  
 
2.31
 
(.81)
  Distributions from net investment income
 
(.05)
 
(.04)
 
(.07)
 
(.11)
 
(.08)
 
(.02)
  Distributions from net realized gain
 
-
 
(1.41)
 
-
 
-
 
-
 
(.01)
     Total distributions
 
(.05)
 
(1.45)
 
(.07)
 
(.11)
 
(.08)
 
(.03)
  Net asset value, end of period
$
13.74
$
11.29
$
17.82
$
13.99
$
12.40
$
10.17
 Total Return   D,E
 
22.15%
 
(30.83)%
 
27.93%
 
13.82%
 
22.90%
 
(7.36)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.66% H
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of fee waivers, if any
 
.66% H
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of all reductions
 
.66% H
 
.65%
 
.65%
 
.61%
 
.63%
 
.58%
    Net investment income (loss)
 
.64% H
 
.44%
 
.29%
 
.62%
 
1.16% C
 
.99%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
993,340
$
763,118
$
923,233
$
760,960
$
524,353
$
360,963
    Portfolio turnover rate I
 
93% H
 
119% J
 
149%
 
138%
 
144% J
 
158% J
 
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 mutual funds or ETFs 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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .75%.
 
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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity International Capital Appreciation K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in   foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$213,773,128
Gross unrealized depreciation
(16,594,703)
Net unrealized appreciation (depreciation)
$197,178,425
Tax cost
$796,678,790
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(61,308,944)
 
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
471,475,702
416,779,669
 
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity International Capital Appreciation K6 Fund
6,790,346
84,381,011
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .65% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Capital Appreciation K6 Fund
$565
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Capital Appreciation K6 Fund  
Borrower
$   7,746,636
4.81%
$22,775
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Capital Appreciation K6 Fund
38,452,213
9,714,067
556,599
 
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
$864
$-
$-
 
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 $14.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation K6 Fund
 
 
 
.66%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,221.50
 
$ 3.64
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.52
 
$ 3.31
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9883990.105
IVFK6-SANN-0623
Fidelity® Series Overseas Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.4
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.6
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.5
 
Diageo PLC  (United Kingdom, Beverages)
2.1
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.0
 
Compagnie Financiere Richemont SA Series A  (Switzerland, Textiles, Apparel & Luxury Goods)
2.0
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.0
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
2.0
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.8
 
 
23.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.5
 
Industrials
21.5
 
Health Care
15.3
 
Information Technology
12.1
 
Consumer Discretionary
12.0
 
Consumer Staples
7.8
 
Materials
5.3
 
Energy
2.0
 
Real Estate
1.1
 
Communication Services
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 99.2%
 
 
Shares
Value ($)
 
Australia - 0.8%
 
 
 
Flutter Entertainment PLC (a)
 
525,002
105,006,576
Belgium - 1.2%
 
 
 
Azelis Group NV
 
1,450,843
34,371,704
KBC Group NV
 
1,738,365
124,086,374
TOTAL BELGIUM
 
 
158,458,078
Canada - 1.5%
 
 
 
Constellation Software, Inc.
 
105,670
206,825,715
Lumine Group, Inc.
 
320,650
4,319,196
TOTAL CANADA
 
 
211,144,911
China - 0.0%
 
 
 
Chervon Holdings Ltd.
 
1,013,200
5,156,046
Denmark - 4.9%
 
 
 
Carlsberg A/S Series B
 
540,100
89,224,887
DSV A/S
 
1,284,831
241,315,365
Novo Nordisk A/S Series B
 
2,025,900
337,017,581
TOTAL DENMARK
 
 
667,557,833
Finland - 1.1%
 
 
 
Nordea Bank ABP
 
13,224,000
146,772,144
France - 18.2%
 
 
 
Air Liquide SA
 
1,151,060
207,064,450
ALTEN
 
878,601
149,092,088
Antin Infrastructure Partners SA
 
348,800
5,880,444
BNP Paribas SA
 
1,233,500
79,700,616
Capgemini SA
 
1,070,062
194,433,807
Edenred SA
 
3,459,127
224,580,181
EssilorLuxottica SA
 
1,064,416
210,414,670
L'Oreal SA
 
424,500
202,421,647
LVMH Moet Hennessy Louis Vuitton SE
 
489,439
470,782,237
Pernod Ricard SA
 
960,200
221,554,493
Safran SA
 
1,393,800
216,763,452
Teleperformance (b)
 
244,728
48,755,574
TotalEnergies SE
 
4,204,779
268,685,139
TOTAL FRANCE
 
 
2,500,128,798
Germany - 7.7%
 
 
 
Allianz SE
 
762,433
191,452,153
Deutsche Borse AG
 
955,360
182,195,413
Hannover Reuck SE
 
826,916
176,404,204
Infineon Technologies AG
 
4,318,500
157,265,844
Merck KGaA
 
1,066,500
191,024,915
Siemens Healthineers AG (c)
 
2,625,200
163,206,578
TOTAL GERMANY
 
 
1,061,549,107
Hong Kong - 2.0%
 
 
 
AIA Group Ltd.
 
25,203,588
274,393,371
India - 1.7%
 
 
 
HCL Technologies Ltd.
 
3,668,200
48,008,811
HDFC Bank Ltd.
 
8,845,200
183,069,332
TOTAL INDIA
 
 
231,078,143
Ireland - 1.0%
 
 
 
Kingspan Group PLC (Ireland)
 
2,063,300
142,551,602
Italy - 2.6%
 
 
 
FinecoBank SpA
 
8,663,385
131,069,105
GVS SpA (a)(c)
 
869,538
5,916,539
Recordati SpA
 
3,020,439
138,886,693
UniCredit SpA
 
4,186,000
82,947,599
TOTAL ITALY
 
 
358,819,936
Japan - 11.1%
 
 
 
Bandai Namco Holdings, Inc.
 
1,743,000
39,592,979
BayCurrent Consulting, Inc.
 
1,053,900
36,633,574
Capcom Co. Ltd.
 
2,110,000
79,288,760
FUJIFILM Holdings Corp.
 
1,890,800
98,548,444
Hoya Corp.
 
1,526,207
160,030,499
Misumi Group, Inc.
 
2,667,661
67,297,637
Olympus Corp.
 
4,132,992
72,353,881
Persol Holdings Co. Ltd.
 
4,066,353
83,845,821
Relo Group, Inc.
 
3,070,328
47,732,510
Shin-Etsu Chemical Co. Ltd.
 
3,762,500
107,366,030
SMC Corp.
 
273,921
136,616,681
Sony Group Corp.
 
2,525,600
228,500,496
Suzuki Motor Corp.
 
2,508,445
87,465,657
TIS, Inc.
 
2,370,676
65,098,109
Tokio Marine Holdings, Inc.
 
6,461,600
129,923,609
Tokyo Electron Ltd.
 
752,400
86,153,944
TOTAL JAPAN
 
 
1,526,448,631
Luxembourg - 0.8%
 
 
 
Eurofins Scientific SA (b)
 
1,509,600
105,228,470
Netherlands - 7.4%
 
 
 
ASM International NV (Netherlands)
 
395,600
143,000,813
ASML Holding NV (Netherlands)
 
569,928
360,160,100
Euronext NV (c)
 
1,093,360
86,864,161
IMCD NV
 
1,100,451
165,154,343
Topicus.Com, Inc. (a)
 
190,677
12,701,479
Wolters Kluwer NV
 
1,869,951
247,568,955
TOTAL NETHERLANDS
 
 
1,015,449,851
Spain - 1.4%
 
 
 
Amadeus IT Holding SA Class A (a)
 
2,669,070
187,595,662
Sweden - 3.4%
 
 
 
AddTech AB (B Shares)
 
4,651,119
92,976,572
Atlas Copco AB (A Shares)
 
12,494,200
180,437,055
Indutrade AB (b)
 
7,103,275
170,186,851
Kry International AB (a)(d)(e)
 
4,451
347,929
Nordnet AB
 
1,701,309
26,676,660
TOTAL SWEDEN
 
 
470,625,067
Switzerland - 6.0%
 
 
 
Compagnie Financiere Richemont SA Series A
 
1,691,080
279,536,998
Julius Baer Group Ltd.
 
2,289,018
163,177,521
Partners Group Holding AG
 
118,630
114,562,193
Sika AG
 
747,731
206,540,515
Sonova Holding AG
 
204,833
64,576,763
TOTAL SWITZERLAND
 
 
828,393,990
Taiwan - 0.6%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
4,550,684
74,468,072
United Kingdom - 14.1%
 
 
 
Ashtead Group PLC
 
1,690,400
97,234,255
AstraZeneca PLC (United Kingdom)
 
2,414,400
355,310,313
BAE Systems PLC
 
10,773,100
137,249,121
Beazley PLC
 
8,175,351
61,183,888
Compass Group PLC
 
9,500,687
250,637,247
Dechra Pharmaceuticals PLC
 
1,383,363
64,847,596
Diageo PLC
 
6,319,647
288,277,709
Diploma PLC
 
1,508,431
50,919,057
Hiscox Ltd.
 
4,691,272
69,687,837
London Stock Exchange Group PLC
 
1,334,900
140,155,509
RELX PLC (London Stock Exchange)
 
7,143,755
237,555,608
Rentokil Initial PLC
 
22,100,622
175,948,677
TOTAL UNITED KINGDOM
 
 
1,929,006,817
United States of America - 11.7%
 
 
 
CBRE Group, Inc. (a)
 
1,365,700
104,694,562
CDW Corp.
 
338,314
57,374,671
Equifax, Inc.
 
287,000
59,805,060
Experian PLC
 
4,360,200
154,372,371
Ferguson PLC
 
1,142,400
160,727,869
ICON PLC (a)
 
553,300
106,615,377
Linde PLC
 
563,400
208,148,130
Marsh & McLennan Companies, Inc.
 
1,151,228
207,439,773
Nestle SA (Reg. S)
 
2,187,951
280,691,302
S&P Global, Inc.
 
437,251
158,538,468
Thermo Fisher Scientific, Inc.
 
189,000
104,876,100
TOTAL UNITED STATES OF AMERICA
 
 
1,603,283,683
 
TOTAL COMMON STOCKS
  (Cost $10,671,260,348)
 
 
 
13,603,116,788
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
  (Cost $11,754,376)
 
25,711
2,009,798
 
 
 
 
Money Market Funds - 1.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
164,962,317
164,995,310
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
90,826,934
90,836,016
 
TOTAL MONEY MARKET FUNDS
  (Cost $255,831,326)
 
 
255,831,326
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
  (Cost $10,938,846,050)
 
 
 
13,860,957,912
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(144,195,367)
NET ASSETS - 100.0%
13,716,762,545
 
 
 
 
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 $255,987,278 or 1.9% 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 $2,357,727 or 0.0% 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 ($)
 
Kry International AB
5/14/21
1,933,095
 
 
 
Kry International AB Series E
5/14/21
11,754,376
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
433,222,869
1,525,793,862
1,794,021,421
2,828,150
-
-
164,995,310
0.4%
Fidelity Securities Lending Cash Central Fund 4.88%
246,472,375
968,703,013
1,124,339,372
546,966
-
-
90,836,016
0.3%
Total
679,695,244
2,494,496,875
2,918,360,793
3,375,116
-
-
255,831,326
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
79,288,760
-
79,288,760
-
Consumer Discretionary
1,654,273,898
105,006,576
1,549,267,322
-
Consumer Staples
1,082,170,038
513,201,027
568,969,011
-
Energy
268,685,139
-
268,685,139
-
Financials
2,960,760,555
1,696,922,953
1,263,837,602
-
Health Care
2,074,389,436
1,149,677,162
924,712,274
-
Industrials
2,944,203,743
1,935,476,409
1,008,727,334
-
Information Technology
1,659,808,820
1,127,907,869
529,543,224
2,357,727
Materials
729,119,125
208,148,130
520,970,995
-
Real Estate
152,427,072
104,694,562
47,732,510
-
  Money Market Funds
255,831,326
255,831,326
-
-
 Total Investments in Securities:
13,860,957,912
7,096,866,014
6,761,734,171
2,357,727
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $86,995,514) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,683,014,724)
$
13,605,126,586
 
 
Fidelity Central Funds (cost $255,831,326)
255,831,326
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,938,846,050)
 
 
$
13,860,957,912
Foreign currency held at value (cost $6,465,726)
 
 
6,465,532
Receivable for investments sold
 
 
36,110,716
Receivable for fund shares sold
 
 
38,515
Dividends receivable
 
 
28,650,722
Reclaims receivable
 
 
42,789,861
Interest receivable
 
 
761
Distributions receivable from Fidelity Central Funds
 
 
346,732
  Total assets
 
 
13,975,360,751
Liabilities
 
 
 
 
Payable for investments purchased
$
21,121,705
 
 
Payable for fund shares redeemed
140,721,012
 
 
Other payables and accrued expenses
5,919,473
 
 
Collateral on securities loaned
90,836,016
 
 
  Total Liabilities
 
 
 
258,598,206
Net Assets  
 
 
$
13,716,762,545
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,257,584,545
Total accumulated earnings (loss)
 
 
 
2,459,178,000
Net Assets
 
 
$
13,716,762,545
Net Asset Value , offering price and redemption price per share ($13,716,762,545 ÷ 1,109,779,223 shares)
 
 
$
12.36
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
131,036,295
Interest  
 
 
32,259
Income from Fidelity Central Funds (including $546,966 from security lending)
 
 
3,375,116
 Income before foreign taxes withheld
 
 
$
134,443,670
Less foreign taxes withheld
 
 
(16,127,864)
 Total Income
 
 
 
118,315,806
Expenses
 
 
 
 
Custodian fees and expenses
$
451,452
 
 
Independent trustees' fees and expenses
41,994
 
 
Interest
34,750
 
 
 Total Expenses
 
 
 
528,196
Net Investment income (loss)
 
 
 
117,787,610
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $623,075)
 
(23,486,167)
 
 
   Redemptions in-kind
 
68,149,699
 
 
 Foreign currency transactions
 
(406,345)
 
 
Total net realized gain (loss)
 
 
 
44,257,187
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $2,186,449)
 
2,712,469,297
 
 
 Assets and liabilities in foreign currencies
 
4,615,962
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,717,085,259
Net gain (loss)
 
 
 
2,761,342,446
Net increase (decrease) in net assets resulting from operations
 
 
$
2,879,130,056
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
117,787,610
$
248,884,392
Net realized gain (loss)
 
44,257,187
 
 
(580,283,592)
 
Change in net unrealized appreciation (depreciation)
 
2,717,085,259
 
(4,371,425,395)
 
Net increase (decrease) in net assets resulting from operations
 
2,879,130,056
 
 
(4,702,824,595)
 
Distributions to shareholders
 
(228,975,390)
 
 
(454,822,647)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
796,896,465
 
3,241,589,484
  Reinvestment of distributions
 
228,975,390
 
 
454,822,647
 
Cost of shares redeemed
 
(2,276,508,363)
 
(1,640,720,377)
  Net increase (decrease) in net assets resulting from share transactions
 
(1,250,636,508)
 
 
2,055,691,754
 
Total increase (decrease) in net assets
 
1,399,518,158
 
 
(3,101,955,488)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,317,244,387
 
15,419,199,875
 
End of period
$
13,716,762,545
$
12,317,244,387
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
69,469,841
 
267,011,806
  Issued in reinvestment of distributions
 
20,554,344
 
 
32,302,745
 
Redeemed
 
(199,246,361)
 
(137,519,813)
Net increase (decrease)
 
(109,222,176)
 
161,794,738
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Overseas Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.10
$
14.58
$
10.62
$
10.20
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.21
 
.17
 
.14
 
.06 D
     Net realized and unrealized gain (loss)
 
2.36
 
(4.27)
 
3.93
 
.32
 
.14
  Total from investment operations
 
2.46  
 
(4.06)  
 
4.10  
 
.46  
 
.20
  Distributions from net investment income
 
(.20)
 
(.17)
 
(.14)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
(.25)
 
-
 
-
 
-
     Total distributions
 
(.20)
 
(.42)
 
(.14)
 
(.04)
 
-
  Net asset value, end of period
$
12.36
$
10.10
$
14.58
$
10.62
$
10.20
 Total Return   E
 
24.53%
 
(28.66)%
 
38.89%
 
4.51%
 
2.00%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of fee waivers, if any
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01% H
    Net investment income (loss)
 
1.77% H
 
1.79%
 
1.29%
 
1.35%
 
1.69% D,H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,716,763
$
12,317,244
$
15,419,200
$
11,508,376
$
6,226,806
    Portfolio turnover rate I
 
37% H,J
 
28% J
 
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 mutual funds or ETFs 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 .98%.
 
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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity Series Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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, 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
$3,188,133,941
Gross unrealized depreciation
(296,238,956)
Net unrealized appreciation (depreciation)
$2,891,894,985
Tax cost
$10,969,062,927
 
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
$(373,833,934)
  Long-term
(190,697,873)
Total capital loss carryforward
$(564,531,807)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Overseas Fund
2,358,724,943
3,217,474,118
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds($)
Fidelity Series Overseas Fund
18,984,944
68,149,699
213,753,206
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Series Overseas Fund
$   1,243
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series Overseas Fund
Borrower
$   33,953,375
4.61%
$34,750
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Overseas Fund
134,753,305
31,952,120
(1,129,232)
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Overseas Fund
4,714,174
10,846,765
47,182,852
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
Amount ($)
Fidelity Series Overseas Fund
3,323
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series Overseas Fund
$60,342
$-
$-
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Overseas Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,245.30
 
$ .06
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.74
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9894004.103
SOV-SANN-0623
Fidelity® International Discovery K6 Fund
 
 
Semi-Annual Report
April 30, 2023

Contents

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. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.7
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.9
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.3
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
2.0
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.0
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.8
 
Housing Development Finance Corp. Ltd.  (India, Financial Services)
1.8
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.6
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.6
 
 
22.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.5
 
Consumer Discretionary
16.2
 
Information Technology
14.4
 
Industrials
13.2
 
Health Care
12.5
 
Consumer Staples
6.5
 
Materials
5.5
 
Communication Services
2.4
 
Energy
1.5
 
Real Estate
1.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
Australia - 3.6%
 
 
 
Bapcor Ltd.
 
460,232
2,008,266
EBOS Group Ltd.
 
134,967
3,703,901
Flight Centre Travel Group Ltd. (a)(b)
 
282,317
3,707,313
Flutter Entertainment PLC (a)
 
34,130
6,826,401
Iperionx Ltd. (a)
 
1,282,205
938,014
National Storage REIT unit
 
3,380,004
5,629,670
TOTAL AUSTRALIA
 
 
22,813,565
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (c)
 
259,839
2,589,563
Belgium - 2.0%
 
 
 
Azelis Group NV
 
27,724
656,805
KBC Group NV
 
82,490
5,888,225
UCB SA
 
66,846
6,218,175
TOTAL BELGIUM
 
 
12,763,205
Brazil - 0.6%
 
 
 
MercadoLibre, Inc. (a)
 
2,943
3,759,653
Canada - 2.6%
 
 
 
Canadian Natural Resources Ltd.
 
121,447
7,400,572
Constellation Software, Inc.
 
4,171
8,163,812
Definity Financial Corp.
 
37,539
1,018,237
Lumine Group, Inc.
 
11,739
158,126
TOTAL CANADA
 
 
16,740,747
China - 3.3%
 
 
 
Alibaba Group Holding Ltd. (a)
 
424,866
4,492,375
Chervon Holdings Ltd.
 
490,510
2,496,143
Glodon Co. Ltd. (A Shares)
 
324,371
2,725,845
Li Ning Co. Ltd.
 
307,725
2,200,732
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
60,190
2,721,173
Tencent Holdings Ltd.
 
129,632
5,757,750
WuXi AppTec Co. Ltd. (H Shares) (c)
 
78,904
693,955
TOTAL CHINA
 
 
21,087,973
Denmark - 2.9%
 
 
 
DSV A/S
 
31,999
6,010,012
Novo Nordisk A/S Series B
 
74,609
12,411,543
TOTAL DENMARK
 
 
18,421,555
Finland - 0.4%
 
 
 
Neste OYJ
 
47,585
2,303,946
France - 13.9%
 
 
 
Air Liquide SA
 
53,821
9,681,872
Airbus Group NV
 
39,604
5,545,931
AXA SA
 
294,835
9,623,465
BNP Paribas SA
 
113,038
7,303,768
Capgemini SA
 
38,013
6,907,088
Edenred SA
 
108,614
7,051,650
EssilorLuxottica SA
 
25,002
4,942,417
Exclusive Networks SA
 
117,619
2,540,246
L'Oreal SA
 
13,617
6,493,229
LVMH Moet Hennessy Louis Vuitton SE
 
24,761
23,817,138
Pernod Ricard SA
 
22,076
5,093,769
TOTAL FRANCE
 
 
89,000,573
Germany - 5.7%
 
 
 
Deutsche Borse AG
 
35,522
6,774,353
Deutsche Post AG
 
126,142
6,067,379
Merck KGaA
 
29,111
5,214,183
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
14,095
5,288,401
Nexus AG
 
22,732
1,302,516
Rheinmetall AG
 
10,988
3,214,588
Siemens AG
 
37,559
6,190,934
Siemens Healthineers AG (c)
 
39,100
2,430,816
Talanx AG
 
82
4,117
TOTAL GERMANY
 
 
36,487,287
Hong Kong - 2.2%
 
 
 
AIA Group Ltd.
 
971,914
10,581,301
Prudential PLC
 
246,692
3,774,644
TOTAL HONG KONG
 
 
14,355,945
Hungary - 0.3%
 
 
 
Richter Gedeon PLC
 
69,095
1,667,415
India - 5.6%
 
 
 
Avenue Supermarts Ltd. (a)(c)
 
40,097
1,728,809
Campus Activewear Ltd.
 
132,285
578,308
HDFC Bank Ltd. sponsored ADR
 
184,495
12,877,751
Housing Development Finance Corp. Ltd.
 
334,775
11,418,441
ITC Ltd.
 
369,423
1,928,486
Larsen & Toubro Ltd.
 
46,408
1,346,903
One97 Communications Ltd. (a)
 
312,487
2,508,345
PVR Ltd. (a)
 
58,238
1,046,050
Sona Blw Precision Forgings Ltd. (c)
 
234,001
1,379,403
Star Health & Allied Insurance Co. Ltd. (a)
 
81,235
589,254
Sunteck Realty Ltd.
 
132,330
491,687
TOTAL INDIA
 
 
35,893,437
Ireland - 1.8%
 
 
 
Cairn Homes PLC
 
2,257,220
2,570,106
CRH PLC
 
90,680
4,375,671
Dalata Hotel Group PLC (a)
 
867,172
4,352,470
Ryanair Holdings PLC (a)
 
3,200
52,475
TOTAL IRELAND
 
 
11,350,722
Israel - 0.4%
 
 
 
NICE Ltd. sponsored ADR (a)
 
12,153
2,479,334
Italy - 2.2%
 
 
 
BFF Bank SpA (c)
 
242,339
2,328,531
Ferrari NV
 
12,363
3,444,826
FinecoBank SpA
 
127,798
1,933,467
UniCredit SpA
 
321,767
6,375,968
TOTAL ITALY
 
 
14,082,792
Japan - 17.2%
 
 
 
Advantest Corp.
 
20,894
1,628,309
Capcom Co. Ltd.
 
97,965
3,681,291
Daiichi Sankyo Kabushiki Kaisha
 
141,766
4,864,646
Fast Retailing Co. Ltd.
 
18,559
4,394,802
FUJIFILM Holdings Corp.
 
56,400
2,939,566
Hitachi Ltd.
 
187,446
10,368,507
Hoya Corp.
 
84,238
8,832,779
Itochu Corp.
 
213,001
7,066,278
Keyence Corp.
 
10,100
4,554,659
Misumi Group, Inc.
 
69,513
1,753,619
Mitsubishi UFJ Financial Group, Inc.
 
736,749
4,611,706
NOF Corp.
 
34,696
1,585,311
Olympus Corp.
 
197,702
3,461,054
ORIX Corp.
 
306,330
5,211,446
Outsourcing, Inc.
 
110,355
1,124,140
Persol Holdings Co. Ltd.
 
181,618
3,744,857
Renesas Electronics Corp. (a)
 
489,805
6,383,359
Shin-Etsu Chemical Co. Ltd.
 
264,750
7,554,859
SMC Corp.
 
6,859
3,420,891
Sony Group Corp.
 
98,704
8,930,121
Sumitomo Mitsui Financial Group, Inc.
 
98,220
4,014,609
TechnoPro Holdings, Inc.
 
64,574
1,761,817
TIS, Inc.
 
109,542
3,007,993
Tokio Marine Holdings, Inc.
 
142,971
2,874,723
ZOZO, Inc.
 
109,366
2,301,537
TOTAL JAPAN
 
 
110,072,879
Korea (South) - 1.0%
 
 
 
Samsung Electronics Co. Ltd.
 
130,345
6,416,049
Netherlands - 5.3%
 
 
 
Adyen BV (a)(c)
 
2,765
4,442,945
ASML Holding NV (Netherlands)
 
23,715
14,986,449
BE Semiconductor Industries NV (b)
 
67,661
6,064,357
IMCD NV
 
16,695
2,505,565
ING Groep NV (Certificaten Van Aandelen)
 
316,452
3,905,423
Topicus.Com, Inc. (a)
 
7,711
513,649
Universal Music Group NV
 
77,214
1,685,477
TOTAL NETHERLANDS
 
 
34,103,865
Norway - 0.0%
 
 
 
Volue A/S (a)
 
25,910
43,763
Russia - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(d)
 
38,476
14,210
Singapore - 1.2%
 
 
 
Sea Ltd. ADR (a)
 
45,179
3,441,284
United Overseas Bank Ltd.
 
205,120
4,356,330
TOTAL SINGAPORE
 
 
7,797,614
South Africa - 0.7%
 
 
 
Anglo American PLC (United Kingdom)
 
142,463
4,389,881
Spain - 1.2%
 
 
 
CaixaBank SA
 
1,437,653
5,321,626
Cie Automotive SA
 
85,587
2,576,503
TOTAL SPAIN
 
 
7,898,129
Sweden - 3.0%
 
 
 
ASSA ABLOY AB (B Shares)
 
112,450
2,674,444
HEXPOL AB (B Shares)
 
158,282
1,862,949
Indutrade AB
 
140,476
3,365,654
Kry International AB (a)(d)(e)
 
71
5,550
Lagercrantz Group AB (B Shares)
 
237,475
3,052,077
Nibe Industrier AB (B Shares)
 
190,867
2,131,074
Nordnet AB
 
145,702
2,284,619
Svenska Handelsbanken AB (A Shares)
 
436,301
3,856,808
TOTAL SWEDEN
 
 
19,233,175
Switzerland - 1.4%
 
 
 
Compagnie Financiere Richemont SA Series A
 
37,516
6,201,427
Partners Group Holding AG
 
2,594
2,505,052
TOTAL SWITZERLAND
 
 
8,706,479
Taiwan - 2.0%
 
 
 
MediaTek, Inc.
 
71,426
1,551,991
Taiwan Semiconductor Manufacturing Co. Ltd.
 
698,618
11,432,289
TOTAL TAIWAN
 
 
12,984,280
United Kingdom - 9.9%
 
 
 
AstraZeneca PLC (United Kingdom)
 
126,813
18,662,180
BAE Systems PLC
 
495,622
6,314,216
Beazley PLC
 
319,126
2,388,322
Big Yellow Group PLC
 
162,840
2,504,906
Bunzl PLC
 
179,539
7,139,112
Compass Group PLC
 
393,806
10,388,980
DCC PLC (United Kingdom)
 
253
15,720
Diageo PLC
 
198,461
9,053,019
Dr. Martens Ltd.
 
359,759
750,983
Endava PLC ADR (a)
 
18,436
1,061,361
JD Sports Fashion PLC
 
1,240,804
2,511,382
Smart Metering Systems PLC
 
235,307
2,345,076
Starling Bank Ltd. Series D (a)(d)(e)
 
137,500
521,865
Zegona Communications PLC (a)
 
22,676
14,677
TOTAL UNITED KINGDOM
 
 
63,671,799
United States of America - 5.2%
 
 
 
Globant SA (a)
 
8,107
1,271,745
ICON PLC (a)
 
8,739
1,683,918
Linde PLC
 
12,128
4,480,690
Nestle SA (Reg. S)
 
135,932
17,438,658
NVIDIA Corp.
 
15,226
4,225,063
RHI Magnesita NV
 
30,147
856,252
Samsonite International SA (a)(c)
 
1,020,755
3,234,614
TOTAL UNITED STATES OF AMERICA
 
 
33,190,940
 
TOTAL COMMON STOCKS
  (Cost $573,611,231)
 
 
 
614,320,775
 
 
 
 
Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.0%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
1,533
305,067
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
8,434
74,810
 
 
 
379,877
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(d)(e)
 
3,347
436,224
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
816,101
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
413
32,284
 
TOTAL PREFERRED STOCKS
  (Cost $1,346,117)
 
 
 
848,385
 
 
 
 
Money Market Funds - 4.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (f)
 
21,847,743
21,852,113
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g)
 
5,016,681
5,017,183
 
TOTAL MONEY MARKET FUNDS
  (Cost $26,869,296)
 
 
26,869,296
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
  (Cost $601,826,644)
 
 
 
642,038,456
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(1,966,727)
NET ASSETS - 100.0%
640,071,729
 
 
 
 
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 $18,828,636 or 2.9% of net assets.
 
(d)
Level 3 security
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,375,800 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 ($)
 
Bolt Technology OU Series E
1/03/22
869,539
 
 
 
ByteDance Ltd. Series E1
11/18/20
167,977
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
119,789
 
 
 
Kry International AB
5/14/21
30,836
 
 
 
Kry International AB Series E
5/14/21
188,812
 
 
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
286,270
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.88%
27,106,527
93,596,770
98,851,184
376,922
-
-
21,852,113
0.1%
Fidelity Securities Lending Cash Central Fund 4.88%
1,938,791
40,700,555
37,622,163
32,959
-
-
5,017,183
0.0%
Total
29,045,318
134,297,325
136,473,347
409,881
-
-
26,869,296
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
15,931,596
5,141,438
10,485,091
305,067
Consumer Discretionary
102,923,483
26,792,324
76,131,159
-
Consumer Staples
41,750,180
11,586,998
30,148,972
14,210
Energy
9,704,518
9,704,518
-
-
Financials
144,224,955
50,063,358
93,639,732
521,865
Health Care
78,885,481
23,459,440
55,351,231
74,810
Industrials
84,815,997
30,058,050
54,757,947
-
Information Technology
92,581,188
51,467,070
40,640,060
474,058
Materials
35,725,499
7,199,891
28,525,608
-
Real Estate
8,626,263
2,504,906
6,121,357
-
  Money Market Funds
26,869,296
26,869,296
-
-
 Total Investments in Securities:
642,038,456
244,847,289
395,801,157
1,390,010
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
April 30, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,739,025) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $574,957,348)
$
615,169,160
 
 
Fidelity Central Funds (cost $26,869,296)
26,869,296
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $601,826,644)
 
 
$
642,038,456
Foreign currency held at value (cost $204,465)
 
 
204,361
Receivable for investments sold
 
 
485,228
Receivable for fund shares sold
 
 
427,055
Dividends receivable
 
 
1,831,101
Reclaims receivable
 
 
945,063
Distributions receivable from Fidelity Central Funds
 
 
84,201
  Total assets
 
 
646,015,465
Liabilities
 
 
 
 
Payable for investments purchased
$
121,589
 
 
Payable for fund shares redeemed
288,921
 
 
Accrued management fee
315,519
 
 
Other payables and accrued expenses
200,524
 
 
Collateral on securities loaned
5,017,183
 
 
  Total Liabilities
 
 
 
5,943,736
Net Assets  
 
 
$
640,071,729
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
687,466,651
Total accumulated earnings (loss)
 
 
 
(47,394,922)
Net Assets
 
 
$
640,071,729
Net Asset Value , offering price and redemption price per share ($640,071,729 ÷ 53,999,077 shares)
 
 
$
11.85
 
Statement of Operations
 
 
 
Six months ended
April 30, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,785,524
Income from Fidelity Central Funds (including $32,959 from security lending)
 
 
409,881
 Income before foreign taxes withheld
 
 
$
7,195,405
Less foreign taxes withheld
 
 
(827,663)
 Total Income
 
 
 
6,367,742
Expenses
 
 
 
 
Management fee
$
1,662,334
 
 
Independent trustees' fees and expenses
1,599
 
 
 Total expenses before reductions
 
1,663,933
 
 
 Expense reductions
 
(78)
 
 
 Total expenses after reductions
 
 
 
1,663,855
Net Investment income (loss)
 
 
 
4,703,887
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,939)
 
(27,580,892)
 
 
 Foreign currency transactions
 
113,380
 
 
Total net realized gain (loss)
 
 
 
(27,467,512)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $39,655)
 
106,221,525
 
 
 Assets and liabilities in foreign currencies
 
80,187
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
106,301,712
Net gain (loss)
 
 
 
78,834,200
Net increase (decrease) in net assets resulting from operations
 
 
$
83,538,087
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2023
(Unaudited)
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,703,887
$
9,318,000
Net realized gain (loss)
 
(27,467,512)
 
 
(61,862,335)
 
Change in net unrealized appreciation (depreciation)
 
106,301,712
 
(118,418,158)
 
Net increase (decrease) in net assets resulting from operations
 
83,538,087
 
 
(170,962,493)
 
Distributions to shareholders
 
(4,996,303)
 
 
(8,038,015)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
128,892,145
 
304,547,005
  Reinvestment of distributions
 
4,996,303
 
 
8,038,015
 
Cost of shares redeemed
 
(40,410,909)
 
(96,424,320)
  Net increase (decrease) in net assets resulting from share transactions
 
93,477,539
 
 
216,160,700
 
Total increase (decrease) in net assets
 
172,019,323
 
 
37,160,192
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
468,052,406
 
430,892,214
 
End of period
$
640,071,729
$
468,052,406
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
11,373,065
 
24,327,055
  Issued in reinvestment of distributions
 
448,904
 
 
555,879
 
Redeemed
 
(3,559,073)
 
(7,923,935)
Net increase (decrease)
 
8,262,896
 
16,958,999
 
 
 
 
 
 
Financial Highlights
Fidelity® International Discovery K6 Fund
 
 
Six months ended
(Unaudited) April 30, 2023  
 
Years ended October 31, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.23
$
14.97
$
11.29
$
10.49
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.24
 
.16
 
.12
 
.06 D
     Net realized and unrealized gain (loss)
 
1.63
 
(4.70)
 
3.60
 
.77
 
.43
  Total from investment operations
 
1.73  
 
(4.46)  
 
3.76  
 
.89  
 
.49
  Distributions from net investment income
 
(.11)
 
(.28)
 
(.08)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.05)
 
-
     Total distributions
 
(.11)
 
(.28)
 
(.08)
 
(.09)
 
-
  Net asset value, end of period
$
11.85
$
10.23
$
14.97
$
11.29
$
10.49
 Total Return   E,F
 
16.96%
 
(30.35)%
 
33.43%
 
8.51%
 
4.90%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% I
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of fee waivers, if any
 
.60% I
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of all reductions
 
.60% I
 
.60%
 
.60%
 
.60%
 
.60% I
    Net investment income (loss)
 
1.70% I
 
1.98%
 
1.11%
 
1.16%
 
1.67% D,I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
640,072
$
468,052
$
430,892
$
103,173
$
61,421
    Portfolio turnover rate J
 
64% I,K
 
50% 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 mutual funds or ETFs 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. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .43%.
 
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.
 
For the period ended April 30, 2023
 
1. Organization.
Fidelity International Discovery K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in   foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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
$67,853,518
Gross unrealized depreciation
(28,197,425)
Net unrealized appreciation (depreciation)
$39,656,093
Tax cost
$602,382,363
 
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
$(55,440,972)
Long-term
(7,345,542)
Total capital loss carryforward
$(62,786,514)
 
Due to large subscriptions in a prior period, $52,335,987 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $11,985,573 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 Discovery K6 Fund
190,337,235
166,495,447
 
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
6,335,816
72,271,270
 
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity International Discovery K6 Fund
15,540,854
197,763,447
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Discovery K6 Fund
$203
 
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
5,515,563
2,414,367
(568,117)
 
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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Discovery K6 Fund
$3,747
$-
$-
 
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 $78.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value November 1, 2022
 
Ending Account Value April 30, 2023
 
Expenses Paid During Period- C November 1, 2022 to April 30, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® International Discovery K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.60
 
$ 3.23
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.82
 
$ 3.01
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9893916.103
IGI-K6-SANN-0623


Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 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 22, 2023


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 22, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

June 22, 2023