N-CSR 1 filing5165.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number    811-04008



Fidelity Investment Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)



Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)





Registrant's telephone number, including area code:

617-563-7000





Date of fiscal year end:

October 31





Date of reporting period:

October 31, 2022







Item 1.

Reports to Stockholders







Fidelity's Targeted International Equity Funds®
 
Fidelity® Canada Fund
Fidelity® China Region Fund
Fidelity® Emerging Asia Fund
Fidelity® Emerging Markets Fund
Fidelity® Europe Fund
Fidelity® Japan Fund
Fidelity® Japan Smaller Companies Fund
Fidelity® Latin America Fund
Fidelity® Nordic Fund
Fidelity® Pacific Basin Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Canada Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® China Region Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Asia Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Markets Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Europe Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Smaller Companies Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Latin America Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Nordic Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Pacific Basin Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-12.40%
4.77%
4.28%
Class M (incl.3.50% sales charge)    
-10.57%
4.96%
4.22%
Class C    
(incl. contingent deferred sales charge)
 
-8.68%
5.22%
4.29%
Fidelity® Canada Fund
-6.77%
6.35%
5.23%
Class I
-6.74%
6.40%
5.26%
Class Z
-6.66%
6.49%
5.30%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Canada Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the S&P/TSX Composite Index performed over the same period.
 
Fidelity® Canada Fund
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Ryan Oldham:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -8% to -7%, outperforming the -13.57% result of the benchmark S&P/TSX Composite Index. Versus the benchmark, stock selection in the Canadian market was the primary contributor, especially within the information technology sector. Strong picks in financials also boosted the fund's relative result. Further bolstering performance was an overweighting in consumer staples, primarily driven by the food & staples retailing industry. The fund's biggest individual relative contributor was our lighter-than-benchmark stake in Shopify, which returned about -77% the past year. Also adding value was our outsized stake in Canadian National Resources, which was among the fund's largest holdings and gained 49%. Another notable relative contributor was an overweighting in Alimentation Couche-Tard (+20%), which was also one of our biggest holdings. By sector, the largest detractor from performance versus the benchmark was an underweighting in utilities. Weak picks in the communication services sector, particularly within the media & entertainment industry, also hampered the fund's relative result, as did a modest underweighting in energy. Not owning Cenovus Energy, a benchmark component that gained roughly 71%, was the largest individual relative detractor. Also hampering performance was our outsized stake in Dye & Durham, which returned -64%, and an overweighting in GFL Environmental, which returned roughly -34%.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Canada Fund
Top Holdings (% of Fund's net assets)
 
Royal Bank of Canada  (Banks)
8.3
 
The Toronto-Dominion Bank  (Banks)
8.1
 
Canadian Pacific Railway Ltd.  (Road & Rail)
6.8
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
5.6
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Food & Staples Retailing)
5.4
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
4.9
 
Nutrien Ltd.  (Chemicals)
3.9
 
Brookfield Asset Management, Inc. (Canada) Class A (Capital Markets)
3.9
 
Franco-Nevada Corp.  (Metals & Mining)
3.7
 
Constellation Software, Inc.  (Software)
3.4
 
 
54.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
28.3
 
Energy
18.1
 
Industrials
14.5
 
Materials
12.3
 
Consumer Staples
8.7
 
Information Technology
6.1
 
Consumer Discretionary
6.0
 
Communication Services
4.2
 
Health Care
0.7
 
Real Estate
0.5
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Foreign investments - 99.4%
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Canada Fund
Showing Percentage of Net Assets     
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.9%
 
 
 
Diversified Telecommunication Services - 2.2%
 
 
 
TELUS Corp.
 
953,000
19,901,530
Interactive Media & Services - 0.1%
 
 
 
VerticalScope Holdings, Inc. (a)
 
80,400
427,864
Media - 0.1%
 
 
 
Quebecor, Inc. Class A
 
57,400
1,086,612
Wireless Telecommunication Services - 1.5%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.)
 
324,400
13,503,669
TOTAL COMMUNICATION SERVICES
 
 
34,919,675
CONSUMER DISCRETIONARY - 6.0%
 
 
 
Auto Components - 0.8%
 
 
 
Magna International, Inc. Class A (sub. vtg.)
 
131,600
7,333,704
Hotels, Restaurants & Leisure - 2.1%
 
 
 
Restaurant Brands International, Inc.
 
309,600
18,396,242
Multiline Retail - 2.8%
 
 
 
Dollarama, Inc.
 
419,900
24,950,200
Specialty Retail - 0.1%
 
 
 
Diversified Royalty Corp. (b)
 
184,600
406,503
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Canada Goose Holdings, Inc. (a)(b)
 
99,400
1,626,327
TOTAL CONSUMER DISCRETIONARY
 
 
52,712,976
CONSUMER STAPLES - 8.7%
 
 
 
Beverages - 0.1%
 
 
 
GURU Organic Energy Corp. (a)(b)
 
324,600
862,518
Food & Staples Retailing - 8.3%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,069,200
47,874,041
Metro, Inc.
 
341,595
17,895,280
Neighbourly Pharmacy, Inc. (b)
 
95,478
1,626,634
North West Co., Inc.
 
251,100
6,533,927
 
 
 
73,929,882
Personal Products - 0.3%
 
 
 
Jamieson Wellness, Inc. (c)
 
91,000
2,226,322
TOTAL CONSUMER STAPLES
 
 
77,018,722
ENERGY - 18.1%
 
 
 
Energy Equipment & Services - 0.9%
 
 
 
Computer Modelling Group Ltd.
 
531,800
2,107,916
Pason Systems, Inc.
 
543,100
5,768,457
 
 
 
7,876,373
Oil, Gas & Consumable Fuels - 17.2%
 
 
 
Cameco Corp.
 
203,100
4,816,795
Canadian Natural Resources Ltd. (b)
 
830,698
49,822,978
Enbridge, Inc.
 
539,900
21,035,631
Parkland Corp.
 
514,200
10,394,589
PrairieSky Royalty Ltd. (b)
 
1,479,018
22,972,086
Suncor Energy, Inc.
 
1,265,000
43,511,506
 
 
 
152,553,585
TOTAL ENERGY
 
 
160,429,958
FINANCIALS - 28.3%
 
 
 
Banks - 16.4%
 
 
 
Royal Bank of Canada (b)
 
797,700
73,806,355
The Toronto-Dominion Bank
 
1,124,700
71,980,470
 
 
 
145,786,825
Capital Markets - 5.2%
 
 
 
Brookfield Asset Management, Inc. (Canada) Class A
 
870,106
34,456,798
TMX Group Ltd.
 
121,100
11,642,880
 
 
 
46,099,678
Insurance - 6.7%
 
 
 
Definity Financial Corp.
 
388,713
11,512,878
Intact Financial Corp.
 
152,625
23,191,472
Sun Life Financial, Inc.
 
575,500
24,441,906
 
 
 
59,146,256
TOTAL FINANCIALS
 
 
251,032,759
HEALTH CARE - 0.7%
 
 
 
Health Care Providers & Services - 0.7%
 
 
 
Andlauer Healthcare Group, Inc.
 
137,800
5,281,988
dentalcorp Holdings Ltd. (a)
 
231,000
1,286,960
 
 
 
6,568,948
INDUSTRIALS - 14.5%
 
 
 
Commercial Services & Supplies - 2.2%
 
 
 
GFL Environmental, Inc.
 
731,000
19,729,783
Professional Services - 2.4%
 
 
 
Thomson Reuters Corp.
 
197,600
21,015,351
Road & Rail - 9.9%
 
 
 
Canadian National Railway Co.
 
234,750
27,811,245
Canadian Pacific Railway Ltd.
 
803,762
59,918,574
 
 
 
87,729,819
TOTAL INDUSTRIALS
 
 
128,474,953
INFORMATION TECHNOLOGY - 6.0%
 
 
 
IT Services - 0.7%
 
 
 
Shopify, Inc. Class A (a)
 
188,100
6,449,261
Software - 5.3%
 
 
 
ApplyBoard, Inc. (a)(d)(e)
 
1,677
115,512
ApplyBoard, Inc. (non-vtg.) (a)(d)(e)
 
414
28,516
Constellation Software, Inc.
 
20,800
30,075,760
Dye & Durham Ltd.
 
493,300
5,456,770
Open Text Corp.
 
385,828
11,175,376
 
 
 
46,851,934
TOTAL INFORMATION TECHNOLOGY
 
 
53,301,195
MATERIALS - 12.3%
 
 
 
Chemicals - 3.9%
 
 
 
Nutrien Ltd.
 
413,581
34,944,991
Containers & Packaging - 1.4%
 
 
 
CCL Industries, Inc. Class B (b)
 
260,100
12,218,886
Metals & Mining - 6.5%
 
 
 
Franco-Nevada Corp.
 
268,900
33,224,896
Lundin Mining Corp.
 
1,052,800
5,517,666
Wheaton Precious Metals Corp.
 
587,000
19,204,015
 
 
 
57,946,577
Paper & Forest Products - 0.5%
 
 
 
Stella-Jones, Inc.
 
98,523
2,967,225
Western Forest Products, Inc.
 
1,487,783
1,343,247
 
 
 
4,310,472
TOTAL MATERIALS
 
 
109,420,926
REAL ESTATE - 0.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.5%
 
 
 
Allied Properties (REIT)
 
216,000
4,184,123
Real Estate Management & Development - 0.0%
 
 
 
Information Services Corp.
 
15,300
262,571
TOTAL REAL ESTATE
 
 
4,446,694
 
TOTAL COMMON STOCKS
  (Cost $538,767,944)
 
 
 
878,326,806
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.1%
 
 
 
Software - 0.1%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(d)(e)
 
2,063
142,099
 Series A2 (a)(d)(e)
 
1,615
111,241
 Series A3 (a)(d)(e)
 
92
6,337
 Series D (a)(d)(e)
 
4,504
310,236
 Series Seed (a)(d)(e)
 
617
42,499
(Cost $770,130)
 
 
612,412
 
 
 
 
Convertible Bonds - 0.3%
 
 
Principal
Amount (f)
 
Value ($)
 
COMMUNICATION SERVICES - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
Cineplex, Inc. 5.75% 9/30/25 (c)
 
  (Cost $2,310,432)
 
CAD
3,203,000
2,415,739
 
 
 
 
Money Market Funds - 3.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
505,437
505,538
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
29,350,248
29,353,183
 
TOTAL MONEY MARKET FUNDS
  (Cost $29,858,721)
 
 
29,858,721
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.7%
  (Cost $571,707,227)
 
 
 
911,213,678
NET OTHER ASSETS (LIABILITIES) - (2.7)%  
(24,260,855)
NET ASSETS - 100.0%
886,952,823
 
 
 
 
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 $4,642,061 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 $756,440 or 0.1% of net assets.
 
(e)
Level 3 security
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ApplyBoard, Inc.
6/04/21 - 6/30/21
85,688
 
 
 
ApplyBoard, Inc. (non-vtg.)
6/30/21
44,290
 
 
 
ApplyBoard, Inc. Series A1
6/04/21
133,582
 
 
 
ApplyBoard, Inc. Series A2
6/04/21
104,573
 
 
 
ApplyBoard, Inc. Series A3
6/04/21
5,957
 
 
 
ApplyBoard, Inc. Series D
6/04/21
486,066
 
 
 
ApplyBoard, Inc. Series Seed
6/04/21
39,952
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
479,852
141,290,261
141,264,575
14,789
-
-
505,538
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
82,977,032
980,026,000
1,033,649,849
142,988
-
-
29,353,183
0.1%
Total
83,456,884
1,121,316,261
1,174,914,424
157,777
-
-
29,858,721
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
34,919,675
34,919,675
-
-
Consumer Discretionary
52,712,976
52,712,976
-
-
Consumer Staples
77,018,722
77,018,722
-
-
Energy
160,429,958
160,429,958
-
-
Financials
251,032,759
251,032,759
-
-
Health Care
6,568,948
6,568,948
-
-
Industrials
128,474,953
128,474,953
-
-
Information Technology
53,913,607
53,157,167
-
756,440
Materials
109,420,926
109,420,926
-
-
Real Estate
4,446,694
4,446,694
-
-
 Corporate Bonds
2,415,739
-
2,415,739
-
  Money Market Funds
29,858,721
29,858,721
-
-
 Total Investments in Securities:
911,213,678
908,041,499
2,415,739
756,440
Fidelity® Canada Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $27,208,289) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $541,848,506)
 
$881,354,957
 
 
Fidelity Central Funds (cost $29,858,721)
 
29,858,721
 
 
 
 
 
 
 
Total Investment in Securities (cost $571,707,227)
 
 
$
911,213,678
Cash
 
 
 
55,080
Foreign currency held at value (cost $753,007)
 
 
 
753,056
Receivable for investments sold
 
 
 
4,986,081
Receivable for fund shares sold
 
 
 
180,401
Dividends receivable
 
 
 
709,142
Interest receivable
 
 
 
11,852
Distributions receivable from Fidelity Central Funds
 
 
 
5,264
Prepaid expenses
 
 
 
1,386
  Total assets
 
 
 
917,915,940
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$818,691
 
 
Accrued management fee
 
561,836
 
 
Distribution and service plan fees payable
 
10,037
 
 
Other affiliated payables
 
165,142
 
 
Other payables and accrued expenses
 
57,802
 
 
Collateral on securities loaned
 
29,349,609
 
 
  Total Liabilities
 
 
 
30,963,117
Net Assets  
 
 
$
886,952,823
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
517,699,725
Total accumulated earnings (loss)
 
 
 
369,253,098
Net Assets
 
 
$
886,952,823
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($31,706,710 ÷ 533,415 shares) (a)
 
 
$
59.44
Maximum offering price per share (100/94.25 of $59.44)
 
 
$
63.07
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,640,506 ÷ 112,377 shares) (a)
 
 
$
59.09
Maximum offering price per share (100/96.50 of $59.09)
 
 
$
61.23
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,108,665 ÷ 18,986 shares) (a)
 
 
$
58.39
Canada :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($825,488,142 ÷ 13,806,386 shares)
 
 
$
59.79
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($16,165,491 ÷ 270,157 shares)
 
 
$
59.84
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($5,843,309 ÷ 98,119 shares)
 
 
$
59.55
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
23,043,917
Interest  
 
 
193,875
Income from Fidelity Central Funds (including $142,988 from security lending)
 
 
 
157,777
 Income before foreign taxes withheld
 
 
 
23,395,569
Less foreign taxes withheld
 
 
 
(3,455,906)
 Total Income
 
 
 
19,939,663
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
6,118,874
 
 
 Performance adjustment
 
(244,469)
 
 
Transfer agent fees
 
1,544,271
 
 
Distribution and service plan fees
 
131,595
 
 
Accounting fees
 
419,684
 
 
Custodian fees and expenses
 
13,280
 
 
Independent trustees' fees and expenses
 
3,067
 
 
Registration fees
 
89,413
 
 
Audit
 
61,429
 
 
Legal
 
1,028
 
 
Interest
 
1,721
 
 
Miscellaneous
 
4,097
 
 
 Total expenses before reductions
 
8,143,990
 
 
 Expense reductions
 
(29,446)
 
 
 Total expenses after reductions
 
 
 
8,114,544
Net Investment income (loss)
 
 
 
11,825,119
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
24,954,969
 
 
 Foreign currency transactions
 
(434,640)
 
 
Total net realized gain (loss)
 
 
 
24,520,329
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(104,994,098)
 
 
 Assets and liabilities in foreign currencies
 
5,920
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(104,988,178)
Net gain (loss)
 
 
 
(80,467,849)
Net increase (decrease) in net assets resulting from operations
 
 
$
(68,642,730)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,825,119
$
10,152,770
Net realized gain (loss)
 
24,520,329
 
 
36,420,496
 
Change in net unrealized appreciation (depreciation)
 
(104,988,178)
 
271,065,320
 
Net increase (decrease) in net assets resulting from operations
 
(68,642,730)
 
 
317,638,586
 
Distributions to shareholders
 
(44,124,388)
 
 
(19,441,097)
 
Share transactions - net increase (decrease)
 
99,770,958
 
 
(67,034,603)
 
Total increase (decrease) in net assets
 
(12,996,160)
 
 
231,162,886
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
899,948,983
 
668,786,097
 
End of period
$
886,952,823
$
899,948,983
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Canada Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
67.23
$
46.01
$
51.95
$
49.75
$
54.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.63
 
.55
 
.61
 
.66
 
.60
     Net realized and unrealized gain (loss)
 
(5.30)
 
21.89
 
(4.38)
 
4.56
 
(3.88)
  Total from investment operations
 
(4.67)  
 
22.44  
 
(3.77)  
 
5.22  
 
(3.28)
  Distributions from net investment income
 
(.61)
 
(.63)
 
(.77)
 
(.39)
 
(.59)
  Distributions from net realized gain
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(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
$
59.44
$
67.23
$
46.01
$
51.95
$
49.75
 Total Return   D,E
 
(7.06)%
 
49.45%
 
(7.70)%
 
11.34%
 
(6.19)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.20%
 
1.12%
 
1.20%
 
1.20%
 
1.21%
    Expenses net of fee waivers, if any
 
1.20%
 
1.12%
 
1.20%
 
1.20%
 
1.21%
    Expenses net of all reductions
 
1.20%
 
1.12%
 
1.19%
 
1.19%
 
1.20%
    Net investment income (loss)
 
1.00%
 
.92%
 
1.27%
 
1.32%
 
1.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
31,707
$
33,087
$
23,395
$
30,598
$
29,420
    Portfolio turnover rate H
 
13%
 
7%
 
11%
 
8% I
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Canada Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
66.84
$
45.74
$
51.67
$
49.46
$
53.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.45
 
.38
 
.47
 
.51
 
.44
     Net realized and unrealized gain (loss)
 
(5.26)
 
21.78
 
(4.36)
 
4.55
 
(3.86)
  Total from investment operations
 
(4.81)  
 
22.16  
 
(3.89)  
 
5.06  
 
(3.42)
  Distributions from net investment income
 
(.42)
 
(.47)
 
(.64)
 
(.22)
 
(.40)
  Distributions from net realized gain
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(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
$
59.09
$
66.84
$
45.74
$
51.67
$
49.46
 Total Return   E,F
 
(7.32)%
 
49.04%
 
(7.95)%
 
11.02%
 
(6.47)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.48%
 
1.40%
 
1.47%
 
1.49%
 
1.51%
    Expenses net of fee waivers, if any
 
1.48%
 
1.39%
 
1.47%
 
1.48%
 
1.51%
    Expenses net of all reductions
 
1.48%
 
1.39%
 
1.47%
 
1.48%
 
1.51%
    Net investment income (loss)
 
.72%
 
.64%
 
.99%
 
1.03%
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,641
$
7,829
$
5,911
$
8,589
$
7,844
    Portfolio turnover rate I
 
13%
 
7%
 
11%
 
8% J
 
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 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 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 Advisor® Canada Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
65.76
$
44.96
$
50.61
$
48.48
$
52.72
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.08
 
.24
 
.29
 
.21
     Net realized and unrealized gain (loss)
 
(5.19)
 
21.46
 
(4.31)
 
4.47
 
(3.78)
  Total from investment operations
 
(5.05)  
 
21.54  
 
(4.07)  
 
4.76  
 
(3.57)
  Distributions from net investment income
 
-
 
(.15)
 
(.18)
 
-
 
(.18)
  Distributions from net realized gain
 
(2.32)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(2.32)
 
(.74)
 
(1.58)
 
(2.63)
 
(.67)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
58.39
$
65.76
$
44.96
$
50.61
$
48.48
 Total Return   D,E
 
(7.79)%
 
48.31%
 
(8.39)%
 
10.53%
 
(6.85)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.99%
 
1.90%
 
1.95%
 
1.92%
 
1.94%
    Expenses net of fee waivers, if any
 
1.98%
 
1.90%
 
1.95%
 
1.92%
 
1.93%
    Expenses net of all reductions
 
1.98%
 
1.90%
 
1.95%
 
1.91%
 
1.93%
    Net investment income (loss)
 
.22%
 
.14%
 
.51%
 
.60%
 
.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,109
$
1,683
$
3,151
$
6,226
$
11,196
    Portfolio turnover rate H
 
13%
 
7%
 
11%
 
8% I
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Canada Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
67.62
$
46.26
$
52.21
$
50.02
$
54.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.83
 
.74
 
.76
 
.82
 
.77
     Net realized and unrealized gain (loss)
 
(5.33)
 
21.99
 
(4.38)
 
4.58
 
(3.90)
  Total from investment operations
 
(4.50)  
 
22.73  
 
(3.62)  
 
5.40  
 
(3.13)
  Distributions from net investment income
 
(.82)
 
(.78)
 
(.92)
 
(.58)
 
(.77)
  Distributions from net realized gain
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(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
$
59.79
$
67.62
$
46.26
$
52.21
$
50.02
 Total Return   E
 
(6.77)%
 
49.91%
 
(7.40)%
 
11.70%
 
(5.89)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89%
 
.80%
 
.88%
 
.88%
 
.89%
    Expenses net of fee waivers, if any
 
.88%
 
.80%
 
.88%
 
.88%
 
.89%
    Expenses net of all reductions
 
.88%
 
.80%
 
.88%
 
.87%
 
.88%
    Net investment income (loss)
 
1.32%
 
1.24%
 
1.58%
 
1.64%
 
1.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
825,488
$
821,617
$
612,716
$
803,629
$
903,662
    Portfolio turnover rate H
 
13%
 
7%
 
11%
 
8% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Canada Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
67.70
$
46.24
$
52.11
$
49.93
$
54.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.85
 
.78
 
.79
 
.85
 
.79
     Net realized and unrealized gain (loss)
 
(5.34)
 
22.00
 
(4.39)
 
4.55
 
(3.90)
  Total from investment operations
 
(4.49)  
 
22.78  
 
(3.60)  
 
5.40  
 
(3.11)
  Distributions from net investment income
 
(.86)
 
(.73)
 
(.87)
 
(.59)
 
(.77)
  Distributions from net realized gain
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
(.49)
     Total distributions
 
(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
$
59.84
$
67.70
$
46.24
$
52.11
$
49.93
 Total Return   E
 
(6.74)%
 
50.02%
 
(7.35)%
 
11.74%
 
(5.86)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.86%
 
.74%
 
.81%
 
.84%
 
.86%
    Expenses net of fee waivers, if any
 
.86%
 
.74%
 
.81%
 
.84%
 
.85%
    Expenses net of all reductions
 
.86%
 
.74%
 
.81%
 
.83%
 
.85%
    Net investment income (loss)
 
1.34%
 
1.29%
 
1.65%
 
1.68%
 
1.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,165
$
13,724
$
8,392
$
14,507
$
26,923
    Portfolio turnover rate H
 
13%
 
7%
 
11%
 
8% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Canada Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
67.38
$
46.11
$
52.07
$
49.94
$
53.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.92
 
.82
 
.84
 
.92
 
.06
     Net realized and unrealized gain (loss)
 
(5.33)
 
21.91
 
(4.37)
 
4.53
 
(4.04)
  Total from investment operations
 
(4.41)  
 
22.73  
 
(3.53)  
 
5.45  
 
(3.98)
  Distributions from net investment income
 
(.91)
 
(.87)
 
(1.03)
 
(.69)
 
-
  Distributions from net realized gain
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
 
-
     Total distributions
 
(3.42)
 
(1.46)
 
(2.43)
 
(3.32)
 
-
  Net asset value, end of period
$
59.55
$
67.38
$
46.11
$
52.07
$
49.94
 Total Return   D,E
 
(6.66)%
 
50.13%
 
(7.24)%
 
11.87%
 
(7.38)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75%
 
.66%
 
.72%
 
.72%
 
.80% H
    Expenses net of fee waivers, if any
 
.75%
 
.66%
 
.72%
 
.72%
 
.80% H
    Expenses net of all reductions
 
.75%
 
.66%
 
.72%
 
.71%
 
.79% H
    Net investment income (loss)
 
1.45%
 
1.38%
 
1.74%
 
1.80%
 
1.48% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,843
$
22,010
$
15,221
$
20,496
$
128
    Portfolio turnover rate I
 
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 October 31, 2022
 
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Canada, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$376,025,914
Gross unrealized depreciation
(39,216,690)
Net unrealized appreciation (depreciation)
$336,809,224
Tax Cost
$574,404,454
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$10,110,407
Undistributed long-term capital gain
$22,334,892
Net unrealized appreciation (depreciation) on securities and other investments
$336,807,799
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$13,229,283
$13,764,443
Long-term Capital Gains
30,895,105
5,676,654
Total
$44,124,388
$19,441,097
 
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
188,872,571
120,356,506
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .65% 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%
$80,682
$225
Class M
.25%
.25%
36,730
16
Class C
.75%
.25%
14,183
1,068
 
 
 
$131,595
$1,309
 
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
$18,932
Class M
545
Class C A
482
 
$19,959
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$76,143
.24
Class M
19,801
.27
Class C
3,841
.27
Canada
1,409,318
.17
Class I
25,367
.15
Class Z
9,801
.04
 
$1,544,271
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Canada Fund
.05
 
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 Canada Fund
Borrower
$   18,693,000
3.32%
$   1,721
 
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
29,198,387
2,240,286
48,945
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Canada Fund
$1,558
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Canada Fund
$15,454
$   -
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $29,446.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Canada Fund
 
 
Class A
$   1,521,087
$618,232
Class M
339,044
133,891
Class C
58,947
49,983
Canada
40,254,541
17,909,638
Class I
818,871
258,425
Class Z
1,131,898
470,928
Total   
$44,124,388
$19,441,097
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Canada Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
91,502
57,546
$   5,737,202
$   3,411,614
Reinvestment of distributions
23,772
11,025
1,449,851
589,714
Shares redeemed
(73,975)
(84,917)
(4,692,234)
(5,008,946)
Net increase (decrease)
41,299
(16,346)
$2,494,819
$(1,007,618)
Class M
 
 
 
 
Shares sold
6,970
5,995
$443,908
$361,311
Reinvestment of distributions
5,557
2,501
337,743
133,344
Shares redeemed
(17,269)
(20,590)
(1,094,130)
(1,194,828)
Net increase (decrease)
(4,742)
(12,094)
$(312,479)
$(700,173)
Class C
 
 
 
 
Shares sold
3,877
3,093
$   245,296
$   176,271
Reinvestment of distributions
977
943
58,947
49,676
Shares redeemed
(11,456)
(48,530)
(711,381)
(2,827,895)
Net increase (decrease)
(6,602)
(44,494)
$(407,138)
$(2,601,948)
Canada
 
 
 
 
Shares sold
2,660,313
688,197
$   168,972,527
$   42,135,723
Reinvestment of distributions
619,960
312,199
37,922,967
16,749,465
Shares redeemed
(1,624,197)
(2,096,008)
(101,772,732)
(123,048,904)
Net increase (decrease)
1,656,076
(1,095,612)
$105,122,762
$(64,163,716)
Class I
 
 
 
 
Shares sold
238,697
125,979
$   15,537,489
$   7,822,995
Reinvestment of distributions
12,737
4,470
779,507
239,960
Shares redeemed
(183,998)
(109,208)
(11,689,703)
(6,469,644)
Net increase (decrease)
67,436
21,241
$4,627,293
$1,593,311
Class Z
 
 
 
 
Shares sold
156,264
48,490
$   10,087,519
$   2,951,806
Reinvestment of distributions
18,285
8,746
1,112,618
466,957
Shares redeemed
(403,081)
(60,703)
(22,954,436)
(3,573,222)
Net increase (decrease)
(228,532)
(3,467)
$(11,754,299)
$(154,459)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. 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.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-48.35%
-4.26%
3.72%
Class M (incl.3.50% sales charge)    
-47.28%
-4.11%
3.64%
Class C    
(incl. contingent deferred sales charge)
 
-46.09%
-3.83%
3.73%
Fidelity® China Region Fund
-45.04%
-2.82%
4.67%
Class I
-45.05%
-2.84%
4.67%
Class Z
-44.97%
-2.73%
4.73%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® China Region Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Golden Dragon Index performed over the same period.
 
Fidelity® China Region Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Co-Managers Ivan Xie and Peifang Sun:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -46% to -45%, underperforming the -42.77% return of the MSCI Golden Dragon (Net MA) Index. By country, stock picks in China and Taiwan most hurt the fund's result versus the MSCI index. By sector, the primary detractor from relative performance was our stock picks in communication services, especially within the media & entertainment industry. An overweighting in consumer discretionary also hindered the fund's relative result, and security selection in the information technology and health care sectors further detracted. The biggest individual relative detractor was an overweight position in Bilibili (-88%). Another notable relative detractor was an overweighting in XPeng (-86%) - by period end, we significantly reduced our stake. The fund's non-benchmark stake in Prosus, a position not held at period end, returned -51%. Conversely, the primary contributor to performance versus the benchmark was our stock selection in materials. Strong picks in financials and industrials, especially within the capital goods industry, also bolstered the fund's relative result. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributor was an overweight position in China Oilfield Services (+17%). Our second-largest relative contributor this period was avoiding NIO, a benchmark component that returned roughly -75%. Another notable contributor was an outsized stake in Industrial and Commercial Bank of China (-15%), which was one of the fund's largest holdings.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® China Region Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Semiconductors & Semiconductor Equipment)
18.3
 
Tencent Holdings Ltd.  (Interactive Media & Services)
7.9
 
AIA Group Ltd.  (Insurance)
5.7
 
Alibaba Group Holding Ltd.  (Internet & Direct Marketing Retail)
5.6
 
Meituan Class B (Internet & Direct Marketing Retail)
4.2
 
China Construction Bank Corp. (H Shares)  (Banks)
2.6
 
Pinduoduo, Inc. ADR  (Internet & Direct Marketing Retail)
2.6
 
Industrial & Commercial Bank of China Ltd. (H Shares)  (Banks)
2.4
 
MediaTek, Inc.  (Semiconductors & Semiconductor Equipment)
2.3
 
Zijin Mining Group Co. Ltd. (H Shares) (Metals & Mining)
2.1
 
 
53.7
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
26.2
 
Consumer Discretionary
22.2
 
Financials
16.1
 
Communication Services
9.8
 
Health Care
5.0
 
Consumer Staples
4.9
 
Materials
4.4
 
Industrials
3.5
 
Real Estate
2.1
 
Energy
1.7
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese markets. As of October 31, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Foreign investments - 95.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® China Region Fund
Showing Percentage of Net Assets     
Common Stocks - 94.6%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 9.8%
 
 
 
Entertainment - 1.9%
 
 
 
Bilibili, Inc. ADR (a)(b)
 
471,100
4,202,212
NetEase, Inc.
 
937,400
10,400,691
 
 
 
14,602,903
Interactive Media & Services - 7.9%
 
 
 
Tencent Holdings Ltd.
 
2,387,700
62,741,101
TOTAL COMMUNICATION SERVICES
 
 
77,344,004
CONSUMER DISCRETIONARY - 22.2%
 
 
 
Automobiles - 2.5%
 
 
 
Brilliance China Automotive Holdings Ltd. (a)
 
1,668,000
718,228
Great Wall Motor Co. Ltd. (H Shares)
 
4,248,500
4,638,378
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
9,646,000
5,873,877
Li Auto, Inc.:
 
 
 
 ADR (a)
 
387,000
5,270,940
 Class A (a)
 
249,800
1,704,126
XPeng, Inc. ADR (a)(b)
 
180,600
1,195,572
 
 
 
19,401,121
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Galaxy Entertainment Group Ltd.
 
1,684,000
7,690,967
Trip.com Group Ltd. (a)
 
144,000
3,234,572
Trip.com Group Ltd. ADR (a)
 
330,400
7,476,952
 
 
 
18,402,491
Household Durables - 0.8%
 
 
 
Haier Smart Home Co. Ltd. (A Shares)
 
2,280,398
6,494,992
Internet & Direct Marketing Retail - 13.4%
 
 
 
Alibaba Group Holding Ltd. (a)
 
5,675,200
44,124,151
JD.com, Inc. Class A
 
445,300
8,109,145
Meituan Class B (a)(c)
 
2,088,988
33,445,838
Pinduoduo, Inc. ADR (a)
 
375,705
20,599,905
 
 
 
106,279,039
Specialty Retail - 0.7%
 
 
 
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
239,500
5,259,037
Textiles, Apparel & Luxury Goods - 2.5%
 
 
 
Li Ning Co. Ltd.
 
1,458,000
7,541,075
LVMH Moet Hennessy Louis Vuitton SE
 
15,900
10,032,819
Shenzhou International Group Holdings Ltd.
 
303,400
2,106,507
 
 
 
19,680,401
TOTAL CONSUMER DISCRETIONARY
 
 
175,517,081
CONSUMER STAPLES - 4.9%
 
 
 
Beverages - 2.7%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
84,845
15,611,175
Wuliangye Yibin Co. Ltd. (A Shares)
 
337,760
6,174,391
 
 
 
21,785,566
Food Products - 0.9%
 
 
 
Uni-President Enterprises Corp.
 
3,562,000
7,233,552
Household Products - 0.5%
 
 
 
C&S Paper Co. Ltd. (A Shares)
 
2,955,102
3,787,503
Personal Products - 0.8%
 
 
 
Proya Cosmetics Co. Ltd. (A Shares)
 
267,260
6,117,092
TOTAL CONSUMER STAPLES
 
 
38,923,713
ENERGY - 1.7%
 
 
 
Energy Equipment & Services - 1.7%
 
 
 
China Oilfield Services Ltd. (H Shares)
 
12,112,000
13,640,109
FINANCIALS - 15.9%
 
 
 
Banks - 6.4%
 
 
 
China Construction Bank Corp. (H Shares)
 
39,046,610
20,721,585
E.SUN Financial Holdings Co. Ltd.
 
10,363,554
7,454,407
Hang Seng Bank Ltd.
 
238,800
3,361,777
Industrial & Commercial Bank of China Ltd. (H Shares)
 
43,988,000
19,098,069
 
 
 
50,635,838
Capital Markets - 1.1%
 
 
 
Hong Kong Exchanges and Clearing Ltd.
 
326,500
8,666,492
Diversified Financial Services - 1.5%
 
 
 
Far East Horizon Ltd.
 
15,430,500
11,912,484
Insurance - 6.9%
 
 
 
AIA Group Ltd.
 
5,974,600
45,256,365
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
2,169,000
3,498,187
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
1,444,500
5,782,898
 
 
 
54,537,450
TOTAL FINANCIALS
 
 
125,752,264
HEALTH CARE - 4.7%
 
 
 
Biotechnology - 1.3%
 
 
 
Innovent Biologics, Inc. (a)(c)
 
1,021,000
3,615,932
Zai Lab Ltd. (a)
 
986,000
2,271,041
Zai Lab Ltd. ADR (a)
 
182,900
4,075,012
 
 
 
9,961,985
Health Care Equipment & Supplies - 1.2%
 
 
 
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c)
 
1,091,500
846,819
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
193,515
8,623,632
 
 
 
9,470,451
Life Sciences Tools & Services - 1.2%
 
 
 
WuXi AppTec Co. Ltd. (H Shares) (c)
 
299,600
2,400,724
Wuxi Biologics (Cayman), Inc. (a)(c)
 
1,622,500
7,300,670
 
 
 
9,701,394
Pharmaceuticals - 1.0%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c)
 
453,940
4,857,664
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
2,006,000
3,097,300
 
 
 
7,954,964
TOTAL HEALTH CARE
 
 
37,088,794
INDUSTRIALS - 3.5%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
10,000
700,000
Air Freight & Logistics - 0.6%
 
 
 
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares)
 
308,929
4,848,682
Construction & Engineering - 0.2%
 
 
 
China State Construction International Holdings Ltd.
 
1,894,000
1,703,470
Electrical Equipment - 0.4%
 
 
 
Sungrow Power Supply Co. Ltd. (A Shares)
 
191,634
3,419,433
Machinery - 1.9%
 
 
 
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
1,038,213
9,482,371
Weichai Power Co. Ltd. (H Shares)
 
3,298,000
3,159,499
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
693,784
2,018,775
 
 
 
14,660,645
Professional Services - 0.3%
 
 
 
Centre Testing International Group Co. Ltd. (A Shares)
 
923,700
2,369,045
TOTAL INDUSTRIALS
 
 
27,701,275
INFORMATION TECHNOLOGY - 25.4%
 
 
 
Communications Equipment - 0.3%
 
 
 
ZTE Corp. (H Shares)
 
1,608,800
2,869,325
Electronic Equipment & Components - 1.2%
 
 
 
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
2,951,000
9,377,984
IT Services - 1.5%
 
 
 
TravelSky Technology Ltd. (H Shares)
 
5,317,000
7,721,847
Vnet Group, Inc. ADR (a)
 
1,041,214
4,362,687
 
 
 
12,084,534
Semiconductors & Semiconductor Equipment - 22.4%
 
 
 
eMemory Technology, Inc.
 
190,481
6,348,579
MediaTek, Inc.
 
976,000
17,853,290
Parade Technologies Ltd.
 
214,000
4,040,615
Silergy Corp.
 
156,000
1,808,892
SK Hynix, Inc.
 
39,130
2,267,222
Taiwan Semiconductor Manufacturing Co. Ltd.
 
12,056,000
144,798,201
 
 
 
177,116,799
TOTAL INFORMATION TECHNOLOGY
 
 
201,448,642
MATERIALS - 4.4%
 
 
 
Chemicals - 0.2%
 
 
 
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
106,058
1,126,963
Construction Materials - 0.3%
 
 
 
West China Cement Ltd.
 
24,942,000
2,256,001
Containers & Packaging - 1.5%
 
 
 
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
2,677,971
11,928,740
Metals & Mining - 2.4%
 
 
 
Lynas Rare Earths Ltd. (a)
 
486,256
2,590,910
Zijin Mining Group Co. Ltd. (H Shares)
 
17,412,000
16,636,411
 
 
 
19,227,321
TOTAL MATERIALS
 
 
34,539,025
REAL ESTATE - 2.1%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.3%
 
 
 
Link (REIT)
 
413,811
2,446,075
Real Estate Management & Development - 1.8%
 
 
 
China Overseas Land and Investment Ltd.
 
2,431,000
4,639,236
China Resources Mixc Lifestyle Services Ltd. (c)
 
1,142,000
3,346,136
KE Holdings, Inc. ADR (a)
 
580,131
5,905,734
 
 
 
13,891,106
TOTAL REAL ESTATE
 
 
16,337,181
 
TOTAL COMMON STOCKS
  (Cost $894,155,366)
 
 
 
748,292,088
 
 
 
 
Preferred Stocks - 1.3%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 1.1%
 
 
 
HEALTH CARE - 0.3%
 
 
 
Health Care Providers & Services - 0.3%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
275,211
2,468,643
 
 
 
 
INFORMATION TECHNOLOGY - 0.8%
 
 
 
IT Services - 0.8%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
38,752
6,084,839
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
8,553,482
Nonconvertible Preferred Stocks - 0.2%
 
 
 
FINANCIALS - 0.2%
 
 
 
Diversified Financial Services - 0.2%
 
 
 
ZKH Group Ltd. Series F (e)
 
3,131,343
1,772,027
 
 
 
 
 
TOTAL PREFERRED STOCKS
  (Cost $9,927,060)
 
 
 
10,325,509
 
 
 
 
Money Market Funds - 4.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
31,364,651
31,370,924
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
4,493,855
4,494,305
 
TOTAL MONEY MARKET FUNDS
  (Cost $35,865,229)
 
 
35,865,229
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
  (Cost $939,947,655)
 
 
 
794,482,826
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(2,899,230)
NET ASSETS - 100.0%
791,583,596
 
 
 
 
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 $58,911,083 or 7.4% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,253,482 or 1.2% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 3.10%
-
320,637,609
289,266,685
447,949
-
-
31,370,924
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
38,808,345
130,999,930
165,313,970
104,027
-
-
4,494,305
0.0%
Total
38,808,345
451,637,539
454,580,655
551,976
-
-
35,865,229
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
77,344,004
4,202,212
73,141,792
-
Consumer Discretionary
175,517,081
74,464,049
101,053,032
-
Consumer Staples
38,923,713
38,923,713
-
-
Energy
13,640,109
13,640,109
-
-
Financials
127,524,291
22,865,078
102,887,186
1,772,027
Health Care
39,557,437
29,788,124
7,300,670
2,468,643
Industrials
27,701,275
27,001,275
-
700,000
Information Technology
207,533,481
56,650,441
144,798,201
6,084,839
Materials
34,539,025
34,539,025
-
-
Real Estate
16,337,181
16,337,181
-
-
  Money Market Funds
35,865,229
35,865,229
-
-
 Total Investments in Securities:
794,482,826
354,276,436
429,180,881
11,025,509
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
9,043,807
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
209,724
 
  Cost of Purchases
 
1,771,978
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
11,025,509
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
209,724
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® China Region Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,283,469) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $904,082,426)
 
$758,617,597
 
 
Fidelity Central Funds (cost $35,865,229)
 
35,865,229
 
 
 
 
 
 
 
Total Investment in Securities (cost $939,947,655)
 
 
$
794,482,826
Foreign currency held at value (cost $12,490)
 
 
 
12,351
Receivable for investments sold
 
 
 
3,019,544
Receivable for fund shares sold
 
 
 
270,563
Dividends receivable
 
 
 
123,786
Distributions receivable from Fidelity Central Funds
 
 
 
118,575
Prepaid expenses
 
 
 
1,886
Other receivables
 
 
 
17,023
  Total assets
 
 
 
798,046,554
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
791,999
 
 
Accrued management fee
 
510,962
 
 
Distribution and service plan fees payable
 
13,132
 
 
Other affiliated payables
 
199,518
 
 
Other payables and accrued expenses
 
454,500
 
 
Collateral on securities loaned
 
4,492,847
 
 
  Total Liabilities
 
 
 
6,462,958
Net Assets  
 
 
$
791,583,596
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,079,377,804
Total accumulated earnings (loss)
 
 
 
(287,794,208)
Net Assets
 
 
$
791,583,596
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($19,362,277 ÷ 779,217 shares) (a)
 
 
$
24.85
Maximum offering price per share (100/94.25 of $24.85)
 
 
$
26.37
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($5,802,706 ÷ 235,783 shares) (a)
 
 
$
24.61
Maximum offering price per share (100/96.50 of $24.61)
 
 
$
25.50
Class C :
 
 
 
 
Net Asset Value and offering price per share ($5,784,220 ÷ 245,235 shares) (a)
 
 
$
23.59
China Region :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($736,185,275 ÷ 29,124,186 shares)
 
 
$
25.28
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($20,509,186 ÷ 817,949 shares)
 
 
$
25.07
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,939,932 ÷ 157,458 shares)
 
 
$
25.02
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
23,185,911
Income from Fidelity Central Funds (including $104,027 from security lending)
 
 
 
551,976
 Income before foreign taxes withheld
 
 
 
23,737,887
Less foreign taxes withheld
 
 
 
(2,705,582)
 Total Income
 
 
 
21,032,305
Expenses
 
 
 
 
Management fee
$
8,883,135
 
 
Transfer agent fees
 
2,266,172
 
 
Distribution and service plan fees
 
223,619
 
 
Accounting fees
 
587,932
 
 
Custodian fees and expenses
 
286,183
 
 
Independent trustees' fees and expenses
 
4,845
 
 
Registration fees
 
110,485
 
 
Audit
 
79,928
 
 
Legal
 
4,001
 
 
Interest
 
526
 
 
Miscellaneous
 
7,839
 
 
 Total expenses before reductions
 
12,454,665
 
 
 Expense reductions
 
(43,578)
 
 
 Total expenses after reductions
 
 
 
12,411,087
Net Investment income (loss)
 
 
 
8,621,218
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(142,368,595)
 
 
 Foreign currency transactions
 
(506,234)
 
 
Total net realized gain (loss)
 
 
 
(142,874,829)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(593,561,868)
 
 
 Assets and liabilities in foreign currencies
 
(318,927)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(593,880,795)
Net gain (loss)
 
 
 
(736,755,624)
Net increase (decrease) in net assets resulting from operations
 
 
$
(728,134,406)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,621,218
$
8,623,201
Net realized gain (loss)
 
(142,874,829)
 
 
215,813,605
 
Change in net unrealized appreciation (depreciation)
 
(593,880,795)
 
(207,138,507)
 
Net increase (decrease) in net assets resulting from operations
 
(728,134,406)
 
 
17,298,299
 
Distributions to shareholders
 
(163,021,571)
 
 
(94,181,422)
 
Share transactions - net increase (decrease)
 
(137,715,540)
 
 
197,486,715
 
Total increase (decrease) in net assets
 
(1,028,871,517)
 
 
120,603,592
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,820,455,113
 
1,699,851,521
 
End of period
$
791,583,596
$
1,820,455,113
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® China Region Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
50.32
$
50.90
$
35.86
$
28.73
$
34.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.06
 
.08
 
.15
 
.15
     Net realized and unrealized gain (loss)
 
(20.99)
 
1.95
 
15.11
 
7.10
 
(5.56)
  Total from investment operations
 
(20.85)  
 
2.01  
 
15.19  
 
7.25  
 
(5.41)
  Distributions from net investment income
 
-
 
(.44)
 
(.15)
 
(.12)
 
(.08)
  Distributions from net realized gain
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(4.62)
 
(2.59) C
 
(.15)
 
(.12)
 
(.08)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
24.85
$
50.32
$
50.90
$
35.86
$
28.73
 Total Return   E,F
 
(45.20)%
 
3.65%
 
42.52%
 
25.30%
 
(15.86)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.23%
 
1.21%
 
1.24%
 
1.27%
 
1.27%
    Expenses net of fee waivers, if any
 
1.22%
 
1.21%
 
1.24%
 
1.26%
 
1.27%
    Expenses net of all reductions
 
1.22%
 
1.21%
 
1.22%
 
1.26%
 
1.24%
    Net investment income (loss)
 
.38%
 
.11%
 
.18%
 
.44%
 
.43%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
19,362
$
45,301
$
39,303
$
29,963
$
23,424
    Portfolio turnover rate 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 Total distributions per share do not sum due to rounding.
 
D Amount represents less than $.005 per share.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
50.02
$
50.64
$
35.66
$
28.55
$
34.05
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
(.10)
 
(.05)
 
.04
 
.03
     Net realized and unrealized gain (loss)
 
(20.82)
 
1.96
 
15.04
 
7.07
 
(5.53)
  Total from investment operations
 
(20.79)  
 
1.86  
 
14.99  
 
7.11  
 
(5.50)
  Distributions from net investment income
 
-
 
(.32)
 
(.01)
 
-
 
-
  Distributions from net realized gain
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(4.62)
 
(2.48)
 
(.01)
 
-
 
-
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
24.61
$
50.02
$
50.64
$
35.66
$
28.55
 Total Return   D,E
 
(45.37)%
 
3.36%
 
42.04%
 
24.90%
 
(16.15)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.53%
 
1.50%
 
1.56%
 
1.59%
 
1.62%
    Expenses net of fee waivers, if any
 
1.53%
 
1.50%
 
1.56%
 
1.59%
 
1.62%
    Expenses net of all reductions
 
1.53%
 
1.50%
 
1.53%
 
1.58%
 
1.58%
    Net investment income (loss)
 
.08%
 
(.18)%
 
(.13)%
 
.12%
 
.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,803
$
12,623
$
12,028
$
9,251
$
8,132
    Portfolio turnover rate H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
48.34
$
49.10
$
34.71
$
27.90
$
33.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.13)
 
(.35)
 
(.22)
 
(.09)
 
(.11)
     Net realized and unrealized gain (loss)
 
(20.00)
 
1.92
 
14.61
 
6.90
 
(5.40)
  Total from investment operations
 
(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
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
23.59
$
48.34
$
49.10
$
34.71
$
27.90
 Total Return   D,E
 
(45.60)%
 
2.89%
 
41.46%
 
24.41%
 
(16.49)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.96%
 
1.96%
 
1.98%
 
2.00%
 
2.01%
    Expenses net of fee waivers, if any
 
1.96%
 
1.96%
 
1.98%
 
2.00%
 
2.01%
    Expenses net of all reductions
 
1.96%
 
1.96%
 
1.96%
 
1.99%
 
1.98%
    Net investment income (loss)
 
(.36)%
 
(.65)%
 
(.55)%
 
(.29)%
 
(.31)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,784
$
13,168
$
11,308
$
9,437
$
10,138
    Portfolio turnover rate H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® China Region Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
51.03
$
51.53
$
36.30
$
29.11
$
34.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.25
 
.23
 
.21
 
.25
 
.26
     Net realized and unrealized gain (loss)
 
(21.32)
 
1.97
 
15.28
 
7.19
 
(5.65)
  Total from investment operations
 
(21.07)  
 
2.20  
 
15.49  
 
7.44  
 
(5.39)
  Distributions from net investment income
 
(.06)
 
(.54)
 
(.26)
 
(.25)
 
(.14)
  Distributions from net realized gain
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(4.68)
 
(2.70)
 
(.26)
 
(.25)
 
(.14)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
25.28
$
51.03
$
51.53
$
36.30
$
29.11
 Total Return   D
 
(45.04)%
 
3.97%
 
42.95%
 
25.72%
 
(15.62)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
.91%
 
.93%
 
.95%
 
.96%
    Expenses net of fee waivers, if any
 
.93%
 
.91%
 
.93%
 
.95%
 
.96%
    Expenses net of all reductions
 
.93%
 
.91%
 
.91%
 
.95%
 
.93%
    Net investment income (loss)
 
.67%
 
.41%
 
.49%
 
.76%
 
.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
736,185
$
1,609,326
$
1,518,404
$
1,093,827
$
969,679
    Portfolio turnover rate G
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
50.63
$
51.16
$
36.05
$
28.90
$
34.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.25
 
.22
 
.20
 
.25
 
.26
     Net realized and unrealized gain (loss)
 
(21.15)
 
1.96
 
15.17
 
7.13
 
(5.61)
  Total from investment operations
 
(20.90)  
 
2.18  
 
15.37  
 
7.38  
 
(5.35)
  Distributions from net investment income
 
(.04)
 
(.55)
 
(.26)
 
(.23)
 
(.16)
  Distributions from net realized gain
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(4.66)
 
(2.71)
 
(.26)
 
(.23)
 
(.16)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
25.07
$
50.63
$
51.16
$
36.05
$
28.90
 Total Return   D
 
(45.05)%
 
3.96%
 
42.91%
 
25.71%
 
(15.63)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93%
 
.93%
 
.95%
 
.97%
 
.98%
    Expenses net of fee waivers, if any
 
.93%
 
.93%
 
.95%
 
.96%
 
.98%
    Expenses net of all reductions
 
.93%
 
.93%
 
.93%
 
.96%
 
.95%
    Net investment income (loss)
 
.68%
 
.39%
 
.48%
 
.74%
 
.72%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,509
$
68,464
$
47,688
$
27,410
$
20,854
    Portfolio turnover rate G
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
50.57
$
51.07
$
36.00
$
28.91
$
32.63
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.30
 
.29
 
.26
 
.30
 
.01
     Net realized and unrealized gain (loss)
 
(21.10)
 
1.95
 
15.14
 
7.11
 
(3.73)
  Total from investment operations
 
(20.80)  
 
2.24  
 
15.40  
 
7.41  
 
(3.72)
  Distributions from net investment income
 
(.12)
 
(.59)
 
(.33)
 
(.32)
 
-
  Distributions from net realized gain
 
(4.62)
 
(2.16)
 
-
 
-
 
-
     Total distributions
 
(4.75) D
 
(2.74) D
 
(.33)
 
(.32)
 
-
  Net asset value, end of period
$
25.02
$
50.57
$
51.07
$
36.00
$
28.91
 Total Return   E,F
 
(44.97)%
 
4.09%
 
43.13%
 
25.86%
 
(11.40)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.80%
 
.80%
 
.81%
 
.82%
 
.91% I
    Expenses net of fee waivers, if any
 
.80%
 
.80%
 
.81%
 
.82%
 
.90% I
    Expenses net of all reductions
 
.80%
 
.80%
 
.79%
 
.81%
 
.87% I
    Net investment income (loss)
 
.81%
 
.52%
 
.61%
 
.89%
 
.57% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,940
$
71,573
$
71,121
$
46,861
$
323
    Portfolio turnover rate J
 
20%
 
60%
 
60%
 
80%
 
60% 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 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 October 31, 2022
 
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, China Region, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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.
 
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
$11,025,509
Market comparable
Enterprise value/Revenue multiple (EV/R)
3.8 - 7.1 / 4.1
Increase
 
 
Market approach
Discount rate
49.5%
Decrease
 
 
 
Transaction price
$0.57 - $17.75 / $10.57
Increase
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in 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. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain corporate actions and   losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$136,275,384
Gross unrealized depreciation
(300,174,920)
Net unrealized appreciation (depreciation)
$(163,899,536)
Tax Cost
$958,382,362
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$10,404,661
Capital loss carryforward
$(133,977,706)
Net unrealized appreciation (depreciation) on securities and other investments
$(164,221,163)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(99,049,173)
  Long-term
(34,928,533)
Total capital loss carryforward
$(133,977,706)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$1,969,102
$81,944,292
Long-term Capital Gains
161,052,469
12,237,130
Total
$163,021,571
$94,181,422
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity China Region Fund
256,407,681
576,383,575
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
- %
.25%
$87,082
$1,354
Class M
.25%
.25%
45,323
80
Class C
.75%
.25%
91,214
21,726
 
 
 
$223,619
$23,160
 
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
$5,553
Class M
998
Class C A
70
 
$6,621
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$75,643
.22
Class M
24,416
.27
Class C
18,493
.20
China Region
2,056,995
.18
Class I
68,913
.17
Class Z
21,712
.04
 
$2,266,172
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity China Region Fund
.04
 
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
$1,709
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity China Region Fund
Borrower
$   4,906,818
.31%
$   464
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity China Region Fund
9,700,900
1,644,183
(2,050,646)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity China Region Fund
3,205
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity China Region Fund
$2,412
 
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
$10,805
$-
$-
 
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity China Region Fund
$967,750
.58%
$62
 
9. Expense Reductions.
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 $122 .
 
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 $43,456.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity China Region Fund
 
 
Class A
$4,134,709
$2,089,736
Class M
1,142,842
603,440
Class C
1,227,041
569,251
China Region
144,410,750
83,672,749
Class I
5,718,145
2,974,817
Class Z
6,388,084
4,271,429
Total   
$163,021,571
$94,181,422
 
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity China Region Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
167,076
412,947
$   6,290,832
$   23,655,622
Reinvestment of distributions
93,787
37,370
3,954,050
1,998,564
Shares redeemed
(381,933)
(322,190)
(12,663,126)
(17,301,503)
Net increase (decrease)
(121,070)
128,127
$(2,418,244)
$8,352,683
Class M
 
 
 
 
Shares sold
14,193
85,266
$518,243
$   5,026,895
Reinvestment of distributions
27,154
11,219
1,136,944
597,960
Shares redeemed
(57,927)
(81,626)
(2,269,682)
(4,472,103)
Net increase (decrease)
(16,580)
14,859
$(614,495)
$1,152,752
Class C
 
 
 
 
Shares sold
52,147
130,300
$   1,830,320
$7,093,045
Reinvestment of distributions
28,637
10,599
1,153,507
548,200
Shares redeemed
(107,986)
(98,762)
(4,068,826)
(5,268,045)
Net increase (decrease)
(27,202)
42,137
$(1,084,999)
$2,373,200
China Region
 
 
 
 
Shares sold
4,318,983
13,958,356
$   163,821,858
$817,280,904
Reinvestment of distributions
3,187,084
1,469,668
136,311,566
79,494,358
Shares redeemed
(9,920,317)
(13,356,838)
(380,571,112)
(741,842,711)
Net increase (decrease)
(2,414,250)
2,071,186
$(80,437,688)
$154,932,551
Class I
 
 
 
 
Shares sold
518,992
1,514,190
$   19,260,467
$   87,084,728
Reinvestment of distributions
117,730
47,711
4,994,105
2,560,644
Shares redeemed
(1,171,014)
(1,141,702)
(44,285,642)
(61,526,332)
Net increase (decrease)
(534,292)
420,199
$(20,031,070)
$28,119,040
Class Z
 
 
 
 
Shares sold
625,286
985,463
$23,658,178
$56,944,564
Reinvestment of distributions
148,353
78,962
6,272,360
4,227,602
Shares redeemed
(2,031,604)
(1,041,575)
(63,059,582)
(58,615,677)
Net increase (decrease)
(1,257,965)
22,850
$(33,129,044)
$2,556,489
 
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Emerging Asia Fund
-46.77%
0.05%
5.01%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Asia Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI AC (All Country) Asia ex Japan Index performed over the same period.
 
Fidelity® Emerging Asia Fund
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Xiaoting Zhao:
For the fiscal year ending October 31, 2022, the fund returned -46.77%, underperforming the -34.00% return of the MSCI AC Asia Ex Japan (Net Mass) Linked Index. By region, stock picks in emerging markets - especially China and Taiwan - and a non-benchmark allocation to Japan detracted most from the fund's relative result. By sector, security selection was the primary detractor versus the benchmark, especially within information technology, and specifically within the software & services area of tech. Weak picks in the communication services sector, especially within the media & entertainment industry, also hurt. Stock selection and an overweighting in health care also detracted from the fund's result. The biggest individual relative detractor was an overweight position in Bilibili (-88%), which was among the fund's largest holdings this period, though we significantly reduced our position by period end. Another notable relative detractor was an outsized stake in Alibaba Group Holding (-61%), which was also among our biggest holdings. Our outsized investment in XPeng (-87%), a position that was sold the past 12 months, further detracted. Conversely, an underweighting in Asia Pacific ex Japan, specifically Hong Kong, and a non-benchmark allocation to the U.S. contributed most to the fund's relative result. By sector, the largest contributor to performance versus the benchmark was an underweighting in communication services. Stock selection in industrials also boosted the fund's relative performance. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributor was an underweight position in Tencent Holdings (-56%). Also adding value was our overweighting in Pinduoduo, which returned roughly -40%. Pinduoduo was among the fund's largest holdings. Another key contributor was our out-of-benchmark stake in Hindustan Aeronautics (+80%). Notable changes in positioning include increased exposure to South Korea and India. By sector, meaningful changes in positioning include increased exposure to financials and a lower allocation to communication services.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Emerging Asia Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
7.4
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.8
 
Alibaba Group Holding Ltd. sponsored ADR  (Cayman Islands, Internet & Direct Marketing Retail)
3.8
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
3.6
 
Zomato Ltd.  (India, Internet & Direct Marketing Retail)
3.4
 
Pinduoduo, Inc. ADR  (Cayman Islands, Internet & Direct Marketing Retail)
3.3
 
Alibaba Group Holding Ltd.  (Cayman Islands, Internet & Direct Marketing Retail)
3.0
 
Money Forward, Inc.  (Japan, Software)
1.9
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.6
 
Sungrow Power Supply Co. Ltd. (A Shares) (China, Electrical Equipment)
1.6
 
 
35.4
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
33.6
 
Consumer Discretionary
23.5
 
Financials
11.6
 
Health Care
10.0
 
Industrials
7.9
 
Communication Services
5.2
 
Energy
3.6
 
Materials
2.0
 
Consumer Staples
1.8
 
Real Estate
1.4
 
 
Asset Allocation (% of Fund's net assets)
Short-Term Investments and Net Other Assets (Liabilities) - (0.6)%*
Foreign investments - 96%
*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Emerging Asia Fund
Showing Percentage of Net Assets     
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
Bermuda - 0.3%
 
 
 
Huanxi Media Group Ltd. (a)
 
20,349,015
2,333,112
Cayman Islands - 21.4%
 
 
 
Agora, Inc. ADR (a)
 
470,000
1,311,300
Akeso, Inc. (a)(b)(c)
 
1,402,636
5,628,663
Alibaba Group Holding Ltd. (a)
 
3,177,201
24,702,441
Alibaba Group Holding Ltd. sponsored ADR (a)
 
487,837
31,016,676
Antengene Corp. (a)(c)
 
3,408,163
1,445,820
Archosaur Games, Inc. (a)(c)
 
2,297,989
661,616
Bairong, Inc. (a)(c)
 
1,914,735
1,948,970
BC Technology Group Ltd. (a)
 
3,282,217
886,447
Bilibili, Inc. ADR (a)(b)
 
448,494
4,000,566
Boqii Holding Ltd. ADR (a)(b)
 
143,483
172,180
Frontage Holdings Corp. (a)(c)
 
18,654,894
4,206,450
Innovent Biologics, Inc. (a)(c)
 
768,779
2,722,676
Jacobio Pharmaceuticals Group Co. Ltd. (a)(b)(c)
 
1,258,030
554,519
Kangji Medical Holdings Ltd. (b)
 
1,511,945
1,223,093
KE Holdings, Inc. ADR (a)
 
1,008,634
10,267,894
Kindstar Globalgene Technology, Inc. (a)(c)
 
6,775,265
1,545,002
Li Auto, Inc. Class A (a)
 
656,110
4,475,956
Medlive Technology Co. Ltd. (b)(c)
 
912,600
788,243
Meituan Class B (a)(c)
 
777,523
12,448,568
Microport Cardioflow Medtech Corp. (a)(b)(c)
 
13,066,502
3,961,740
Ming Yuan Cloud Group Holdings Ltd. (b)
 
5,800,622
2,667,666
New Horizon Health Ltd. (a)(c)
 
2,021,115
4,505,871
Pinduoduo, Inc. ADR (a)
 
498,225
27,317,677
RLX Technology, Inc. ADR (a)(b)
 
746,592
933,240
Sea Ltd. ADR (a)
 
225,481
11,201,896
Smoore International Holdings Ltd. (b)(c)
 
1,555,176
1,654,306
Sunac China Holdings Ltd. (a)(d)
 
4,892,796
1,246,628
Tencent Holdings Ltd.
 
109,001
2,864,197
Wuxi Biologics (Cayman), Inc. (a)(c)
 
1,420,161
6,390,217
Zai Lab Ltd. (a)
 
493,310
1,136,235
Zai Lab Ltd. ADR (a)
 
100,879
2,247,584
TOTAL CAYMAN ISLANDS
 
 
176,134,337
China - 16.6%
 
 
 
Anhui Korrun Co. Ltd. (A Shares)
 
1,368,261
2,568,686
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c)
 
36,372
389,221
Beijing Shiji Information Technology Co. Ltd. (A Shares)
 
5,820,525
10,074,277
Beijing Sinohytec Co. Ltd. (A Shares)
 
457,780
5,156,442
DBAPPSecurity Ltd. (A Shares) (a)
 
74,300
2,100,736
Empyrean Technology Co. Ltd. (A Shares)
 
251,300
3,915,282
Estun Automation Co. Ltd.:
 
 
 
 (A Shares)
 
3,303,300
8,906,322
 (A Shares)
 
1,096,728
2,956,986
Glodon Co. Ltd. (A Shares)
 
658,500
4,458,890
Guangzhou GRG Metrology & Test Co. Ltd. (A Shares)
 
1,076,590
2,522,348
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
580,032
6,001,344
Guizhou Zhenhua E-Chem, Inc. (A Shares)
 
568,200
3,970,374
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
496,697
5,668,939
Hundsun Technologies, Inc. (A Shares)
 
1,216,686
6,944,018
Jiangxi Copper Co. Ltd. (A Shares)
 
2,282,200
4,812,592
Joinn Laboratories China Co. Ltd. (A Shares)
 
649,586
5,086,996
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c)
 
1,296,269
1,005,685
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares)
 
7,906
124,086
Pharmaron Beijing Co. Ltd. (A Shares)
 
587,518
4,183,398
Shanghai Milkground Food Tech Co. Ltd. (A Shares) (a)
 
907,500
3,459,557
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
1,176,032
10,741,121
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
206,989
9,224,075
Shenzhen Transsion Holdings Co. Ltd. (A Shares)
 
204,800
1,742,352
Sungrow Power Supply Co. Ltd. (A Shares)
 
758,242
13,529,739
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c)
 
2,075,543
2,551,577
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
721,160
7,662,985
WuXi AppTec Co. Ltd. (H Shares) (c)
 
906,459
7,263,543
TOTAL CHINA
 
 
137,021,571
Germany - 1.6%
 
 
 
Delivery Hero AG (a)(c)
 
317,931
10,462,767
Shop Apotheke Europe NV (a)(c)
 
56,360
2,336,521
TOTAL GERMANY
 
 
12,799,288
Hong Kong - 2.1%
 
 
 
AIA Group Ltd.
 
1,809,663
13,707,825
Hong Kong Exchanges and Clearing Ltd.
 
150,788
4,002,459
TOTAL HONG KONG
 
 
17,710,284
India - 20.4%
 
 
 
Amber Enterprises India Ltd. (a)
 
79,174
1,975,094
Asian Paints Ltd.
 
115,382
4,331,634
Aster DM Healthcare Ltd. (a)(c)
 
690,539
2,062,941
Bajaj Finance Ltd.
 
42,864
3,699,260
Computer Age Management Services Private Ltd.
 
346,099
10,657,867
Delhivery Private Ltd.
 
468,670
1,948,734
Devyani International Ltd. (a)
 
1,731,760
4,049,072
Dixon Technologies India Ltd.
 
145,137
7,918,891
HDFC Asset Management Co. Ltd. (c)
 
163,379
4,094,541
HDFC Bank Ltd. (a)
 
269,776
4,895,870
Hindustan Aeronautics Ltd.
 
331,905
10,144,192
Housing Development Finance Corp. Ltd.
 
310,865
9,274,878
Indian Energy Exchange Ltd. (c)
 
2,277,898
3,849,697
Infosys Ltd.
 
628,990
11,683,577
Kotak Mahindra Bank Ltd.
 
220,577
5,067,968
Page Industries Ltd.
 
5,590
3,360,797
Reliance Industries Ltd.
 
967,228
29,790,342
Sapphire Foods India Ltd.
 
248,354
4,341,695
Tata Consultancy Services Ltd.
 
183,364
7,073,070
Tata Motors Ltd. (a)
 
1,222,156
6,118,961
Vijaya Diagnostic Centre Pvt Ltd.
 
196,617
1,038,189
Voltas Ltd.
 
266,715
2,823,094
Zomato Ltd. (a)
 
36,458,107
27,790,608
TOTAL INDIA
 
 
167,990,972
Indonesia - 0.6%
 
 
 
PT Bank Central Asia Tbk
 
8,503,316
4,797,511
Japan - 6.7%
 
 
 
BASE, Inc. (a)(b)
 
1,270,562
2,392,531
Demae-Can Co. Ltd. (a)(b)
 
887,268
2,899,978
Freee KK (a)(b)
 
356,666
6,980,047
Hennge K.K. (a)(b)
 
574,687
4,077,439
Lifenet Insurance Co. (a)
 
431,180
2,882,363
Money Forward, Inc. (a)
 
552,321
15,749,292
SHIFT, Inc. (a)
 
40,115
6,288,582
Uzabase, Inc. (a)
 
469,267
2,247,003
Z Holdings Corp.
 
4,681,573
12,082,015
TOTAL JAPAN
 
 
55,599,250
Korea (South) - 7.0%
 
 
 
Gabia, Inc.
 
128,155
915,829
ILJIN Hysolus Co. Ltd. (a)
 
4,000
85,475
Kakao Pay Corp. (a)(b)
 
199,726
4,946,553
LG Energy Solution (a)
 
3,400
1,257,742
Samsung Electronics Co. Ltd.
 
1,143,662
47,595,159
SK Hynix, Inc.
 
46,680
2,704,674
TOTAL KOREA (SOUTH)
 
 
57,505,432
Mauritius - 1.2%
 
 
 
MakeMyTrip Ltd. (a)
 
349,598
9,729,312
Netherlands - 1.3%
 
 
 
ASML Holding NV (Netherlands)
 
8,193
3,843,231
NXP Semiconductors NV
 
41,362
6,042,161
Yandex NV Series A (a)(b)(d)
 
153,309
525,825
TOTAL NETHERLANDS
 
 
10,411,217
Singapore - 3.6%
 
 
 
DBS Group Holdings Ltd.
 
303,000
7,320,288
Oversea-Chinese Banking Corp. Ltd.
 
1,253,000
10,736,712
United Overseas Bank Ltd.
 
596,000
11,687,595
TOTAL SINGAPORE
 
 
29,744,595
Taiwan - 9.7%
 
 
 
GlobalWafers Co. Ltd.
 
269,000
2,989,908
MediaTek, Inc.
 
167,000
3,054,815
Taiwan Semiconductor Manufacturing Co. Ltd.
 
5,049,892
60,651,573
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
214,918
13,228,203
TOTAL TAIWAN
 
 
79,924,499
United Kingdom - 1.0%
 
 
 
Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/23/23 (a)(c)
 
183,325
3,589,734
ZWSOFT Co. Ltd. (Guangzhou) ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/12/23 (a)(c)
 
150,920
4,653,517
TOTAL UNITED KINGDOM
 
 
8,243,251
United States of America - 4.6%
 
 
 
Array Technologies, Inc. (a)
 
333,152
6,030,051
ATRenew, Inc. ADR (a)(b)
 
176,025
290,441
Li Auto, Inc. ADR (a)
 
491,158
6,689,572
NVIDIA Corp.
 
68,482
9,243,016
onsemi (a)
 
103,144
6,336,136
Smart Share Global Ltd. ADR (a)(b)
 
726,500
544,875
Snap, Inc. Class A (a)
 
820,742
8,133,553
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
11,000
770,000
TOTAL UNITED STATES OF AMERICA
 
 
38,037,644
Vietnam - 0.4%
 
 
 
Vietnam Dairy Products Corp.
 
1,043,400
3,296,052
 
TOTAL COMMON STOCKS
  (Cost $1,123,594,412)
 
 
 
811,278,327
 
 
 
 
Preferred Stocks - 2.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.6%
 
 
 
China - 0.6%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
23,366
3,668,929
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
128,423
1,151,954
 
 
 
4,820,883
Nonconvertible Preferred Stocks - 1.5%
 
 
 
Cayman Islands - 0.6%
 
 
 
ZKH Group Ltd. Series F (d)
 
8,603,093
4,868,490
Korea (South) - 0.9%
 
 
 
Samsung Electronics Co. Ltd.
 
212,625
7,939,994
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
12,808,484
 
TOTAL PREFERRED STOCKS
  (Cost $16,518,507)
 
 
 
17,629,367
 
 
 
 
Money Market Funds - 4.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
180,333
180,369
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
32,541,905
32,545,160
 
TOTAL MONEY MARKET FUNDS
  (Cost $32,725,529)
 
 
32,725,529
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.6%
  (Cost $1,172,838,448)
 
 
 
861,633,223
NET OTHER ASSETS (LIABILITIES) - (4.6)%  
(38,106,365)
NET ASSETS - 100.0%
823,526,858
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $90,722,405 or 11.0% of net assets.
 
(d)
Level 3 security
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,590,883 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
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 3.10%
169
364,508,864
364,328,664
227,556
-
-
180,369
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
124,530,059
315,269,904
407,254,803
620,956
-
-
32,545,160
0.1%
Total
124,530,228
679,778,768
771,583,467
848,512
-
-
32,725,529
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
41,802,780
26,330,743
14,946,212
525,825
Consumer Discretionary
194,116,164
140,383,427
53,732,737
-
Consumer Staples
15,269,410
11,679,676
3,589,734
-
Energy
29,790,342
29,790,342
-
-
Financials
95,967,877
68,493,233
22,606,154
4,868,490
Health Care
81,983,975
74,441,804
6,390,217
1,151,954
Industrials
65,724,789
64,954,789
-
770,000
Information Technology
275,930,624
203,113,374
69,148,321
3,668,929
Materials
16,807,211
16,807,211
-
-
Real Estate
11,514,522
10,267,894
-
1,246,628
  Money Market Funds
32,725,529
32,725,529
-
-
 Total Investments in Securities:
861,633,223
678,988,022
170,413,375
12,231,826
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Communication Services
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(71,115)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(12,525,293)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(1,373,359)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
14,495,592
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
525,825
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(12,525,292)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
5,142,940
 
  Net Realized Gain (Loss) on Investment Securities
 
(463,820)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(8,472,637)
 
  Cost of Purchases
 
10,105,353
 
  Proceeds of Sales
 
(1,055,363)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
6,449,529
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
11,706,001
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(8,472,638)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® Emerging Asia Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $29,090,853) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,140,112,919)
 
$828,907,694
 
 
Fidelity Central Funds (cost $32,725,529)
 
32,725,529
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,172,838,448)
 
 
$
861,633,223
Receivable for investments sold
 
 
 
1,657,115
Receivable for fund shares sold
 
 
 
252,167
Dividends receivable
 
 
 
458,597
Distributions receivable from Fidelity Central Funds
 
 
 
78,470
Prepaid expenses
 
 
 
1,697
Other receivables
 
 
 
361,368
  Total assets
 
 
 
864,442,637
Liabilities
 
 
 
 
Payable for investments purchased
 
2,864,314
 
 
Payable for fund shares redeemed
 
632,518
 
 
Accrued management fee
 
712,911
 
 
Other affiliated payables
 
195,479
 
 
Deferred taxes
 
3,446,123
 
 
Other payables and accrued expenses
 
518,045
 
 
Collateral on securities loaned
 
32,546,389
 
 
  Total Liabilities
 
 
 
40,915,779
Net Assets  
 
 
$
823,526,858
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,282,050,187
Total accumulated earnings (loss)
 
 
 
(458,523,329)
Net Assets
 
 
$
823,526,858
Net Asset Value , offering price and redemption price per share ($823,526,858 ÷ 27,240,931 shares)
 
 
$
30.23
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
8,790,237
Income from Fidelity Central Funds (including $620,956 from security lending)
 
 
 
848,512
 Income before foreign taxes withheld
 
 
 
9,638,749
Less foreign taxes withheld
 
 
 
(1,346,831)
 Total Income
 
 
 
8,291,918
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
8,472,008
 
 
 Performance adjustment
 
2,910,141
 
 
Transfer agent fees
 
2,266,983
 
 
Accounting fees
 
563,549
 
 
Custodian fees and expenses
 
371,722
 
 
Independent trustees' fees and expenses
 
4,783
 
 
Registration fees
 
40,443
 
 
Audit
 
92,961
 
 
Legal
 
3,540
 
 
Interest
 
6,274
 
 
Miscellaneous
 
8,169
 
 
 Total expenses before reductions
 
14,740,573
 
 
 Expense reductions
 
(41,753)
 
 
 Total expenses after reductions
 
 
 
14,698,820
Net Investment income (loss)
 
 
 
(6,406,902)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $4,807,236)
 
(135,193,062)
 
 
 Foreign currency transactions
 
(358,699)
 
 
Total net realized gain (loss)
 
 
 
(135,551,761)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $9,055,303)  
 
(672,464,277)
 
 
 Assets and liabilities in foreign currencies
 
(424,295)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(672,888,572)
Net gain (loss)
 
 
 
(808,440,333)
Net increase (decrease) in net assets resulting from operations
 
 
$
(814,847,235)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(6,406,902)
$
(10,990,626)
Net realized gain (loss)
 
(135,551,761)
 
 
292,606,086
 
Change in net unrealized appreciation (depreciation)
 
(672,888,572)
 
(83,457,208)
 
Net increase (decrease) in net assets resulting from operations
 
(814,847,235)
 
 
198,158,252
 
Distributions to shareholders
 
(218,312,620)
 
 
(263,140,424)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
116,575,535
 
1,491,669,517
  Reinvestment of distributions
 
202,673,713
 
 
244,049,572
 
Cost of shares redeemed
 
(462,682,896)
 
(1,249,398,074)
  Net increase (decrease) in net assets resulting from share transactions
 
(143,433,648)
 
 
486,321,015
 
Total increase (decrease) in net assets
 
(1,176,593,503)
 
 
421,338,843
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,000,120,361
 
1,578,781,518
 
End of period
$
823,526,858
$
2,000,120,361
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,698,029
 
20,776,389
  Issued in reinvestment of distributions
 
3,879,665
 
 
3,825,228
 
Redeemed
 
(10,270,869)
 
(18,489,539)
Net increase (decrease)
 
(3,693,175)
 
6,112,078
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Emerging Asia Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
64.66
$
63.60
$
45.03
$
36.69
$
43.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.22)
 
(.31) C
 
(.12)
 
.34
 
.41
     Net realized and unrealized gain (loss)
 
(26.97)
 
11.00
 
21.49
 
9.27
 
(7.27)
  Total from investment operations
 
(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
$
30.23
$
64.66
$
63.60
$
45.03
$
36.69
 Total Return   F
 
(46.77)%
 
17.02%
 
50.46%
 
26.95%
 
(15.75)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.18%
 
1.02%
 
1.13%
 
1.11%
 
1.02%
    Expenses net of fee waivers, if any
 
1.17%
 
1.02%
 
1.13%
 
1.11%
 
1.02%
    Expenses net of all reductions
 
1.17%
 
1.02%
 
1.10%
 
1.11%
 
1.00%
    Net investment income (loss)
 
(.51)%
 
(.45)% C
 
(.24)%
 
.82%
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
823,527
$
2,000,120
$
1,578,782
$
993,620
$
913,940
    Portfolio turnover rate I
 
44%
 
85%
 
114%
 
61% J
 
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 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 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 October 31, 2022
 
1. Organization.
Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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
$12,231,826
Market comparable
Enterprise value/Revenue multiple (EV/R)
3.8 - 7.1 / 4.3
Increase
 
 
Market approach
Discount rate
49.5% - 50.0% / 49.6%
Decrease
 
 
 
Transaction price
$0.25 - $17.75 / $3.24
Increase
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and   losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   166,623,426
Gross unrealized depreciation
(497,301,362)
Net unrealized appreciation (depreciation)
$(330,677,936)
Tax Cost
$1,192,311,159
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(116,791,688)
Net unrealized appreciation (depreciation) on securities and other investments
$(331,341,497)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(111,911,461)
  Long-term
(4,880,227)
Total capital loss carryforward
$(116,791,688)
 
The Fund intends to elect to defer to its next fiscal year $6,944,021 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$   2,682,937
$124,687,153
Long-term Capital Gains
215,629,683
138,453,271
Total
$    218,312,620
$263,140,424
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Asia Fund
550,092,277
891,776,083
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Asia ex Japan Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .91% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .18% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Emerging Asia Fund
.04
 
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
$6,340
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Emerging Asia Fund
Borrower
$15,584,114
.33%
$6,274
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Emerging Asia Fund
8,257,093
21,032,307
621,282
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Emerging Asia Fund
1,907
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Emerging Asia Fund
$2,358
 
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
$67,150
$94
$-
 
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 $41,753.
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.
 
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-41.57%
-1.52%
3.09%
Class M (incl.3.50% sales charge)    
-40.36%
-1.14%
3.28%
Class C    
(incl. contingent deferred sales charge)
 
-39.09%
-0.58%
3.58%
Fidelity® Emerging Markets Fund
-37.83%
-0.26%
3.74%
Class K
-37.73%
-0.13%
3.91%
Class I
-37.81%
-0.26%
3.75%
Class Z
-37.74%
-0.22%
3.77%
 
 
 
Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity ® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity ® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity ® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class I shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity ® Emerging Markets Fund, the original class of the fund.
The initial offering of Class Z shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity ® Emerging Markets Fund, the original class of the fund.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Emerging Markets Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager John Dance:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -38%, notably trailing the -31.01% result of the benchmark MSCI Emerging Markets Index. By region, stock picks in Emerging Asia - especially China and Taiwan - and a non-benchmark allocation to the U.S. hurt the fund's relative result most this period. Among sectors, security selection was the primary detractor, especially within communication services. Stock picks and an underweighting in financials, along with subpar investment choices among information technology firms, also hurt. Our non-benchmark stake in Sea Limited was the fund's largest individual relative detractor, due to its -85% result. Further hampering performance was an overweighting in Tencent Holdings, which returned approximately -56% and was one of the fund's biggest holdings. Larger-than-benchmark exposure to eMemory Technology, which returned about -60%, pressured the portfolio's relative result as well. In contrast, an underweighting in Emerging Asia - notably, China - in addition to Emerging Europe, contributed most to the portfolio's relative return. By sector, the top contributors to performance versus the benchmark were stock picks and an overweighting in industrials. Investment choices and an underweighting in consumer discretionary, as well as smaller-than-benchmark exposure to real estate stocks, also helped. Lastly, the fund's position in cash was a notable contributor. The fund's biggest individual relative contributor was an overweighting in Bank Central Asia, which gained 8% the past year and was among our largest holdings on October 31. The fund's non-benchmark position in Banco del Bajío gained roughly 74% and added further value. Another notable relative contributor was an outsized stake in Power Grid Corporation of India (+18%). Notable changes in geographic positioning include reduced exposure to the U.S. and a higher allocation to India. By sector, meaningful shifts in positioning include decreased exposure to communication services stocks and a higher allocation to financials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Emerging Markets Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
7.5
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
4.6
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.6
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
3.7
 
Housing Development Finance Corp. Ltd.  (India, Diversified Financial Services)
2.7
 
Pinduoduo, Inc. ADR  (Cayman Islands, Internet & Direct Marketing Retail)
2.7
 
PT Bank Central Asia Tbk  (Indonesia, Banks)
2.6
 
Al Rajhi Bank  (Saudi Arabia, Banks)
2.2
 
Kweichow Moutai Co. Ltd. (A Shares)  (China, Beverages)
2.2
 
NVIDIA Corp.  (United States of America, Semiconductors & Semiconductor Equipment)
2.2
 
 
35.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
25.6
 
Financials
20.2
 
Consumer Discretionary
11.4
 
Health Care
8.9
 
Communication Services
8.2
 
Industrials
7.1
 
Energy
6.6
 
Materials
4.6
 
Consumer Staples
4.5
 
Utilities
2.0
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 94.4%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Emerging Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 97.5%
 
 
Shares
Value ($)
 
Australia - 1.0%
 
 
 
Lynas Rare Earths Ltd. (a)
 
10,135,142
54,002,920
Brazil - 1.9%
 
 
 
Localiza Rent a Car SA
 
4,890,545
66,785,218
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
11,630,384
36,294,994
TOTAL BRAZIL
 
 
103,080,212
Canada - 1.0%
 
 
 
First Quantum Minerals Ltd.
 
3,211,500
56,646,490
Cayman Islands - 17.7%
 
 
 
Alibaba Group Holding Ltd. (a)
 
6,928,732
53,870,245
Bilibili, Inc. ADR (a)(b)
 
2,240,300
19,983,476
Chailease Holding Co. Ltd.
 
7,271,812
33,592,732
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
31,964,000
49,352,988
JD.com, Inc. Class A
 
3,524,947
64,191,118
Meituan Class B (a)(c)
 
6,920,500
110,800,983
NetEase, Inc. ADR
 
688,500
38,294,370
PagSeguro Digital Ltd. (a)
 
1,068,399
14,615,698
Pinduoduo, Inc. ADR (a)
 
2,724,800
149,400,784
Sea Ltd. ADR (a)
 
451,200
22,415,616
Silergy Corp.
 
3,418,000
39,633,286
Tencent Holdings Ltd.
 
9,679,300
254,340,972
Wuxi Biologics (Cayman), Inc. (a)(c)
 
10,523,000
47,349,738
XP, Inc. Class A (a)(b)
 
2,633,900
48,279,387
Zai Lab Ltd. ADR (a)
 
1,297,600
28,910,528
TOTAL CAYMAN ISLANDS
 
 
975,031,921
Chile - 0.6%
 
 
 
Banco de Chile
 
374,680,156
34,267,250
China - 6.5%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
664,233
122,216,485
Shandong Sinocera Functional Material Co. Ltd. (A Shares)
 
6,044,599
19,103,280
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
2,481,154
110,567,960
Sinopharm Group Co. Ltd. (H Shares)
 
21,864,899
41,670,506
Wuliangye Yibin Co. Ltd. (A Shares)
 
3,720,334
68,009,228
TOTAL CHINA
 
 
361,567,459
France - 3.3%
 
 
 
Gaztransport et Technigaz SA
 
229,041
26,641,368
Hermes International SCA
 
41,619
53,900,835
LVMH Moet Hennessy Louis Vuitton SE
 
72,099
45,494,101
Sartorius Stedim Biotech
 
179,500
56,977,949
TOTAL FRANCE
 
 
183,014,253
Hong Kong - 3.3%
 
 
 
AIA Group Ltd.
 
8,933,000
67,665,635
Chervon Holdings Ltd.
 
9,818,396
33,083,841
Hong Kong Exchanges and Clearing Ltd.
 
1,512,274
40,141,225
Techtronic Industries Co. Ltd.
 
4,322,500
40,928,753
TOTAL HONG KONG
 
 
181,819,454
Hungary - 0.8%
 
 
 
Richter Gedeon PLC
 
2,267,800
44,779,267
India - 20.3%
 
 
 
Adani Ports & Special Economic Zone Ltd.
 
4,322,800
43,006,064
FSN E-Commerce Ventures Private Ltd. (a)(d)
 
1,693,920
23,352,738
HDFC Bank Ltd. (a)
 
5,700,994
103,461,119
HDFC Standard Life Insurance Co. Ltd. (c)
 
6,469,800
42,239,713
Housing Development Finance Corp. Ltd.
 
5,103,846
152,276,865
IIFL Wealth Management Ltd.
 
992,114
21,230,137
Kotak Mahindra Bank Ltd.
 
4,589,948
105,458,463
Larsen & Toubro Ltd.
 
3,837,600
93,788,941
Petronet LNG Ltd.
 
17,652,180
43,831,911
Power Grid Corp. of India Ltd.
 
39,853,800
109,841,078
Reliance Industries Ltd.
 
6,593,218
203,069,203
Restaurant Brands Asia Ltd. (a)(e)
 
26,164,056
38,433,791
Tata Consultancy Services Ltd.
 
1,914,400
73,845,933
Ultratech Cement Ltd.
 
818,700
66,411,326
TOTAL INDIA
 
 
1,120,247,282
Indonesia - 2.6%
 
 
 
PT Bank Central Asia Tbk
 
257,059,870
145,031,374
Japan - 0.9%
 
 
 
Hoya Corp.
 
512,400
47,812,973
Kazakhstan - 0.6%
 
 
 
Kaspi.KZ JSC GDR (Reg. S)
 
519,400
34,020,700
Kenya - 1.2%
 
 
 
Safaricom Ltd.
 
309,598,500
64,037,267
Korea (South) - 5.4%
 
 
 
Kakao Corp.
 
1,259,900
44,753,055
Samsung Electronics Co. Ltd.
 
6,027,047
250,824,336
TOTAL KOREA (SOUTH)
 
 
295,577,391
Luxembourg - 1.4%
 
 
 
Globant SA (a)(b)
 
400,200
75,509,736
Mexico - 2.6%
 
 
 
Banco del Bajio SA (c)
 
24,918,275
70,278,767
Becle S.A.B. de CV
 
3,091,390
6,539,149
Grupo Aeroportuario Norte S.A.B. de CV
 
8,501,487
67,726,983
TOTAL MEXICO
 
 
144,544,899
Netherlands - 3.8%
 
 
 
ASML Holding NV (Netherlands)
 
231,000
108,359,135
BE Semiconductor Industries NV
 
791,600
40,460,489
Ferrari NV (b)
 
297,400
58,519,398
Yandex NV Series A (a)(f)
 
1,084,187
3,718,588
TOTAL NETHERLANDS
 
 
211,057,610
Russia - 0.0%
 
 
 
LUKOIL PJSC sponsored ADR (f)
 
802,595
227,046
Sberbank of Russia (a)(f)
 
25,741,060
237,332
TOTAL RUSSIA
 
 
464,378
Saudi Arabia - 6.0%
 
 
 
Al Rajhi Bank
 
5,487,920
124,435,013
Arabian Internet and Communications Services Co. Ltd.
 
715,200
47,203,524
Dr Sulaiman Al Habib Medical Services Group Co.
 
704,410
42,479,623
Sabic Agriculture-Nutrients Co.
 
1,406,700
59,524,238
Saudi Arabian Oil Co. (c)
 
6,017,000
55,885,697
TOTAL SAUDI ARABIA
 
 
329,528,095
South Africa - 1.0%
 
 
 
Clicks Group Ltd.
 
3,406,183
57,716,201
Sweden - 0.3%
 
 
 
VEF AB (a)(e)
 
81,129,072
18,957,451
Taiwan - 10.6%
 
 
 
ASPEED Tech, Inc.
 
661,000
34,429,218
E.SUN Financial Holdings Co. Ltd.
 
49,099,251
35,316,631
eMemory Technology, Inc.
 
1,814,000
60,459,168
Taiwan Semiconductor Manufacturing Co. Ltd.
 
34,568,000
415,177,855
Voltronic Power Technology Corp.
 
975,868
39,634,993
TOTAL TAIWAN
 
 
585,017,865
United States of America - 4.7%
 
 
 
Adobe, Inc. (a)
 
123,078
39,200,343
Dlocal Ltd. (a)(b)
 
2,642,072
58,918,206
Maravai LifeSciences Holdings, Inc. (a)
 
1,364,298
22,647,347
NVIDIA Corp.
 
904,108
122,027,457
TaskUs, Inc. (a)
 
876,570
17,697,948
TOTAL UNITED STATES OF AMERICA
 
 
260,491,301
 
TOTAL COMMON STOCKS
  (Cost $5,686,301,817)
 
 
 
5,384,223,749
 
 
 
 
Preferred Stocks - 1.6%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.6%
 
 
 
Cayman Islands - 0.4%
 
 
 
Creditas Financial Solutions Ltd. Series F (d)(f)
 
64,604
21,033,124
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(f)
 
85,253
13,386,426
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
34,419,550
Nonconvertible Preferred Stocks - 1.0%
 
 
 
Brazil - 0.6%
 
 
 
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
2,401,900
30,792,358
Cayman Islands - 0.4%
 
 
 
ZKH Group Ltd. Series F (f)
 
37,926,244
21,462,461
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
52,254,819
 
TOTAL PREFERRED STOCKS
  (Cost $89,807,671)
 
 
 
86,674,369
 
 
 
 
Money Market Funds - 2.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
67,619,536
67,633,060
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
93,744,651
93,754,025
 
TOTAL MONEY MARKET FUNDS
  (Cost $161,387,085)
 
 
161,387,085
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.0%
  (Cost $5,937,496,573)
 
 
 
5,632,285,203
NET OTHER ASSETS (LIABILITIES) - (2.0)%  
(107,744,863)
NET ASSETS - 100.0%
5,524,540,340
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $375,907,886 or 6.8% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $57,772,288 or 1.0% of net assets.
 
(e)
Affiliated company
 
(f)
Level 3 security
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
9,341,528
 
 
 
Creditas Financial Solutions Ltd. Series F
1/28/22
20,349,123
 
 
 
FSN E-Commerce Ventures Private Ltd.
10/07/20 - 10/26/20
4,649,356
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
104,837,920
2,466,650,636
2,503,855,496
1,894,668
-
-
67,633,060
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
38,984,400
1,047,548,313
992,778,688
306,506
-
-
93,754,025
0.3%
Total
143,822,320
3,514,198,949
3,496,634,184
2,201,174
-
-
161,387,085
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Restaurant Brands Asia Ltd.
28,304,933
20,989,583
-
-
-
(10,860,725)
38,433,791
VEF AB
58,759,062
-
-
-
-
(39,801,611)
18,957,451
Total
87,063,995
20,989,583
-
-
-
(50,662,336)
57,391,242
 
 
 
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
447,543,344
189,483,784
254,340,972
3,718,588
Consumer Discretionary
631,047,834
333,338,649
297,709,185
-
Consumer Staples
254,481,063
254,481,063
-
-
Energy
360,447,583
360,220,537
-
227,046
Financials
1,119,385,379
865,384,483
211,267,979
42,732,917
Health Care
492,548,879
445,199,141
47,349,738
-
Industrials
388,165,946
347,237,193
40,928,753
-
Information Technology
1,411,748,758
874,825,342
523,536,990
13,386,426
Materials
255,688,254
255,688,254
-
-
Utilities
109,841,078
109,841,078
-
-
  Money Market Funds
161,387,085
161,387,085
-
-
 Total Investments in Securities:
5,632,285,203
4,197,086,609
1,375,133,617
60,064,977
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Communication Services
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(7,986,993)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(81,014,869)
 
  Cost of Purchases
 
16,919,890
 
  Proceeds of Sales
 
(4,379,199)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
80,179,759
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
3,718,588
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(81,014,869)
 
Energy
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(81,637,644)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
81,864,690
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
227,046
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(81,637,644)
 
Financials
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(5,513,989)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(134,674,773)
 
  Cost of Purchases
 
41,810,993
 
  Proceeds of Sales
 
(24,829,339)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
165,940,025
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
42,732,917
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(134,674,773)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
10,598,653
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
2,787,773
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
13,386,426
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
2,787,773
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $92,403,730) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,697,973,952)
 
$5,413,506,876
 
 
Fidelity Central Funds (cost $161,387,085)
 
161,387,085
 
 
Other affiliated issuers (cost $78,135,536)
 
57,391,242
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,937,496,573)
 
 
$
5,632,285,203
Cash
 
 
 
234,083
Foreign currency held at value (cost $23,644,047)
 
 
 
23,514,427
Receivable for investments sold
 
 
 
6,558,590
Receivable for fund shares sold
 
 
 
35,174,706
Dividends receivable
 
 
 
2,526,046
Distributions receivable from Fidelity Central Funds
 
 
 
259,229
Prepaid expenses
 
 
 
10,185
Other receivables
 
 
 
1,376,561
  Total assets
 
 
 
5,701,939,030
Liabilities
 
 
 
 
Payable for investments purchased
 
23,176,114
 
 
Payable for fund shares redeemed
 
26,659,437
 
 
Accrued management fee
 
3,216,387
 
 
Distribution and service plan fees payable
 
3,987
 
 
Other affiliated payables
 
787,389
 
 
Deferred taxes
 
29,337,045
 
 
Other payables and accrued expenses
 
464,306
 
 
Collateral on securities loaned
 
93,754,025
 
 
  Total Liabilities
 
 
 
177,398,690
Net Assets  
 
 
$
5,524,540,340
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,141,918,241
Total accumulated earnings (loss)
 
 
 
(617,377,901)
Net Assets
 
 
$
5,524,540,340
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($10,045,860 ÷ 362,327 shares) (a)
 
 
$
27.73
Maximum offering price per share (100/94.25 of $27.73)
 
 
$
29.42
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($1,392,489 ÷ 50,247 shares) (a)
 
 
$
27.71
Maximum offering price per share (100/96.50 of $27.71)
 
 
$
28.72
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,377,138 ÷ 49,910 shares) (a)(b)
 
 
$
27.59
Emerging Markets :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,330,900,031 ÷ 119,502,529 shares)
 
 
$
27.87
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($826,467,656 ÷ 29,623,758 shares)
 
 
$
27.90
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($47,818,501 ÷ 1,718,357 shares)
 
 
$
27.83
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,306,538,665 ÷ 46,884,681 shares)
 
 
$
27.87
(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 units
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
114,668,592
Special dividends
 
 
 
16,084,585
Income from Fidelity Central Funds (including $306,506 from security lending)
 
 
 
2,201,174
 Income before foreign taxes withheld
 
 
 
132,954,351
Less foreign taxes withheld
 
 
 
(15,613,381)
 Total Income
 
 
 
117,340,970
Expenses
 
 
 
 
Management fee
$
48,033,567
 
 
Transfer agent fees
 
8,252,227
 
 
Distribution and service plan fees
 
53,152
 
 
Accounting fees
 
1,622,816
 
 
Custodian fees and expenses
 
1,610,866
 
 
Independent trustees' fees and expenses
 
24,959
 
 
Registration fees
 
461,603
 
 
Audit
 
134,122
 
 
Legal
 
11,418
 
 
Miscellaneous
 
33,680
 
 
 Total expenses before reductions
 
60,238,410
 
 
 Expense reductions
 
(236,005)
 
 
 Total expenses after reductions
 
 
 
60,002,405
Net Investment income (loss)
 
 
 
57,338,565
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $3,692,864)
 
(246,247,263)
 
 
 Foreign currency transactions
 
(2,817,993)
 
 
Total net realized gain (loss)
 
 
 
(249,065,256)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $14,240,024)  
 
(3,078,172,724)
 
 
   Affiliated issuers
 
(50,662,336)
 
 
 Assets and liabilities in foreign currencies
 
(250,475)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(3,129,085,535)
Net gain (loss)
 
 
 
(3,378,150,791)
Net increase (decrease) in net assets resulting from operations
 
 
$
(3,320,812,226)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
57,338,565
$
20,062,728
Net realized gain (loss)
 
(249,065,256)
 
 
431,612,536
 
Change in net unrealized appreciation (depreciation)
 
(3,129,085,535)
 
711,143,631
 
Net increase (decrease) in net assets resulting from operations
 
(3,320,812,226)
 
 
1,162,818,895
 
Distributions to shareholders
 
(481,791,574)
 
 
(94,102,390)
 
Share transactions - net increase (decrease)
 
787,871,888
 
 
1,716,927,864
 
Total increase (decrease) in net assets
 
(3,014,731,912)
 
 
2,785,644,369
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,539,272,252
 
5,753,627,883
 
End of period
$
5,524,540,340
$
8,539,272,252
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Emerging Markets Fund Class A
 
Years ended October 31,
 
2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
47.48
$
46.83
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.16 D
 
(.04)
     Net realized and unrealized gain (loss)
 
(17.27)
 
.69
  Total from investment operations
 
(17.11)  
 
.65  
  Distributions from net investment income
 
(.48)
 
-
  Distributions from net realized gain
 
(2.16)
 
-
     Total distributions
 
(2.64)
 
-
  Net asset value, end of period
$
27.73
$
47.48
 Total Return   E,F,G
 
(38.00)%
 
1.39%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.21%
 
1.25% J
    Expenses net of fee waivers, if any
 
1.21%
 
1.25% J
    Expenses net of all reductions
 
1.21%
 
1.25% J
    Net investment income (loss)
 
.45% D
 
(.17)% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
10,046
$
6,248
    Portfolio turnover rate K
 
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 $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Total returns do not include the effect of the sales charges.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor® Emerging Markets Fund Class M
 
Years ended October 31,
 
2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
47.42
$
46.83
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.05 D
 
(.09)
     Net realized and unrealized gain (loss)
 
(17.29)
 
.68
  Total from investment operations
 
(17.24)  
 
.59  
  Distributions from net investment income
 
(.32)
 
-
  Distributions from net realized gain
 
(2.16)
 
-
     Total distributions
 
(2.47) E
 
-
  Net asset value, end of period
$
27.71
$
47.42
 Total Return   F,G,H
 
(38.20)%
 
1.26%
 Ratios to Average Net Assets C,I,J
 
 
 
 
    Expenses before reductions
 
1.51%
 
1.52% K
    Expenses net of fee waivers, if any
 
1.50%
 
1.51% K
    Expenses net of all reductions
 
1.50%
 
1.51% K
    Net investment income (loss)
 
.15% D
 
(.39)% K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,392
$
2,234
    Portfolio turnover rate L
 
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 $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.08)%.
 
E Total distributions per share do not sum due to rounding.
 
F Total returns for periods of less than one year are not annualized.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the sales charges.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Annualized.
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor® Emerging Markets Fund Class C
 
Years ended October 31,
 
2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
47.31
$
46.83
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.12) D
 
(.19)
     Net realized and unrealized gain (loss)
 
(17.26)
 
.67
  Total from investment operations
 
(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
$
27.59
$
47.31
 Total Return   E,F,G
 
(38.50)%
 
1.02%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
2.00%
 
2.01% J
    Expenses net of fee waivers, if any
 
2.00%
 
2.01% J
    Expenses net of all reductions
 
2.00%
 
2.01% J
    Net investment income (loss)
 
(.34)% D
 
(.86)% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,377
$
1,587
    Portfolio turnover rate K
 
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 $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Total returns do not include the effect of the contingent deferred sales charge.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity® Emerging Markets Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
47.56
$
40.26
$
33.03
$
26.66
$
31.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28 C
 
.12
 
.15
 
.61 D
 
.24
     Net realized and unrealized gain (loss)
 
(17.35)
 
7.81
 
7.68
 
5.98
 
(4.76)
  Total from investment operations
 
(17.07)  
 
7.93  
 
7.83  
 
6.59  
 
(4.52)
  Distributions from net investment income
 
(.46)
 
(.09)
 
(.60)
 
(.22)
 
(.16)
  Distributions from net realized gain
 
(2.16)
 
(.54)
 
-
 
- E
 
(.03)
     Total distributions
 
(2.62)
 
(.63)
 
(.60)
 
(.22)
 
(.19)
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
27.87
$
47.56
$
40.26
$
33.03
$
26.66
 Total Return   F
 
(37.83)%
 
19.83%
 
24.09%
 
24.91%
 
(14.51)%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90%
 
.88%
 
.92%
 
.94%
 
.96%
    Expenses net of fee waivers, if any
 
.90%
 
.88%
 
.92%
 
.94%
 
.96%
    Expenses net of all reductions
 
.90%
 
.88%
 
.91%
 
.92%
 
.92%
    Net investment income (loss)
 
.76% C
 
.26%
 
.43%
 
2.02% D
 
.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,330,900
$
5,016,159
$
4,526,531
$
3,104,887
$
3,493,583
    Portfolio turnover rate I
 
34%
 
38% J
 
34%
 
85% K
 
86%
 
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 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%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .88%.
 
E Amount represents less than $.005 per share.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
J The portfolio turnover rate does not include the assets acquired in the merger.
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Emerging Markets Fund Class K
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
47.62
$
40.30
$
33.07
$
26.70
$
31.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33 C
 
.16
 
.19
 
.65 D
 
.28
     Net realized and unrealized gain (loss)
 
(17.35)
 
7.83
 
7.69
 
5.99
 
(4.76)
  Total from investment operations
 
(17.02)  
 
7.99  
 
7.88  
 
6.64  
 
(4.48)
  Distributions from net investment income
 
(.54)
 
(.12)
 
(.65)
 
(.26)
 
(.20)
  Distributions from net realized gain
 
(2.16)
 
(.54)
 
-
 
- E
 
(.03)
     Total distributions
 
(2.70)
 
(.67) F
 
(.65)
 
(.27) F
 
(.23)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
27.90
$
47.62
$
40.30
$
33.07
$
26.70
 Total Return   G
 
(37.73)%
 
19.94%
 
24.24%
 
25.08%
 
(14.39)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.77%
 
.77%
 
.80%
 
.80%
 
.82%
    Expenses net of fee waivers, if any
 
.77%
 
.77%
 
.80%
 
.80%
 
.82%
    Expenses net of all reductions
 
.77%
 
.77%
 
.79%
 
.79%
 
.78%
    Net investment income (loss)
 
.88% C
 
.34%
 
.55%
 
2.15% D
 
.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
826,468
$
1,689,454
$
1,227,097
$
1,018,765
$
870,859
    Portfolio turnover rate J
 
34%
 
38% K
 
34%
 
85% L
 
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 $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.
 
E Amount represents less than $.005 per share.
 
F Total distributions per share do not sum due to rounding.
 
G Total returns 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K The portfolio turnover rate does not include the assets acquired in the merger.
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Emerging Markets Fund Class I
 
Years ended October 31,
 
2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
47.55
$
46.83
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.26 D
 
.04
     Net realized and unrealized gain (loss)
 
(17.29)
 
.68
  Total from investment operations
 
(17.03)  
 
.72  
  Distributions from net investment income
 
(.53)
 
-
  Distributions from net realized gain
 
(2.16)
 
-
     Total distributions
 
(2.69)
 
-
  Net asset value, end of period
$
27.83
$
47.55
 Total Return   E,F
 
(37.81)%
 
1.54%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.89%
 
.94% I
    Expenses net of fee waivers, if any
 
.89%
 
.93% I
    Expenses net of all reductions
 
.89%
 
.93% I
    Net investment income (loss)
 
.76% D
 
.17% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
47,819
$
25,824
    Portfolio turnover rate J
 
34%
 
38% I,K
 
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any 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 .53%.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor® Emerging Markets Fund Class Z
 
Years ended October 31,
 
2022  
 
2021   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
47.59
$
46.83
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.32 D
 
(.03)
     Net realized and unrealized gain (loss)
 
(17.33)
 
.79
  Total from investment operations
 
(17.01)  
 
.76  
  Distributions from net investment income
 
(.55)
 
-
  Distributions from net realized gain
 
(2.16)
 
-
     Total distributions
 
(2.71)
 
-
  Net asset value, end of period
$
27.87
$
47.59
 Total Return   E,F
 
(37.74)%
 
1.62%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.77%
 
.78% I
    Expenses net of fee waivers, if any
 
.77%
 
.78% I
    Expenses net of all reductions
 
.77%
 
.78% I
    Net investment income (loss)
 
.88% D
 
(.13)% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,306,539
$
1,797,766
    Portfolio turnover rate J
 
34%
 
38% I,K
 
A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any 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 .66%.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K The portfolio turnover rate does not include the assets acquired in the merger.
 
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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
$60,064,977
Market comparable
Enterprise value/Revenue multiple (EV/R)
3.8 - 5.9 / 5.0
Increase
 
 
Market approach
Discount rate
50.0%
Decrease
 
 
 
Transaction price
$0.57
Increase
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
 
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and   losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,209,114,485
Gross unrealized depreciation
(1,589,521,004)
Net unrealized appreciation (depreciation)
$(380,406,519)
Tax Cost
$6,012,691,722
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$42,840,133
Capital loss carryforward
$(249,361,263)
Net unrealized appreciation (depreciation) on securities and other investments
$(381,519,728)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(249,361,263)
  Long-term
-
Total capital loss carryforward
$(249,361,263)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$90,092,233
$14,214,447
Long-term Capital Gains
391,699,341
79,887,943
Total
$481,791,574
$       94,102,390
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Markets Fund
2,722,896,111
2,361,537,052
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
- %
.25%
$28,317
$614
Class M
.25%
.25%
9,186
-
Class C
.75%
.25%
15,649
5,798
 
 
 
$53,152
$6,412
 
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
$4,098
Class M
744
Class C A
168
 
$5,010
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$25,749
.23
Class M
5,032
.27
Class C
4,166
.27
Emerging Markets
6,980,200
.17
Class K
514,750
.04
Class I
62,433
.16
Class Z
659,897
.04
 
$8,252,227
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Emerging Markets Fund
.02
 
 
 
 
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
$12,271
 
 
 
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
37,025,287
55,878,168
(9,896,793)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Emerging Markets Fund
2,920
 
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 Emerging Markets Fund
$12,589
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 Emerging Markets Fund
$32,812
$95
$-
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,558.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $233,447.
 
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021 A
Fidelity Emerging Markets Fund
 
 
Class A
$625,889
$-
Class M
114,309
-
Class C
82,608
-
Emerging Markets
277,953,427
73,337,964
Class K
95,062,813
20,764,426
Class I
1,596,371
-
Class Z
106,356,157
-
Total   
$481,791,574
$94,102,390
 
A   Distributions for Class A, Class M, Class C, Class I and Class Z are for the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021 A
Year ended October 31, 2022
Year ended October 31, 2021 A
Fidelity Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
405,334
33,473
$16,326,133
$1,591,260
Issued in exchange for the shares of the Target Fund(s)
-
108,045
-
4,995,991
Reinvestment of distributions
14,217
-
609,645
-
Shares redeemed
(188,821)
(9,921)
(6,470,572)
(469,831)
Net increase (decrease)
230,730
131,597
$10,465,206
$6,117,420
Class M
 
 
 
 
Shares sold
9,094
5,398
$331,845
$256,234
Issued in exchange for the shares of the Target Fund(s)
-
47,393
-
2,190,992
Reinvestment of distributions
2,657
-
114,195
-
Shares redeemed
(8,614)
(5,681)
(305,492)
(268,777)
Net increase (decrease)
3,137
47,110
$140,548
$         2,178,449
Class C
 
 
 
 
Shares sold
27,888
5,656
$   1,033,697
$268,640
Issued in exchange for the shares of the Target Fund(s)
-
37,074
-
1,713,931
Reinvestment of distributions
1,916
-
82,366
-
Shares redeemed
(13,429)
(9,195)
(473,302)
(437,335)
Net increase (decrease)
16,375
33,535
$642,761
$1,545,236
Emerging Markets
 
 
 
 
Shares sold
90,211,588
51,262,366
$3,178,493,756
$2,407,337,547
Issued in exchange for the shares of the Target Fund(s)
-
1,053,093
-
48,684,329
Reinvestment of distributions
4,752,444
1,357,618
204,307,548
60,020,270
Shares redeemed
(80,932,071)
(60,624,133)
(2,841,698,156)
(2,847,240,636)
Net increase (decrease)
14,031,961
(6,951,056)
$541,103,148
$(331,198,490)
Class K
 
 
 
 
Shares sold
8,137,924
13,228,413
$295,826,108
$621,422,438
Reinvestment of distributions
2,211,734
469,461
95,060,337
20,764,260
Shares redeemed
(16,201,876)
(8,670,886)
(567,669,911)
(406,215,879)
Net increase (decrease)
(5,852,218)
5,026,988
$(176,783,466)
$235,970,819
Class I
 
 
 
 
Shares sold
2,413,035
187,665
$83,439,062
$8,912,073
Issued in exchange for the shares of the Target Fund(s)
-
456,278
-
21,098,248
Reinvestment of distributions
35,220
-
1,511,652
-
Shares redeemed
(1,272,970)
(100,871)
(42,317,885)
(4,648,575)
Net increase (decrease)
1,175,285
543,072
$42,632,829
$25,361,746
Class Z
 
 
 
 
Shares sold
8,050,253
37,800,433
$312,633,669
$1,778,004,149
Reinvestment of distributions
2,468,777
-
105,984,590
-
Shares redeemed
(1,412,722)
(22,060)
(48,947,397)
(1,051,465)
Net increase (decrease)
9,106,308
37,778,373
$369,670,862
$1,776,952,684
 
A   Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity Emerging Markets Fund
Fidelity Emerging Markets Fund
14%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Emerging Markets Fund
34%
 
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.
13. Prior Fiscal Year Merger Information.
On May 14, 2021, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board").   The securities held by the Target Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on May 11, 2021. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes.   The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
 
Target Fund
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund
56,236,270
7,237,677
 
 
 
 
    Class A
 
 
4,995,991
108,045
.2212608131
    Class M
 
 
2,190,992
47,393
.2206510924
    Class C
 
 
1,713,931
37,074
.2226022064
Emerging Europe, Middle East, Africa (EMEA)
 
 
48,684,329
1,053,093
.2212329656
    Class I
 
 
21,098,248
456,278
.2203676471
 
Surviving Fund
Net Assets $
Total net assets after the acquisition $
Fidelity Emerging Markets Fund
$7,934,554,249
$8,013,237,740
 
Pro forma results of operations of the combined entity for the entire period ended October 31, 2021, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
Net investment income (loss)
$21,004,334
Total net realized gain (loss)
450,169,192
Total change in net unrealized appreciation (depreciation)
714,676,169
Net increase (decrease) in net assets resulting from operations
$1,185,849,695
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that has been included in the Fidelity Emerging Market Fund's Statement of Operations since May 14, 2021.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-34.30%
-2.54%
3.02%
Class M (incl.3.50% sales charge)    
-32.94%
-2.39%
2.99%
Class C    
(incl. contingent deferred sales charge)
 
-31.45%
-2.16%
2.97%
Fidelity® Europe Fund
-30.07%
-1.07%
3.91%
Class I
-30.08%
-1.05%
3.93%
Class Z
-30.00%
-0.97%
3.98%
 
 
 
Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity ® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity ® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity ® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class I shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity ® Europe Fund, the original class of the fund.
The initial offering of Class Z shares took place on October 2, 2018. Returns between March 18, 2014 and October 2, 2018, are those of Class I. Returns prior to March 18, 2014 are those of Fidelity ® Europe Fund, the original class of the fund.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Europe Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Europe Index performed over the same period.
 
Fidelity® Europe Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Co-Lead Managers Allyson Ke and Faris Rahman:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -31% to -30%, trailing the -22.69% result of the benchmark MSCI Europe Index (Net MA). By region, stock picks in the U.K. and Europe ex U.K. notably hurt the fund's performance versus the benchmark. By sector, security selection in financials was the primary detractor. Weak picks in the communication services sector, primarily within the media & entertainment industry, also hampered the fund's relative result. Also hurting our result was stock selection and an overweighting in consumer discretionary. Our non-benchmark investment in VNV Global was the fund's largest individual relative detractor, due to its roughly -78% return. Positions in VNV Global were sold the past year. Also holding back performance was our overweighting in Prudential, which returned -52%. We reduced our position in the stock the past 12 months. Also hampering performance was our overweighting in Schibsted, which returned -63%. Schibsted was not held at period end. In contrast, an underweighting in Europe ex U.K. and an overweighting in the U.K. contributed most to the fund's relative result. By sector, the top contributors to performance versus the benchmark were stock picks and an overweighting in energy. Security selection in consumer staples and an overweighting in communication services also lifted the fund's relative result. Our non-benchmark stake in TGS was the fund's biggest individual relative contributor, driven by a gain of roughly 54%. We reduced our position in the company in the past 12 months. Also lifting performance was our outsized stake in Swedish Match, which gained approximately 19%. We reduced our position in Swedish Match this period. Another notable relative contributor was an overweighting in Kongsberg Gruppen (+12%). This period we decreased our stake. Notable changes in positioning include increased exposure to France and a lower allocation to Norway. By sector, meaningful changes in positioning include a higher allocation to energy and health care.
Note to shareholders:
On April 23, 2022, Allyson Ke and Faris Rahman, formerly co-managers of the fund, became co-lead managers. Andrew Sergeant, formerly lead portfolio manager, became co-manager until July 1, 2022, when he came off the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Europe Fund
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
5.3
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
4.7
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
4.2
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
4.2
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.8
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.2
 
Diageo PLC  (United Kingdom, Beverages)
2.8
 
Sanofi SA  (France, Pharmaceuticals)
2.7
 
Glencore PLC  (Bailiwick of Jersey, Metals & Mining)
2.2
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.1
 
 
35.2
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
16.9
 
Financials
16.0
 
Industrials
13.5
 
Consumer Staples
13.2
 
Consumer Discretionary
12.2
 
Information Technology
7.4
 
Energy
7.0
 
Materials
6.4
 
Utilities
3.0
 
Communication Services
1.6
 
Real Estate
1.2
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 97.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Europe Fund
Showing Percentage of Net Assets     
Common Stocks - 98.2%
 
 
Shares
Value ($)
 
Austria - 0.6%
 
 
 
Verbund AG
 
41,700
3,265,894
Bailiwick of Jersey - 4.4%
 
 
 
Experian PLC
 
213,500
6,807,506
Ferguson PLC
 
49,800
5,431,222
Glencore PLC
 
2,135,900
12,245,272
TOTAL BAILIWICK OF JERSEY
 
 
24,484,000
Belgium - 2.0%
 
 
 
Fagron NV
 
204,908
2,551,504
KBC Group NV
 
78,200
3,919,052
UCB SA
 
59,800
4,510,310
TOTAL BELGIUM
 
 
10,980,866
Bermuda - 0.6%
 
 
 
Hiscox Ltd.
 
301,414
3,108,189
Denmark - 4.1%
 
 
 
DSV A/S
 
45,800
6,200,443
Novo Nordisk A/S Series B
 
59,800
6,502,129
ORSTED A/S (a)
 
80,900
6,674,715
Tryg A/S
 
160,500
3,473,385
TOTAL DENMARK
 
 
22,850,672
Finland - 4.0%
 
 
 
Elisa Corp. (A Shares)
 
130,200
6,293,257
Nordea Bank ABP
 
989,900
9,460,407
Sampo Oyj (A Shares)
 
136,800
6,256,714
TOTAL FINLAND
 
 
22,010,378
France - 21.1%
 
 
 
Air Liquide SA
 
88,780
11,613,646
AXA SA
 
301,800
7,452,923
BNP Paribas SA
 
154,200
7,231,043
Capgemini SA
 
45,100
7,391,477
Dassault Aviation SA
 
22,100
3,284,785
Dassault Systemes SA
 
108,000
3,620,028
Edenred SA
 
88,100
4,523,888
LVMH Moet Hennessy Louis Vuitton SE
 
37,100
23,409,911
Pernod Ricard SA
 
26,700
4,688,841
Sanofi SA
 
175,100
15,068,732
Sartorius Stedim Biotech
 
23,300
7,396,024
TotalEnergies SE (b)
 
382,307
20,856,134
TOTAL FRANCE
 
 
116,537,432
Germany - 4.8%
 
 
 
Brenntag SE
 
64,900
3,937,895
Deutsche Borse AG
 
59,800
9,724,662
RWE AG
 
168,200
6,481,060
Scout24 AG (a)
 
48,700
2,496,869
Siemens Healthineers AG (a)
 
88,800
4,068,157
TOTAL GERMANY
 
 
26,708,643
Ireland - 1.8%
 
 
 
Bank of Ireland Group PLC
 
791,200
5,704,767
Flutter Entertainment PLC (Ireland) (c)
 
32,700
4,327,082
TOTAL IRELAND
 
 
10,031,849
Israel - 0.5%
 
 
 
NICE Ltd. (c)
 
13,600
2,577,940
Italy - 1.1%
 
 
 
FinecoBank SpA
 
231,600
3,121,905
Prada SpA
 
702,200
3,198,060
TOTAL ITALY
 
 
6,319,965
Netherlands - 8.3%
 
 
 
Airbus Group NV
 
64,200
6,946,682
ASML Holding NV (Netherlands)
 
38,000
17,825,312
Ferrari NV (Italy)
 
22,600
4,455,723
Heineken NV (Bearer)
 
108,800
9,096,327
Prosus NV
 
108,512
4,692,243
RHI Magnesita NV
 
140,542
2,984,934
TOTAL NETHERLANDS
 
 
46,001,221
Norway - 3.6%
 
 
 
Equinor ASA
 
281,700
10,263,380
Kongsberg Gruppen ASA
 
103,700
3,716,628
TGS ASA
 
438,583
5,990,562
TOTAL NORWAY
 
 
19,970,570
Spain - 1.7%
 
 
 
Amadeus IT Holding SA Class A (c)
 
74,700
3,896,001
CaixaBank SA
 
1,576,000
5,226,087
TOTAL SPAIN
 
 
9,122,088
Sweden - 6.7%
 
 
 
ASSA ABLOY AB (B Shares)
 
356,000
7,188,381
Haypp Group (c)
 
491,497
1,066,130
HEXPOL AB (B Shares)
 
394,600
3,895,537
Indutrade AB
 
310,500
5,437,378
Investor AB (B Shares)
 
420,900
6,875,478
Kry International AB (c)(d)(e)
 
406
71,078
Sandvik AB
 
364,200
5,691,262
Swedish Match Co. AB
 
671,600
6,907,335
TOTAL SWEDEN
 
 
37,132,579
Switzerland - 11.4%
 
 
 
Compagnie Financiere Richemont SA Series A
 
81,030
7,919,350
Nestle SA (Reg. S)
 
267,170
29,083,808
Roche Holding AG (participation certificate)
 
77,380
25,674,544
TOTAL SWITZERLAND
 
 
62,677,702
United Kingdom - 20.7%
 
 
 
AstraZeneca PLC (United Kingdom)
 
196,600
23,067,509
Beazley PLC
 
503,600
3,606,665
Bunzl PLC
 
158,600
5,167,281
Compass Group PLC
 
524,500
11,046,928
Deliveroo PLC Class A (a)(c)
 
2,126,500
2,125,545
Diageo PLC
 
379,487
15,616,845
Grainger Trust PLC
 
873,600
2,274,187
Harbour Energy PLC
 
410,847
1,780,511
JD Sports Fashion PLC
 
1,887,400
2,109,060
Lloyds Banking Group PLC
 
9,773,045
4,693,680
Londonmetric Properity PLC
 
915,528
1,962,315
Mondi PLC
 
310,340
5,205,007
Next PLC
 
52,100
2,944,993
Prudential PLC
 
630,638
5,858,420
Reckitt Benckiser Group PLC
 
112,336
7,455,068
RELX PLC (London Stock Exchange)
 
439,676
11,809,915
RS GROUP PLC
 
317,700
3,492,183
Sabre Insurance Group PLC (a)
 
1,989,822
2,049,171
Safestore Holdings PLC
 
211,600
2,192,459
TOTAL UNITED KINGDOM
 
 
114,457,742
United States of America - 0.8%
 
 
 
ResMed, Inc.
 
18,700
4,183,003
 
TOTAL COMMON STOCKS
  (Cost $567,106,141)
 
 
 
542,420,733
 
 
 
 
Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (d)(e)
 
3,852
470,589
Nonconvertible Preferred Stocks - 0.1%
 
 
 
Sweden - 0.1%
 
 
 
Kry International AB Series E (c)(d)(e)
 
2,345
410,536
 
TOTAL PREFERRED STOCKS
  (Cost $2,072,807)
 
 
 
881,125
 
 
 
 
Money Market Funds - 0.6%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
  (Cost $3,435,000)
 
 
3,434,657
3,435,000
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.0%
  (Cost $572,613,948)
 
 
 
546,736,858
NET OTHER ASSETS (LIABILITIES) - 1.0%  
5,747,855
NET ASSETS - 100.0%
552,484,713
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,414,457 or 3.2% of net assets.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $952,203 or 0.2% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 3.10%
8,041,251
180,021,323
188,062,574
36,328
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
34,103,332
189,925,086
220,593,418
192,200
-
-
3,435,000
0.0%
Total
42,144,583
369,946,409
408,655,992
228,528
-
-
3,435,000
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
8,790,126
8,790,126
-
-
Consumer Discretionary
67,295,025
20,226,593
47,068,432
-
Consumer Staples
72,848,224
13,785,168
59,063,056
-
Energy
38,890,587
7,771,073
31,119,514
-
Financials
87,762,548
43,656,681
44,105,867
-
Health Care
93,021,912
18,640,841
74,381,071
-
Industrials
75,111,561
32,729,920
42,381,641
-
Information Technology
40,786,849
7,101,828
32,732,818
952,203
Materials
35,944,396
12,085,478
23,858,918
-
Real Estate
6,428,961
6,428,961
-
-
Utilities
16,421,669
9,746,954
6,674,715
-
  Money Market Funds
3,435,000
3,435,000
-
-
 Total Investments in Securities:
546,736,858
184,398,623
361,386,032
952,203
Fidelity® Europe Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,267,485) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $569,178,948)
 
$543,301,858
 
 
Fidelity Central Funds (cost $3,435,000)
 
3,435,000
 
 
 
 
 
 
 
Total Investment in Securities (cost $572,613,948)
 
 
$
546,736,858
Receivable for investments sold
 
 
 
11,476,567
Receivable for fund shares sold
 
 
 
90,358
Dividends receivable
 
 
 
94,084
Reclaims receivable
 
 
 
3,354,337
Distributions receivable from Fidelity Central Funds
 
 
 
10,168
Prepaid expenses
 
 
 
968
  Total assets
 
 
 
561,763,340
Liabilities
 
 
 
 
Payable to custodian bank
 
206,197
 
 
Payable for investments purchased
 
4,814,896
 
 
Payable for fund shares redeemed
 
345,984
 
 
Accrued management fee
 
288,381
 
 
Distribution and service plan fees payable
 
7,134
 
 
Other affiliated payables
 
108,386
 
 
Other payables and accrued expenses
 
72,649
 
 
Collateral on securities loaned
 
3,435,000
 
 
  Total Liabilities
 
 
 
9,278,627
Net Assets  
 
 
$
552,484,713
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
679,542,714
Total accumulated earnings (loss)
 
 
 
(127,058,001)
Net Assets
 
 
$
552,484,713
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($16,494,514 ÷ 597,995 shares) (a)
 
 
$
27.58
Maximum offering price per share (100/94.25 of $27.58)
 
 
$
29.26
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,066,043 ÷ 147,039 shares) (a)
 
 
$
27.65
Maximum offering price per share (100/96.50 of $27.65)
 
 
$
28.65
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,495,505 ÷ 91,198 shares) (a)
 
 
$
27.36
Europe :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($523,685,342 ÷ 18,997,445 shares)
 
 
$
27.57
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($4,282,772 ÷ 155,375 shares)
 
 
$
27.56
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,460,537 ÷ 53,140 shares)
 
 
$
27.48
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
20,836,387
Foreign Tax Reclaims
 
 
 
1,475,492
Income from Fidelity Central Funds (including $192,200 from security lending)
 
 
 
228,528
 Income before foreign taxes withheld
 
 
 
22,540,407
Less foreign taxes withheld
 
 
 
(3,653,402)
 Total Income
 
 
 
18,887,005
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,910,647
 
 
 Performance adjustment
 
(295,284)
 
 
Transfer agent fees
 
1,182,109
 
 
Distribution and service plan fees
 
121,315
 
 
Accounting fees
 
348,123
 
 
Custodian fees and expenses
 
60,663
 
 
Independent trustees' fees and expenses
 
2,652
 
 
Registration fees
 
86,802
 
 
Audit
 
76,298
 
 
Legal
 
985
 
 
Interest
 
106
 
 
Miscellaneous
 
4,034
 
 
 Total expenses before reductions
 
6,498,450
 
 
 Expense reductions
 
(23,547)
 
 
 Total expenses after reductions
 
 
 
6,474,903
Net Investment income (loss)
 
 
 
12,412,102
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(97,287,713)
 
 
 Foreign currency transactions
 
(255,336)
 
 
Total net realized gain (loss)
 
 
 
(97,543,049)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(183,848,302)
 
 
 Assets and liabilities in foreign currencies
 
(467,682)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(184,315,984)
Net gain (loss)
 
 
 
(281,859,033)
Net increase (decrease) in net assets resulting from operations
 
 
$
(269,446,931)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
12,412,102
$
12,420,980
Net realized gain (loss)
 
(97,543,049)
 
 
117,610,008
 
Change in net unrealized appreciation (depreciation)
 
(184,315,984)
 
130,739,875
 
Net increase (decrease) in net assets resulting from operations
 
(269,446,931)
 
 
260,770,863
 
Distributions to shareholders
 
(133,487,366)
 
 
(11,168,809)
 
Share transactions - net increase (decrease)
 
(44,868,451)
 
 
(72,286,730)
 
Total increase (decrease) in net assets
 
(447,802,748)
 
 
177,315,324
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,000,287,461
 
822,972,137
 
End of period
$
552,484,713
$
1,000,287,461
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Europe Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.12
$
35.37
$
36.30
$
37.61
$
42.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.47
 
.41
 
.19
 
1.41 C
 
.34
     Net realized and unrealized gain (loss)
 
(12.91)
 
10.72
 
1.46
 
.82
 
(4.21) D
  Total from investment operations
 
(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
$
27.58
$
46.12
$
35.37
$
36.30
$
37.61
 Total Return   F,G
 
(30.29)%
 
31.60%
 
4.62%
 
7.21%
 
(9.31)% D
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.18%
 
1.36%
 
1.34%
 
1.09%
 
1.28%
    Expenses net of fee waivers, if any
 
1.18%
 
1.36%
 
1.34%
 
1.09%
 
1.28%
    Expenses net of all reductions
 
1.18%
 
1.36%
 
1.33%
 
1.07%
 
1.28%
    Net investment income (loss)
 
1.42%
 
.92%
 
.56%
 
4.02% C
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,495
$
32,148
$
23,189
$
20,819
$
19,531
    Portfolio turnover rate 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 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.18
$
35.42
$
36.32
$
37.57
$
42.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.27
 
.09
 
1.30 C
 
.21
     Net realized and unrealized gain (loss)
 
(12.95)
 
10.75
 
1.45
 
.83
 
(4.23) D
  Total from investment operations
 
(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
$
27.65
$
46.18
$
35.42
$
36.32
$
37.57
 Total Return   F,G
 
(30.51)%
 
31.20%
 
4.30%
 
6.88%
 
(9.63)% D
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.49%
 
1.68%
 
1.65%
 
1.41%
 
1.61%
    Expenses net of fee waivers, if any
 
1.48%
 
1.68%
 
1.65%
 
1.40%
 
1.61%
    Expenses net of all reductions
 
1.48%
 
1.68%
 
1.64%
 
1.38%
 
1.61%
    Net investment income (loss)
 
1.12%
 
.59%
 
.25%
 
3.70% C
 
.50%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,066
$
6,937
$
5,204
$
5,782
$
7,257
    Portfolio turnover rate 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 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
45.63
$
35.01
$
35.87
$
37.23
$
42.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.04
 
(.09)
 
1.12 C
 
.02
     Net realized and unrealized gain (loss)
 
(12.84)
 
10.64
 
1.45
 
.82
 
(4.18) D
  Total from investment operations
 
(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
$
27.36
$
45.63
$
35.01
$
35.87
$
37.23
 Total Return   E,F
 
(30.85)%
 
30.53%
 
3.81%
 
6.35%
 
(10.04)% D
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.99%
 
2.19%
 
2.15%
 
1.90%
 
2.06%
    Expenses net of fee waivers, if any
 
1.98%
 
2.18%
 
2.15%
 
1.90%
 
2.06%
    Expenses net of all reductions
 
1.98%
 
2.18%
 
2.14%
 
1.87%
 
2.06%
    Net investment income (loss)
 
.62%
 
.09%
 
(.25)%
 
3.21% C
 
.04%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,496
$
5,255
$
5,242
$
6,145
$
10,060
    Portfolio turnover rate 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 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Europe Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.11
$
35.35
$
36.28
$
37.70
$
42.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.57
 
.54
 
.30
 
1.52 C
 
.48
     Net realized and unrealized gain (loss)
 
(12.88)
 
10.71
 
1.46
 
.81
 
(4.24) D
  Total from investment operations
 
(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
$
27.57
$
46.11
$
35.35
$
36.28
$
37.70
 Total Return   E
 
(30.07)%
 
31.99%
 
4.95%
 
7.56%
 
(9.05)% D
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88%
 
1.06%
 
1.03%
 
.78%
 
.96%
    Expenses net of fee waivers, if any
 
.88%
 
1.06%
 
1.03%
 
.77%
 
.96%
    Expenses net of all reductions
 
.88%
 
1.06%
 
1.02%
 
.75%
 
.96%
    Net investment income (loss)
 
1.73%
 
1.21%
 
.86%
 
4.33% C
 
1.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
523,685
$
913,296
$
755,125
$
836,373
$
941,670
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.07
$
35.34
$
36.27
$
37.69
$
42.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.60
 
.54
 
.31
 
1.53 C
 
.48
     Net realized and unrealized gain (loss)
 
(12.91)
 
10.70
 
1.46
 
.80
 
(4.23) D
  Total from investment operations
 
(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
$
27.56
$
46.07
$
35.34
$
36.27
$
37.69
 Total Return   E
 
(30.08)%
 
31.99%
 
4.99%
 
7.58%
 
(9.02)% D
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.86%
 
1.06%
 
1.00%
 
.75%
 
.95%
    Expenses net of fee waivers, if any
 
.86%
 
1.06%
 
1.00%
 
.74%
 
.95%
    Expenses net of all reductions
 
.86%
 
1.06%
 
.99%
 
.72%
 
.95%
    Net investment income (loss)
 
1.74%
 
1.22%
 
.90%
 
4.36% C
 
1.16%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,283
$
14,401
$
14,733
$
6,686
$
7,318
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.00
$
35.27
$
36.21
$
37.69
$
41.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.62
 
.59
 
.34
 
1.53 D
 
.06
     Net realized and unrealized gain (loss)
 
(12.86)
 
10.67
 
1.47
 
.82
 
(3.37) E
  Total from investment operations
 
(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
$
27.48
$
46.00
$
35.27
$
36.21
$
37.69
 Total Return   G,H
 
(30.00)%
 
32.13%
 
5.11%
 
7.71%
 
(8.07)% E
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.76%
 
.95%
 
.91%
 
.65%
 
.91% K
    Expenses net of fee waivers, if any
 
.75%
 
.95%
 
.90%
 
.64%
 
.90% K
    Expenses net of all reductions
 
.75%
 
.95%
 
.90%
 
.62%
 
.90% K
    Net investment income (loss)
 
1.85%
 
1.33%
 
.99%
 
4.46% D
 
2.04% K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,461
$
28,249
$
19,479
$
21,838
$
104
    Portfolio turnover rate L
 
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 October 31, 2022
 
1. Organization.
Fidelity Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Europe, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$40,642,080
Gross unrealized depreciation
(66,519,169)
Net unrealized appreciation (depreciation)
$(25,877,089)
Tax Cost
$572,613,947
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(98,923,671)
Net unrealized appreciation (depreciation) on securities and other investments
$(26,238,559)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(54,492,199)
  Long-term
(44,431,472)
Total capital loss carryforward
$(98,923,671)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$58,772,480
$11,168,809
Long-term Capital Gains
74,714,886
-
Total
$133,487,366
$11,168,809
 
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
397,341,205
566,594,527
 
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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .64% 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%
$58,904
$510
Class M
.25%
.25%
26,780
155
Class C
.75%
.25%
35,631
3,211
 
 
 
$121,315
$3,876
 
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
$905
Class M
344
Class C A
57
 
$1,306
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$50,954
.22
Class M
14,408
.27
Class C
9,557
.27
Europe
1,088,056
.16
Class I
10,837
.15
Class Z
8,297
.04
 
$1,182,109
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Europe Fund
.05
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Europe Fund
$   1
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Europe Fund
Borrower
$   12,097,000
.32%
$   106
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Europe Fund
5,821,367
69,355,856
(20,125,831)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Europe Fund
33,953
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Europe Fund
$1,331
 
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
$20,160
$-
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $23,547.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Europe Fund
 
 
Class A
$4,275,681
$241,388
Class M
898,902
38,916
Class C
639,208
9,133
Europe
122,299,625
10,371,239
Class I
1,583,837
209,546
Class Z
3,790,113
298,587
Total   
$133,487,366
$11,168,809
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Europe Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
89,634
129,162
$3,307,956
$5,858,048
Reinvestment of distributions
114,063
5,827
4,203,218
239,071
Shares redeemed
(302,699)
(93,596)
(9,893,172)
(4,072,920)
Net increase (decrease)
(99,002)
41,393
$(2,381,998)
$2,024,199
Class M
 
 
 
 
Shares sold
8,884
20,932
$301,526
$948,034
Reinvestment of distributions
23,449
939
868,563
38,692
Shares redeemed
(35,522)
(18,538)
(1,126,542)
(834,046)
Net increase (decrease)
(3,189)
3,333
$43,547
$152,680
Class C
 
 
 
 
Shares sold
5,167
24,151
$168,904
$1,075,965
Reinvestment of distributions
17,238
222
634,712
9,092
Shares redeemed
(46,375)
(58,936)
(1,573,732)
(2,674,765)
Net increase (decrease)
(23,970)
(34,563)
$(770,116)
$(1,589,708)
Europe
 
 
 
 
Shares sold
1,206,003
2,702,281
$40,801,820
$121,751,029
Reinvestment of distributions
3,093,089
237,710
113,578,213
9,724,714
Shares redeemed
(5,107,735)
(4,496,170)
(176,296,705)
(202,195,601)
Net increase (decrease)
(808,643)
(1,556,179)
$(21,916,672)
$(70,719,858)
Class I
 
 
 
 
Shares sold
42,946
194,151
$1,701,289
$8,782,703
Reinvestment of distributions
41,688
4,920
1,530,795
201,081
Shares redeemed
(241,861)
(303,416)
(8,753,022)
(13,867,304)
Net increase (decrease)
(157,227)
(104,345)
$(5,520,938)
$(4,883,520)
Class Z
 
 
 
 
Shares sold
91,178
176,120
$3,170,475
$7,943,844
Reinvestment of distributions
99,611
7,125
3,642,775
290,498
Shares redeemed
(751,739)
(121,503)
(21,135,524)
(5,504,865)
Net increase (decrease)
(560,950)
61,742
$(14,322,274)
$2,729,477
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-33.44%
-0.93%
4.92%
Class M (incl.3.50% sales charge)    
-32.02%
-0.77%
4.82%
Class C    
(incl. contingent deferred sales charge)
 
-30.48%
-0.45%
4.94%
Fidelity® Japan Fund
-29.16%
0.54%
5.85%
Class I
-29.15%
0.58%
5.89%
Class Z
-29.07%
0.67%
5.94%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns between November 1, 2012 and October 2, 2018, are those of Fidelity ® Japan Fund, the original class of the fund.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Japan Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the Tokyo Stock Price Index (TOPIX) performed over the same period.
 
Fidelity® Japan Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Kirk Neureiter:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -30% to -29%, trailing the -24.05% result of the benchmark, the Tokyo Stock Price Index. By region, stock picks in Japan and a non-benchmark allocation to emerging markets hurt the fund's relative result. By sector, security selection in industrials notably detracted. We also had weak stock picks in consumer discretionary and communication services this period. The fund's largest individual relative detractor was an overweighting in Hoya, which returned -36% the past 12 months. The company was among our biggest holdings. Also hindering performance was our outsized stake in Misumi Group, which returned approximately -48%. Also holding back performance was an underweighting in Toyota Motor, which returned -19%. This was a stake we established the past year. In contrast, a non-benchmark allocation to the U.S. contributed modestly to the fund's relative result. By sector, the top contributor to performance versus the benchmark was stock picks in information technology. Also lifting the fund's relative result was security selection and an overweighting in energy and health care. The fund's largest individual relative contributor was an overweighting in INPEX, which gained roughly 27% the past 12 months. Also bolstering performance was our outsized stake in Daiichi Sankyo, which gained about 28%. Daiichi was among the largest holdings at period end. Another notable relative contributor was an overweighting in Tokio Marine Holdings (+7%), which was one of our biggest holdings this period.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Japan Fund
Top Holdings (% of Fund's net assets)
 
Sony Group Corp.  (Household Durables)
4.0
 
Hoya Corp.  (Health Care Equipment & Supplies)
4.0
 
Sumitomo Mitsui Financial Group, Inc.  (Banks)
3.9
 
Hitachi Ltd.  (Industrial Conglomerates)
3.5
 
ORIX Corp.  (Diversified Financial Services)
3.3
 
DENSO Corp.  (Auto Components)
3.1
 
Daiichi Sankyo Kabushiki Kaisha  (Pharmaceuticals)
2.9
 
SoftBank Group Corp.  (Wireless Telecommunication Services)
2.9
 
Olympus Corp.  (Health Care Equipment & Supplies)
2.7
 
Tokio Marine Holdings, Inc.  (Insurance)
2.7
 
 
33.0
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
18.7
 
Information Technology
17.7
 
Consumer Discretionary
15.3
 
Health Care
11.5
 
Financials
10.9
 
Communication Services
7.6
 
Materials
6.3
 
Consumer Staples
5.7
 
Energy
2.5
 
Real Estate
1.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 97.8%
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Japan Fund
Showing Percentage of Net Assets     
Common Stocks - 98.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.6%
 
 
 
Diversified Telecommunication Services - 0.6%
 
 
 
JTOWER, Inc. (a)
 
84,200
3,425,872
Entertainment - 2.0%
 
 
 
Capcom Co. Ltd.
 
220,000
6,132,688
Daiichikosho Co. Ltd.
 
184,500
5,298,194
 
 
 
11,430,882
Interactive Media & Services - 1.8%
 
 
 
Hypebeast Ltd. (a)
 
16,722,500
1,033,220
Kakaku.com, Inc.
 
252,100
4,274,146
Z Holdings Corp.
 
1,944,000
5,016,997
 
 
 
10,324,363
Media - 0.3%
 
 
 
ValueCommerce Co. Ltd.
 
116,800
1,706,893
Wireless Telecommunication Services - 2.9%
 
 
 
SoftBank Group Corp.
 
382,500
16,419,280
TOTAL COMMUNICATION SERVICES
 
 
43,307,290
CONSUMER DISCRETIONARY - 15.3%
 
 
 
Auto Components - 3.7%
 
 
 
DENSO Corp.
 
352,600
17,494,576
Koito Manufacturing Co. Ltd.
 
256,800
3,650,931
 
 
 
21,145,507
Automobiles - 3.0%
 
 
 
Isuzu Motors Ltd.
 
503,400
5,904,231
Suzuki Motor Corp.
 
225,900
7,626,470
Toyota Motor Corp.
 
274,800
3,812,743
 
 
 
17,343,444
Hotels, Restaurants & Leisure - 0.6%
 
 
 
Curves Holdings Co. Ltd.
 
576,700
3,354,824
Household Durables - 5.1%
 
 
 
Open House Group Co. Ltd.
 
172,000
6,130,670
Sony Group Corp.
 
341,000
22,995,220
 
 
 
29,125,890
Internet & Direct Marketing Retail - 1.0%
 
 
 
ZOZO, Inc.
 
271,200
5,772,541
Leisure Products - 0.7%
 
 
 
Roland Corp.
 
147,700
4,201,695
Multiline Retail - 0.8%
 
 
 
Pan Pacific International Holdings Ltd.
 
293,200
4,813,216
Specialty Retail - 0.4%
 
 
 
Hikari Tsushin, Inc.
 
17,900
2,163,240
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Guppy's, Inc. (a)
 
1,900
19,116
TOTAL CONSUMER DISCRETIONARY
 
 
87,939,473
CONSUMER STAPLES - 5.7%
 
 
 
Food & Staples Retailing - 4.2%
 
 
 
Nishimoto Co. Ltd.
 
137,900
3,862,628
Seven & i Holdings Co. Ltd.
 
327,100
12,210,111
Sugi Holdings Co. Ltd.
 
50,700
2,035,569
Tsuruha Holdings, Inc.
 
49,900
2,902,821
Welcia Holdings Co. Ltd.
 
142,300
2,976,247
 
 
 
23,987,376
Food Products - 0.3%
 
 
 
S Foods, Inc.
 
101,300
1,856,434
Personal Products - 1.2%
 
 
 
Kose Corp.
 
30,000
3,000,101
Shiseido Co. Ltd.
 
104,200
3,612,435
 
 
 
6,612,536
TOTAL CONSUMER STAPLES
 
 
32,456,346
ENERGY - 2.5%
 
 
 
Oil, Gas & Consumable Fuels - 2.5%
 
 
 
INPEX Corp.
 
1,402,500
14,154,587
FINANCIALS - 10.9%
 
 
 
Banks - 3.9%
 
 
 
Sumitomo Mitsui Financial Group, Inc.
 
784,900
22,041,221
Capital Markets - 0.5%
 
 
 
SBI Holdings, Inc. Japan
 
155,200
2,805,593
Diversified Financial Services - 3.3%
 
 
 
ORIX Corp.
 
1,295,900
19,042,614
Insurance - 3.2%
 
 
 
Lifenet Insurance Co. (a)
 
454,100
3,035,579
Tokio Marine Holdings, Inc.
 
844,200
15,277,865
 
 
 
18,313,444
TOTAL FINANCIALS
 
 
62,202,872
HEALTH CARE - 11.5%
 
 
 
Biotechnology - 0.2%
 
 
 
PeptiDream, Inc. (a)
 
110,100
1,209,142
Health Care Equipment & Supplies - 6.9%
 
 
 
Hoya Corp.
 
242,400
22,618,783
JEOL Ltd.
 
36,900
1,354,948
Olympus Corp.
 
736,600
15,554,820
 
 
 
39,528,551
Health Care Technology - 0.1%
 
 
 
Medlive Technology Co. Ltd. (b)
 
637,500
550,630
Pharmaceuticals - 4.3%
 
 
 
Astellas Pharma, Inc.
 
596,300
8,227,858
Daiichi Sankyo Kabushiki Kaisha
 
520,100
16,648,800
 
 
 
24,876,658
TOTAL HEALTH CARE
 
 
66,164,981
INDUSTRIALS - 18.7%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Space Exploration Technologies Corp. Class A (a)(c)(d)
 
18,055
1,263,850
Building Products - 1.8%
 
 
 
Daikin Industries Ltd.
 
50,400
7,549,274
Toto Ltd.
 
97,800
2,795,319
 
 
 
10,344,593
Electrical Equipment - 1.3%
 
 
 
Nidec Corp.
 
134,900
7,417,344
Industrial Conglomerates - 3.5%
 
 
 
Hitachi Ltd.
 
433,700
19,716,951
Machinery - 3.1%
 
 
 
Minebea Mitsumi, Inc.
 
372,100
5,515,373
Misumi Group, Inc.
 
390,960
8,361,094
Nabtesco Corp.
 
189,900
4,042,056
 
 
 
17,918,523
Professional Services - 7.5%
 
 
 
Dip Corp.
 
81,700
2,291,193
Funai Soken Holdings, Inc.
 
272,000
4,852,994
Outsourcing, Inc.
 
424,900
3,329,019
Persol Holdings Co. Ltd.
 
735,400
14,767,843
Recruit Holdings Co. Ltd.
 
251,200
7,729,718
SMS Co., Ltd.
 
241,900
5,563,724
TechnoPro Holdings, Inc.
 
193,400
4,639,734
 
 
 
43,174,225
Trading Companies & Distributors - 1.3%
 
 
 
Itochu Corp.
 
280,000
7,247,856
TOTAL INDUSTRIALS
 
 
107,083,342
INFORMATION TECHNOLOGY - 17.7%
 
 
 
Electronic Equipment & Components - 2.6%
 
 
 
Dexerials Corp.
 
290,200
6,781,970
Iriso Electronics Co. Ltd.
 
106,200
3,085,403
TDK Corp.
 
160,200
5,015,172
 
 
 
14,882,545
IT Services - 8.0%
 
 
 
Digital Hearts Holdings Co. Ltd.
 
307,692
4,231,683
DTS Corp.
 
156,600
3,728,195
ExaWizards, Inc. (a)
 
376,400
1,341,619
Fujitsu Ltd.
 
106,000
12,196,204
GMO Internet, Inc.
 
270,900
4,683,977
Net One Systems Co. Ltd.
 
188,900
3,887,380
Nomura Research Institute Ltd.
 
174,500
3,878,560
NSD Co. Ltd.
 
300,100
5,134,365
Techmatrix Corp.
 
289,600
3,299,253
TIS, Inc.
 
119,200
3,218,588
 
 
 
45,599,824
Semiconductors & Semiconductor Equipment - 4.9%
 
 
 
Furuya Metal Co. Ltd.
 
5,200
279,418
Renesas Electronics Corp. (a)
 
1,645,500
13,765,846
ROHM Co. Ltd.
 
85,000
5,985,070
Socionext, Inc. (a)
 
24,900
887,521
Sumco Corp.
 
549,700
6,983,310
 
 
 
27,901,165
Software - 0.7%
 
 
 
Appier Group, Inc. (a)
 
76,600
736,147
Money Forward, Inc. (a)
 
118,800
3,387,552
 
 
 
4,123,699
Technology Hardware, Storage & Peripherals - 1.5%
 
 
 
FUJIFILM Holdings Corp.
 
195,600
8,970,015
TOTAL INFORMATION TECHNOLOGY
 
 
101,477,248
MATERIALS - 6.3%
 
 
 
Chemicals - 6.3%
 
 
 
JSR Corp.
 
319,300
6,085,586
Kansai Paint Co. Ltd.
 
389,500
5,081,745
Nippon Sanso Holdings Corp.
 
238,000
3,796,604
Nissan Chemical Corp.
 
64,500
2,906,285
NOF Corp.
 
90,400
3,112,734
Shin-Etsu Chemical Co. Ltd.
 
108,500
11,276,400
Tokyo Ohka Kogyo Co. Ltd.
 
87,300
3,769,232
 
 
 
36,028,586
REAL ESTATE - 1.8%
 
 
 
Real Estate Management & Development - 1.8%
 
 
 
Relo Group, Inc.
 
428,400
6,055,999
SRE Holdings Corp. (a)(e)
 
161,100
4,106,184
 
 
 
10,162,183
 
TOTAL COMMON STOCKS
  (Cost $526,842,665)
 
 
 
560,976,908
 
 
 
 
Money Market Funds - 0.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
1,141,411
1,141,639
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
2,829,052
2,829,335
 
TOTAL MONEY MARKET FUNDS
  (Cost $3,970,974)
 
 
3,970,974
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.7%
  (Cost $530,813,639)
 
 
 
564,947,882
NET OTHER ASSETS (LIABILITIES) - 1.3%  
7,285,281
NET ASSETS - 100.0%
572,233,163
 
 
 
 
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 $550,630 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 $1,263,850 or 0.2% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Space Exploration Technologies Corp. Class A
2/16/21 - 5/24/22
1,151,846
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
864,828
33,394,378
33,117,567
7,003
-
-
1,141,639
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
388,125
107,609,370
105,168,160
22,515
-
-
2,829,335
0.0%
Total
1,252,953
141,003,748
138,285,727
29,518
-
-
3,970,974
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
43,307,290
21,871,013
21,436,277
-
Consumer Discretionary
87,939,473
43,636,934
44,302,539
-
Consumer Staples
32,456,346
20,246,235
12,210,111
-
Energy
14,154,587
-
14,154,587
-
Financials
62,202,872
40,161,651
22,041,221
-
Health Care
66,164,981
41,288,323
24,876,658
-
Industrials
107,083,342
78,483,422
27,336,070
1,263,850
Information Technology
101,477,248
75,515,198
25,962,050
-
Materials
36,028,586
24,752,186
11,276,400
-
Real Estate
10,162,183
10,162,183
-
-
  Money Market Funds
3,970,974
3,970,974
-
-
 Total Investments in Securities:
564,947,882
360,088,119
203,595,913
1,263,850
Fidelity® Japan Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,619,625) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $526,842,665)
 
$560,976,908
 
 
Fidelity Central Funds (cost $3,970,974)
 
3,970,974
 
 
 
 
 
 
 
Total Investment in Securities (cost $530,813,639)
 
 
$
564,947,882
Foreign currency held at value (cost $6,968,256)
 
 
 
6,934,605
Receivable for fund shares sold
 
 
 
74,654
Dividends receivable
 
 
 
3,760,979
Distributions receivable from Fidelity Central Funds
 
 
 
3,285
Prepaid expenses
 
 
 
950
  Total assets
 
 
 
575,722,355
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
100,326
 
 
Accrued management fee
 
422,249
 
 
Distribution and service plan fees payable
 
5,474
 
 
Other affiliated payables
 
66,360
 
 
Other payables and accrued expenses
 
65,448
 
 
Collateral on securities loaned
 
2,829,335
 
 
  Total Liabilities
 
 
 
3,489,192
Net Assets  
 
 
$
572,233,163
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
560,519,341
Total accumulated earnings (loss)
 
 
 
11,713,822
Net Assets
 
 
$
572,233,163
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($13,003,583 ÷ 980,444 shares) (a)
 
 
$
13.26
Maximum offering price per share (100/94.25 of $13.26)
 
 
$
14.07
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,282,041 ÷ 173,064 shares) (a)
 
 
$
13.19
Maximum offering price per share (100/96.50 of $13.19)
 
 
$
13.67
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,178,938 ÷ 167,615 shares) (a)
 
 
$
13.00
Japan :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($113,014,841 ÷ 8,466,751 shares)
 
 
$
13.35
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($33,319,525 ÷ 2,476,460 shares)
 
 
$
13.45
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($408,434,235 ÷ 30,684,669 shares)
 
 
$
13.31
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
12,556,636
Income from Fidelity Central Funds (including $22,515 from security lending)
 
 
 
29,518
 Income before foreign taxes withheld
 
 
 
12,586,154
Less foreign taxes withheld
 
 
 
(1,331,805)
 Total Income
 
 
 
11,254,349
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,619,939
 
 
 Performance adjustment
 
1,164,884
 
 
Transfer agent fees
 
591,310
 
 
Distribution and service plan fees
 
86,859
 
 
Accounting fees
 
330,234
 
 
Custodian fees and expenses
 
26,699
 
 
Independent trustees' fees and expenses
 
2,394
 
 
Registration fees
 
89,309
 
 
Audit
 
62,712
 
 
Legal
 
692
 
 
Miscellaneous
 
3,372
 
 
 Total expenses before reductions
 
6,978,404
 
 
 Expense reductions
 
(22,453)
 
 
 Total expenses after reductions
 
 
 
6,955,951
Net Investment income (loss)
 
 
 
4,298,398
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(10,277,152)
 
 
 Foreign currency transactions
 
(998,178)
 
 
Total net realized gain (loss)
 
 
 
(11,275,330)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(232,678,405)
 
 
 Assets and liabilities in foreign currencies
 
(43,412)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(232,721,817)
Net gain (loss)
 
 
 
(243,997,147)
Net increase (decrease) in net assets resulting from operations
 
 
$
(239,698,749)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,298,398
$
3,430,610
Net realized gain (loss)
 
(11,275,330)
 
 
71,989,055
 
Change in net unrealized appreciation (depreciation)
 
(232,721,817)
 
93,205,875
 
Net increase (decrease) in net assets resulting from operations
 
(239,698,749)
 
 
168,625,540
 
Distributions to shareholders
 
(85,697,627)
 
 
(16,940,687)
 
Share transactions - net increase (decrease)
 
66,247,709
 
 
(103,038,998)
 
Total increase (decrease) in net assets
 
(259,148,667)
 
 
48,645,855
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
831,381,830
 
782,735,975
 
End of period
$
572,233,163
$
831,381,830
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Japan Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.90
$
17.50
$
15.80
$
14.15
$
15.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.02
 
.05
 
.07
 
.03
     Net realized and unrealized gain (loss)
 
(5.58)
 
3.71
 
1.81
 
1.58
 
(.85)
  Total from investment operations
 
(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
$
13.26
$
20.90
$
17.50
$
15.80
$
14.15
 Total Return   E,F
 
(29.38)%
 
21.42%
 
11.85%
 
11.66%
 
(5.48)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.39%
 
1.38%
 
1.37%
 
1.33%
 
1.33%
    Expenses net of fee waivers, if any
 
1.39%
 
1.38%
 
1.37%
 
1.32%
 
1.33%
    Expenses net of all reductions
 
1.39%
 
1.38%
 
1.37%
 
1.32%
 
1.32%
    Net investment income (loss)
 
.26%
 
.08%
 
.35%
 
.51%
 
.17%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,004
$
20,357
$
16,181
$
16,069
$
14,587
    Portfolio turnover rate 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.76
$
17.40
$
15.71
$
14.11
$
15.06
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.01)
 
(.05)
 
.01
 
.03
 
(.03)
     Net realized and unrealized gain (loss)
 
(5.55)
 
3.69
 
1.80
 
1.57
 
(.84)
  Total from investment operations
 
(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
$
13.19
$
20.76
$
17.40
$
15.71
$
14.11
 Total Return   E,F
 
(29.55)%
 
21.00%
 
11.55%
 
11.34%
 
(5.81)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.69%
 
1.70%
 
1.67%
 
1.64%
 
1.67%
    Expenses net of fee waivers, if any
 
1.69%
 
1.70%
 
1.67%
 
1.64%
 
1.67%
    Expenses net of all reductions
 
1.69%
 
1.70%
 
1.67%
 
1.63%
 
1.66%
    Net investment income (loss)
 
(.04)%
 
(.23)%
 
.04%
 
.19%
 
(.17)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,282
$
3,919
$
3,728
$
3,945
$
3,993
    Portfolio turnover rate 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.43
$
17.17
$
15.49
$
13.97
$
14.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.07)
 
(.12)
 
(.05)
 
(.02)
 
(.08)
     Net realized and unrealized gain (loss)
 
(5.49)
 
3.63
 
1.77
 
1.54
 
(.83)
  Total from investment operations
 
(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
$
13.00
$
20.43
$
17.17
$
15.49
$
13.97
 Total Return   E,F
 
(29.85)%
 
20.54%
 
11.09%
 
10.88%
 
(6.13)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.11%
 
2.09%
 
2.06%
 
2.01%
 
2.04%
    Expenses net of fee waivers, if any
 
2.10%
 
2.09%
 
2.05%
 
2.00%
 
2.03%
    Expenses net of all reductions
 
2.10%
 
2.09%
 
2.05%
 
2.00%
 
2.03%
    Net investment income (loss)
 
(.46)%
 
(.63)%
 
(.34)%
 
(.17)%
 
(.53)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,179
$
4,778
$
6,167
$
8,829
$
12,586
    Portfolio turnover rate 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 Amount represents less than $.005 per share.
 
D Total distributions per share do not sum due to rounding.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Japan Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.01
$
17.58
$
15.86
$
14.20
$
15.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.08
 
.10
 
.12
 
.07
     Net realized and unrealized gain (loss)
 
(5.60)
 
3.72
 
1.81
 
1.59
 
(.86)
  Total from investment operations
 
(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
$
13.35
$
21.01
$
17.58
$
15.86
$
14.20
 Total Return   E
 
(29.16)%
 
21.75%
 
12.16%
 
12.10%
 
(5.28)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.13%
 
1.09%
 
1.06%
 
1.01%
 
1.05%
    Expenses net of fee waivers, if any
 
1.12%
 
1.09%
 
1.06%
 
1.01%
 
1.05%
    Expenses net of all reductions
 
1.12%
 
1.09%
 
1.06%
 
1.00%
 
1.04%
    Net investment income (loss)
 
.52%
 
.37%
 
.65%
 
.82%
 
.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
113,015
$
167,954
$
274,433
$
401,344
$
297,644
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.97
$
17.56
$
15.85
$
14.18
$
15.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.09
 
.11
 
.13
 
.08
     Net realized and unrealized gain (loss)
 
(5.65)
 
3.71
 
1.81
 
1.58
 
(.85)
  Total from investment operations
 
(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
$
13.45
$
20.97
$
17.56
$
15.85
$
14.18
 Total Return   E
 
(29.15)%
 
21.80%
 
12.20%
 
12.12%
 
(5.18)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.09%
 
1.04%
 
1.01%
 
.96%
 
.98%
    Expenses net of fee waivers, if any
 
1.09%
 
1.04%
 
1.01%
 
.96%
 
.98%
    Expenses net of all reductions
 
1.09%
 
1.04%
 
1.00%
 
.95%
 
.97%
    Net investment income (loss)
 
.56%
 
.43%
 
.71%
 
.87%
 
.52%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
33,320
$
48,887
$
473,859
$
319,164
$
192,555
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.98
$
17.56
$
15.84
$
14.19
$
15.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
.10
 
.13
 
.14
 
(.01)
     Net realized and unrealized gain (loss)
 
(5.59)
 
3.72
 
1.81
 
1.57
 
(1.57)
  Total from investment operations
 
(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
$
13.31
$
20.98
$
17.56
$
15.84
$
14.19
 Total Return   D,E
 
(29.07)%
 
21.93%
 
12.36%
 
12.14%
 
(10.02)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96%
 
.96%
 
.92%
 
.87%
 
.96% H
    Expenses net of fee waivers, if any
 
.96%
 
.96%
 
.92%
 
.87%
 
.96% H
    Expenses net of all reductions
 
.96%
 
.96%
 
.92%
 
.86%
 
.95% H
    Net investment income (loss)
 
.69%
 
.51%
 
.79%
 
.96%
 
(.73)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
408,434
$
585,487
$
8,368
$
8,136
$
90
    Portfolio turnover rate I
 
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 October 31, 2022
 
1. Organization.
Fidelity Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Japan, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.  
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), 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
$98,033,316
Gross unrealized depreciation
(69,038,778)
Net unrealized appreciation (depreciation)
$28,994,538
Tax Cost
$535,953,344
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(10,880,483)
Net unrealized appreciation (depreciation) on securities and other investments
$28,844,090
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(10,880,483)
  Long-term
-
Total capital loss carryforward
$(10,880,483)
 
The fund intends to elect to defer to its next fiscal year $6,249,784 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$36,508,917
$5,942,098
Long-term Capital Gains
49,188,710
10,998,589
Total
$85,697,627
$16,940,687
 
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
174,720,377
193,143,561
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .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%
$39,575
$-
Class M
.25%
.25%
14,804
29
Class C
.75%
.25%
32,480
1,926
 
 
 
$86,859
$1,955
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions.   The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$2,380
Class M
277
Class C A
298
 
$2,955
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$34,351
.22
Class M
8,038
.27
Class C
5,934
.18
Japan
282,439
.21
Class I
63,010
.17
Class Z
197,538
.04
 
$591,310
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Japan Fund
.05
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Japan Fund
1,484,433
1,862,646
633,704
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Japan Fund
$1,212
 
 
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
$2,354
$-
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $22,453.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Japan Fund
 
 
Class A
$2,019,337
$301,297
Class M
368,577
59,666
Class C
426,706
88,885
Japan
17,143,088
5,699,772
Class I
4,520,940
10,435,841
Class Z
61,218,979
355,226
Total   
$85,697,627
$16,940,687
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Japan Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
117,484
153,664
$1,791,821
$3,103,256
Reinvestment of distributions
100,623
14,280
1,865,544
278,154
Shares redeemed
(211,780)
(118,485)
(3,414,360)
(2,389,970)
Net increase (decrease)
6,327
49,459
$243,005
$991,440
Class M
 
 
 
 
Shares sold
13,826
10,618
$202,895
$211,739
Reinvestment of distributions
19,910
3,057
368,140
59,335
Shares redeemed
(49,434)
(39,212)
(787,625)
(790,428)
Net increase (decrease)
(15,698)
(25,537)
$(216,590)
$(519,354)
Class C
 
 
 
 
Shares sold
8,561
24,156
$138,296
$477,051
Reinvestment of distributions
23,330
4,602
426,706
88,168
Shares redeemed
(98,132)
(154,075)
(1,544,500)
(3,034,739)
Net increase (decrease)
(66,241)
(125,317)
$(979,498)
$(2,469,520)
Japan
 
 
 
 
Shares sold
1,808,139
2,408,580
$29,931,437
$49,198,476
Reinvestment of distributions
867,250
283,747
16,148,203
5,534,758
Shares redeemed
(2,201,846)
(10,310,246)
(35,408,192)
(210,756,266)
Net increase (decrease)
473,543
(7,617,919)
$10,671,448
$(156,023,032)
Class I
 
 
 
 
Shares sold
694,437
2,369,303
$11,578,345
$47,361,499
Reinvestment of distributions
176,445
525,949
3,310,112
10,230,732
Shares redeemed
(725,162)
(27,546,527)
(12,524,199)
(558,674,882)
Net increase (decrease)
145,720
(24,651,275)
$2,364,258
$(501,082,651)
Class Z
 
 
 
 
Shares sold
833,537
27,576,717
$13,605,712
$558,908,335
Reinvestment of distributions
3,263,046
17,033
60,496,866
348,274
Shares redeemed
(1,323,692)
(158,582)
(19,937,492)
(3,192,490)
Net increase (decrease)
2,772,891
27,435,168
$54,165,086
$556,064,119
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Japan Fund
60%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Japan Fund
70%
 
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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Japan Smaller Companies Fund
-21.95%
-2.25%
7.47%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Japan Smaller Companies Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell/Nomura Mid-Small Cap™ Index performed over the same period.
 
Fidelity® Japan Smaller Companies Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Masaki Nakamura:
For the fiscal year ending October 31, 2022, the fund returned -21.95%, outperforming the -24.44% return of the Fidelity Japan Smaller Companies Blend Index, as well as the broad-based Russell/Nomura Mid Small Cap Japan Index (Gross). Versus the benchmark, security selection was the primary contributor, led by the information technology sector. Strong picks in the materials and industrials sectors also helped. The fund's position in cash - an average weighting of 4% - was another notable contributor. Our top individual relative contributor was an out-of-benchmark stake in Tokio Marine Holdings (+7%), which was among our biggest holdings. Also adding value were our overweight positions in Kito (+36%) and Uyemura (+15%). Kito was not held at period end. By sector, the primary detractor from performance versus the benchmark was our stock selection in energy. Stock picks in consumer discretionary and an overweighting in information technology also hurt relative performance. The biggest individual relative detractor was an overweight position in Central Automotive Products (-41%), which was among the fund's largest holdings the past 12 months, though we reduced our stake during the period. The fund's non-benchmark investment in media & entertainment company Z Holdings, a position not held at period end, returned -54%. Another notable relative detractor was our outsized position in energy supplier San-Ai Obbli (-42%), a holding that also was sold during the past year.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Japan Smaller Companies Fund
Top Holdings (% of Fund's net assets)
 
Tokio Marine Holdings, Inc.  (Insurance)
2.7
 
ORIX Corp.  (Diversified Financial Services)
2.3
 
Renesas Electronics Corp.  (Semiconductors & Semiconductor Equipment)
2.2
 
INPEX Corp.  (Oil, Gas & Consumable Fuels)
2.2
 
Amano Corp.  (Electronic Equipment & Components)
2.1
 
Nippon Concept Corp.  (Marine)
2.0
 
Isuzu Motors Ltd.  (Automobiles)
2.0
 
Persol Holdings Co. Ltd.  (Professional Services)
2.0
 
Funai Soken Holdings, Inc.  (Professional Services)
1.9
 
C. Uyemura & Co. Ltd.  (Chemicals)
1.8
 
 
21.2
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
22.8
 
Information Technology
21.5
 
Consumer Discretionary
17.1
 
Financials
8.7
 
Materials
7.1
 
Consumer Staples
3.9
 
Communication Services
3.4
 
Health Care
2.9
 
Utilities
2.4
 
Energy
2.2
 
Real Estate
1.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 93.8%
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Japan Smaller Companies Fund
Showing Percentage of Net Assets     
Common Stocks - 93.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.4%
 
 
 
Entertainment - 2.6%
 
 
 
Capcom Co. Ltd.
 
197,600
5,508,269
Daiichikosho Co. Ltd.
 
135,600
3,893,957
 
 
 
9,402,226
Interactive Media & Services - 0.8%
 
 
 
Kakaku.com, Inc.
 
171,600
2,909,335
TOTAL COMMUNICATION SERVICES
 
 
12,311,561
CONSUMER DISCRETIONARY - 17.1%
 
 
 
Auto Components - 2.8%
 
 
 
DENSO Corp.
 
119,100
5,909,257
Shoei Co. Ltd.
 
114,200
4,216,403
 
 
 
10,125,660
Automobiles - 3.6%
 
 
 
Isuzu Motors Ltd.
 
608,700
7,139,264
Suzuki Motor Corp.
 
181,200
6,117,381
 
 
 
13,256,645
Distributors - 1.5%
 
 
 
Central Automotive Products Ltd.
 
355,300
5,361,937
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Curves Holdings Co. Ltd.
 
529,100
3,077,921
Koshidaka Holdings Co. Ltd.
 
525,200
3,948,846
 
 
 
7,026,767
Household Durables - 1.1%
 
 
 
Open House Group Co. Ltd.
 
114,200
4,070,480
Leisure Products - 1.0%
 
 
 
Roland Corp.
 
123,100
3,501,886
Multiline Retail - 1.1%
 
 
 
Pan Pacific International Holdings Ltd.
 
257,700
4,230,443
Specialty Retail - 4.1%
 
 
 
ABC-MART, Inc.
 
73,000
3,254,918
Arcland Sakamoto Co. Ltd.
 
393,600
3,904,368
Fuji Corp.
 
663,800
5,665,034
Workman Co. Ltd. (a)
 
59,500
2,036,753
 
 
 
14,861,073
TOTAL CONSUMER DISCRETIONARY
 
 
62,434,891
CONSUMER STAPLES - 3.9%
 
 
 
Beverages - 1.1%
 
 
 
Asahi Group Holdings
 
139,700
3,912,107
Food Products - 2.1%
 
 
 
Kotobuki Spirits Co. Ltd.
 
112,300
5,762,460
S Foods, Inc.
 
105,000
1,924,241
 
 
 
7,686,701
Personal Products - 0.7%
 
 
 
Shiseido Co. Ltd.
 
70,800
2,454,514
TOTAL CONSUMER STAPLES
 
 
14,053,322
ENERGY - 2.2%
 
 
 
Oil, Gas & Consumable Fuels - 2.2%
 
 
 
INPEX Corp.
 
785,900
7,931,615
FINANCIALS - 8.7%
 
 
 
Banks - 1.9%
 
 
 
Bank of Kyoto Ltd.
 
103,800
3,741,673
Mitsubishi UFJ Financial Group, Inc.
 
686,400
3,242,451
 
 
 
6,984,124
Diversified Financial Services - 2.3%
 
 
 
ORIX Corp.
 
575,600
8,458,159
Insurance - 4.5%
 
 
 
Lifenet Insurance Co. (b)
 
322,000
2,152,514
T&D Holdings, Inc.
 
453,000
4,469,222
Tokio Marine Holdings, Inc.
 
530,700
9,604,312
 
 
 
16,226,048
TOTAL FINANCIALS
 
 
31,668,331
HEALTH CARE - 2.9%
 
 
 
Health Care Equipment & Supplies - 1.8%
 
 
 
Eiken Chemical Co. Ltd.
 
232,000
2,867,723
JEOL Ltd.
 
100,300
3,682,962
 
 
 
6,550,685
Health Care Providers & Services - 1.1%
 
 
 
As One Corp.
 
93,700
4,007,747
TOTAL HEALTH CARE
 
 
10,558,432
INDUSTRIALS - 22.8%
 
 
 
Air Freight & Logistics - 1.6%
 
 
 
AIT Corp.
 
322,436
3,267,837
SG Holdings Co. Ltd.
 
204,500
2,712,089
 
 
 
5,979,926
Commercial Services & Supplies - 0.7%
 
 
 
Park24 Co. Ltd. (b)
 
180,300
2,406,910
Construction & Engineering - 0.7%
 
 
 
Raito Kogyo Co. Ltd.
 
197,500
2,694,963
Machinery - 3.8%
 
 
 
CKD Corp.
 
231,400
2,843,188
Minebea Mitsumi, Inc.
 
331,300
4,910,624
Misumi Group, Inc.
 
183,241
3,918,803
Nitto Kohki Co. Ltd.
 
204,400
2,170,534
 
 
 
13,843,149
Marine - 2.0%
 
 
 
Nippon Concept Corp.
 
623,500
7,266,724
Professional Services - 6.7%
 
 
 
Dip Corp.
 
186,700
5,235,812
Funai Soken Holdings, Inc.
 
384,380
6,858,066
Persol Holdings Co. Ltd.
 
354,500
7,118,847
TechnoPro Holdings, Inc.
 
216,700
5,198,710
 
 
 
24,411,435
Trading Companies & Distributors - 5.8%
 
 
 
Hanwa Co. Ltd.
 
159,950
3,872,491
Inaba Denki Sangyo Co. Ltd.
 
322,300
6,021,382
Itochu Corp.
 
167,800
4,343,537
Mitani Shoji Co. Ltd.
 
309,000
3,079,714
Yuasa Trading Co. Ltd.
 
155,500
3,874,559
 
 
 
21,191,683
Transportation Infrastructure - 1.5%
 
 
 
Kamigumi Co. Ltd.
 
276,100
5,251,090
TOTAL INDUSTRIALS
 
 
83,045,880
INFORMATION TECHNOLOGY - 21.5%
 
 
 
Electronic Equipment & Components - 6.2%
 
 
 
Amano Corp.
 
447,900
7,672,089
Azbil Corp.
 
148,000
4,026,094
Dexerials Corp.
 
204,400
4,776,825
Kohoku Kogyo Co. Ltd. (a)
 
40,300
2,127,543
Maruwa Ceramic Co. Ltd.
 
35,000
4,121,524
 
 
 
22,724,075
IT Services - 9.3%
 
 
 
Argo Graphics, Inc.
 
216,400
5,639,396
GMO Internet, Inc.
 
233,000
4,028,669
Net One Systems Co. Ltd.
 
286,100
5,887,663
Nomura Research Institute Ltd.
 
143,700
3,193,978
NSD Co. Ltd.
 
266,900
4,566,351
TIS, Inc.
 
211,500
5,710,834
TKC Corp.
 
193,000
4,932,244
 
 
 
33,959,135
Semiconductors & Semiconductor Equipment - 3.3%
 
 
 
Renesas Electronics Corp. (b)
 
954,600
7,985,947
Sumco Corp.
 
326,657
4,149,804
 
 
 
12,135,751
Software - 1.7%
 
 
 
Money Forward, Inc. (b)
 
210,800
6,010,908
Technology Hardware, Storage & Peripherals - 1.0%
 
 
 
FUJIFILM Holdings Corp.
 
75,100
3,444,009
TOTAL INFORMATION TECHNOLOGY
 
 
78,273,878
MATERIALS - 7.1%
 
 
 
Chemicals - 3.5%
 
 
 
C. Uyemura & Co. Ltd.
 
140,300
6,434,957
Fujimi, Inc.
 
55,500
2,321,598
MEC Co. Ltd.
 
115,600
1,854,171
Tokyo Ohka Kogyo Co. Ltd.
 
50,400
2,176,052
 
 
 
12,786,778
Construction Materials - 0.8%
 
 
 
Maeda Kosen Co. Ltd.
 
146,700
2,984,414
Metals & Mining - 2.8%
 
 
 
Dowa Holdings Co. Ltd.
 
166,000
5,286,055
Yamato Kogyo Co. Ltd.
 
168,100
4,883,769
 
 
 
10,169,824
TOTAL MATERIALS
 
 
25,941,016
REAL ESTATE - 1.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
Invincible Investment Corp.
 
7,000
2,198,460
Real Estate Management & Development - 1.2%
 
 
 
Relo Group, Inc.
 
315,500
4,460,009
TOTAL REAL ESTATE
 
 
6,658,469
UTILITIES - 2.4%
 
 
 
Electric Utilities - 1.1%
 
 
 
Kansai Electric Power Co., Inc.
 
539,500
4,089,018
Gas Utilities - 1.3%
 
 
 
Nippon Gas Co. Ltd.
 
331,700
4,820,631
TOTAL UTILITIES
 
 
8,909,649
 
TOTAL COMMON STOCKS
  (Cost $315,433,558)
 
 
 
341,787,044
 
 
 
 
Money Market Funds - 4.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
14,221,361
14,224,205
Fidelity Securities Lending Cash Central Fund 3.10% (c)(d)
 
2,324,768
2,325,000
 
TOTAL MONEY MARKET FUNDS
  (Cost $16,549,205)
 
 
16,549,205
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.3%
  (Cost $331,982,763)
 
 
 
358,336,249
NET OTHER ASSETS (LIABILITIES) - 1.7%  
6,088,379
NET ASSETS - 100.0%
364,424,628
 
 
 
 
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
8,479,088
94,236,168
88,491,051
188,177
-
-
14,224,205
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
88,079,965
85,754,965
38,923
-
-
2,325,000
0.0%
Total
8,479,088
182,316,133
174,246,016
227,100
-
-
16,549,205
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
12,311,561
12,311,561
-
-
Consumer Discretionary
62,434,891
56,525,634
5,909,257
-
Consumer Staples
14,053,322
14,053,322
-
-
Energy
7,931,615
-
7,931,615
-
Financials
31,668,331
28,425,880
3,242,451
-
Health Care
10,558,432
10,558,432
-
-
Industrials
83,045,880
77,847,170
5,198,710
-
Information Technology
78,273,878
70,287,931
7,985,947
-
Materials
25,941,016
25,941,016
-
-
Real Estate
6,658,469
6,658,469
-
-
Utilities
8,909,649
8,909,649
-
-
  Money Market Funds
16,549,205
16,549,205
-
-
 Total Investments in Securities:
358,336,249
328,068,269
30,267,980
-
Fidelity® Japan Smaller Companies Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,205,952) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $315,433,558)
 
$341,787,044
 
 
Fidelity Central Funds (cost $16,549,205)
 
16,549,205
 
 
 
 
 
 
 
Total Investment in Securities (cost $331,982,763)
 
 
$
358,336,249
Foreign currency held at value (cost $115,506)
 
 
 
48,020
Receivable for investments sold
 
 
 
6,634,556
Receivable for fund shares sold
 
 
 
2,973
Dividends receivable
 
 
 
2,646,089
Distributions receivable from Fidelity Central Funds
 
 
 
44,809
Prepaid expenses
 
 
 
603
  Total assets
 
 
 
367,713,299
Liabilities
 
 
 
 
Payable for investments purchased
 
570,386
 
 
Payable for fund shares redeemed
 
60,990
 
 
Accrued management fee
 
207,220
 
 
Other affiliated payables
 
67,883
 
 
Other payables and accrued expenses
 
57,192
 
 
Collateral on securities loaned
 
2,325,000
 
 
  Total Liabilities
 
 
 
3,288,671
Net Assets  
 
 
$
364,424,628
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
361,144,895
Total accumulated earnings (loss)
 
 
 
3,279,733
Net Assets
 
 
$
364,424,628
Net Asset Value , offering price and redemption price per share ($364,424,628 ÷ 29,229,691 shares)
 
 
$
12.47
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
10,330,711
Income from Fidelity Central Funds (including $38,923 from security lending)
 
 
 
227,100
 Income before foreign taxes withheld
 
 
 
10,557,811
Less foreign taxes withheld
 
 
 
(1,033,904)
 Total Income
 
 
 
9,523,907
Expenses
 
 
 
 
Management fee
$
2,876,915
 
 
Transfer agent fees
 
667,829
 
 
Accounting fees
 
217,318
 
 
Custodian fees and expenses
 
34,454
 
 
Independent trustees' fees and expenses
 
1,490
 
 
Registration fees
 
19,901
 
 
Audit
 
55,203
 
 
Legal
 
420
 
 
Miscellaneous
 
2,094
 
 
 Total expenses before reductions
 
3,875,624
 
 
 Expense reductions
 
(13,991)
 
 
 Total expenses after reductions
 
 
 
3,861,633
Net Investment income (loss)
 
 
 
5,662,274
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(661,220)
 
 
 Foreign currency transactions
 
(535,943)
 
 
 Futures contracts
 
(22,153)
 
 
Total net realized gain (loss)
 
 
 
(1,219,316)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(112,163,023)
 
 
 Assets and liabilities in foreign currencies
 
(78,089)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(112,241,112)
Net gain (loss)
 
 
 
(113,460,428)
Net increase (decrease) in net assets resulting from operations
 
 
$
(107,798,154)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,662,274
$
5,886,477
Net realized gain (loss)
 
(1,219,316)
 
 
47,202,531
 
Change in net unrealized appreciation (depreciation)
 
(112,241,112)
 
(4,677,746)
 
Net increase (decrease) in net assets resulting from operations
 
(107,798,154)
 
 
48,411,262
 
Distributions to shareholders
 
(52,717,138)
 
 
(8,873,375)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
11,321,055
 
21,598,620
  Reinvestment of distributions
 
51,177,635
 
 
8,615,238
 
Cost of shares redeemed
 
(38,772,821)
 
(92,311,202)
  Net increase (decrease) in net assets resulting from share transactions
 
23,725,869
 
 
(62,097,344)
 
Total increase (decrease) in net assets
 
(136,789,423)
 
 
(22,559,457)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
501,214,051
 
523,773,508
 
End of period
$
364,424,628
$
501,214,051
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
811,228
 
1,209,402
  Issued in reinvestment of distributions
 
3,289,051
 
 
494,277
 
Redeemed
 
(2,841,225)
 
(5,203,304)
Net increase (decrease)
 
1,259,054
 
(3,499,625)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Japan Smaller Companies Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.92
$
16.64
$
17.60
$
17.12
$
18.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.20
 
.16
 
.22
 
.18
     Net realized and unrealized gain (loss)
 
(3.75)
 
1.36
 
.11
 
1.10
 
(1.00)
  Total from investment operations
 
(3.56)  
 
1.56  
 
.27  
 
1.32  
 
(.82)
  Distributions from net investment income
 
(.51)
 
(.19)
 
(.23)
 
(.11)
 
(.16)
  Distributions from net realized gain
 
(1.38)
 
(.10)
 
(1.00)
 
(.73)
 
(.74)
     Total distributions
 
(1.89)
 
(.28) C
 
(1.23)
 
(.84)
 
(.90)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
12.47
$
17.92
$
16.64
$
17.60
$
17.12
 Total Return   E
 
(21.95)%
 
9.44%
 
1.31%
 
8.22%
 
(4.71)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91%
 
.91%
 
.92%
 
.93%
 
.94%
    Expenses net of fee waivers, if any
 
.91%
 
.91%
 
.92%
 
.93%
 
.93%
    Expenses net of all reductions
 
.91%
 
.91%
 
.92%
 
.93%
 
.93%
    Net investment income (loss)
 
1.33%
 
1.13%
 
1.02%
 
1.31%
 
.95%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
364,425
$
501,214
$
523,774
$
685,651
$
715,402
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and   losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$49,419,501
Gross unrealized depreciation
(33,893,699)
Net unrealized appreciation (depreciation)
$15,525,802
Tax Cost
$342,810,447
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(11,933,162)
Net unrealized appreciation (depreciation) on securities and other investments
$15,381,281
 
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(2,461,352)
  Long-term
(9,471,810)
Total capital loss carryforward
$(11,933,162)
 
The Fund intends to elect to defer to its next fiscal year $168,386 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$16,327,824
$7,336,995
Long-term Capital Gains
36,389,314
1,536,380
Total
$52,717,138
$8,873,375
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 Japan Smaller Companies Fund
156,385,404
192,199,482
 
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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Japan Smaller Companies Fund
.05
 
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
3,314,039
22,746,350
(1,435,102)
 
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Japan Smaller Companies Fund
22,015
 
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 Japan Smaller Companies Fund
$754
 
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 Japan Smaller Companies Fund
$4,294
$-
$-
 
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $13.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $13,978.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity Japan Smaller Companies Fund
10%
27%
 
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
62%
 
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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
5.72%
-2.83%
-3.88%
Class M (incl.3.50% sales charge)    
8.00%
-2.63%
-3.92%
Class C    
(incl. contingent deferred sales charge)
 
10.36%
-2.40%
-3.89%
Fidelity® Latin America Fund
12.55%
-1.37%
-3.03%
Class I
12.57%
-1.33%
-2.98%
Class Z
12.73%
-1.21%
-2.92%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Latin America Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EM (Emerging Markets) Latin America Index performed over the same period.
 
Fidelity® Latin America Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Will Pruett:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) gained about 11% to 13%, trailing the 16.39% result of the benchmark, the MSCI Emerging Markets Latin America Net MA Index. By region, the fund's relative result was hurt by stock picks in Latin America, primarily due to choices in Mexico, and a non-benchmark allocation to underperforming developed markets, specifically Sweden. By sector, industry positioning was the primary relative detractor, especially an overweighting in health care. Also hampering our result was an overweighting in consumer discretionary. A non-benchmark stake in Unifin Financiera, the fund's top individual detractor, returned roughly -97% this period. Unifin Financiera was not held at period end. Our second-largest individual relative detractor was Genomma Lab Internacional, a non-benchmark position that returned approximately -16% the past 12 months. This was among the fund's biggest holdings. Another detractor this period was VEF, a non-benchmark holding that returned about -68% the past 12 months. In contrast, an underweighting in Latin America notably contributed to the fund's relative result. By sector, the top contributor to performance versus the benchmark was stock selection in health care. Strong picks in the industrials sector, primarily driven by the transportation industry, also lifted the fund's relative performance. Also bolstering the fund's relative result was an underweighting and stock selection in consumer staples. The fund's biggest individual relative contributor was an outsized stake in Hypera, which gained roughly 103% the past 12 months. The company was among our largest holdings. Another key contributor was our out-of-benchmark position in Banco Del Bajio (+72%). Another notable relative contributor was an overweighting in Soc Quimica Y Minera de Chile (+79%).
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Latin America Fund
Top Holdings (% of Fund's net assets)
 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)
11.9
 
Genomma Lab Internacional SA de CV  (Mexico, Pharmaceuticals)
7.4
 
Suzano Papel e Celulose SA  (Brazil, Paper & Forest Products)
6.1
 
Hypera SA  (Brazil, Pharmaceuticals)
5.3
 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  (Brazil, Road & Rail)
5.0
 
Itausa-Investimentos Itau SA (PN)  (Brazil, Banks)
4.9
 
Afya Ltd.  (United States of America, Diversified Consumer Services)
4.4
 
Localiza Rent a Car SA  (Brazil, Road & Rail)
4.1
 
Intercorp Financial Services, Inc.  (Panama, Banks)
3.9
 
Equatorial Energia SA  (Brazil, Electric Utilities)
3.7
 
 
56.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
27.1
 
Health Care
18.2
 
Energy
11.9
 
Industrials
11.8
 
Consumer Discretionary
10.3
 
Materials
9.5
 
Consumer Staples
5.5
 
Utilities
3.7
 
Information Technology
1.4
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of October 31, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Foreign investments - 88.9%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Latin America Fund
Showing Percentage of Net Assets     
Common Stocks - 82.6%
 
 
Shares
Value ($)
 
Brazil - 38.8%
 
 
 
Atacadao SA
 
2,096,822
7,899,362
Banco do Brasil SA
 
190,584
1,365,874
Blau Farmaceutica SA
 
1,509,604
9,886,730
Boa Vista Servicos SA
 
1,754,435
2,139,762
Caixa Seguridade Participacoes
 
4,118,288
7,031,904
CM Hospitalar SA
 
1,549,891
5,727,891
Equatorial Energia SA
 
1,837,691
10,683,547
Hypera SA
 
1,542,072
15,168,460
Localiza Rent a Car SA
 
853,505
11,655,453
Localiza Rent a Car SA
 
2,618
35,751
Pet Center Comercio e Participacoes SA
 
4,339,488
7,359,194
Suzano Papel e Celulose SA
 
1,682,881
17,332,159
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
4,569,455
14,259,920
TOTAL BRAZIL
 
 
110,546,007
Canada - 2.0%
 
 
 
First Quantum Minerals Ltd.
 
315,354
5,562,415
Cayman Islands - 4.0%
 
 
 
PagSeguro Digital Ltd. (a)
 
289,111
3,955,038
XP, Inc. Class A (a)
 
406,431
7,449,880
TOTAL CAYMAN ISLANDS
 
 
11,404,918
Chile - 1.4%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR
 
44,005
4,122,388
Mexico - 18.7%
 
 
 
Banco del Bajio SA (b)
 
3,264,634
9,207,477
Becle S.A.B. de CV
 
732,274
1,548,963
Genomma Lab Internacional SA de CV
 
27,398,469
21,116,167
Grupo Aeroportuario Norte S.A.B. de CV
 
720,572
5,740,427
Qualitas Controladora S.A.B. de CV
 
2,247,348
8,830,366
Regional S.A.B. de CV
 
986,612
6,894,781
TOTAL MEXICO
 
 
53,338,181
Panama - 3.9%
 
 
 
Intercorp Financial Services, Inc. (c)
 
448,354
11,029,508
Sweden - 1.2%
 
 
 
VEF AB (a)
 
14,010,796
3,273,906
United Kingdom - 2.1%
 
 
 
British American Tobacco PLC (United Kingdom)
 
148,528
5,865,887
United States of America - 10.5%
 
 
 
Afya Ltd. (a)(c)
 
848,817
12,511,563
FirstCash Holdings, Inc.
 
80,943
7,968,838
Vasta Platform Ltd. (a)(c)
 
1,725,714
9,456,913
TOTAL UNITED STATES OF AMERICA
 
 
29,937,314
 
TOTAL COMMON STOCKS
  (Cost $228,584,847)
 
 
 
235,080,524
 
 
 
 
Nonconvertible Preferred Stocks - 16.8%
 
 
Shares
Value ($)
 
Brazil - 16.8%
 
 
 
Itausa-Investimentos Itau SA (PN)
 
6,715,152
13,962,004
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
5,883,840
33,955,526
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $36,128,216)
 
 
 
47,917,530
 
 
 
 
Money Market Funds - 0.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (d)
 
646,994
647,124
Fidelity Securities Lending Cash Central Fund 3.10% (d)(e)
 
1,102,819
1,102,930
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,750,054)
 
 
1,750,054
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $266,463,117)
 
 
 
284,748,108
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(33,149)
NET ASSETS - 100.0%
284,714,959
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,207,477 or 3.2% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
73,441,188
72,794,064
20,852
-
-
647,124
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
2,950,155
49,357,036
51,204,261
24,031
-
-
1,102,930
0.0%
Total
2,950,155
122,798,224
123,998,325
44,883
-
-
1,750,054
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
29,327,670
29,327,670
-
-
Consumer Staples
15,314,212
9,448,325
5,865,887
-
Energy
33,955,526
33,955,526
-
-
Financials
77,014,538
77,014,538
-
-
Health Care
51,899,248
51,899,248
-
-
Industrials
33,831,313
33,831,313
-
-
Information Technology
3,955,038
3,955,038
-
-
Materials
27,016,962
27,016,962
-
-
Utilities
10,683,547
10,683,547
-
-
  Money Market Funds
1,750,054
1,750,054
-
-
 Total Investments in Securities:
284,748,108
278,882,221
5,865,887
-
Fidelity® Latin America Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,066,336) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $264,713,063)
 
$282,998,054
 
 
Fidelity Central Funds (cost $1,750,054)
 
1,750,054
 
 
 
 
 
 
 
Total Investment in Securities (cost $266,463,117)
 
 
$
284,748,108
Receivable for investments sold
 
 
 
1,124,933
Receivable for fund shares sold
 
 
 
123,488
Dividends receivable
 
 
 
956,062
Distributions receivable from Fidelity Central Funds
 
 
 
15,787
Prepaid expenses
 
 
 
406
Other receivables
 
 
 
1
  Total assets
 
 
 
286,968,785
Liabilities
 
 
 
 
Payable for investments purchased
 
602,401
 
 
Payable for fund shares redeemed
 
241,258
 
 
Accrued management fee
 
157,749
 
 
Distribution and service plan fees payable
 
4,605
 
 
Other affiliated payables
 
67,787
 
 
Other payables and accrued expenses
 
79,676
 
 
Collateral on securities loaned
 
1,100,350
 
 
  Total Liabilities
 
 
 
2,253,826
Net Assets  
 
 
$
284,714,959
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
332,492,612
Total accumulated earnings (loss)
 
 
 
(47,777,653)
Net Assets
 
 
$
284,714,959
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($13,308,810 ÷ 628,316 shares) (a)
 
 
$
21.18
Maximum offering price per share (100/94.25 of $21.18)
 
 
$
22.47
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($3,024,230 ÷ 142,704 shares) (a)
 
 
$
21.19
Maximum offering price per share (100/96.50 of $21.19)
 
 
$
21.96
Class C :
 
 
 
 
Net Asset Value and offering price per share ($945,730 ÷ 44,331 shares) (a)
 
 
$
21.33
Latin America :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($262,360,529 ÷ 12,395,902 shares)
 
 
$
21.17
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,960,383 ÷ 187,260 shares)
 
 
$
21.15
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,115,277 ÷ 52,749 shares)
 
 
$
21.14
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
28,132,655
Income from Fidelity Central Funds (including $24,031 from security lending)
 
 
 
44,883
 Income before foreign taxes withheld
 
 
 
28,177,538
Less foreign taxes withheld
 
 
 
(1,016,303)
 Total Income
 
 
 
27,161,235
Expenses
 
 
 
 
Management fee
$
1,973,678
 
 
Transfer agent fees
 
693,886
 
 
Distribution and service plan fees
 
51,866
 
 
Accounting fees
 
148,957
 
 
Custodian fees and expenses
 
83,248
 
 
Independent trustees' fees and expenses
 
1,013
 
 
Registration fees
 
84,541
 
 
Audit
 
67,079
 
 
Legal
 
267
 
 
Interest
 
1,485
 
 
Miscellaneous
 
1,393
 
 
 Total expenses before reductions
 
3,107,413
 
 
 Expense reductions
 
(9,509)
 
 
 Total expenses after reductions
 
 
 
3,097,904
Net Investment income (loss)
 
 
 
24,063,331
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(13,224,672)
 
 
 Foreign currency transactions
 
(838,661)
 
 
Total net realized gain (loss)
 
 
 
(14,063,333)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
19,780,072
 
 
 Assets and liabilities in foreign currencies
 
17,650
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
19,797,722
Net gain (loss)
 
 
 
5,734,389
Net increase (decrease) in net assets resulting from operations
 
 
$
29,797,720
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
24,063,331
$
3,590,554
Net realized gain (loss)
 
(14,063,333)
 
 
(25,363,457)
 
Change in net unrealized appreciation (depreciation)
 
19,797,722
 
65,409,096
 
Net increase (decrease) in net assets resulting from operations
 
29,797,720
 
 
43,636,193
 
Distributions to shareholders
 
(7,964,894)
 
 
(228,705)
 
Share transactions - net increase (decrease)
 
(30,282,037)
 
 
(58,067,183)
 
Total increase (decrease) in net assets
 
(8,449,211)
 
 
(14,659,695)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
293,164,170
 
307,823,865
 
End of period
$
284,714,959
$
293,164,170
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Latin America Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.37
$
17.40
$
28.36
$
21.98
$
24.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.60
 
.15
 
.04
 
.69
 
.50
     Net realized and unrealized gain (loss)
 
.68
 
1.82
 
(10.40)
 
6.11
 
(3.16)
  Total from investment operations
 
2.28  
 
1.97  
 
(10.36)  
 
6.80  
 
(2.66)
  Distributions from net investment income
 
(.47)
 
- C
 
(.60)
 
(.42)
 
(.29)
     Total distributions
 
(.47)
 
- C
 
(.60)
 
(.42)
 
(.29)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
21.18
$
19.37
$
17.40
$
28.36
$
21.98
 Total Return   D,E
 
12.17%
 
11.34%
 
(37.31)%
 
31.60%
 
(10.78)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.32%
 
1.33%
 
1.36%
 
1.36%
 
1.38%
    Expenses net of fee waivers, if any
 
1.32%
 
1.33%
 
1.35%
 
1.36%
 
1.38%
    Expenses net of all reductions
 
1.32%
 
1.33%
 
1.33%
 
1.36%
 
1.36%
    Net investment income (loss)
 
7.98%
 
.70%
 
.18%
 
2.81%
 
2.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,309
$
10,217
$
9,131
$
17,953
$
14,157
    Portfolio turnover rate 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.35
$
17.44
$
28.41
$
22.00
$
24.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.55
 
.10
 
(.02)
 
.63
 
.43
     Net realized and unrealized gain (loss)
 
.69
 
1.81
 
(10.42)
 
6.13
 
(3.16)
  Total from investment operations
 
2.24  
 
1.91  
 
(10.44)  
 
6.76  
 
(2.73)
  Distributions from net investment income
 
(.40)
 
-
 
(.53)
 
(.35)
 
(.23)
     Total distributions
 
(.40)
 
-
 
(.53)
 
(.35)
 
(.23)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
21.19
$
19.35
$
17.44
$
28.41
$
22.00
 Total Return   D,E
 
11.92%
 
10.95%
 
(37.45)%
 
31.26%
 
(11.04)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.58%
 
1.59%
 
1.62%
 
1.64%
 
1.66%
    Expenses net of fee waivers, if any
 
1.58%
 
1.59%
 
1.61%
 
1.63%
 
1.66%
    Expenses net of all reductions
 
1.58%
 
1.59%
 
1.59%
 
1.63%
 
1.63%
    Net investment income (loss)
 
7.72%
 
.44%
 
(.09)%
 
2.54%
 
1.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,024
$
2,701
$
2,912
$
6,032
$
5,098
    Portfolio turnover rate 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.45
$
17.61
$
28.67
$
22.16
$
25.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.46
 
(.01)
 
(.13)
 
.51
 
.32
     Net realized and unrealized gain (loss)
 
.71
 
1.85
 
(10.56)
 
6.21
 
(3.18)
  Total from investment operations
 
2.17  
 
1.84  
 
(10.69)  
 
6.72  
 
(2.86)
  Distributions from net investment income
 
(.29)
 
-
 
(.37)
 
(.21)
 
(.10)
     Total distributions
 
(.29)
 
-
 
(.37)
 
(.21)
 
(.10)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
21.33
$
19.45
$
17.61
$
28.67
$
22.16
 Total Return   D,E
 
11.36%
 
10.45%
 
(37.78)%
 
30.62%
 
(11.43)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.08%
 
2.08%
 
2.11%
 
2.12%
 
2.13%
    Expenses net of fee waivers, if any
 
2.07%
 
2.08%
 
2.11%
 
2.12%
 
2.13%
    Expenses net of all reductions
 
2.07%
 
2.08%
 
2.09%
 
2.12%
 
2.11%
    Net investment income (loss)
 
7.22%
 
(.05)%
 
(.58)%
 
2.06%
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
946
$
656
$
810
$
3,438
$
3,498
    Portfolio turnover rate 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Latin America Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.36
$
17.36
$
28.30
$
21.94
$
24.89
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.65
 
.22
 
.10
 
.77
 
.57
     Net realized and unrealized gain (loss)
 
.69
 
1.79
 
(10.36)
 
6.09
 
(3.15)
  Total from investment operations
 
2.34  
 
2.01  
 
(10.26)  
 
6.86  
 
(2.58)
  Distributions from net investment income
 
(.53)
 
(.01)
 
(.68)
 
(.50)
 
(.37)
     Total distributions
 
(.53)
 
(.01)
 
(.68)
 
(.50)
 
(.37)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
21.17
$
19.36
$
17.36
$
28.30
$
21.94
 Total Return   D
 
12.55%
 
11.58%
 
(37.13)%
 
32.06%
 
(10.50)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06%
 
1.04%
 
1.05%
 
1.05%
 
1.07%
    Expenses net of fee waivers, if any
 
1.05%
 
1.04%
 
1.05%
 
1.04%
 
1.07%
    Expenses net of all reductions
 
1.05%
 
1.04%
 
1.03%
 
1.04%
 
1.05%
    Net investment income (loss)
 
8.24%
 
.99%
 
.48%
 
3.13%
 
2.39%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
262,361
$
262,484
$
277,942
$
517,901
$
445,845
    Portfolio turnover rate G
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.34
$
17.34
$
28.28
$
21.92
$
24.88
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.67
 
.23
 
.12
 
.78
 
.59
     Net realized and unrealized gain (loss)
 
.67
 
1.78
 
(10.34)
 
6.08
 
(3.15)
  Total from investment operations
 
2.34  
 
2.01  
 
(10.22)  
 
6.86  
 
(2.56)
  Distributions from net investment income
 
(.53)
 
(.01)
 
(.72)
 
(.50)
 
(.40)
     Total distributions
 
(.53)
 
(.01)
 
(.72)
 
(.50)
 
(.40)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
21.15
$
19.34
$
17.34
$
28.28
$
21.92
 Total Return   D
 
12.57%
 
11.60%
 
(37.07)%
 
32.09%
 
(10.44)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02%
 
1.00%
 
.99%
 
1.01%
 
1.01%
    Expenses net of fee waivers, if any
 
1.02%
 
1.00%
 
.99%
 
1.00%
 
1.01%
    Expenses net of all reductions
 
1.02%
 
1.00%
 
.97%
 
1.00%
 
.98%
    Net investment income (loss)
 
8.28%
 
1.04%
 
.54%
 
3.17%
 
2.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,960
$
2,768
$
3,508
$
7,124
$
4,546
    Portfolio turnover rate G
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.35
$
17.32
$
28.24
$
21.92
$
21.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
1.70
 
.26
 
.14
 
.85
 
(.01)
     Net realized and unrealized gain (loss)
 
.66
 
1.79
 
(10.32)
 
6.03
 
.42
  Total from investment operations
 
2.36  
 
2.05  
 
(10.18)  
 
6.88  
 
.41
  Distributions from net investment income
 
(.57)
 
(.02)
 
(.74)
 
(.56)
 
-
     Total distributions
 
(.57)
 
(.02)
 
(.74)
 
(.56)
 
-
  Net asset value, end of period
$
21.14
$
19.35
$
17.32
$
28.24
$
21.92
 Total Return   D,E
 
12.73%
 
11.82%
 
(37.00)%
 
32.28%
 
1.91%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.85%
 
.85%
 
.86%
 
.86%
 
.95% H
    Expenses net of fee waivers, if any
 
.85%
 
.85%
 
.86%
 
.86%
 
.95% H
    Expenses net of all reductions
 
.85%
 
.85%
 
.84%
 
.86%
 
.93% H
    Net investment income (loss)
 
8.45%
 
1.19%
 
.67%
 
3.31%
 
(.37)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,115
$
14,338
$
13,520
$
26,605
$
145
    Portfolio turnover rate I
 
48%
 
33%
 
54%
 
48%
 
53% H
 
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 October 31, 2022
 
1. Organization.
Fidelity Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Latin America, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and   losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$58,191,646
Gross unrealized depreciation
(40,962,872)
Net unrealized appreciation (depreciation)
$17,228,774
Tax Cost
$267,519,334
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$16,122,226
Capital loss carryforward
$(81,126,020)
Net unrealized appreciation (depreciation) on securities and other investments
$17,226,142
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(50,951,267)
  Long-term
(30,174,753)
Total capital loss carryforward
$(81,126,020)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$7,964,894
$228,705
 
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
139,187,123
157,866,539
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
- %
.25%
$29,187
$450
Class M
.25%
.25%
14,366
-
Class C
.75%
.25%
8,313
2,295
 
 
 
$51,866
$2,745
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions.   The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$8,487
Class M
224
Class C A
26
 
$8,737
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$30,923
.26
Class M
7,793
.27
Class C
2,229
.27
Latin America
639,502
.25
Class I
7,122
.21
Class Z
6,317
.04
 
$693,886
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Latin America Fund
.05
 
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
$1,612
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Latin America Fund
Borrower
$3,429,741
.54%
$1,388
 
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
50,721
2,323,722
(785,992)
 
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
$509
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Latin America Fund
$2,517
$-
$-
 
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Latin America Fund
$943,667
1.24%
$97
 
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,509.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Latin America Fund
 
 
Class A
$246,821
$1,584
Class M
55,713
-
Class C
9,520
-
Latin America
7,148,489
206,329
Class I
63,267
2,224
Class Z
441,084
18,568
Total   
$7,964,894
$228,705
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Latin America Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
193,440
110,803
$4,014,725
$2,384,222
Reinvestment of distributions
12,985
65
236,085
1,514
Shares redeemed
(105,710)
(107,876)
(2,130,953)
(2,368,760)
Net increase (decrease)
100,715
2,992
$2,119,857
$16,976
Class M
 
 
 
 
Shares sold
20,674
13,216
$437,930
$293,089
Reinvestment of distributions
3,036
-
55,381
-
Shares redeemed
(20,590)
(40,671)
(412,047)
(902,364)
Net increase (decrease)
3,120
(27,455)
$81,264
$(609,275)
Class C
 
 
 
 
Shares sold
24,221
11,722
$531,782
$266,527
Reinvestment of distributions
515
-
9,515
-
Shares redeemed
(14,126)
(24,019)
(288,523)
(539,967)
Net increase (decrease)
10,610
(12,297)
$252,774
$(273,440)
Latin America
 
 
 
 
Shares sold
2,584,874
1,866,181
$53,328,636
$40,971,358
Reinvestment of distributions
354,926
7,805
6,428,926
181,543
Shares redeemed
(4,099,646)
(4,328,777)
(80,282,944)
(95,189,209)
Net increase (decrease)
(1,159,846)
(2,454,791)
$(20,525,382)
$(54,036,308)
Class I
 
 
 
 
Shares sold
241,168
44,698
$5,278,172
$976,766
Reinvestment of distributions
3,427
94
61,999
2,192
Shares redeemed
(200,417)
(104,070)
(3,856,685)
(2,256,112)
Net increase (decrease)
44,178
(59,278)
$1,483,486
$(1,277,154)
Class Z
 
 
 
 
Shares sold
554,422
714,550
$11,379,289
$14,704,788
Reinvestment of distributions
24,364
800
440,031
18,559
Shares redeemed
(1,267,021)
(755,012)
(25,513,356)
(16,611,329)
Net increase (decrease)
(688,235)
(39,662)
$(13,694,036)
$(1,887,982)
 
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. 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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Nordic Fund
-29.33%
4.17%
9.30%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Nordic Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the FTSE® Capped Nordic Index performed over the same period.
 
Fidelity® Nordic Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Co-Lead Managers Allyson Ke and Faris Rahman:
For the fiscal year ending October 31, 2022, the fund returned -29.33%, underperforming the -27.85% result of the benchmark, the FTSE Capped Nordic Index. By region, an underweighting and stock picks in Europe ex U.K., specifically Sweden, notably detracted from the fund's relative result. By sector, security selection was the primary relative detractor, especially within financials. Stock selection and an underweighting in health care and stock selection in communication services also hurt. Our largest individual relative detractor was an out-of-benchmark position in VNV Global (-93%). The company was not held at period end. Another notable relative detractor was an out-of-benchmark stake in AddLife (-77%). We reduced our investment in the company the past 12 months. Another notable relative detractor was our outsized stake in Schibsted (-63%), a position that was sold the past year. Conversely, non-benchmark allocations to the U.S. contributed most to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our stock picks in consumer staples, especially within the food, beverage & tobacco industry. Also boosting the fund's relative performance was stock selection and an overweighting in energy and an underweighting and security selection in real estate. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributor was an overweight position in Swedish Match (+18%). Swedish Match was among the fund's biggest holdings at period end, though we reduced our position. Our second-largest relative contributor this period was avoiding Vestas Wind Systems, a benchmark component that returned roughly -54%. Another top relative contributor was an out-of-benchmark investment in TGS (+56%). We pared our stake in the stock. Notable changes in positioning include increased exposure to Denmark and a lower allocation to Finland. By sector, meaningful changes in positioning include increased exposure to energy and health care.
Note to shareholders:
On April 23, 2022, Allyson Ke and Faris Rahman, formerly co-managers of the fund, became co-lead managers. Andrew Sergeant, formerly lead portfolio manager of the fund, became co-manager until July 1, 2022, when he came off of the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Nordic Fund
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
15.5
 
Nordea Bank ABP  (Finland, Banks)
5.4
 
Investor AB (B Shares)  (Sweden, Diversified Financial Services)
5.1
 
Equinor ASA  (Norway, Oil, Gas & Consumable Fuels)
4.7
 
DSV A/S  (Denmark, Air Freight & Logistics)
4.4
 
Atlas Copco AB (B Shares)  (Sweden, Machinery)
3.8
 
ASSA ABLOY AB (B Shares)  (Sweden, Building Products)
3.8
 
Sandvik AB  (Sweden, Machinery)
3.7
 
Genmab A/S  (Denmark, Biotechnology)
3.6
 
Swedish Match Co. AB  (Sweden, Tobacco)
3.6
 
 
53.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
23.4
 
Health Care
21.1
 
Financials
20.6
 
Energy
7.9
 
Consumer Staples
7.5
 
Materials
6.0
 
Utilities
2.9
 
Information Technology
2.8
 
Communication Services
2.7
 
Consumer Discretionary
2.3
 
Real Estate
0.4
 
 
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of October 31, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Foreign investments - 97.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Nordic Fund
Showing Percentage of Net Assets     
Common Stocks - 97.6%
 
 
Shares
Value ($)
 
Denmark - 31.9%
 
 
 
Carlsberg A/S Series B
 
61,400
7,229,586
DSV A/S
 
83,200
11,263,687
Genmab A/S (a)
 
23,900
9,206,465
Novo Nordisk A/S Series B
 
366,700
39,871,755
ORSTED A/S (b)
 
91,988
7,589,539
Royal Unibrew A/S
 
47,600
2,718,538
Tryg A/S
 
190,183
4,115,756
TOTAL DENMARK
 
 
81,995,326
Finland - 16.4%
 
 
 
Elisa Corp. (A Shares)
 
144,600
6,989,285
Neste OYJ
 
132,000
5,784,109
Nordea Bank ABP
 
1,445,544
13,814,966
Sampo Oyj (A Shares)
 
196,600
8,991,739
UPM-Kymmene Corp.
 
198,500
6,652,044
TOTAL FINLAND
 
 
42,232,143
Norway - 9.4%
 
 
 
Equinor ASA
 
336,900
12,274,521
Kongsberg Gruppen ASA
 
80,000
2,867,215
Norsk Hydro ASA
 
884,200
5,611,416
Selvaag Bolig ASA
 
321,200
1,039,652
TGS ASA
 
183,900
2,511,872
TOTAL NORWAY
 
 
24,304,676
Sweden - 38.9%
 
 
 
Addlife AB
 
86,228
805,957
Alfa Laval AB
 
213,800
5,268,900
Alleima AB (a)
 
121,980
415,615
ASSA ABLOY AB (B Shares)
 
483,700
9,766,910
Atlas Copco AB (B Shares)
 
1,010,400
9,771,742
Eltel AB (a)(b)
 
1,727,523
1,157,815
EQT AB
 
143,800
2,834,011
Evolution AB (b)
 
54,400
5,074,579
Fortnox AB
 
764,100
3,252,954
Haypp Group (a)
 
385,600
836,424
HEXPOL AB (B Shares)
 
273,170
2,696,766
Indutrade AB
 
307,300
5,381,340
Investor AB (B Shares)
 
797,500
13,027,307
Lagercrantz Group AB (B Shares)
 
462,453
3,968,538
Nibe Industrier AB (B Shares)
 
298,400
2,380,995
Nordnet AB
 
260,600
3,233,543
Saab AB (B Shares)
 
87,500
3,092,282
Sandvik AB
 
609,900
9,530,754
Surgical Science Sweden AB (a)
 
124,000
1,789,045
Swedbank AB (A Shares)
 
440,699
6,569,962
Swedish Match Co. AB
 
888,500
9,138,128
TOTAL SWEDEN
 
 
99,993,567
Switzerland - 1.0%
 
 
 
Sonova Holding AG
 
10,530
2,489,091
 
TOTAL COMMON STOCKS
  (Cost $244,604,983)
 
 
 
251,014,803
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
  (Cost $2,293,839)
 
 
2,293,380
2,293,839
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.5%
  (Cost $246,898,822)
 
 
 
253,308,642
NET OTHER ASSETS (LIABILITIES) - 1.5%  
3,855,706
NET ASSETS - 100.0%
257,164,348
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,821,933 or 5.4% of net assets.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
10,608,095
60,318,764
68,633,020
50,835
-
-
2,293,839
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
120,929,681
120,929,681
104,408
-
-
-
0.0%
Total
10,608,095
181,248,445
189,562,701
155,243
-
-
2,293,839
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
6,989,285
6,989,285
-
-
Consumer Discretionary
5,911,003
836,424
5,074,579
-
Consumer Staples
19,086,252
2,718,538
16,367,714
-
Energy
20,570,502
8,295,981
12,274,521
-
Financials
52,587,284
46,017,322
6,569,962
-
Health Care
54,162,313
5,084,093
49,078,220
-
Industrials
60,481,640
31,412,234
29,069,406
-
Information Technology
7,221,492
7,221,492
-
-
Materials
15,375,841
9,764,425
5,611,416
-
Real Estate
1,039,652
1,039,652
-
-
Utilities
7,589,539
-
7,589,539
-
  Money Market Funds
2,293,839
2,293,839
-
-
 Total Investments in Securities:
253,308,642
121,673,285
131,635,357
-
Fidelity® Nordic Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $244,604,983)
 
$251,014,803
 
 
Fidelity Central Funds (cost $2,293,839)
 
2,293,839
 
 
 
 
 
 
 
Total Investment in Securities (cost $246,898,822)
 
 
$
253,308,642
Foreign currency held at value (cost $3,349)
 
 
 
3,406
Receivable for investments sold
 
 
 
2,953,340
Receivable for fund shares sold
 
 
 
61,338
Reclaims receivable
 
 
 
1,186,965
Distributions receivable from Fidelity Central Funds
 
 
 
10,813
Prepaid expenses
 
 
 
438
  Total assets
 
 
 
257,524,942
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
114,720
 
 
Accrued management fee
 
142,500
 
 
Transfer agent fee payable
 
39,276
 
 
Other affiliated payables
 
10,471
 
 
Audit fee payable
 
48,966
 
 
Other payables and accrued expenses
 
4,661
 
 
  Total Liabilities
 
 
 
360,594
Net Assets  
 
 
$
257,164,348
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
263,414,840
Total accumulated earnings (loss)
 
 
 
(6,250,492)
Net Assets
 
 
$
257,164,348
Net Asset Value , offering price and redemption price per share ($257,164,348 ÷ 5,575,219 shares)
 
 
$
46.13
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
8,407,901
Foreign Tax Reclaims
 
 
 
836,196
Income from Fidelity Central Funds (including $104,408 from security lending)
 
 
 
155,243
 Income before foreign taxes withheld
 
 
 
9,399,340
Less foreign taxes withheld
 
 
 
(1,801,102)
 Total Income
 
 
 
7,598,238
Expenses
 
 
 
 
Management fee
$
2,164,977
 
 
Transfer agent fees
 
525,126
 
 
Accounting fees
 
163,706
 
 
Custodian fees and expenses
 
29,749
 
 
Independent trustees' fees and expenses
 
1,139
 
 
Registration fees
 
24,132
 
 
Audit
 
58,267
 
 
Legal
 
332
 
 
Interest
 
209
 
 
Miscellaneous
 
1,495
 
 
 Total expenses before reductions
 
2,969,132
 
 
 Expense reductions
 
(10,506)
 
 
 Total expenses after reductions
 
 
 
2,958,626
Net Investment income (loss)
 
 
 
4,639,612
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(8,142,765)
 
 
 Foreign currency transactions
 
(77,236)
 
 
Total net realized gain (loss)
 
 
 
(8,220,001)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(114,039,219)
 
 
 Assets and liabilities in foreign currencies
 
(190,658)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(114,229,877)
Net gain (loss)
 
 
 
(122,449,878)
Net increase (decrease) in net assets resulting from operations
 
 
$
(117,810,266)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,639,612
$
5,910,725
Net realized gain (loss)
 
(8,220,001)
 
 
43,115,307
 
Change in net unrealized appreciation (depreciation)
 
(114,229,877)
 
67,218,282
 
Net increase (decrease) in net assets resulting from operations
 
(117,810,266)
 
 
116,244,314
 
Distributions to shareholders
 
(53,400,933)
 
 
(11,742,235)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
29,607,219
 
71,976,424
  Reinvestment of distributions
 
49,862,949
 
 
10,959,662
 
Cost of shares redeemed
 
(73,768,106)
 
(66,188,320)
  Net increase (decrease) in net assets resulting from share transactions
 
5,702,062
 
 
16,747,766
 
Total increase (decrease) in net assets
 
(165,509,137)
 
 
121,249,845
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
422,673,485
 
301,423,640
 
End of period
$
257,164,348
$
422,673,485
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
545,297
 
1,040,902
  Issued in reinvestment of distributions
 
819,642
 
 
175,805
 
Redeemed
 
(1,383,136)
 
(957,162)
Net increase (decrease)
 
(18,197)
 
259,545
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Nordic Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
75.57
$
56.51
$
46.69
$
49.64
$
54.34
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.78
 
1.06
 
.15
 
1.50 C
 
.47
     Net realized and unrealized gain (loss)
 
(20.65) D
 
20.17
 
11.86
 
.15
 
(3.01)
  Total from investment operations
 
(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
$
46.13
$
75.57
$
56.51
$
46.69
$
49.64
 Total Return   F
 
(29.33)% D
 
38.39%
 
26.73%
 
3.96%
 
(4.80)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93%
 
.92%
 
.96%
 
.98%
 
.98%
    Expenses net of fee waivers, if any
 
.92%
 
.92%
 
.96%
 
.98%
 
.97%
    Expenses net of all reductions
 
.92%
 
.92%
 
.96%
 
.96%
 
.97%
    Net investment income (loss)
 
1.45%
 
1.51%
 
.31%
 
3.28% C
 
.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
257,164
$
422,673
$
301,424
$
261,896
$
290,184
    Portfolio turnover rate I
 
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 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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.  
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and   losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$40,797,457
Gross unrealized depreciation
(38,258,133)
Net unrealized appreciation (depreciation)
$2,539,324
Tax Cost
$250,769,318
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(8,607,919)
Net unrealized appreciation (depreciation) on securities and other investments
$2,357,428
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(7,967,620)
  Long-term
(640,299)
Total capital loss carryforward
$(8,607,919)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$17,742,045
$9,275,879
Long-term Capital Gains
35,658,888
2,466,356
Total
$53,400,933
$11,742,235
 
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
133,835,286
170,265,841
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Nordic Fund
.05
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Nordic Fund
Borrower
$3,334,143
.32%
$204
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Nordic Fund
-
13,105,292
(1,557,400)
 
Other. During the period, FMR reimbursed the Fund $59,620 for an operating error which is included in Share Transactions in the accompanying Statement of Changes in Net Aseets.
 
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
$572
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
$11,028
$-
$-
 
 
 
 
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Nordic Fund
$306,000
.58%
$5
 
9. Expense Reductions.
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 $10,496.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Pacific Basin Fund
-35.11%
0.50%
7.15%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Pacific Basin Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI AC (All Country) Pacific Index performed over the same period.
 
Fidelity® Pacific Basin Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Co-Managers Kirk Neureiter and Stephen Lieu:
For the fiscal year ending October 31, 2022, the fund returned -35.11%, trailing the -31.05% result of the benchmark MSCI All Country Pacific Free (Net of MA Tax) Index. By region, stock picks in Japan and emerging markets - notably, China and Taiwan - detracted most from the fund's performance versus its benchmark. By sector, security selection in industrials hurt relative performance, as did weak picks in communication services. Also hampering our relative result was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. The fund's biggest individual relative detractor was an overweighting in Sea Limited, which returned -86% the past year. We added to our investment in this company. Also holding back performance was our outsized stake in Zai Lab, which returned roughly -78%. We increased exposure to this stock. The fund's non-benchmark position in BWX, a position not held at period end, returned -89%. In contrast, an underweighting in emerging markets and an overweighting in Japan contributed most to the fund's relative result. Non-benchmark exposure to India helped as well. By sector, the top contributor to performance versus the benchmark was stock picks in financials, primarily driven by the diversified financials industry. Security selection in information technology and real estate also bolstered the fund's relative result. Lastly, the fund's position in cash was a notable contributor. The fund's largest individual relative contributor was an overweighting in United Overseas Bank, which gained 3% the past 12 months. The company was among our largest holdings. Also boosting value was our outsized stake in Bank Central Asia, which gained roughly 9%. Bank Central Asia was among the biggest holdings at period end. Another notable relative contributor was an overweighting in INPEX (+27%). Notable changes in positioning include reduced exposure to Taiwan and a higher allocation to South Korea.
Note to shareholders:
On January 1, 2022, former co-manager Bruce MacDonald came off the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Pacific Basin Fund
Top Holdings (% of Fund's net assets)
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.9
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
4.5
 
United Overseas Bank Ltd.  (Singapore, Banks)
3.0
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
3.0
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.5
 
DENSO Corp.  (Japan, Auto Components)
2.4
 
ResMed, Inc. CDI  (United States of America, Health Care Equipment & Supplies)
2.3
 
PT Bank Central Asia Tbk  (Indonesia, Banks)
2.2
 
Macquarie Group Ltd.  (Australia, Capital Markets)
2.2
 
Sony Group Corp.  (Japan, Household Durables)
2.1
 
 
29.1
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
23.6
 
Financials
19.5
 
Consumer Discretionary
13.7
 
Health Care
12.6
 
Industrials
9.9
 
Communication Services
9.1
 
Materials
4.0
 
Energy
2.1
 
Consumer Staples
1.6
 
Utilities
0.7
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 94.7%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Pacific Basin Fund
Showing Percentage of Net Assets     
Common Stocks - 92.4%
 
 
Shares
Value ($)
 
Australia - 6.9%
 
 
 
Aristocrat Leisure Ltd.
 
391,468
9,282,421
HUB24 Ltd.
 
247,352
4,009,262
Lynas Rare Earths Ltd. (a)
 
1,376,019
7,331,821
Macquarie Group Ltd.
 
130,520
14,151,067
National Storage REIT unit
 
2,457,113
4,102,117
Technology One Ltd.
 
889,134
6,853,251
TOTAL AUSTRALIA
 
 
45,729,939
Cayman Islands - 13.6%
 
 
 
Alibaba Group Holding Ltd. (a)
 
1,648,400
12,816,156
Antengene Corp. (a)(b)
 
3,676,500
1,559,655
China High Precision Automation Group Ltd. (a)(c)
 
1,875,000
2
China Metal Recycling (Holdings) Ltd. (a)(c)
 
2,572,200
3
Giant Biogene Holding Co. Ltd. (a)(b)
 
700,000
2,166,976
Hypebeast Ltd. (a)
 
20,252,300
1,251,313
Li Ning Co. Ltd.
 
697,500
3,607,613
Pinduoduo, Inc. ADR (a)
 
166,000
9,101,780
Sea Ltd. ADR (a)(d)
 
191,400
9,508,752
Shenzhou International Group Holdings Ltd.
 
632,400
4,390,755
Tencent Holdings Ltd.
 
738,900
19,415,923
Vnet Group, Inc. ADR (a)
 
2,182,800
9,145,932
Weibo Corp. sponsored ADR (a)
 
375,300
4,248,396
Wuxi Biologics (Cayman), Inc. (a)(b)
 
1,454,000
6,542,480
Zai Lab Ltd. (a)
 
2,452,600
5,649,043
TOTAL CAYMAN ISLANDS
 
 
89,404,779
China - 4.3%
 
 
 
Centre Testing International Group Co. Ltd. (A Shares)
 
1,916,909
4,916,363
Estun Automation Co. Ltd. (A Shares)
 
2,028,514
5,469,258
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
130,399
5,810,986
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
708,400
3,155,493
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
1,086,600
3,161,792
ZTE Corp. (H Shares)
 
3,065,000
5,466,486
TOTAL CHINA
 
 
27,980,378
Hong Kong - 3.9%
 
 
 
AIA Group Ltd.
 
2,155,400
16,326,711
Chervon Holdings Ltd.
 
451,973
1,522,958
Hang Seng Bank Ltd.
 
534,000
7,517,541
TOTAL HONG KONG
 
 
25,367,210
India - 3.1%
 
 
 
HDFC Bank Ltd. (a)
 
337,032
6,116,426
Housing Development Finance Corp. Ltd.
 
199,784
5,960,697
Power Grid Corp. of India Ltd.
 
1,662,680
4,582,513
Reliance Industries Ltd.
 
113,775
3,504,237
TOTAL INDIA
 
 
20,163,873
Indonesia - 3.6%
 
 
 
PT Bank Central Asia Tbk
 
26,099,000
14,724,873
PT Bank Rakyat Indonesia (Persero) Tbk
 
30,176,775
8,996,442
TOTAL INDONESIA
 
 
23,721,315
Japan - 40.8%
 
 
 
Astellas Pharma, Inc.
 
415,800
5,737,286
Capcom Co. Ltd.
 
201,400
5,614,197
Daiichikosho Co. Ltd.
 
134,800
3,870,984
DENSO Corp.
 
317,200
15,738,172
Digital Hearts Holdings Co. Ltd.
 
193,000
2,654,326
FUJIFILM Holdings Corp.
 
85,600
3,925,528
Fujitsu Ltd.
 
39,200
4,510,294
Funai Soken Holdings, Inc.
 
257,200
4,588,934
Hitachi Ltd.
 
274,700
12,488,463
Hoya Corp.
 
135,100
12,606,426
INPEX Corp.
 
1,008,300
10,176,164
Iriso Electronics Co. Ltd.
 
128,900
3,744,901
JEOL Ltd.
 
65,700
2,412,468
Kakaku.com, Inc.
 
161,600
2,739,794
Kansai Paint Co. Ltd.
 
290,900
3,795,326
Lifenet Insurance Co. (a)
 
370,100
2,474,054
Minebea Mitsumi, Inc.
 
401,500
5,951,148
Misumi Group, Inc.
 
262,100
5,605,286
Money Forward, Inc. (a)
 
122,200
3,484,502
Net One Systems Co. Ltd.
 
179,800
3,700,111
Nomura Research Institute Ltd.
 
296,700
6,594,664
NSD Co. Ltd.
 
228,200
3,904,239
Olympus Corp.
 
605,600
12,788,487
Open House Group Co. Ltd.
 
194,500
6,932,647
ORIX Corp.
 
917,700
13,485,151
Outsourcing, Inc.
 
357,900
2,804,086
Pan Pacific International Holdings Ltd.
 
299,500
4,916,638
Recruit Holdings Co. Ltd.
 
248,000
7,631,250
Renesas Electronics Corp. (a)
 
1,398,900
11,702,851
Shin-Etsu Chemical Co. Ltd.
 
115,300
11,983,124
SMS Co., Ltd.
 
272,600
6,269,828
SoftBank Group Corp.
 
221,200
9,495,280
Sony Group Corp.
 
204,100
13,763,414
Sugi Holdings Co. Ltd.
 
72,300
2,902,794
Sumco Corp.
 
482,400
6,128,341
TechnoPro Holdings, Inc.
 
167,100
4,008,788
Tokio Marine Holdings, Inc.
 
525,000
9,501,160
Tsuruha Holdings, Inc.
 
101,900
5,927,805
Z Holdings Corp.
 
1,547,700
3,994,242
ZOZO, Inc.
 
376,300
8,009,614
TOTAL JAPAN
 
 
268,562,767
Korea (South) - 1.9%
 
 
 
Db Insurance Co. Ltd.
 
76,960
3,035,653
Hyundai Fire & Marine Insurance Co. Ltd.
 
105,363
2,458,165
SK Hynix, Inc.
 
125,068
7,246,534
TOTAL KOREA (SOUTH)
 
 
12,740,352
New Zealand - 2.1%
 
 
 
EBOS Group Ltd.
 
416,179
9,073,743
Ryman Healthcare Ltd.
 
928,240
4,522,508
TOTAL NEW ZEALAND
 
 
13,596,251
Singapore - 3.0%
 
 
 
United Overseas Bank Ltd.
 
1,013,100
19,866,951
Taiwan - 6.5%
 
 
 
eMemory Technology, Inc.
 
134,000
4,466,113
MediaTek, Inc.
 
492,000
8,999,814
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,454,000
29,473,688
TOTAL TAIWAN
 
 
42,939,615
United States of America - 2.7%
 
 
 
GI Dynamics, Inc. (a)(c)
 
111,225
8,860
MagnaChip Semiconductor Corp. (a)
 
124,437
1,238,148
ResMed, Inc. CDI
 
679,762
14,805,272
Space Exploration Technologies Corp. Class A (a)(c)(e)
 
22,539
1,577,730
TOTAL UNITED STATES OF AMERICA
 
 
17,630,010
 
TOTAL COMMON STOCKS
  (Cost $612,257,131)
 
 
 
607,703,440
 
 
 
 
Preferred Stocks - 5.0%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.1%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(e)
 
87,773
787,324
Nonconvertible Preferred Stocks - 4.9%
 
 
 
Korea (South) - 4.9%
 
 
 
Samsung Electronics Co. Ltd.
 
867,100
32,379,863
 
TOTAL PREFERRED STOCKS
  (Cost $44,455,737)
 
 
 
33,167,187
 
 
 
 
Money Market Funds - 3.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
15,772,518
15,775,672
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
9,707,504
9,708,475
 
TOTAL MONEY MARKET FUNDS
  (Cost $25,484,147)
 
 
25,484,147
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
  (Cost $682,197,015)
 
 
 
666,354,774
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(8,797,070)
NET ASSETS - 100.0%
657,557,704
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,269,111 or 1.6% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,365,054 or 0.4% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 3.10%
6,873,053
247,672,540
238,769,921
252,859
-
-
15,775,672
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
99,301,048
89,592,573
27,474
-
-
9,708,475
0.0%
Total
6,873,053
346,973,588
328,362,494
280,333
-
-
25,484,147
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
60,138,881
27,233,436
32,905,445
-
Consumer Discretionary
90,082,168
43,373,671
46,708,497
-
Consumer Staples
10,997,575
8,830,599
2,166,976
-
Energy
13,680,401
3,504,237
10,176,164
-
Financials
128,624,153
98,663,475
29,960,678
-
Health Care
82,304,538
69,228,588
12,279,766
796,184
Industrials
64,472,926
51,255,158
11,640,038
1,577,730
Information Technology
155,619,588
109,932,753
45,686,833
2
Materials
26,265,767
14,282,640
11,983,124
3
Real Estate
4,102,117
4,102,117
-
-
Utilities
4,582,513
4,582,513
-
-
  Money Market Funds
25,484,147
25,484,147
-
-
 Total Investments in Securities:
666,354,774
460,473,334
203,507,521
2,373,919
Fidelity® Pacific Basin Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $9,503,784) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $656,712,868)
 
$640,870,627
 
 
Fidelity Central Funds (cost $25,484,147)
 
25,484,147
 
 
 
 
 
 
 
Total Investment in Securities (cost $682,197,015)
 
 
$
666,354,774
Foreign currency held at value (cost $1,128,865)
 
 
 
1,127,785
Receivable for investments sold
 
 
 
1,942,468
Receivable for fund shares sold
 
 
 
155,892
Dividends receivable
 
 
 
1,859,593
Distributions receivable from Fidelity Central Funds
 
 
 
39,491
Prepaid expenses
 
 
 
1,210
Other receivables
 
 
 
44,578
  Total assets
 
 
 
671,525,791
Liabilities
 
 
 
 
Payable for investments purchased
 
2,200,040
 
 
Payable for fund shares redeemed
 
452,661
 
 
Accrued management fee
 
553,970
 
 
Other affiliated payables
 
123,599
 
 
Deferred taxes
 
810,058
 
 
Other payables and accrued expenses
 
119,284
 
 
Collateral on securities loaned
 
9,708,475
 
 
  Total Liabilities
 
 
 
13,968,087
Net Assets  
 
 
$
657,557,704
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
638,495,248
Total accumulated earnings (loss)
 
 
 
19,062,456
Net Assets
 
 
$
657,557,704
Net Asset Value , offering price and redemption price per share ($657,557,704 ÷ 25,297,483 shares)
 
 
$
25.99
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
15,660,757
Non-Cash dividends
 
 
 
1,451,252
Income from Fidelity Central Funds (including $27,474 from security lending)
 
 
 
280,333
 Income before foreign taxes withheld
 
 
 
17,392,342
Less foreign taxes withheld
 
 
 
(1,729,530)
 Total Income
 
 
 
15,662,812
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
5,999,986
 
 
 Performance adjustment
 
2,067,638
 
 
Transfer agent fees
 
1,297,070
 
 
Accounting fees
 
413,788
 
 
Custodian fees and expenses
 
73,316
 
 
Independent trustees' fees and expenses
 
3,230
 
 
Registration fees
 
32,820
 
 
Audit
 
81,152
 
 
Legal
 
1,470
 
 
Interest
 
1,155
 
 
Miscellaneous
 
4,849
 
 
 Total expenses before reductions
 
9,976,474
 
 
 Expense reductions
 
(29,134)
 
 
 Total expenses after reductions
 
 
 
9,947,340
Net Investment income (loss)
 
 
 
5,715,472
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $1,564,636)
 
72,559,969
 
 
 Foreign currency transactions
 
(858,889)
 
 
Total net realized gain (loss)
 
 
 
71,701,080
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,319,962)  
 
(457,704,121)
 
 
 Assets and liabilities in foreign currencies
 
(22,465)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(457,726,586)
Net gain (loss)
 
 
 
(386,025,506)
Net increase (decrease) in net assets resulting from operations
 
 
$
(380,310,034)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,715,472
$
4,191,951
Net realized gain (loss)
 
71,701,080
 
 
140,649,416
 
Change in net unrealized appreciation (depreciation)
 
(457,726,586)
 
73,462,090
 
Net increase (decrease) in net assets resulting from operations
 
(380,310,034)
 
 
218,303,457
 
Distributions to shareholders
 
(153,392,663)
 
 
(53,433,366)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
97,680,092
 
205,190,967
  Reinvestment of distributions
 
112,623,785
 
 
41,320,240
 
Cost of shares redeemed
 
(233,769,363)
 
(281,328,787)
  Net increase (decrease) in net assets resulting from share transactions
 
(23,465,486)
 
 
(34,817,580)
 
Total increase (decrease) in net assets
 
(557,168,183)
 
 
130,052,511
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,214,725,887
 
1,084,673,376
 
End of period
$
657,557,704
$
1,214,725,887
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,944,154
 
4,574,024
  Issued in reinvestment of distributions
 
2,912,433
 
 
976,607
 
Redeemed
 
(6,908,065)
 
(6,211,375)
Net increase (decrease)
 
(1,051,478)
 
(660,744)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Pacific Basin Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.10
$
40.16
$
32.65
$
29.51
$
35.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.15
 
.16
 
.26
 
.22
     Net realized and unrealized gain (loss)
 
(14.49)
 
7.74
 
7.61
 
5.74
 
(4.69)
  Total from investment operations
 
(14.27)  
 
7.89  
 
7.77  
 
6.00  
 
(4.47)
  Distributions from net investment income
 
(1.17) C
 
(.10)
 
(.26)
 
(.20)
 
(.23)
  Distributions from net realized gain
 
(4.67) C
 
(1.85)
 
-
 
(2.67)
 
(1.32)
     Total distributions
 
(5.84)
 
(1.95)
 
(.26)
 
(2.86) D
 
(1.55)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
25.99
$
46.10
$
40.16
$
32.65
$
29.51
 Total Return   F
 
(35.11)%
 
20.08%
 
23.95%
 
22.37%
 
(13.24)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.12%
 
1.04%
 
1.11%
 
.97%
 
1.07%
    Expenses net of fee waivers, if any
 
1.12%
 
1.04%
 
1.11%
 
.97%
 
1.07%
    Expenses net of all reductions
 
1.12%
 
1.04%
 
1.10%
 
.97%
 
1.06%
    Net investment income (loss)
 
.64%
 
.32%
 
.47%
 
.88%
 
.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
657,558
$
1,214,726
$
1,084,673
$
891,154
$
807,632
    Portfolio turnover rate I
 
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 The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.  
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
$125,179,589
Gross unrealized depreciation
(157,924,224)
Net unrealized appreciation (depreciation)
$(32,744,635)
Tax Cost
$699,099,409
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed long-term capital gain
$59,092,583
Net unrealized appreciation (depreciation) on securities and other investments
$(32,827,067)
 
The Fund intends to elect to defer to its next fiscal year $6,393,003 of ordinary losses recognized during the period January 1, 2022 to October 31, 2022.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$30,731,746
$3,423,461
Long-term Capital Gains
122,660,917
50,009,905
Total
$153,392,663
$53,433,366
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Pacific Basin Fund
259,847,594
447,850,099
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Pacific Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .91% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Pacific Basin Fund
.05
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Pacific Basin Fund
$3,509
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Pacific Basin Fund
Borrower
$6,290,714
.31%
$1,155
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Pacific Basin Fund
10,752,257
15,206,018
3,663,668
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Pacific Basin Fund
$1,624
 
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Pacific Basin Fund
$2,878
$-
$-
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 $29,134.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Pacific Basin Fund
19%
 
10. 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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund
 
Opinions on the Financial Statements
 
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund (ten of the funds constituting Fidelity Investment Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinions
 
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodians, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
 
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
 
 
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® Canada Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 920.60
 
$ 6.05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.90
 
$ 6.36
Class M
 
 
 
1.53%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 919.30
 
$ 7.40
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.49
 
$ 7.78
Class C
 
 
 
2.03%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 916.90
 
$ 9.81
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.97
 
$ 10.31
Fidelity® Canada Fund
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 922.00
 
$ 4.51
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.52
 
$ 4.74
Class I
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 922.00
 
$ 4.41
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.62
 
$ 4.63
Class Z
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 922.50
 
$ 3.88
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.17
 
$ 4.08
Fidelity® China Region Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 735.90
 
$ 5.43
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.95
 
$ 6.31
Class M
 
 
 
1.52%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 734.80
 
$ 6.65
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.54
 
$ 7.73
Class C
 
 
 
1.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 733.30
 
$ 8.56
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.32
 
$ 9.96
Fidelity® China Region Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 737.00
 
$ 4.16
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.42
 
$ 4.84
Class I
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 736.90
 
$ 4.12
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.47
 
$ 4.79
Class Z
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 737.60
 
$ 3.50
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.17
 
$ 4.08
 
 
 
 
 
 
 
 
 
 
Fidelity® Emerging Asia Fund
 
 
 
1.22%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 824.20
 
$ 5.61
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.06
 
$ 6.21
Fidelity® Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.22%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 803.10
 
$ 5.54
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.06
 
$ 6.21
Class M
 
 
 
1.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 801.80
 
$ 6.77
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.69
 
$ 7.58
Class C
 
 
 
1.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 799.90
 
$ 9.03
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.17
 
$ 10.11
Fidelity® Emerging Markets Fund
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 804.10
 
$ 4.09
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.67
 
$ 4.58
Class K
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 804.70
 
$ 3.50
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
Class I
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 804.30
 
$ 4.05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.72
 
$ 4.53
Class Z
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 804.80
 
$ 3.50
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
Fidelity® Europe Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 866.50
 
$ 5.41
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.41
 
$ 5.85
Class M
 
 
 
1.43%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 865.40
 
$ 6.72
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.00
 
$ 7.27
Class C
 
 
 
1.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 863.10
 
$ 9.06
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.48
 
$ 9.80
Fidelity® Europe Fund
 
 
 
.85%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 868.10
 
$ 4.00
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.92
 
$ 4.33
Class I
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 868.00
 
$ 3.77
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.17
 
$ 4.08
Class Z
 
 
 
.71%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 868.50
 
$ 3.34
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.63
 
$ 3.62
Fidelity® Japan Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.35%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 904.50
 
$ 6.48
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.40
 
$ 6.87
Class M
 
 
 
1.64%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 904.00
 
$ 7.87
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.94
 
$ 8.34
Class C
 
 
 
2.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 901.50
 
$ 9.87
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.82
 
$ 10.46
Fidelity® Japan Fund
 
 
 
1.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 906.30
 
$ 5.29
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.66
 
$ 5.60
Class I
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 905.70
 
$ 5.04
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
Class Z
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 906.70
 
$ 4.42
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
 
 
 
 
 
 
 
 
 
 
Fidelity® Japan Smaller Companies Fund
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 942.60
 
$ 4.50
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
Fidelity® Latin America Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.32%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,018.30
 
$ 6.72
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.55
 
$ 6.72
Class M
 
 
 
1.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,017.30
 
$ 7.98
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.29
 
$ 7.98
Class C
 
 
 
2.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,014.30
 
$ 10.56
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.72
 
$ 10.56
Fidelity® Latin America Fund
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,020.20
 
$ 5.40
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.86
 
$ 5.40
Class I
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,020.30
 
$ 5.14
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.11
 
$ 5.14
Class Z
 
 
 
.85%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,020.80
 
$ 4.33
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.92
 
$ 4.33
 
 
 
 
 
 
 
 
 
 
Fidelity® Nordic Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 895.40
 
$ 4.49
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.47
 
$ 4.79
 
 
 
 
 
 
 
 
 
 
Fidelity® Pacific Basin Fund
 
 
 
1.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 847.10
 
$ 5.45
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.31
 
$ 5.96
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year October 31, 2022, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Canada Fund
$25,925,491
Fidelity Pacific Basin Fund
$70,746,791
 
The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:
 
 
December 2021
Fidelity Canada Fund
99.63%
Fidelity China Region Fund
-
Fidelity Emerging Asia Fund
-
Fidelity Emerging Markets Fund
-
Fidelity Europe Fund
99.99%
Fidelity Japan Fund
99.86%
Fidelity Japan Smaller Companies Fund
100%
Fidelity Latin America Fund
-
Fidelity Nordic Fund
99.42%
Fidelity Pacific Basin Fund
-
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Class A
Class M
Class C
Retail
Class K
Class I
Class Z
Fidelity Emerging Asia Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
1%
-
-
-
Fidelity Emerging Markets Fund
 
 
 
 
 
 
 
December, 2021
6%
9%
13%
6%
6%
6%
5%
Fidelity Latin America Fund
 
 
 
 
 
 
 
December, 2021
1%
1%
1%
-
-
-
-
Fidelity Nordic Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
4%
-
-
-
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Class A
Class M
Class C
Retail
Class K
Class I
Class Z
Fidelity Canada Fund
 
 
 
 
 
 
 
December, 2021
100%
100%
-
97%
-
93%
90%
Fidelity China Region Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
100%
-
100%
100%
Fidelity Emerging Asia Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
75%
-
-
-
Fidelity Emerging Markets Fund
 
 
 
 
 
 
 
December, 2021
66%
93%
100%
68%
59%
61%
58%
Fidelity Europe Fund
 
 
 
 
 
 
 
December, 2021
37%
39%
45%
36%
-
36%
35%
Fidelity Japan Fund
 
 
 
 
 
 
 
December, 2021
36%
40%
48%
34%
-
42%
33%
Fidelity Japan Smaller Companies Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
58%
-
-
-
Fidelity Latin America Fund
 
 
 
 
 
 
 
December 3, 2021
49%
57%
79%
43%
-
43%
40%
December 30, 2021
22%
22%
22%
22%
-
22%
22%
Fidelity Nordic Fund
 
 
 
 
 
 
 
December 3, 2021
-
-
-
43%
-
-
-
December 30, 2021
-
-
-
94%
-
-
-
Fidelity Pacific Basin Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
40%
-
-
-
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity Canada Fund
 
 
 
Class A
12/06/21
$0.9609
$0.1609
Class M
12/06/21
$0.7739
$0.1609
Class C
12/06/21
$0.0000
$0.0000
Canada
12/06/21
$1.1659
$0.1609
Class I
12/06/21
$1.2069
$0.1609
Class Z
12/06/21
$1.2549
$0.1609
Fidelity China Region Fund
 
 
 
Class A
12/06/21
$0.0000
$0.0000
Class M
12/06/21
$0.0000
$0.0000
Class C
12/06/21
$0.0000
$0.0000
China Region
12/06/21
$0.1609
$0.1039
Class I
12/06/21
$0.1389
$0.1039
Class Z
12/06/21
$0.2279
$0.1039
Fidelity Emerging Asia Fund
 
 
 
Emerging Asia
12/06/21
$0.4724
$0.3999
Fidelity Emerging Markets Fund
 
 
 
Class A
12/06/21
$0.5546
$0.0746
Class M
12/06/21
$0.3896
$0.0746
Class C
12/06/21
$0.2586
$0.0746
Emerging Markets
12/06/21
$0.5366
$0.0746
Class K
12/06/21
$0.6126
$0.0746
Class I
12/06/21
$0.6006
$0.0746
Class Z
12/06/21
$0.6276
$0.0746
Fidelity Europe Fund
 
 
 
Class A
12/06/21
$1.5534
$0.1269
Class M
12/06/21
$1.4664
$0.1269
Class C
12/06/21
$1.2918
$0.1269
Europe
12/06/21
$1.6241
$0.1269
Class I
12/06/21
$1.6077
$0.1269
Class Z
12/06/21
$1.6546
$0.1269
Fidelity Japan Fund
 
 
 
Class A
12/06/21
$0.6313
$0.0368
Class M
12/06/21
$0.5713
$0.0368
Class C
12/06/21
$0.4738
$0.0368
Japan
12/06/21
$0.6617
$0.0368
Class I
12/06/21
$0.5360
$0.0368
Class Z
12/06/21
$0.6956
$0.0368
Fidelity Japan Smaller Companies Fund
 
 
 
Japan Smaller Companies
12/06/21
$0.6304
$0.0444
Fidelity Latin America Fund
 
 
 
Class A
12/06/21
$0.4106
$0.0343
 
12/31/21
$0.0000
$0.0000
Class M
12/06/21
$0.3516
$0.0343
 
12/31/21
$0.0000
$0.0000
Class C
12/06/21
$0.2510
$0.0343
 
12/31/21
$0.0000
$0.0000
Latin America
12/06/21
$0.4626
$0.0343
 
12/31/21
$0.0000
$0.0000
Class I
12/06/21
$0.4635
$0.0343
 
12/31/21
$0.0000
$0.0000
Class Z
12/06/21
$0.5017
$0.0343
 
12/31/21
$0.0000
$0.0000
Fidelity Nordic Fund
 
 
 
Nordic
12/06/21
$3.1635
$0.1305
 
12/31/21
$0.1360
$0.0000
Fidelity Pacific Basin Fund
 
 
 
Pacific Basin
12/06/21
$1.2700
$0.0850
 
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Targeted International Equity Funds  
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of each fund or a representative class (retail class), as applicable; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that each of the following funds had a portfolio manager change: (i) Fidelity China Region Fund in January 2021 and July 2021; (ii) Fidelity Emerging Asia Fund in May 2019 and January 2020; (iii) Fidelity Emerging Markets Fund in February 2019 and October 2019; (iv) Fidelity Europe Fund in October 2021; (v) Fidelity Japan Smaller Companies Fund in February 2022; (vi) Fidelity Nordic Fund in October 2021; and (vii) Fidelity Pacific Basin Fund in May 2019, December 2019, and January 2021. The Board will continue to monitor closely each fund's performance, taking into account the portfolio manager changes.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and, for Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.   
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. For Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. For Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund, a peer group is not shown below because the funds do not generally utilize a peer group for performance comparison purposes. For Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Latin America Fund, and Fidelity Pacific Basin Fund, returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity Canada Fund
 
 
The Board considered the fund's underperformance for different time periods ended September 30, 2021 (which periods are reflected in the chart above). The Board noted that the fund's underperformance has continued since the Board approved the management contract in January 2020. The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the fund's performance more closely.
 
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
 
 
The Board also considered that each of Fidelity Canada Fund's, Fidelity Emerging Asia Fund's, Fidelity Europe Fund's, Fidelity Japan Fund's, and Fidelity Pacific Basin Fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment (if applicable), relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked and the impact of a fund's performance adjustment (if applicable), is also included in the charts and was considered by the Board.
 
Fidelity Canada Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
Fidelity China Region Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
Fidelity Emerging Asia Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.  
 
Fidelity Emerging Markets Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
Fidelity Europe Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
Fidelity Japan Fund
 
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
Fidelity Japan Smaller Companies Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
Fidelity Latin America Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
Fidelity Nordic Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
Fidelity Pacific Basin Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio (for Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, and Fidelity Latin America Fund). In its review of the total expense ratio of the representative class (retail class) of each fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of Fidelity Canada Fund's, Fidelity Europe Fund's, and Fidelity Japan Fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the funds offer multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of each fund vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.  
 
The Board noted that the total net expense ratio of the retail class of Fidelity Japan Fund ranked equal to the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
The Board noted that the total net expense ratio of the retail class of each of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Latin America Fund ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Total Expense Ratio (for Fidelity Emerging Asia Fund, Fidelity Japan Smaller Companies Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund) . In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of Fidelity Emerging Asia Fund's and Fidelity Pacific Basin Fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of each fund ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each fund or each class of each fund, as applicable, was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 each fund's Advisory Contracts should be renewed.
 
1.754542.122
TIF-ANN-1222
Fidelity® International Value Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-22.18%
-2.02%
2.26%
Class M (incl.3.50% sales charge)    
-20.53%
-1.83%
2.21%
Class C    
(incl. contingent deferred sales charge)
 
-18.81%
-1.62%
2.23%
Fidelity® International Value Fund
-17.20%
-0.52%
3.22%
Class I
-17.23%
-0.58%
3.15%
Class Z
-17.13%
-0.44%
3.22%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Value Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Value Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Alex Zavratsky:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -18% to -17%, underperforming the -16.13% result of the benchmark MSCI EAFE Value Index. By region, stock picks in Japan, as well as an unfavorable overweighting and security selection in Europe ex U.K., hurt the fund's relative result most this period. By sector, the primary detractors from performance versus the benchmark were stock picks and an overweighting in industrials. Security selection and an underweighting in communication services, along with investment choices among in real estate, also proved detrimental to the portfolio's relative result. The biggest individual relative detractor was an overweight position in Vonovia (-59%). Another key detractor was our out-of-benchmark stake in Shin-Etsu Chemical (-40%). An overweighting in Porsche (-45%) also hurt. Conversely, stock picks in the U.K. and an underweighting in Asia Pacific ex Japan, specifically Hong Kong, contributed most to the portfolio's relative result. By sector, the primary contributor to performance versus the benchmark was an overweighting in energy. Strong picks in the financials sector, especially within the insurance industry, further boosted the fund's relative return. Also adding value was an underweighting in real estate. Lastly, the fund's position in cash was a notable contributor. Our top individual relative contributor was an out-of-benchmark stake in RH (+70%). Also boosting value was our outsized stake in TotalEnergies, which gained 13% and was among the fund's largest holdings at the end of October. Another notable relative contributor was an overweighting in Glencore (+22%), where we increased our stake this period.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (United Kingdom, Oil, Gas & Consumable Fuels)
4.1
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.4
 
BHP Group Ltd.  (Australia, Metals & Mining)
3.3
 
Toyota Motor Corp.  (Japan, Automobiles)
3.1
 
BP PLC  (United Kingdom, Oil, Gas & Consumable Fuels)
2.3
 
Sanofi SA  (France, Pharmaceuticals)
2.1
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.1
 
Glencore PLC  (Bailiwick of Jersey, Metals & Mining)
2.1
 
Zurich Insurance Group Ltd.  (Switzerland, Insurance)
2.0
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.0
 
 
26.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
30.5
 
Industrials
13.8
 
Energy
13.3
 
Materials
13.0
 
Health Care
8.2
 
Consumer Discretionary
6.2
 
Information Technology
4.1
 
Utilities
2.3
 
Communication Services
2.0
 
Real Estate
1.6
 
Consumer Staples
1.1
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 95.2%
 
 
Shares
Value ($)
 
Australia - 6.9%
 
 
 
BHP Group Ltd.
 
800,211
19,122,902
Macquarie Group Ltd.
 
60,640
6,574,630
National Australia Bank Ltd.
 
346,130
7,189,829
Woodside Energy Group Ltd.
 
295,022
6,789,815
TOTAL AUSTRALIA
 
 
39,677,176
Austria - 0.4%
 
 
 
Erste Group Bank AG
 
88,807
2,188,644
Bailiwick of Jersey - 2.4%
 
 
 
Ferguson PLC
 
16,816
1,833,964
Glencore PLC
 
2,102,000
12,050,921
TOTAL BAILIWICK OF JERSEY
 
 
13,884,885
Belgium - 1.1%
 
 
 
KBC Group NV
 
92,616
4,641,521
UCB SA
 
24,900
1,878,039
TOTAL BELGIUM
 
 
6,519,560
Canada - 0.8%
 
 
 
Nutrien Ltd.
 
56,200
4,748,546
Denmark - 0.9%
 
 
 
DSV A/S
 
22,300
3,018,993
ORSTED A/S (a)
 
24,800
2,046,143
TOTAL DENMARK
 
 
5,065,136
Finland - 1.4%
 
 
 
Sampo Oyj (A Shares)
 
172,434
7,886,478
France - 13.2%
 
 
 
Air Liquide SA
 
56,470
7,387,053
ALTEN
 
17,200
2,010,852
AXA SA
 
423,905
10,468,295
BNP Paribas SA
 
163,000
7,643,709
Capgemini SA
 
25,993
4,260,015
Euroapi SASU (b)
 
5,559
97,266
Sanofi SA
 
143,179
12,321,679
Teleperformance
 
10,500
2,815,178
TotalEnergies SE (c)
 
359,505
19,612,208
VINCI SA
 
63,900
5,881,166
Vivendi SA
 
457,192
3,742,108
TOTAL FRANCE
 
 
76,239,529
Germany - 10.1%
 
 
 
Bayer AG
 
134,100
7,051,122
Deutsche Post AG
 
120,700
4,266,724
Hannover Reuck SE
 
43,200
7,035,708
Linde PLC
 
25,814
7,720,809
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
18,600
4,909,955
Rheinmetall AG
 
38,350
6,234,449
RWE AG
 
175,900
6,777,756
Siemens AG
 
98,839
10,794,112
Vonovia SE
 
154,829
3,423,365
TOTAL GERMANY
 
 
58,214,000
Hong Kong - 0.7%
 
 
 
AIA Group Ltd.
 
526,600
3,988,887
India - 0.8%
 
 
 
Reliance Industries Ltd. sponsored GDR (a)
 
80,500
4,914,525
Indonesia - 0.5%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
9,956,894
2,968,396
Ireland - 2.3%
 
 
 
Bank of Ireland Group PLC
 
446,000
3,215,781
CRH PLC
 
185,302
6,674,181
Ryanair Holdings PLC sponsored ADR (b)
 
53,800
3,706,282
TOTAL IRELAND
 
 
13,596,244
Italy - 1.5%
 
 
 
Enel SpA
 
949,100
4,239,961
Mediobanca SpA
 
473,125
4,288,513
TOTAL ITALY
 
 
8,528,474
Japan - 21.8%
 
 
 
DENSO Corp.
 
119,100
5,909,257
FUJIFILM Holdings Corp.
 
100,600
4,613,413
Fujitsu Ltd.
 
25,500
2,933,993
Hitachi Ltd.
 
265,600
12,074,757
Hoya Corp.
 
59,300
5,533,391
Ibiden Co. Ltd.
 
55,500
1,877,434
Idemitsu Kosan Co. Ltd.
 
124,200
2,714,617
Itochu Corp.
 
251,000
6,497,186
Minebea Mitsumi, Inc.
 
221,770
3,287,139
Mitsubishi Estate Co. Ltd.
 
214,600
2,698,659
Mitsubishi UFJ Financial Group, Inc.
 
1,838,161
8,683,198
Mitsui Fudosan Co. Ltd.
 
146,400
2,805,520
ORIX Corp.
 
448,600
6,591,957
Recruit Holdings Co. Ltd.
 
53,100
1,633,949
Renesas Electronics Corp. (b)
 
452,288
3,783,729
Shin-Etsu Chemical Co. Ltd.
 
65,500
6,807,412
Shiseido Co. Ltd.
 
42,800
1,483,802
SoftBank Group Corp.
 
107,000
4,593,106
Sony Group Corp.
 
25,600
1,726,327
Sumitomo Mitsui Financial Group, Inc.
 
235,000
6,599,168
Suzuki Motor Corp.
 
148,930
5,027,934
TIS, Inc.
 
90,101
2,432,869
Tokio Marine Holdings, Inc.
 
436,744
7,903,952
Toyota Motor Corp.
 
1,275,025
17,690,477
TOTAL JAPAN
 
 
125,903,246
Korea (South) - 0.4%
 
 
 
Samsung Electronics Co. Ltd.
 
55,200
2,297,228
Luxembourg - 0.6%
 
 
 
ArcelorMittal SA (Netherlands)
 
142,786
3,196,808
Netherlands - 2.2%
 
 
 
Airbus Group NV
 
42,700
4,620,301
NN Group NV
 
148,568
6,291,337
Universal Music Group NV
 
102,719
2,016,934
TOTAL NETHERLANDS
 
 
12,928,572
Norway - 0.9%
 
 
 
Equinor ASA
 
137,200
4,998,707
Singapore - 1.5%
 
 
 
United Overseas Bank Ltd.
 
451,705
8,857,962
South Africa - 0.1%
 
 
 
Thungela Resources Ltd.
 
36,281
554,206
Spain - 1.9%
 
 
 
Banco Santander SA (Spain) (c)
 
3,300,682
8,552,699
Cellnex Telecom SA (a)
 
47,200
1,544,868
Unicaja Banco SA (a)
 
1,244,400
1,101,881
TOTAL SPAIN
 
 
11,199,448
Sweden - 1.5%
 
 
 
Alleima AB (b)
 
29,480
100,445
Investor AB (B Shares)
 
390,040
6,371,374
Sandvik AB
 
146,100
2,283,068
TOTAL SWEDEN
 
 
8,754,887
Switzerland - 6.1%
 
 
 
Novartis AG
 
67,550
5,464,171
Roche Holding AG (participation certificate)
 
11,020
3,656,416
Swiss Life Holding AG
 
8,673
4,199,868
UBS Group AG
 
663,058
10,516,100
Zurich Insurance Group Ltd.
 
26,711
11,383,533
TOTAL SWITZERLAND
 
 
35,220,088
United Kingdom - 15.2%
 
 
 
Anglo American PLC (United Kingdom)
 
252,192
7,554,214
AstraZeneca PLC (United Kingdom)
 
96,912
11,370,897
BAE Systems PLC
 
1,172,634
10,968,314
Beazley PLC
 
457,000
3,272,927
BP PLC
 
2,420,560
13,392,010
Imperial Brands PLC
 
226,595
5,519,650
Lloyds Banking Group PLC
 
10,146,164
4,872,877
Shell PLC ADR
 
428,800
23,854,141
Standard Chartered PLC (United Kingdom)
 
1,217,198
7,261,382
TOTAL UNITED KINGDOM
 
 
88,066,412
 
TOTAL COMMON STOCKS
  (Cost $599,715,484)
 
 
 
550,398,044
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Germany - 0.9%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $6,860,848)
 
95,800
5,352,566
 
 
 
 
Money Market Funds - 5.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (d)
 
19,022,900
19,026,705
Fidelity Securities Lending Cash Central Fund 3.10% (d)(e)
 
12,897,460
12,898,750
 
TOTAL MONEY MARKET FUNDS
  (Cost $31,925,455)
 
 
31,925,455
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
  (Cost $638,501,787)
 
 
 
587,676,065
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(9,504,148)
NET ASSETS - 100.0%
578,171,917
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,607,417 or 1.7% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
6,277,780
304,087,313
291,338,388
215,536
-
-
19,026,705
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
112,350,093
99,451,343
133,173
-
-
12,898,750
0.0%
Total
6,277,780
416,437,406
390,789,731
348,709
-
-
31,925,455
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
11,897,016
-
11,897,016
-
Consumer Discretionary
35,706,561
5,027,934
30,678,627
-
Consumer Staples
7,003,452
1,483,802
5,519,650
-
Energy
76,830,229
38,827,304
38,002,925
-
Financials
175,460,561
102,890,945
72,569,616
-
Health Care
47,372,981
7,508,696
39,864,285
-
Industrials
79,915,582
39,467,948
40,447,634
-
Information Technology
24,209,533
13,231,796
10,977,737
-
Materials
75,363,291
34,889,510
40,473,781
-
Real Estate
8,927,544
2,805,520
6,122,024
-
Utilities
13,063,860
6,777,756
6,286,104
-
  Money Market Funds
31,925,455
31,925,455
-
-
 Total Investments in Securities:
587,676,065
284,836,666
302,839,399
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $11,417,417) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $606,576,332)
 
$555,750,610
 
 
Fidelity Central Funds (cost $31,925,455)
 
31,925,455
 
 
 
 
 
 
 
Total Investment in Securities (cost $638,501,787)
 
 
$
587,676,065
Foreign currency held at value (cost $37)
 
 
 
37
Receivable for fund shares sold
 
 
 
553,794
Dividends receivable
 
 
 
1,770,616
Reclaims receivable
 
 
 
1,834,662
Distributions receivable from Fidelity Central Funds
 
 
 
33,183
Prepaid expenses
 
 
 
946
Receivable from investment adviser for expense reductions
 
 
 
14,550
  Total assets
 
 
 
591,883,853
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$244,787
 
 
Accrued management fee
 
386,328
 
 
Distribution and service plan fees payable
 
5,638
 
 
Other affiliated payables
 
102,770
 
 
Other payables and accrued expenses
 
73,663
 
 
Collateral on securities loaned
 
12,898,750
 
 
  Total Liabilities
 
 
 
13,711,936
Net Assets  
 
 
$
578,171,917
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
697,136,367
Total accumulated earnings (loss)
 
 
 
(118,964,450)
Net Assets
 
 
$
578,171,917
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($12,080,104 ÷ 1,580,987 shares) (a)
 
 
$
7.64
Maximum offering price per share (100/94.25 of $7.64)
 
 
$
8.11
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($3,497,832 ÷ 458,215 shares) (a)
 
 
$
7.63
Maximum offering price per share (100/96.50 of $7.63)
 
 
$
7.91
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,189,510 ÷ 286,545 shares) (a)
 
 
$
7.64
International Value :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($367,477,684 ÷ 48,046,433 shares)
 
 
$
7.65
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($74,750,846 ÷ 9,757,656 shares)
 
 
$
7.66
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($118,175,941 ÷ 15,428,699 shares)
 
 
$
7.66
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
20,777,554
Non-Cash dividends
 
 
 
2,255,133
Income from Fidelity Central Funds (including $133,173 from security lending)
 
 
 
348,709
 Income before foreign taxes withheld
 
 
 
23,381,396
Less foreign taxes withheld
 
 
 
(1,820,460)
 Total Income
 
 
 
21,560,936
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
3,515,257
 
 
 Performance adjustment
 
838,036
 
 
Transfer agent fees
 
863,032
 
 
Distribution and service plan fees
 
78,535
 
 
Accounting fees
 
260,386
 
 
Custodian fees and expenses
 
57,530
 
 
Independent trustees' fees and expenses
 
1,776
 
 
Registration fees
 
142,213
 
 
Audit
 
69,913
 
 
Legal
 
663
 
 
Miscellaneous
 
2,680
 
 
 Total expenses before reductions
 
5,830,021
 
 
 Expense reductions
 
(395,200)
 
 
 Total expenses after reductions
 
 
 
5,434,821
Net Investment income (loss)
 
 
 
16,126,115
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(28,540,923)
 
 
 Foreign currency transactions
 
(75,439)
 
 
Total net realized gain (loss)
 
 
 
(28,616,362)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(91,955,008)
 
 
 Assets and liabilities in foreign currencies
 
(248,070)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(92,203,078)
Net gain (loss)
 
 
 
(120,819,440)
Net increase (decrease) in net assets resulting from operations
 
 
$
(104,693,325)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
16,126,115
$
18,097,505
Net realized gain (loss)
 
(28,616,362)
 
 
66,222,015
 
Change in net unrealized appreciation (depreciation)
 
(92,203,078)
 
94,524,515
 
Net increase (decrease) in net assets resulting from operations
 
(104,693,325)
 
 
178,844,035
 
Distributions to shareholders
 
(17,928,873)
 
 
(9,153,610)
 
Share transactions - net increase (decrease)
 
291,627,947
 
 
(191,918,258)
 
Total increase (decrease) in net assets
 
169,005,749
 
 
(22,227,833)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
409,166,168
 
431,394,001
 
End of period
$
578,171,917
$
409,166,168
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Value Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.65
$
6.87
$
8.25
$
8.13
$
9.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.25 C
 
.13
 
.25
 
.21
     Net realized and unrealized gain (loss)
 
(1.87)
 
2.66
 
(1.24)
 
.08
 
(1.04)
  Total from investment operations
 
(1.63)  
 
2.91  
 
(1.11)  
 
.33  
 
(.83)
  Distributions from net investment income
 
(.38)
 
(.13)
 
(.24)
 
(.21)
 
(.10)
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.38)
 
(.13)
 
(.27)
 
(.21)
 
(.12) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
7.64
$
9.65
$
6.87
$
8.25
$
8.13
 Total Return   F,G
 
(17.43)%
 
42.56%
 
(14.01)%
 
4.38%
 
(9.30)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.46%
 
1.37%
 
1.30%
 
1.14%
 
1.23%
    Expenses net of fee waivers, if any
 
1.30%
 
1.33%
 
1.30%
 
1.13%
 
1.23%
    Expenses net of all reductions
 
1.30%
 
1.33%
 
1.28%
 
1.12%
 
1.21%
    Net investment income (loss)
 
2.85%
 
2.77% C
 
1.71%
 
3.19%
 
2.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,080
$
10,566
$
5,947
$
7,806
$
7,887
    Portfolio turnover rate J
 
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 1.73%.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
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 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 M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.63
$
6.86
$
8.24
$
8.11
$
9.06
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.23 C
 
.11
 
.23
 
.18
     Net realized and unrealized gain (loss)
 
(1.87)
 
2.65
 
(1.25)
 
.08
 
(1.04)
  Total from investment operations
 
(1.65)  
 
2.88  
 
(1.14)  
 
.31  
 
(.86)
  Distributions from net investment income
 
(.35)
 
(.11)
 
(.21)
 
(.18)
 
(.08)
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.35)
 
(.11)
 
(.24)
 
(.18)
 
(.09)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
7.63
$
9.63
$
6.86
$
8.24
$
8.11
 Total Return   E,F
 
(17.65)%
 
42.20%
 
(14.29)%
 
4.11%
 
(9.59)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.72%
 
1.62%
 
1.57%
 
1.44%
 
1.56%
    Expenses net of fee waivers, if any
 
1.55%
 
1.58%
 
1.57%
 
1.43%
 
1.55%
    Expenses net of all reductions
 
1.55%
 
1.58%
 
1.55%
 
1.42%
 
1.54%
    Net investment income (loss)
 
2.60%
 
2.51% C
 
1.44%
 
2.89%
 
2.04%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,498
$
4,375
$
2,884
$
3,756
$
3,920
    Portfolio turnover rate I
 
25%
 
29% J
 
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 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 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 Advisor® International Value Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.60
$
6.85
$
8.22
$
8.08
$
9.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.18 C
 
.07
 
.19
 
.14
     Net realized and unrealized gain (loss)
 
(1.87)
 
2.65
 
(1.24)
 
.08
 
(1.04)
  Total from investment operations
 
(1.69)  
 
2.83  
 
(1.17)  
 
.27  
 
(.90)
  Distributions from net investment income
 
(.27)
 
(.08)
 
(.17)
 
(.13)
 
(.04)
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.27)
 
(.08)
 
(.20)
 
(.13)
 
(.06) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
7.64
$
9.60
$
6.85
$
8.22
$
8.08
 Total Return   F,G
 
(18.01)%
 
41.45%
 
(14.67)%
 
3.53%
 
(10.06)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.23%
 
2.12%
 
2.07%
 
1.93%
 
2.04%
    Expenses net of fee waivers, if any
 
2.05%
 
2.09%
 
2.07%
 
1.92%
 
2.04%
    Expenses net of all reductions
 
2.05%
 
2.09%
 
2.05%
 
1.91%
 
2.02%
    Net investment income (loss)
 
2.09%
 
2.00% C
 
.94%
 
2.40%
 
1.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,190
$
3,177
$
2,947
$
3,839
$
5,339
    Portfolio turnover rate J
 
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 .97%.
 
D Total distributions per share do not sum due to rounding.
 
E Amount represents less than $.005 per share.
 
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 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 Value Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.66
$
6.87
$
8.25
$
8.14
$
9.09
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.26
 
.28 C
 
.15
 
.28
 
.24
     Net realized and unrealized gain (loss)
 
(1.86)
 
2.66
 
(1.23)
 
.07
 
(1.04)
  Total from investment operations
 
(1.60)  
 
2.94  
 
(1.08)  
 
.35  
 
(.80)
  Distributions from net investment income
 
(.41)
 
(.15)
 
(.27)
 
(.24)
 
(.14)
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.41)
 
(.15)
 
(.30)
 
(.24)
 
(.15)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
7.65
$
9.66
$
6.87
$
8.25
$
8.14
 Total Return   E
 
(17.20)%
 
43.08%
 
(13.70)%
 
4.65%
 
(8.95)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.13%
 
1.01%
 
.94%
 
.79%
 
.89%
    Expenses net of fee waivers, if any
 
1.05%
 
1.01%
 
.94%
 
.78%
 
.89%
    Expenses net of all reductions
 
1.05%
 
1.01%
 
.92%
 
.78%
 
.87%
    Net investment income (loss)
 
3.10%
 
3.09% C
 
2.07%
 
3.54%
 
2.70%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
367,478
$
372,441
$
406,661
$
442,816
$
433,015
    Portfolio turnover rate H
 
25%
 
29% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.67
$
6.88
$
8.26
$
8.15
$
9.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.25
 
.28 C
 
.15
 
.27
 
.23
     Net realized and unrealized gain (loss)
 
(1.86)
 
2.66
 
(1.24)
 
.08
 
(1.04)
  Total from investment operations
 
(1.61)  
 
2.94  
 
(1.09)  
 
.35  
 
(.81)
  Distributions from net investment income
 
(.40)
 
(.15)
 
(.26)
 
(.24)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.40)
 
(.15)
 
(.29)
 
(.24)
 
(.14)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
7.66
$
9.67
$
6.88
$
8.26
$
8.15
 Total Return   E
 
(17.23)%
 
43.05%
 
(13.75)%
 
4.57%
 
(9.04)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.09%
 
1.07%
 
.98%
 
.86%
 
.97%
    Expenses net of fee waivers, if any
 
1.04%
 
1.05%
 
.98%
 
.85%
 
.97%
    Expenses net of all reductions
 
1.04%
 
1.05%
 
.97%
 
.85%
 
.95%
    Net investment income (loss)
 
3.10%
 
3.05% C
 
2.03%
 
3.47%
 
2.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
74,751
$
6,661
$
10,406
$
8,495
$
6,779
    Portfolio turnover rate H
 
25%
 
29% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.67
$
6.87
$
8.25
$
8.14
$
8.81
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.26
 
.30 D
 
.16
 
.29
 
.01
     Net realized and unrealized gain (loss)
 
(1.86)
 
2.65
 
(1.23)
 
.08
 
(.68)
  Total from investment operations
 
(1.60)  
 
2.95  
 
(1.07)  
 
.37  
 
(.67)
  Distributions from net investment income
 
(.41)
 
(.15)
 
(.28)
 
(.26)
 
-
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
-
 
-
     Total distributions
 
(.41)
 
(.15)
 
(.31)
 
(.26)
 
-
  Redemption fees added to paid in capital B
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
7.66
$
9.67
$
6.87
$
8.25
$
8.14
 Total Return   F,G
 
(17.13)%
 
43.35%
 
(13.58)%
 
4.84%
 
(7.60)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
.89%
 
.82%
 
.67%
 
.84% J
    Expenses net of fee waivers, if any
 
.89%
 
.89%
 
.82%
 
.67%
 
.84% J
    Expenses net of all reductions
 
.89%
 
.89%
 
.81%
 
.66%
 
.82% J
    Net investment income (loss)
 
3.25%
 
3.21% D
 
2.19%
 
3.66%
 
1.58% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
118,176
$
11,946
$
2,549
$
2,249
$
92
    Portfolio turnover rate K
 
25%
 
29% L
 
36%
 
47%
 
55% 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 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 October 31, 2022
 
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule Of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations 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. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$27,058,895
Gross unrealized depreciation
(89,328,898)
Net unrealized appreciation (depreciation)
$(62,270,003)
Tax Cost
$649,946,068
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$10,851,727
Capital loss carryforward
$(67,297,115)
Net unrealized appreciation (depreciation) on securities and other investments
$(62,519,062)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(27,230,182)
  Long-term
(40,066,933)
Total capital loss carryforward
$(67,297,115)
 
 
 
Due to large redemptions in a prior period, approximately $38,643,007 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $5,836,972 of those capital losses per year to offset capital gains.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$17,928,873
$9,153,610
Total
$17,928,873
$9,153,610
 
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
399,822,058
123,878,146
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .84% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
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%
$30,588
$   1,469
Class M
.25%
.25%
19,828
-
Class C
.75%
.25%
28,119
4,643
 
 
 
$78,535
$6,112
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions.   The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$8,708
Class M
168
Class C A
182
 
$9,058
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$32,618
.27
Class M
10,638
.27
Class C
7,591
.27
International Value
716,271
.18
Class I
70,960
.19
Class Z
24,954
.04
 
$863,032
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Value Fund
.05
 
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
$560
 
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
11,685,318
3,379,263
(554,303)
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity International Value Fund
25,377,058
57,480,336
238,544,345
Class Z
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Value Fund
$874
 
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
$14,184
$-
$-
 
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%
$19,858
Class M
1.55%
6,708
Class C
2.05%
4,939
International Value
1.05%
302,884
Class I
1.05%
15,990
Class Z
.90%
28,246
 
 
$378,625
 
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 $187.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,388.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity International Value Fund
 
 
Distributions to shareholders
 
 
Class A
$431,993
$106,686
Class M
159,041
46,945
Class C
89,688
32,999
International Value
16,448,559
8,705,034
Class I
270,723
210,394
Class Z
528,869
51,552
Total   
$17,928,873
$9,153,610
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity International Value Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
816,905
379,781
$   7,279,150
$   3,507,076
Reinvestment of distributions
47,745
12,439
425,405
104,422
Shares redeemed
(378,549)
(163,522)
(3,283,758)
(1,470,744)
Net increase (decrease)
486,101
228,698
$4,420,797
$2,140,754
Class M
 
 
 
 
Shares sold
71,311
71,451
$   629,674
$   640,857
Reinvestment of distributions
17,121
5,424
152,718
45,591
Shares redeemed
(84,453)
(43,156)
(750,679)
(385,663)
Net increase (decrease)
3,979
33,719
$31,713
$300,785
Class C
 
 
 
 
Shares sold
59,969
92,170
$543,223
$842,206
Reinvestment of distributions
9,999
3,921
89,688
32,999
Shares redeemed
(114,149)
(195,756)
(968,490)
(1,803,534)
Net increase (decrease)
(44,181)
(99,665)
$(335,579)
$(928,329)
International Value
 
 
 
 
Shares sold
32,895,367
13,959,911
$280,320,847
$129,814,337
Reinvestment of distributions
1,569,596
534,908
13,969,404
4,484,422
Shares redeemed
(24,973,804)
(35,146,329)
(203,231,278)
(331,246,581)
Net increase (decrease)
9,491,159
(20,651,510)
$91,058,973
$(196,947,822)
Class I
 
 
 
 
Shares sold
11,031,616
2,362,565
$92,417,643
$   22,186,695
Reinvestment of distributions
29,506
24,378
263,195
204,597
Shares redeemed
(1,992,300)
(3,211,043)
(15,704,798)
(29,755,410)
Net increase (decrease)
9,068,822
(824,100)
$76,976,040
$7,364,118)
Class Z
 
 
 
 
Shares sold
17,947,816
28,776,748
$150,148,371
$272,875,410
Reinvestment of distributions
56,409
5,969
502,041
50,000
Shares redeemed
(3,811,522)
(27,917,700)
(31,174,409)
(262,044,938)
Net increase (decrease)
14,192,703
865,017
$119,476,003
$10,880,472
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
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.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Value Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Value Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® International Value Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 887.30
 
$ 6.18
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
Class M
 
 
 
1.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 885.20
 
$ 7.37
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.39
 
$ 7.88
Class C
 
 
 
2.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 883.20
 
$ 9.73
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.87
 
$ 10.41
Fidelity® International Value Fund
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 888.50
 
$ 5.00
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
Class I
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 887.60
 
$ 5.00
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
Class Z
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 888.60
 
$ 4.28
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.67
 
$ 4.58
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
Class A designates 92%; Class M designates 99%; Class C designates 100%; International Value designates 87%; Class I designates 88%; and Class Z designates 86%; of the dividends distributed in December during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity International Value Fund
 
 
 
Class A
12/06/21
$0.4236
$0.0416
Class M
12/06/21
$0.3926
$0.0416
Class C
12/06/21
$0.3126
$0.0416
International Value
12/06/21
$0.4466
$0.0416
Class I
12/06/21
$0.4416
$0.0416
Class Z
12/06/21
$0.4526
$0.0416
 
 
 
 
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity International Value Fund  
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity International Value Fund
 
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
 
Fidelity International Value Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.  
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the total expense ratio of the representative class (retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.30%, 1.55%, 2.05%, 1.05%, 0.90%, and 1.05% through February 28, 2023.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.827482.116
FIV-ANN-1222
Fidelity® International Growth Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-32.14%
1.73%
5.37%
Class M (incl.3.50% sales charge)    
-30.70%
1.91%
5.31%
Class C    
(incl. contingent deferred sales charge)
 
-29.28%
2.14%
5.35%
Fidelity® International Growth Fund
-27.79%
3.23%
6.30%
Class I
-27.78%
3.24%
6.32%
Class Z
-27.68%
3.37%
6.45%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Growth Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Growth Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Jed Weiss:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -29% to -28%, largely outperforming the -29.48% result of the benchmark MSCI EAFE Growth Index. By region, non-benchmark exposure to the U.S. and security selection in Europe ex U.K., primarily driven by France, contributed most to the fund's relative result this period. By sector, the top contributors to performance versus the benchmark were stock picks and an underweighting in consumer discretionary. Strong investment choices among information technology stocks, especially in the software & services industry, also helped. Further boosting the portfolio's relative result was security selection in materials. A non-benchmark position in Linde was the fund's top individual relative contributor, driven by a result of roughly -6%. This was among the portfolio's biggest holdings on October 31. The portfolio's out-of-benchmark stake in Marsh & McLennan, one of our largest holdings, returned -2%. Avoiding Sea, a benchmark component that returned about -86%, bolstered relative performance as well. In contrast, an underweighting and stock picks in Japan and Asia Pacific ex Japan - namely Australia - hindered the fund's relative return. By sector, the largest detractor from performance versus the benchmark was an overweighting in information technology. Smaller-than-benchmark exposure and picks among health care firms, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's relative performance. An underweighting in consumer staples, especially within the food, beverage & tobacco industry, pressured performance as well. The portfolio's biggest individual relative detractor was an overweighting in Recruit Holdings, which returned -53% the past year and was among our largest holdings. Another notable relative detractor this period was avoiding Novo-Nordisk, a benchmark component that gained 1%. Further holding back performance was an outsized stake in ASML Holding, which returned approximately -41% and was another of the fund's biggest holdings. Notable geographic changes in positioning include a higher allocation to France and the U.K. By sector, meaningful shifts include greater exposure to consumer discretionary and materials stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
5.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
4.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
4.6
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
4.6
 
Linde PLC  (Germany, Chemicals)
3.6
 
Marsh & McLennan Companies, Inc.  (United States of America, Insurance)
3.2
 
Keyence Corp.  (Japan, Electronic Equipment & Components)
3.0
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
2.5
 
Amadeus IT Holding SA Class A (Spain, IT Services)
2.5
 
Recruit Holdings Co. Ltd.  (Japan, Professional Services)
2.3
 
 
36.8
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
27.0
 
Information Technology
21.2
 
Financials
13.2
 
Consumer Discretionary
9.7
 
Health Care
9.6
 
Materials
7.2
 
Consumer Staples
6.3
 
Communication Services
2.8
 
Energy
1.0
 
Real Estate
0.5
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 79.8%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 98.2%
 
 
Shares
Value ($)
 
Bailiwick of Jersey - 1.6%
 
 
 
Experian PLC
 
1,925,500
61,395,099
Belgium - 0.7%
 
 
 
Azelis Group NV
 
542,793
12,423,376
UCB SA
 
179,600
13,546,014
TOTAL BELGIUM
 
 
25,969,390
Canada - 3.4%
 
 
 
CAE, Inc. (a)
 
1,208,300
23,060,007
Canadian Pacific Railway Ltd.
 
997,600
74,368,742
Franco-Nevada Corp.
 
263,780
32,592,276
TOTAL CANADA
 
 
130,021,025
Denmark - 0.9%
 
 
 
Vestas Wind Systems A/S
 
1,729,400
34,092,815
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
456,700
18,699,948
France - 9.8%
 
 
 
Edenred SA
 
836,979
42,978,428
Lectra
 
336,961
10,789,255
Legrand SA
 
785,300
59,843,555
LVMH Moet Hennessy Louis Vuitton SE
 
277,100
174,848,685
Safran SA
 
727,600
81,032,802
TOTAL FRANCE
 
 
369,492,725
Germany - 5.6%
 
 
 
Deutsche Borse AG
 
350,500
56,998,229
Linde PLC
 
449,979
134,585,958
Vonovia SE
 
949,910
21,003,096
TOTAL GERMANY
 
 
212,587,283
Hong Kong - 2.5%
 
 
 
AIA Group Ltd.
 
10,988,000
83,231,837
Hong Kong Exchanges and Clearing Ltd.
 
437,500
11,612,833
TOTAL HONG KONG
 
 
94,844,670
India - 1.8%
 
 
 
Housing Development Finance Corp. Ltd.
 
1,013,378
30,234,851
Kotak Mahindra Bank Ltd.
 
863,600
19,842,039
Reliance Industries Ltd.
 
320,000
9,855,907
Reliance Industries Ltd. sponsored GDR (b)
 
140,900
8,601,945
TOTAL INDIA
 
 
68,534,742
Ireland - 1.7%
 
 
 
CRH PLC sponsored ADR (c)
 
1,811,366
65,589,563
Italy - 1.4%
 
 
 
Interpump Group SpA
 
625,126
24,204,651
Prada SpA
 
6,053,900
27,571,538
TOTAL ITALY
 
 
51,776,189
Japan - 13.2%
 
 
 
Azbil Corp.
 
1,601,470
43,565,326
FANUC Corp.
 
209,700
27,439,587
Hoya Corp.
 
786,700
73,408,403
Keyence Corp.
 
302,148
114,442,149
Lasertec Corp.
 
319,800
44,935,397
Misumi Group, Inc.
 
2,323,985
49,700,880
OSG Corp.
 
682,400
8,687,469
Recruit Holdings Co. Ltd.
 
2,788,800
85,814,637
SHO-BOND Holdings Co. Ltd.
 
630,200
27,294,045
USS Co. Ltd.
 
1,546,600
23,371,399
TOTAL JAPAN
 
 
498,659,292
Kenya - 0.5%
 
 
 
Safaricom Ltd.
 
85,504,800
17,685,789
Netherlands - 8.0%
 
 
 
Aalberts Industries NV
 
225,000
7,822,493
Airbus Group NV
 
783,500
84,777,659
ASML Holding NV (Netherlands)
 
386,900
181,489,823
IMCD NV
 
226,600
29,402,987
TOTAL NETHERLANDS
 
 
303,492,962
New Zealand - 0.3%
 
 
 
Auckland International Airport Ltd. (a)
 
2,554,140
11,434,323
Norway - 0.6%
 
 
 
Adevinta ASA Class B (a)
 
1,400,258
9,589,932
Schibsted ASA (B Shares)
 
826,300
12,263,972
TOTAL NORWAY
 
 
21,853,904
South Africa - 0.3%
 
 
 
Clicks Group Ltd.
 
575,738
9,755,615
Spain - 3.1%
 
 
 
Amadeus IT Holding SA Class A (a)
 
1,778,300
92,747,777
Cellnex Telecom SA (b)
 
722,003
23,631,346
TOTAL SPAIN
 
 
116,379,123
Sweden - 6.1%
 
 
 
ASSA ABLOY AB (B Shares)
 
3,939,911
79,555,003
Atlas Copco AB (A Shares) (c)
 
8,874,000
94,714,454
Epiroc AB (A Shares) (c)
 
3,324,900
50,899,092
Lagercrantz Group AB (B Shares)
 
429,100
3,682,319
TOTAL SWEDEN
 
 
228,850,868
Switzerland - 10.7%
 
 
 
Nestle SA (Reg. S)
 
1,961,649
213,542,762
Roche Holding AG (participation certificate)
 
525,513
174,364,261
Schindler Holding AG:
 
 
 
 (participation certificate)
 
81,338
13,260,527
 (Reg.)
 
18,350
2,888,061
TOTAL SWITZERLAND
 
 
404,055,611
Taiwan - 1.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,458,000
41,532,198
United Kingdom - 5.7%
 
 
 
BAE Systems PLC
 
3,500,000
32,737,495
Compass Group PLC
 
3,703,000
77,991,944
Dechra Pharmaceuticals PLC
 
431,600
12,967,923
InterContinental Hotel Group PLC ADR (c)
 
626,970
34,383,035
Rightmove PLC
 
4,078,500
22,966,831
Spectris PLC
 
993,957
34,424,071
TOTAL UNITED KINGDOM
 
 
215,471,299
United States of America - 18.7%
 
 
 
Alphabet, Inc. Class A (a)
 
214,720
20,293,187
Autoliv, Inc.
 
379,469
30,490,334
Lam Research Corp.
 
41,166
16,663,173
Marsh & McLennan Companies, Inc.
 
741,351
119,720,773
MasterCard, Inc. Class A
 
199,300
65,406,274
Moody's Corp.
 
194,500
51,517,215
MSCI, Inc.
 
155,800
73,048,388
NICE Ltd. sponsored ADR (a)
 
277,700
52,732,453
NOV, Inc.
 
910,000
20,384,000
Otis Worldwide Corp.
 
305,000
21,545,200
PriceSmart, Inc.
 
191,886
12,274,947
ResMed, Inc.
 
382,400
85,539,056
S&P Global, Inc.
 
159,200
51,143,000
Sherwin-Williams Co.
 
181,700
40,887,951
Visa, Inc. Class A
 
219,160
45,401,186
TOTAL UNITED STATES OF AMERICA
 
 
707,047,137
 
TOTAL COMMON STOCKS
  (Cost $3,055,313,916)
 
 
 
3,709,221,570
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $6,992,915)
 
63,819
10,020,859
 
 
 
 
Money Market Funds - 1.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
21,702,459
21,706,800
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
34,810,217
34,813,698
 
TOTAL MONEY MARKET FUNDS
  (Cost $56,519,785)
 
 
56,520,498
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $3,118,826,616)
 
 
 
3,775,762,927
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(897,224)
NET ASSETS - 100.0%
3,774,865,703
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $32,233,291 or 0.9% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,020,859 or 0.3% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
6,992,915
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
127,214,961
784,555,575
890,063,736
886,163
-
-
21,706,800
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
70,248,753
641,355,599
676,790,654
177,440
-
-
34,813,698
0.1%
Total
197,463,714
1,425,911,174
1,566,854,390
1,063,603
-
-
56,520,498
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
106,431,057
59,832,880
46,598,177
-
Consumer Discretionary
368,656,935
115,816,306
252,840,629
-
Consumer Staples
235,573,324
22,030,562
213,542,762
-
Energy
38,841,852
38,841,852
-
-
Financials
497,349,165
345,506,266
151,842,899
-
Health Care
359,825,657
185,461,396
174,364,261
-
Industrials
1,017,094,907
306,092,761
711,002,146
-
Information Technology
800,810,688
430,084,634
360,705,195
10,020,859
Materials
273,655,748
273,655,748
-
-
Real Estate
21,003,096
-
21,003,096
-
  Money Market Funds
56,520,498
56,520,498
-
-
 Total Investments in Securities:
3,775,762,927
1,833,842,903
1,931,899,165
10,020,859
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $32,918,686) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,062,306,831)
 
$3,719,242,429
 
 
Fidelity Central Funds (cost $56,519,785)
 
56,520,498
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,118,826,616)
 
 
$
3,775,762,927
Foreign currency held at value (cost $2,303,341)
 
 
 
2,292,359
Receivable for investments sold
 
 
 
33,593,254
Receivable for fund shares sold
 
 
 
2,937,808
Dividends receivable
 
 
 
3,354,217
Reclaims receivable
 
 
 
10,577,295
Distributions receivable from Fidelity Central Funds
 
 
 
125,757
Prepaid expenses
 
 
 
6,394
  Total assets
 
 
 
3,828,650,011
Liabilities
 
 
 
 
Payable for investments purchased
 
$8,378,224
 
 
Payable for fund shares redeemed
 
6,514,763
 
 
Accrued management fee
 
2,595,998
 
 
Distribution and service plan fees payable
 
70,448
 
 
Other affiliated payables
 
582,919
 
 
Other payables and accrued expenses
 
828,961
 
 
Collateral on securities loaned
 
34,812,995
 
 
  Total Liabilities
 
 
 
53,784,308
Net Assets  
 
 
$
3,774,865,703
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,069,945,003
Total accumulated earnings (loss)
 
 
 
704,920,700
Net Assets
 
 
$
3,774,865,703
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($157,489,773 ÷ 10,577,276 shares) (a)
 
 
$
14.89
Maximum offering price per share (100/94.25 of $14.89)
 
 
$
15.80
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($26,250,325 ÷ 1,775,156 shares) (a)
 
 
$
14.79
Maximum offering price per share (100/96.50 of $14.79)
 
 
$
15.33
Class C :
 
 
 
 
Net Asset Value and offering price per share ($33,574,802 ÷ 2,342,165 shares) (a)
 
 
$
14.33
International Growth :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,194,441,759 ÷ 79,369,637 shares)
 
 
$
15.05
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,373,849,856 ÷ 91,534,800 shares)
 
 
$
15.01
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($989,259,188 ÷ 65,727,861 shares)
 
 
$
15.05
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
65,023,883
Income from Fidelity Central Funds (including $177,440 from security lending)
 
 
 
1,063,603
 Income before foreign taxes withheld
 
 
 
66,087,486
Less foreign taxes withheld
 
 
 
(5,636,348)
 Total Income
 
 
 
60,451,138
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
31,014,398
 
 
 Performance adjustment
 
5,688,467
 
 
Transfer agent fees
 
6,343,629
 
 
Distribution and service plan fees
 
1,096,374
 
 
Accounting fees
 
1,519,544
 
 
Custodian fees and expenses
 
308,535
 
 
Independent trustees' fees and expenses
 
16,011
 
 
Registration fees
 
258,740
 
 
Audit
 
78,176
 
 
Legal
 
6,231
 
 
Miscellaneous
 
21,285
 
 
 Total expenses before reductions
 
46,351,390
 
 
 Expense reductions
 
(150,380)
 
 
 Total expenses after reductions
 
 
 
46,201,010
Net Investment income (loss)
 
 
 
14,250,128
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $9,469)
 
86,142,556
 
 
 Foreign currency transactions
 
(309,841)
 
 
Total net realized gain (loss)
 
 
 
85,832,715
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $877,671)  
 
(1,634,527,918)
 
 
 Assets and liabilities in foreign currencies
 
(1,148,574)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,635,676,492)
Net gain (loss)
 
 
 
(1,549,843,777)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,535,593,649)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
14,250,128
$
4,242,975
Net realized gain (loss)
 
85,832,715
 
 
264,105,804
 
Change in net unrealized appreciation (depreciation)
 
(1,635,676,492)
 
1,069,199,466
 
Net increase (decrease) in net assets resulting from operations
 
(1,535,593,649)
 
 
1,337,548,245
 
Distributions to shareholders
 
(105,083,685)
 
 
(6,966,212)
 
Share transactions - net increase (decrease)
 
(1,611,089)
 
 
(198,851,542)
 
Total increase (decrease) in net assets
 
(1,642,288,423)
 
 
1,131,730,491
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,417,154,126
 
4,285,423,635
 
End of period
$
3,774,865,703
$
5,417,154,126
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Growth Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.04
$
16.06
$
15.03
$
12.47
$
13.34
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
- C
 
(.04)
 
(.01)
 
.15
 
.09
     Net realized and unrealized gain (loss)
 
(5.80)
 
5.02
 
1.16
 
2.48
 
(.90)
  Total from investment operations
 
(5.80)  
 
4.98  
 
1.15  
 
2.63  
 
(.81)
  Distributions from net investment income
 
(.03)
 
-
 
(.12)
 
(.07)
 
(.04)
  Distributions from net realized gain
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.35)
 
-
 
(.12)
 
(.07)
 
(.06)
  Net asset value, end of period
$
14.89
$
21.04
$
16.06
$
15.03
$
12.47
 Total Return   D,E
 
(28.00)%
 
31.01%
 
7.66%
 
21.25%
 
(6.12)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.30%
 
1.28%
 
1.30%
 
1.28%
 
1.24%
    Expenses net of fee waivers, if any
 
1.30%
 
1.28%
 
1.30%
 
1.28%
 
1.23%
    Expenses net of all reductions
 
1.30%
 
1.28%
 
1.29%
 
1.27%
 
1.22%
    Net investment income (loss)
 
.02%
 
(.20)%
 
(.08)%
 
1.14%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
157,490
$
232,527
$
174,561
$
164,247
$
138,802
    Portfolio turnover rate 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 Amount represents less than $.005 per share.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.92
$
16.01
$
14.99
$
12.43
$
13.30
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.04)
 
(.09)
 
(.06)
 
.11
 
.05
     Net realized and unrealized gain (loss)
 
(5.77)
 
5.00
 
1.15
 
2.48
 
(.90)
  Total from investment operations
 
(5.81)  
 
4.91  
 
1.09  
 
2.59  
 
(.85)
  Distributions from net investment income
 
-
 
-
 
(.07)
 
(.03)
 
(.01)
  Distributions from net realized gain
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.32)
 
-
 
(.07)
 
(.03)
 
(.02) C
  Net asset value, end of period
$
14.79
$
20.92
$
16.01
$
14.99
$
12.43
 Total Return   D,E
 
(28.18)%
 
30.67%
 
7.27%
 
20.92%
 
(6.40)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.57%
 
1.55%
 
1.59%
 
1.58%
 
1.54%
    Expenses net of fee waivers, if any
 
1.57%
 
1.55%
 
1.59%
 
1.58%
 
1.53%
    Expenses net of all reductions
 
1.57%
 
1.55%
 
1.58%
 
1.58%
 
1.52%
    Net investment income (loss)
 
(.25)%
 
(.48)%
 
(.37)%
 
.83%
 
.34%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,250
$
38,761
$
30,353
$
28,534
$
26,479
    Portfolio turnover rate 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 Total distributions per share do not sum due to rounding.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.39
$
15.68
$
14.68
$
12.20
$
13.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.13)
 
(.18)
 
(.13)
 
.05
 
(.01)
     Net realized and unrealized gain (loss)
 
(5.61)
 
4.89
 
1.13
 
2.43
 
(.89)
  Total from investment operations
 
(5.74)  
 
4.71  
 
1.00  
 
2.48  
 
(.90)
  Distributions from net realized gain
 
(.32)
 
-
 
-
 
-
 
-
     Total distributions
 
(.32)
 
-
 
-
 
-
 
-
  Net asset value, end of period
$
14.33
$
20.39
$
15.68
$
14.68
$
12.20
 Total Return   C,D
 
(28.58)%
 
30.04%
 
6.81%
 
20.33%
 
(6.87)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.07%
 
2.05%
 
2.07%
 
2.04%
 
1.99%
    Expenses net of fee waivers, if any
 
2.06%
 
2.05%
 
2.07%
 
2.04%
 
1.99%
    Expenses net of all reductions
 
2.06%
 
2.05%
 
2.06%
 
2.03%
 
1.98%
    Net investment income (loss)
 
(.74)%
 
(.97)%
 
(.85)%
 
.38%
 
(.11)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
33,575
$
58,867
$
55,013
$
57,291
$
60,489
    Portfolio turnover rate G
 
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 Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Total returns do not include the effect of the contingent deferred sales charge.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® International Growth Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.26
$
16.20
$
15.16
$
12.57
$
13.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05
 
.02
 
.03
 
.19
 
.13
     Net realized and unrealized gain (loss)
 
(5.85)
 
5.06
 
1.17
 
2.51
 
(.92)
  Total from investment operations
 
(5.80)  
 
5.08  
 
1.20  
 
2.70  
 
(.79)
  Distributions from net investment income
 
(.09)
 
(.02)
 
(.16)
 
(.11)
 
(.08)
  Distributions from net realized gain
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.41)
 
(.02)
 
(.16)
 
(.11)
 
(.09) C
  Net asset value, end of period
$
15.05
$
21.26
$
16.20
$
15.16
$
12.57
 Total Return   D
 
(27.79)%
 
31.38%
 
7.93%
 
21.66%
 
(5.89)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01%
 
.99%
 
1.01%
 
.99%
 
.95%
    Expenses net of fee waivers, if any
 
1.01%
 
.99%
 
1.01%
 
.99%
 
.95%
    Expenses net of all reductions
 
1.01%
 
.99%
 
1.00%
 
.99%
 
.94%
    Net investment income (loss)
 
.31%
 
.09%
 
.21%
 
1.42%
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,194,442
$
1,773,433
$
1,292,392
$
1,040,532
$
811,101
    Portfolio turnover rate G
 
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 Total distributions per share do not sum due to rounding.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.20
$
16.16
$
15.13
$
12.55
$
13.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05
 
.01
 
.03
 
.20
 
.13
     Net realized and unrealized gain (loss)
 
(5.83)
 
5.05
 
1.16
 
2.49
 
(.91)
  Total from investment operations
 
(5.78)  
 
5.06  
 
1.19  
 
2.69  
 
(.78)
  Distributions from net investment income
 
(.09)
 
(.02)
 
(.16)
 
(.11)
 
(.09)
  Distributions from net realized gain
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.41)
 
(.02)
 
(.16)
 
(.11)
 
(.10) C
  Net asset value, end of period
$
15.01
$
21.20
$
16.16
$
15.13
$
12.55
 Total Return   D
 
(27.78)%
 
31.36%
 
7.90%
 
21.64%
 
(5.83)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02%
 
1.00%
 
1.01%
 
.97%
 
.93%
    Expenses net of fee waivers, if any
 
1.02%
 
1.00%
 
1.01%
 
.97%
 
.93%
    Expenses net of all reductions
 
1.02%
 
1.00%
 
1.00%
 
.97%
 
.92%
    Net investment income (loss)
 
.30%
 
.07%
 
.21%
 
1.44%
 
.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,373,850
$
2,035,690
$
1,382,837
$
953,360
$
660,961
    Portfolio turnover rate G
 
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 Total distributions per share do not sum due to rounding.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.25
$
16.19
$
15.16
$
12.57
$
13.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.04
 
.05
 
.22
 
.15
     Net realized and unrealized gain (loss)
 
(5.85)
 
5.06
 
1.16
 
2.50
 
(.91)
  Total from investment operations
 
(5.77)  
 
5.10  
 
1.21  
 
2.72  
 
(.76)
  Distributions from net investment income
 
(.11)
 
(.04)
 
(.18)
 
(.13)
 
(.10)
  Distributions from net realized gain
 
(.32)
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.43)
 
(.04)
 
(.18)
 
(.13)
 
(.12)
  Net asset value, end of period
$
15.05
$
21.25
$
16.19
$
15.16
$
12.57
 Total Return   C
 
(27.68)%
 
31.55%
 
8.01%
 
21.85%
 
(5.71)%
 Ratios to Average Net Assets A,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89%
 
.87%
 
.88%
 
.84%
 
.80%
    Expenses net of fee waivers, if any
 
.89%
 
.87%
 
.88%
 
.84%
 
.80%
    Expenses net of all reductions
 
.89%
 
.87%
 
.87%
 
.84%
 
.79%
    Net investment income (loss)
 
.43%
 
.20%
 
.34%
 
1.57%
 
1.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
989,259
$
1,277,877
$
1,350,267
$
1,082,899
$
556,558
    Portfolio turnover rate F
 
22%
 
21%
 
23%
 
21%
 
34%
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than   .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$   977,369,557
Gross unrealized depreciation
(333,660,893)
Net unrealized appreciation (depreciation)
$    643,708,664
Tax Cost
$3,132,054,263
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$8,718,742
Undistributed long-term capital gain
$54,017,833
Net unrealized appreciation (depreciation) on securities and other investments
$642,836,722
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$   23,472,059
$6,966,212
Long-term Capital Gains
81,611,626
-
Total
$       105,083,685
$6,966,212
 
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
974,699,561
991,019,558
 
 
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .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%
$475,730
$11,569
Class M
.25%
.25%
159,332
436
Class C
.75%
.25%
461,312
37,953
 
 
 
$1,096,374
  $49,958
 
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
$45,870
Class M
3,254
Class C A
560
 
$49,684
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$386,250
.20
Class M
71,518
.22
Class C
99,948
.22
International Growth
2,406,210
.16
Class I
2,910,795
.17
Class Z
468,908
.04
 
$6,343,629
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Growth Fund
.03
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Growth Fund
$1,841
 
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
51,599,575
45,593,152
1,366,611
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity International Growth Fund
1,006
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Growth Fund
$8,073
 
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
$19,069
$-
$-
 
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 $182. 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 $150,198.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity International Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$3,874,293
$-
Class M
584,059
-
Class C
921,429
-
International Growth
34,022,956
1,609,059
Class I
39,437,200
2,023,232
Class Z
26,243,748
3,333,921
Total   
$105,083,685
$6,966,212
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity International Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
1,571,011
2,385,837
$27,633,662
$46,164,018
Reinvestment of distributions
192,594
-
3,867,288
-
Shares redeemed
(2,239,322)
(2,203,020)
(38,758,166)
(42,705,074)
Net increase (decrease)
(475,717)
182,817
$(7,257,216)
$3,458,944
Class M
 
 
 
 
Shares sold
182,229
258,454
$   3,218,457
$   4,902,416
Reinvestment of distributions
29,196
-
583,619
-
Shares redeemed
(289,342)
(301,262)
(4,956,089)
(5,742,842)
Net increase (decrease)
(77,917)
(42,808)
$(1,154,013)
$(840,426)
Class C
 
 
 
 
Shares sold
235,265
395,788
$   4,302,683
$   7,361,117
Reinvestment of distributions
47,271
-
919,894
-
Shares redeemed
(828,106)
(1,016,374)
(13,580,412)
(19,296,231)
Net increase (decrease)
(545,570)
(620,586)
$       (8,357,835)
$    (11,935,114)
International Growth
 
 
 
 
Shares sold
16,241,408
22,536,813
$   290,344,779
$   438,331,710
Reinvestment of distributions
1,547,748
82,672
31,326,431
1,489,742
Shares redeemed
(21,846,639)
(18,982,578)
(372,519,642)
(366,283,627)
Net increase (decrease)
(4,057,483)
3,636,907
$    (50,848,432)
$       73,537,825
Class I
 
 
 
 
Shares sold
27,427,945
30,921,252
$   483,250,347
$   598,549,169
Reinvestment of distributions
1,891,163
107,536
38,182,588
1,933,497
Shares redeemed
(33,802,275)
(20,585,127)
(571,344,966)
(404,458,678)
Net increase (decrease)
(4,483,167)
10,443,661
$    (49,912,031)
$    196,023,988
Class Z
 
 
 
 
Shares sold
45,989,188
15,802,092
$   767,374,148
$   310,522,031
Reinvestment of distributions
542,351
105,898
10,966,334
1,906,164
Shares redeemed
(40,926,928)
(39,162,372)
(662,422,044)
(771,524,954)
Net increase (decrease)
5,604,611
(23,254,382)
$115,918,438
$   (459,096,759)
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
12. 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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® International Growth Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.29%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 892.70
 
$ 6.15
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.70
 
$ 6.56
Class M
 
 
 
1.56%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 892.00
 
$ 7.44
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.34
 
$ 7.93
Class C
 
 
 
2.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 889.00
 
$ 9.76
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.87
 
$ 10.41
Fidelity® International Growth Fund
 
 
 
1.00%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 894.20
 
$ 4.77
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.16
 
$ 5.09
Class I
 
 
 
1.00%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 894.00
 
$ 4.77
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.16
 
$ 5.09
Class Z
 
 
 
.87%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 894.80
 
$ 4.16
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.82
 
$ 4.43
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2022, $86,405,831, or, if subsequently determined to be different, the net capital gain of such year.
 
Class A designates 33%; International Growth designates 17%, Class I designates 18%, and Class Z designates 15%, of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
Class A, International Growth, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity International Growth Fund
 
 
 
Class A
12/06/21
$0.0620
$0.0280
Class M
12/06/21
$0.0000
$0.0000
Class C
12/06/21
$0.0000
$0.0000
International Growth
12/06/21
$0.1190
$0.0280
Class I
12/06/21
$0.1170
$0.0280
Class Z
12/06/21
$0.1390
$0.0280
 
 
 
 
 
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
 
Fidelity International Growth Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity International Growth Fund
 
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
 
Fidelity International Growth Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the total expense ratio of the representative class (retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and above the ASPG competitive median for the 12-month period ended September 30, 2021. The Board considered that, in general, various factors can affect total expense ratios. The ASPG for the retail class is composed of funds/classes with varied types of servicing, which makes them not directly comparable. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule.  The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.  
 
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 renewed.
 
1.912350.112
IGF-ANN-1222
Fidelity's Broadly Diversified International Equity Funds
 
Fidelity® Diversified International Fund
Fidelity® International Capital Appreciation Fund
Fidelity® Overseas Fund
Fidelity® Worldwide Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Diversified International Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® International Capital Appreciation Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Overseas Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Worldwide Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Diversified International Fund
-29.36%
1.05%
5.14%
Class K
-29.31%
1.15%
5.27%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Fidelity® Diversified International Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Bill Bower:
For the fiscal year ending October 31, 2022, the fund's share classes returned about -29%, underperforming the -22.84% result of the benchmark MSCI EAFE Index (Net MA). By region, stock picks in Europe ex U.K. and Japan hurt the fund's performance relative to its benchmark. By sector, security selection in health care notably detracted, particularly in the pharmaceuticals, biotechnology & life sciences industry. Security selection in communication services and an overweighting in information technology also hurt. Not owning Shell, a benchmark component that gained about 25%, was one of the fund's largest individual relative detractors. A second notable relative detractor was our outsized position in Schibsted (-69%), a position that was sold the past 12 months. Avoiding TotalEnergies, a benchmark component that gained roughly 15%, also hurt relative performance. Conversely, non-benchmark allocations to Canada and the U.S. contributed meaningfully to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was an underweighting in real estate. Stock selection and an overweighting in energy and an underweighting in consumer discretionary moderately lifted the fund's relative result. Lastly, the fund's non-benchmark position in cash was a notable contributor. Canadian National Resources, the fund's top individual contributor, rose about 49% this period. This was among the biggest holdings as of October 31. Another notable contributor this period was an out-of-benchmark stake in Schlumberger. The fund's shares in Schlumberger gained 64% the past 12 months.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Diversified International Fund
Top Holdings (% of Fund's net assets)
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
3.4
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.1
 
ASML Holding NV  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
Hoya Corp.  (Japan, Health Care Equipment & Supplies)
2.0
 
Canadian Natural Resources Ltd.  (Canada, Oil, Gas & Consumable Fuels)
1.8
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.7
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.6
 
Linde PLC  (Germany, Chemicals)
1.6
 
HDFC Bank Ltd.  (India, Banks)
1.4
 
 
21.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
19.9
 
Financials
19.5
 
Information Technology
14.7
 
Health Care
13.5
 
Consumer Discretionary
7.9
 
Consumer Staples
6.6
 
Materials
5.9
 
Energy
5.7
 
Communication Services
1.2
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 90.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Diversified International Fund
Showing Percentage of Net Assets     
Common Stocks - 95.0%
 
 
Shares
Value ($)
 
Australia - 0.5%
 
 
 
Aristocrat Leisure Ltd.
 
947,269
22,461,477
Lynas Rare Earths Ltd. (a)
 
3,850,257
20,515,265
TOTAL AUSTRALIA
 
 
42,976,742
Bailiwick of Jersey - 2.8%
 
 
 
Experian PLC
 
1,275,361
40,665,238
Ferguson PLC
 
685,681
74,780,836
Glencore PLC
 
14,615,567
83,792,123
WPP PLC
 
4,550,961
40,049,143
TOTAL BAILIWICK OF JERSEY
 
 
239,287,340
Belgium - 0.9%
 
 
 
KBC Group NV
 
1,602,413
80,306,144
Bermuda - 0.5%
 
 
 
Hiscox Ltd.
 
4,169,663
42,997,672
Canada - 6.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
511,660
22,909,869
Canadian Natural Resources Ltd. (b)
 
2,585,447
155,067,989
Canadian Pacific Railway Ltd.
 
375,191
27,947,978
Constellation Software, Inc.
 
52,456
75,848,754
Fairfax India Holdings Corp. (a)(c)
 
1,504,837
14,085,274
First Quantum Minerals Ltd.
 
2,202,729
38,853,142
Franco-Nevada Corp.
 
388,261
47,972,969
GFL Environmental, Inc. (b)
 
1,252,383
33,801,817
Imperial Oil Ltd.
 
727,480
39,573,929
Thomson Reuters Corp.
 
343,179
36,498,114
Tourmaline Oil Corp. (b)
 
1,550,051
87,335,791
TOTAL CANADA
 
 
579,895,626
Cayman Islands - 0.9%
 
 
 
Anta Sports Products Ltd.
 
2,972,907
26,132,450
GlobalFoundries, Inc.
 
505,973
28,688,669
Li Ning Co. Ltd.
 
4,536,367
23,463,021
TOTAL CAYMAN ISLANDS
 
 
78,284,140
China - 0.3%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
156,555
28,805,557
Curacao - 1.2%
 
 
 
Schlumberger Ltd.
 
1,936,829
100,773,213
Cyprus - 0.0%
 
 
 
Sunrisemezz Ltd. (a)
 
703,914
56,973
Denmark - 1.7%
 
 
 
Carlsberg A/S Series B
 
74,553
8,778,295
DSV A/S
 
651,231
88,164,212
Novo Nordisk A/S Series B
 
417,151
45,357,354
TOTAL DENMARK
 
 
142,299,861
France - 9.8%
 
 
 
Air Liquide SA
 
141,238
18,475,874
AXA SA
 
1,785,199
44,085,324
BNP Paribas SA
 
2,012,200
94,359,948
Capgemini SA
 
661,414
108,399,702
Dassault Systemes SA
 
754,970
25,305,672
Edenred SA
 
374,395
19,224,985
EssilorLuxottica SA
 
512,001
81,134,693
Legrand SA
 
711,222
54,198,463
LVMH Moet Hennessy Louis Vuitton SE
 
316,200
199,520,586
Pernod Ricard SA
 
551,591
96,866,013
Sartorius Stedim Biotech
 
84,177
26,719,960
Teleperformance
 
272,103
72,954,141
TOTAL FRANCE
 
 
841,245,361
Germany - 7.4%
 
 
 
Allianz SE
 
552,218
99,346,512
Bayer AG
 
627,684
33,004,299
Brenntag SE
 
380,706
23,099,852
Deutsche Borse AG
 
452,001
73,504,298
Deutsche Post AG
 
1,898,585
67,114,653
Hannover Reuck SE
 
316,976
51,623,853
Linde PLC
 
470,248
140,648,291
Merck KGaA
 
384,425
62,647,875
SAP SE
 
108,685
10,461,244
Siemens Healthineers AG (c)
 
891,621
40,847,458
Symrise AG
 
271,048
27,666,563
Synlab AG
 
370,833
4,775,179
TOTAL GERMANY
 
 
634,740,077
Greece - 0.1%
 
 
 
Piraeus Financial Holdings SA (a)
 
4,927,400
6,077,140
Hong Kong - 2.3%
 
 
 
AIA Group Ltd.
 
18,928,905
143,382,557
Chervon Holdings Ltd.
 
2,681,614
9,035,905
Hong Kong Exchanges and Clearing Ltd.
 
400,805
10,638,815
Techtronic Industries Co. Ltd.
 
3,627,101
34,344,180
TOTAL HONG KONG
 
 
197,401,457
India - 4.1%
 
 
 
Axis Bank Ltd.
 
3,656,800
40,022,479
HDFC Bank Ltd. (a)
 
6,527,794
118,465,810
Housing Development Finance Corp. Ltd.
 
2,637,447
78,690,101
Kotak Mahindra Bank Ltd.
 
1,413,305
32,472,040
Reliance Industries Ltd.
 
2,809,246
86,523,962
TOTAL INDIA
 
 
356,174,392
Indonesia - 1.0%
 
 
 
PT Bank Central Asia Tbk
 
76,178,463
42,979,354
PT Bank Rakyat Indonesia (Persero) Tbk
 
147,183,214
43,878,951
TOTAL INDONESIA
 
 
86,858,305
Ireland - 2.1%
 
 
 
Aon PLC
 
254,317
71,587,692
Flutter Entertainment PLC (a)
 
90,809
12,059,384
ICON PLC (a)
 
228,842
45,274,101
Kingspan Group PLC (Ireland)
 
719,131
36,315,810
Ryanair Holdings PLC sponsored ADR (a)
 
281,638
19,402,042
TOTAL IRELAND
 
 
184,639,029
Isle of Man - 0.2%
 
 
 
Entain PLC
 
1,406,682
20,349,882
Italy - 0.7%
 
 
 
FinecoBank SpA
 
3,477,480
46,875,492
Reply SpA
 
109,508
11,915,163
TOTAL ITALY
 
 
58,790,655
Japan - 15.6%
 
 
 
Daikin Industries Ltd.
 
262,520
39,322,131
FUJIFILM Holdings Corp.
 
1,352,791
62,037,606
Fujitsu Ltd.
 
162,664
18,715,881
Hitachi Ltd.
 
2,382,278
108,303,570
Hoya Corp.
 
1,820,498
169,873,969
Itochu Corp.
 
2,891,421
74,845,014
Keyence Corp.
 
254,522
96,403,235
Minebea Mitsumi, Inc.
 
4,569,318
67,727,744
Misumi Group, Inc.
 
1,708,598
36,540,177
Nomura Research Institute Ltd.
 
1,236,030
27,472,875
Olympus Corp.
 
1,953,638
41,255,075
ORIX Corp.
 
5,493,508
80,724,402
Persol Holdings Co. Ltd.
 
2,362,999
47,452,268
Recruit Holdings Co. Ltd.
 
880,840
27,104,477
Relo Group, Inc.
 
1,754,741
24,805,579
Seven & i Holdings Co. Ltd.
 
1,104,239
41,219,447
Shin-Etsu Chemical Co. Ltd.
 
847,397
88,069,933
SMC Corp.
 
168,275
67,545,967
Sony Group Corp.
 
1,468,978
99,060,033
Suzuki Motor Corp.
 
530,521
17,910,592
TIS, Inc.
 
2,205,009
59,538,728
Tokyo Electron Ltd.
 
204,669
53,847,722
TOTAL JAPAN
 
 
1,349,776,425
Korea (South) - 0.7%
 
 
 
Samsung Electronics Co. Ltd.
 
1,512,110
62,928,659
Luxembourg - 0.9%
 
 
 
B&M European Value Retail SA
 
12,048,270
44,573,500
Eurofins Scientific SA
 
573,354
36,705,455
TOTAL LUXEMBOURG
 
 
81,278,955
Netherlands - 7.1%
 
 
 
Adyen BV (a)(c)
 
19,975
28,516,300
Airbus Group NV
 
791,141
85,604,444
Argenx SE (a)
 
90,852
35,273,343
ASML Holding NV
 
467,695
220,948,472
IMCD NV
 
509,448
66,104,559
NXP Semiconductors NV
 
405,334
59,211,191
Wolters Kluwer NV
 
1,057,843
112,434,206
TOTAL NETHERLANDS
 
 
608,092,515
Spain - 1.7%
 
 
 
Amadeus IT Holding SA Class A (a)
 
184,156
9,604,712
Banco Santander SA (Spain) (b)
 
7,514,673
19,471,957
CaixaBank SA
 
10,418,650
34,548,713
Cellnex Telecom SA (c)
 
930,657
30,460,646
Industria de Diseno Textil SA (b)
 
2,135,614
48,415,341
TOTAL SPAIN
 
 
142,501,369
Sweden - 2.4%
 
 
 
Hexagon AB (B Shares)
 
5,767,302
57,014,950
Indutrade AB
 
3,624,020
63,462,691
Investor AB (B Shares)
 
4,300,089
70,242,732
Kry International AB (a)(d)(e)
 
2,651
464,107
Nibe Industrier AB (B Shares)
 
586,652
4,681,017
Nordnet AB
 
789,719
9,798,890
TOTAL SWEDEN
 
 
205,664,387
Switzerland - 8.5%
 
 
 
Julius Baer Group Ltd.
 
289,337
13,882,063
Lonza Group AG
 
26,238
13,506,908
Nestle SA (Reg. S)
 
2,466,368
268,485,866
Roche Holding AG (participation certificate)
 
879,960
291,969,131
Sika AG
 
286,411
64,578,757
Sonova Holding AG
 
210,118
49,667,879
Zurich Insurance Group Ltd.
 
80,855
34,458,296
TOTAL SWITZERLAND
 
 
736,548,900
Taiwan - 0.9%
 
 
 
ECLAT Textile Co. Ltd.
 
654,000
8,607,398
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,095,340
67,418,177
TOTAL TAIWAN
 
 
76,025,575
United Kingdom - 9.1%
 
 
 
AstraZeneca PLC (United Kingdom)
 
759,085
89,065,107
BAE Systems PLC
 
9,084,379
84,971,375
Beazley PLC
 
3,323,063
23,799,000
Big Yellow Group PLC
 
1,695,753
21,897,204
Compass Group PLC
 
3,120,549
65,724,462
Diageo PLC
 
2,450,382
100,839,384
Harbour Energy PLC
 
4,130,496
17,900,567
JD Sports Fashion PLC
 
19,033,441
21,268,765
Lloyds Banking Group PLC
 
94,144,825
45,214,743
Prudential PLC
 
2,679,630
24,892,882
RELX PLC (Euronext N.V.)
 
5,264,067
141,656,294
Rentokil Initial PLC
 
11,162,563
69,655,628
S4 Capital PLC (a)
 
5,397,874
10,876,325
Smith & Nephew PLC
 
2,075,946
24,531,277
Standard Chartered PLC (United Kingdom)
 
2,680,705
15,992,157
Starling Bank Ltd. Series D (a)(d)(e)
 
8,636,400
27,929,910
TOTAL UNITED KINGDOM
 
 
786,215,080
United States of America - 4.9%
 
 
 
Alphabet, Inc. Class C (a)
 
302,732
28,656,611
Booking Holdings, Inc. (a)
 
12,796
23,921,866
IQVIA Holdings, Inc. (a)
 
209,514
43,928,800
Kosmos Energy Ltd. (a)
 
621,268
4,032,029
Marsh & McLennan Companies, Inc.
 
474,453
76,619,415
Marvell Technology, Inc.
 
1,275,033
50,593,309
MasterCard, Inc. Class A
 
163,275
53,583,590
NICE Ltd. sponsored ADR (a)
 
319,426
60,655,803
ResMed, Inc.
 
60,138
13,452,269
S&P Global, Inc.
 
212,326
68,209,728
TOTAL UNITED STATES OF AMERICA
 
 
423,653,420
 
TOTAL COMMON STOCKS
  (Cost $6,657,693,633)
 
 
 
8,194,644,851
 
 
 
 
Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.5%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (d)(e)
 
79,275
9,684,826
United States of America - 0.4%
 
 
 
Wasabi Holdings, Inc. Series C (a)(d)(e)
 
2,976,172
34,374,787
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
44,059,613
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
15,316
2,681,349
 
TOTAL PREFERRED STOCKS
  (Cost $59,932,348)
 
 
 
46,740,962
 
 
 
 
Money Market Funds - 6.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
378,091,944
378,167,562
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
172,592,911
172,610,171
 
TOTAL MONEY MARKET FUNDS
  (Cost $550,776,776)
 
 
550,777,733
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.9%
  (Cost $7,268,402,757)
 
 
 
8,792,163,546
NET OTHER ASSETS (LIABILITIES) - (1.9)%  
(164,789,078)
NET ASSETS - 100.0%
8,627,374,468
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $113,909,678 or 1.3% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $75,134,979 or 0.9% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 3.10%
329,160,542
1,589,755,166
1,540,748,146
4,144,944
17,328
(17,328)
378,167,562
0.8%
Fidelity Securities Lending Cash Central Fund 3.10%
119,807,250
1,307,091,053
1,254,288,132
651,191
-
-
172,610,171
0.5%
Total
448,967,792
2,896,846,219
2,795,036,278
4,796,135
17,328
(17,328)
550,777,733
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
110,042,725
39,532,936
70,509,789
-
Consumer Discretionary
676,879,449
257,849,699
384,654,963
34,374,787
Consumer Staples
567,904,431
148,581,439
419,322,992
-
Energy
491,207,480
491,207,480
-
-
Financials
1,681,221,317
836,205,302
817,086,105
27,929,910
Health Care
1,148,990,132
512,787,380
636,202,752
-
Industrials
1,706,698,898
1,113,072,490
593,626,408
-
Information Technology
1,281,165,681
956,469,216
311,866,183
12,830,282
Materials
530,572,917
247,989,667
282,583,250
-
Real Estate
46,702,783
46,702,783
-
-
  Money Market Funds
550,777,733
550,777,733
-
-
 Total Investments in Securities:
8,792,163,546
5,201,176,125
3,515,852,442
75,134,979
Fidelity® Diversified International Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $161,286,927) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,717,625,981)
 
$8,241,385,813
 
 
Fidelity Central Funds (cost $550,776,776)
 
550,777,733
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,268,402,757)
 
 
$
8,792,163,546
Cash
 
 
 
56,774
Foreign currency held at value (cost $2,327,171)
 
 
 
2,542,709
Receivable for investments sold
 
 
 
15,693,746
Receivable for fund shares sold
 
 
 
3,094,325
Dividends receivable
 
 
 
13,520,337
Reclaims receivable
 
 
 
31,127,991
Distributions receivable from Fidelity Central Funds
 
 
 
1,036,276
Prepaid expenses
 
 
 
14,643
Other receivables
 
 
 
1,276,066
  Total assets
 
 
 
8,860,526,413
Liabilities
 
 
 
 
Payable for investments purchased
 
$26,323,549
 
 
Payable for fund shares redeemed
 
10,543,954
 
 
Accrued management fee
 
5,497,950
 
 
Other affiliated payables
 
1,163,737
 
 
Deferred taxes
 
15,674,593
 
 
Other payables and accrued expenses
 
1,337,991
 
 
Collateral on securities loaned
 
172,610,171
 
 
  Total Liabilities
 
 
 
233,151,945
Net Assets  
 
 
$
8,627,374,468
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,078,910,310
Total accumulated earnings (loss)
 
 
 
1,548,464,158
Net Assets
 
 
$
8,627,374,468
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Diversified International :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($7,230,515,461 ÷ 212,750,613 shares)
 
 
$
33.99
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,396,859,007 ÷ 41,153,553 shares)
 
 
$
33.94
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
220,419,291
Foreign Tax Reclaims
 
 
 
15,219,175
Income from Fidelity Central Funds (including $651,191 from security lending)
 
 
 
4,796,135
 Income before foreign taxes withheld
 
 
 
240,434,601
Less foreign taxes withheld
 
 
 
(39,468,363)
 Total Income
 
 
 
200,966,238
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
73,185,225
 
 
 Performance adjustment
 
18,017,292
 
 
Transfer agent fees
 
14,502,574
 
 
Accounting fees
 
1,793,287
 
 
Custodian fees and expenses
 
1,076,157
 
 
Independent trustees' fees and expenses
 
40,207
 
 
Registration fees
 
206,372
 
 
Audit
 
127,349
 
 
Legal
 
13,973
 
 
Miscellaneous
 
55,140
 
 
 Total expenses before reductions
 
109,017,576
 
 
 Expense reductions
 
(370,820)
 
 
 Total expenses after reductions
 
 
 
108,646,756
Net Investment income (loss)
 
 
 
92,319,482
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $5,626,473)
 
668,945,188
 
 
   Fidelity Central Funds
 
17,328
 
 
 Foreign currency transactions
 
(3,699,569)
 
 
Total net realized gain (loss)
 
 
 
665,262,947
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $11,924,424)  
 
(4,722,481,239)
 
 
   Fidelity Central Funds
 
(17,328)
 
 
 Assets and liabilities in foreign currencies
 
(3,890,607)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(4,726,389,174)
Net gain (loss)
 
 
 
(4,061,126,227)
Net increase (decrease) in net assets resulting from operations
 
 
$
(3,968,806,745)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
92,319,482
$
51,343,548
Net realized gain (loss)
 
665,262,947
 
 
1,760,068,284
 
Change in net unrealized appreciation (depreciation)
 
(4,726,389,174)
 
1,940,356,322
 
Net increase (decrease) in net assets resulting from operations
 
(3,968,806,745)
 
 
3,751,768,154
 
Distributions to shareholders
 
(1,395,065,915)
 
 
(149,529,825)
 
Share transactions - net increase (decrease)
 
(845,248,874)
 
 
(1,946,201,266)
 
Total increase (decrease) in net assets
 
(6,209,121,534)
 
 
1,656,037,063
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
14,836,496,002
 
13,180,458,939
 
End of period
$
8,627,374,468
$
14,836,496,002
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Diversified International Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
53.38
$
41.61
$
38.67
$
35.72
$
41.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.16
 
.10
 
.50
 
.50
     Net realized and unrealized gain (loss)
 
(14.58)
 
12.07
 
3.37
 
4.77
 
(4.05)
  Total from investment operations
 
(14.25)  
 
12.23  
 
3.47  
 
5.27  
 
(3.55)
  Distributions from net investment income
 
(.57)
 
(.02)
 
(.53)
 
(.43)
 
(.43)
  Distributions from net realized gain
 
(4.57)
 
(.45)
 
-
 
(1.89)
 
(1.69)
     Total distributions
 
(5.14)
 
(.46) C
 
(.53)
 
(2.32)
 
(2.12)
  Net asset value, end of period
$
33.99
$
53.38
$
41.61
$
38.67
$
35.72
 Total Return   D
 
(29.36)%
 
29.58%
 
9.07%
 
16.02%
 
(9.05)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.99%
 
1.01%
 
1.05%
 
.75%
 
.81%
    Expenses net of fee waivers, if any
 
.99%
 
1.01%
 
1.05%
 
.75%
 
.80%
    Expenses net of all reductions
 
.99%
 
1.01%
 
1.04%
 
.75%
 
.79%
    Net investment income (loss)
 
.80%
 
.32%
 
.26%
 
1.42%
 
1.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,230,515
$
11,529,722
$
9,419,192
$
8,734,682
$
9,275,299
    Portfolio turnover rate G,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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Diversified International Fund Class K
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
53.32
$
41.56
$
38.61
$
35.68
$
41.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.21
 
.15
 
.55
 
.55
     Net realized and unrealized gain (loss)
 
(14.58)
 
12.06
 
3.37
 
4.74
 
(4.05)
  Total from investment operations
 
(14.20)  
 
12.27  
 
3.52  
 
5.29  
 
(3.50)
  Distributions from net investment income
 
(.62)
 
(.06)
 
(.57)
 
(.47)
 
(.48)
  Distributions from net realized gain
 
(4.57)
 
(.45)
 
-
 
(1.89)
 
(1.69)
     Total distributions
 
(5.18) C
 
(.51)
 
(.57)
 
(2.36)
 
(2.17)
  Net asset value, end of period
$
33.94
$
53.32
$
41.56
$
38.61
$
35.68
 Total Return   D
 
(29.31)%
 
29.71%
 
9.22%
 
16.14%
 
(8.95)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88%
 
.91%
 
.94%
 
.63%
 
.69%
    Expenses net of fee waivers, if any
 
.88%
 
.91%
 
.94%
 
.63%
 
.69%
    Expenses net of all reductions
 
.88%
 
.91%
 
.93%
 
.63%
 
.67%
    Net investment income (loss)
 
.91%
 
.42%
 
.38%
 
1.54%
 
1.39%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,396,859
$
3,306,774
$
3,761,267
$
4,246,651
$
4,998,889
    Portfolio turnover rate G,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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Diversified International Fund
$1,108,802
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, deferred trustees compensation and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,105,043,960
Gross unrealized depreciation
(655,536,167)
Net unrealized appreciation (depreciation)
$1,449,507,793
Tax Cost
$7,342,655,753
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$33,273,903
Undistributed long-term capital gain
$86,135,323
Net unrealized appreciation (depreciation) on securities and other investments
$1,445,609,239
 
The tax character of distributions paid was as follows:
 
October 31, 2022
October 31, 2021
Ordinary Income
$156,793,723
$9,270,617
Long-term Capital Gains
1,238,272,192
140,259,208
Total
$1,395,065,915
$149,529,825
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Diversified International Fund
2,162,369,529
3,345,852,397
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Diversified International Fund
26,571,800
431,418,900
1,092,083,654
Diversified International and Class K
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Diversified International Fund
12,120,689
302,712,975
611,863,014
Diversified International and Class K
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 Diversified International as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Diversified International
$13,631,646
.15
Class K
870,928
.04
 
$14,502,574
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
% of Average Net Assets
Fidelity Diversified International Fund
.02
 
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
$7,288
 
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
54,199,769
107,577,115
8,799,174
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
Amount ($)
Fidelity Diversified International Fund
4,196
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 Diversified International Fund
$20,241
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
$70,042
$-
$-
 
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,048.
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 $369,772.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Diversified International Fund
 
 
Distributions to shareholders
 
 
Diversified International
$1,090,192,506
$104,309,903
Class K
304,873,409
45,219,922
Total   
$1,395,065,915
$149,529,825
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Diversified International Fund
 
 
 
 
Diversified International
 
 
 
 
Shares sold
48,845,163
22,494,237
$1,865,951,127
$1,111,665,577
Reinvestment of distributions
20,838,853
2,044,541
979,217,736
94,191,973
Shares redeemed
(72,908,948)
(34,915,913)
(2,840,874,254)
(1,720,243,591)
Net increase (decrease)
(3,224,932)
(10,377,135)
$4,294,609
$(514,386,041)
Class K
 
 
 
 
Shares sold
7,508,397
13,530,019
$   323,341,358
$662,274,443
Reinvestment of distributions
6,500,350
983,393
304,736,401
45,206,563
Shares redeemed
(34,873,914)
(42,999,587)
(1,477,621,242)
(2,139,296,231)
Net increase (decrease)
(20,865,167)
(28,486,175)
$(849,543,483)
$(1,431,815,225)
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
19%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Diversified International Fund
24%
 
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.
 
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® International Capital Appreciation Fund
-30.97%
2.48%
7.12%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Capital Appreciation Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® International Capital Appreciation Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Sammy Simnegar:
For the fiscal year ending October 31, 2022, the fund returned -30.97%, trailing the -24.61% result of the benchmark MSCI All Country World ex USA Index. By region, security selection in Europe ex U.K. - notably, France and Switzerland - and the U.K. hurt the fund's relative result most this period. By sector, the largest detractors from performance versus the benchmark were an overweighting and picks in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices and an underweighting in financials, along with smaller-than-benchmark exposure to energy stocks, hampered the portfolio's relative result as well. The fund's biggest individual relative detractor was an outsized stake in Kingspan Group, which returned -56% the past 12 months. An outsized stake in Evolution, which returned roughly -45% and was no longer held at period end, also hurt. Further weighing on performance was our overweighting in Recruit Holdings, which returned about -48%. In contrast, an underweighting in emerging markets, especially China, and an overweighting in Europe ex U.K., specifically France, contributed most to the fund's relative return. By sector, the top contributors to performance versus the benchmark were an underweighting and stock picks in consumer discretionary. Smaller-than-benchmark exposure to communication services companies, primarily in the media & entertainment industry, helped as well. Further lifting the portfolio's relative performance was an overweighting in health care, particularly within the pharmaceuticals, biotechnology & life sciences industry. Lastly, the fund's position in cash was a notable contributor. Not owning Alibaba Group Holding, a benchmark component that returned about -63%, was the largest individual relative contributor the past 12 months. Our second-largest relative contributor was avoiding Tencent Holdings, a benchmark component that returned -56%. The portfolio's outsized stake in Wolters Kluwer (+3%) also proved beneficial. Notable changes in positioning include a higher allocation to the U.K. and Switzerland. By sector, meaningful shifts include greater exposure to health care and consumer discretionary firms.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® International Capital Appreciation Fund
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.7
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.5
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.5
 
Keyence Corp.  (Japan, Electronic Equipment & Components)
2.2
 
L'Oreal SA  (France, Personal Products)
2.2
 
Canadian Pacific Railway Ltd.  (Canada, Road & Rail)
2.1
 
Hermes International SCA  (France, Textiles, Apparel & Luxury Goods)
2.0
 
 
24.5
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
28.8
 
Industrials
20.9
 
Health Care
14.5
 
Consumer Discretionary
11.7
 
Financials
10.5
 
Consumer Staples
7.1
 
Materials
5.3
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 84.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® International Capital Appreciation Fund
Showing Percentage of Net Assets     
Common Stocks - 98.8%
 
 
Shares
Value ($)
 
Canada - 9.1%
 
 
 
Canadian National Railway Co.
 
612,512
72,565,374
Canadian Pacific Railway Ltd.
 
1,087,188
81,047,318
Constellation Software, Inc.
 
47,719
68,999,289
Thomson Reuters Corp.
 
643,947
68,485,691
Waste Connections, Inc. (Canada) (a)
 
436,747
57,644,128
TOTAL CANADA
 
 
348,741,800
Denmark - 4.3%
 
 
 
DSV A/S
 
509,932
69,035,032
Novo Nordisk A/S Series B
 
868,112
94,390,912
TOTAL DENMARK
 
 
163,425,944
France - 15.0%
 
 
 
Capgemini SA
 
390,700
64,032,155
Dassault Systemes SA
 
1,916,644
64,243,565
Hermes International SCA
 
60,171
77,927,560
Kering SA
 
134,660
61,669,071
L'Oreal SA
 
262,500
82,426,153
LVMH Moet Hennessy Louis Vuitton SE
 
164,745
103,953,254
Sartorius Stedim Biotech
 
187,253
59,438,952
Teleperformance
 
221,579
59,408,039
TOTAL FRANCE
 
 
573,098,749
Germany - 1.5%
 
 
 
Nemetschek SE
 
1,205,800
57,627,317
India - 3.7%
 
 
 
HDFC Bank Ltd. (b)
 
4,029,464
73,126,345
Infosys Ltd. sponsored ADR
 
3,587,700
67,197,621
TOTAL INDIA
 
 
140,323,966
Ireland - 4.9%
 
 
 
Accenture PLC Class A
 
221,961
63,014,728
Kingspan Group PLC (Ireland)
 
1,158,571
58,507,343
Linde PLC
 
220,621
65,601,654
TOTAL IRELAND
 
 
187,123,725
Japan - 6.9%
 
 
 
Hoya Corp.
 
703,558
65,650,272
Keyence Corp.
 
217,667
82,443,965
Recruit Holdings Co. Ltd.
 
1,860,400
57,246,683
Tokyo Electron Ltd.
 
218,698
57,538,704
TOTAL JAPAN
 
 
262,879,624
Luxembourg - 1.5%
 
 
 
Eurofins Scientific SA
 
909,368
58,216,680
Netherlands - 7.7%
 
 
 
ASM International NV (Netherlands)
 
247,144
54,905,165
ASML Holding NV (Netherlands)
 
209,554
98,299,091
Ferrari NV (Italy)
 
362,663
71,501,141
Wolters Kluwer NV
 
666,342
70,823,018
TOTAL NETHERLANDS
 
 
295,528,415
Sweden - 3.6%
 
 
 
Atlas Copco AB (A Shares)
 
6,954,540
74,227,570
Hexagon AB (B Shares)
 
6,395,405
63,224,311
TOTAL SWEDEN
 
 
137,451,881
Switzerland - 10.2%
 
 
 
Compagnie Financiere Richemont SA Series A
 
698,710
68,287,413
Givaudan SA
 
20,808
62,132,042
Nestle SA (Reg. S)
 
1,061,778
115,583,881
Partners Group Holding AG
 
77,700
69,789,165
Sika AG
 
329,375
74,266,101
TOTAL SWITZERLAND
 
 
390,058,602
Taiwan - 2.7%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
8,536,000
102,521,355
United Kingdom - 13.0%
 
 
 
AstraZeneca PLC (United Kingdom)
 
801,900
94,088,685
Compass Group PLC
 
3,133,400
65,995,127
Diageo PLC
 
1,818,981
74,855,644
Halma PLC
 
2,517,600
61,063,935
London Stock Exchange Group PLC
 
758,900
65,783,006
RELX PLC (London Stock Exchange)
 
2,509,209
67,398,595
Rentokil Initial PLC
 
10,961,797
68,402,826
TOTAL UNITED KINGDOM
 
 
497,587,818
United States of America - 14.7%
 
 
 
Danaher Corp.
 
244,494
61,531,805
Marsh & McLennan Companies, Inc.
 
420,299
67,874,086
Moody's Corp.
 
240,667
63,745,468
NICE Ltd. sponsored ADR (b)
 
334,330
63,485,924
NVIDIA Corp.
 
445,776
60,166,387
S&P Global, Inc.
 
192,519
61,846,729
Thermo Fisher Scientific, Inc.
 
121,254
62,320,918
Visa, Inc. Class A
 
293,300
60,760,028
Zoetis, Inc. Class A
 
392,735
59,216,583
TOTAL UNITED STATES OF AMERICA
 
 
560,947,928
 
TOTAL COMMON STOCKS
  (Cost $3,494,429,581)
 
 
 
3,775,533,804
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
44,799,794
44,808,754
Fidelity Securities Lending Cash Central Fund 3.10% (c)(d)
 
10,586,991
10,588,050
 
TOTAL MONEY MARKET FUNDS
  (Cost $55,396,804)
 
 
55,396,804
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
  (Cost $3,549,826,385)
 
 
 
3,830,930,608
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(7,667,175)
NET ASSETS - 100.0%
3,823,263,433
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
115,699,173
1,945,135,607
2,016,026,026
362,918
-
-
44,808,754
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
-
685,971,838
675,383,788
182,631
-
-
10,588,050
0.0%
Total
115,699,173
2,631,107,445
2,691,409,814
545,549
-
-
55,396,804
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
449,333,566
149,428,701
299,904,865
-
Consumer Staples
272,865,678
-
272,865,678
-
Financials
402,164,799
263,255,448
138,909,351
-
Health Care
554,854,807
366,375,210
188,479,597
-
Industrials
804,791,617
537,515,943
267,275,674
-
Information Technology
1,089,523,540
639,664,359
449,859,181
-
Materials
201,999,797
127,733,696
74,266,101
-
  Money Market Funds
55,396,804
55,396,804
-
-
 Total Investments in Securities:
3,830,930,608
2,139,370,161
1,691,560,447
-
Fidelity® International Capital Appreciation Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,005,190) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,494,429,581)
 
$3,775,533,804
 
 
Fidelity Central Funds (cost $55,396,804)
 
55,396,804
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,549,826,385)
 
 
$
3,830,930,608
Foreign currency held at value (cost $587,062)
 
 
 
587,005
Receivable for investments sold
 
 
 
180,576
Receivable for fund shares sold
 
 
 
1,071,957
Dividends receivable
 
 
 
2,834,005
Reclaims receivable
 
 
 
5,833,857
Distributions receivable from Fidelity Central Funds
 
 
 
97,324
Prepaid expenses
 
 
 
6,490
Other receivables
 
 
 
1,881,254
  Total assets
 
 
 
3,843,423,076
Liabilities
 
 
 
 
Payable for investments purchased
 
1,335,045
 
 
Payable for fund shares redeemed
 
3,283,817
 
 
Accrued management fee
 
2,568,203
 
 
Other affiliated payables
 
651,709
 
 
Deferred taxes
 
1,538,744
 
 
Other payables and accrued expenses
 
194,075
 
 
Collateral on securities loaned
 
10,588,050
 
 
  Total Liabilities
 
 
 
20,159,643
Net Assets  
 
 
$
3,823,263,433
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,970,257,516
Total accumulated earnings (loss)
 
 
 
(146,994,083)
Net Assets
 
 
$
3,823,263,433
Net Asset Value , offering price and redemption price per share ($3,823,263,433 ÷ 195,982,579 shares)
 
 
$
19.51
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
56,982,044
Foreign Tax Reclaims
 
 
 
3,513,446
Income from Fidelity Central Funds (including $182,631 from security lending)
 
 
 
545,549
 Income before foreign taxes withheld
 
 
 
61,041,039
Less foreign taxes withheld
 
 
 
(9,376,772)
 Total Income
 
 
 
51,664,267
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
32,222,623
 
 
 Performance adjustment
 
5,150,567
 
 
Transfer agent fees
 
7,332,652
 
 
Accounting fees
 
1,526,883
 
 
Custodian fees and expenses
 
414,808
 
 
Independent trustees' fees and expenses
 
16,710
 
 
Registration fees
 
248,776
 
 
Audit
 
99,174
 
 
Legal
 
8,045
 
 
Interest
 
51,422
 
 
Miscellaneous
 
21,939
 
 
 Total expenses before reductions
 
47,093,599
 
 
 Expense reductions
 
(155,392)
 
 
 Total expenses after reductions
 
 
 
46,938,207
Net Investment income (loss)
 
 
 
4,726,060
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $2,484,647)
 
(421,871,350)
 
 
 Foreign currency transactions
 
(91,521)
 
 
Total net realized gain (loss)
 
 
 
(421,962,871)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $5,879,612)  
 
(1,404,004,071)
 
 
 Assets and liabilities in foreign currencies
 
(867,372)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,404,871,443)
Net gain (loss)
 
 
 
(1,826,834,314)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,822,108,254)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,726,060
$
(4,589,070)
Net realized gain (loss)
 
(421,962,871)
 
 
558,318,284
 
Change in net unrealized appreciation (depreciation)
 
(1,404,871,443)
 
692,652,495
 
Net increase (decrease) in net assets resulting from operations
 
(1,822,108,254)
 
 
1,246,381,709
 
Distributions to shareholders
 
(482,951,298)
 
 
(66,059,567)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,823,528,638
 
1,217,696,177
  Reinvestment of distributions
 
405,305,190
 
 
56,261,510
 
Cost of shares redeemed
 
(1,952,267,374)
 
(1,116,865,992)
  Net increase (decrease) in net assets resulting from share transactions
 
276,566,454
 
 
157,091,695
 
Total increase (decrease) in net assets
 
(2,028,493,098)
 
 
1,337,413,837
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,851,756,531
 
4,514,342,694
 
End of period
$
3,823,263,433
$
5,851,756,531
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
78,948,065
 
42,651,879
  Issued in reinvestment of distributions
 
14,830,047
 
 
2,109,542
 
Redeemed
 
(87,008,238)
 
(39,288,434)
Net increase (decrease)
 
6,769,874
 
5,472,987
 
 
 
 
 
 
 
Financial Highlights
Fidelity® International Capital Appreciation Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.93
$
24.57
$
22.41
$
18.84
$
21.06
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
(.02)
 
.06
 
.17 C
 
.11
     Net realized and unrealized gain (loss)
 
(8.86)
 
6.74
 
2.86
 
3.93
 
(1.63)
  Total from investment operations
 
(8.84)  
 
6.72  
 
2.92  
 
4.10  
 
(1.52)
  Distributions from net investment income
 
-
 
(.05)
 
(.13)
 
(.08)
 
(.07)
  Distributions from net realized gain
 
(2.58)
 
(.31)
 
(.62)
 
(.45)
 
(.63)
     Total distributions
 
(2.58)
 
(.36)
 
(.76) D
 
(.53)
 
(.70)
  Net asset value, end of period
$
19.51
$
30.93
$
24.57
$
22.41
$
18.84
 Total Return   E
 
(30.97)%
 
27.56%
 
13.35%
 
22.45%
 
(7.51)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.99%
 
1.00%
 
1.03%
 
1.01%
 
1.06%
    Expenses net of fee waivers, if any
 
.98%
 
1.00%
 
1.03%
 
1.01%
 
1.06%
    Expenses net of all reductions
 
.98%
 
1.00%
 
.99%
 
1.00%
 
1.01%
    Net investment income (loss)
 
.10%
 
(.08)%
 
.25%
 
.81% C
 
.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,823,263
$
5,851,757
$
4,514,343
$
3,480,765
$
2,165,082
    Portfolio turnover rate H
 
112% I
 
141%
 
135%
 
131% I
 
157% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, 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
$581,484,073
Gross unrealized depreciation
(341,697,235)
Net unrealized appreciation (depreciation)
$239,786,838
Tax Cost
$3,591,143,770
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$1,585,564
Capital loss carryforward
$(385,881,335)
Net unrealized appreciation (depreciation) on securities and other investments
$238,840,431
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(385,881,335)             
Total capital loss carryforward
$(385,881,335)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$136,649,011
$   8,931,998
Long-term Capital Gains
346,302,287
57,127,569
Total
$482,951,298
$66,059,567
 
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
  5,303,244,816
  5,495,541,223
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity International Capital Appreciation Fund
237,890
2,446,488
6,501,540
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .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.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
% of Average Net Assets
Fidelity International Capital Appreciation Fund
.03
 
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
$12,505
 
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
$   21,460,696
1.49%
$49,710
 
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
  432,991,453
  336,098,784
  (25,136,888)
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
$8,444
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
$   19,738
$-
$-
 
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Capital Appreciation Fund
$13,891,600
.89%
$1,712
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $105.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $155,287.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity International Capital Appreciation Fund
37%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Capital Appreciation Fund
41%
 
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.
 
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Overseas Fund
-30.12%
1.17%
6.37%
Class K
-30.04%
1.28%
6.50%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Overseas Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Fidelity® Overseas Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Vincent Montemaggiore:
For the fiscal year ending October 31, 2022, the fund's share classes returned about -30%, underperforming the -22.84% result of the benchmark MSCI EAFE Index (Net MA). By region, stock picks and an overweighting in Europe ex U.K. and positioning in Japan and the U.K. detracted from the fund's relative result. By sector, the primary detractor from performance versus the benchmark was our security selection in health care, especially within the pharmaceuticals, biotechnology & life sciences industry. Stock selection and an overweighting in industrials and an overweighting in information technology also hurt. Our biggest individual relative detractor was an out-of-benchmark position in AddLife (-77%). Our second-largest relative detractor this period was avoiding Shell, a benchmark component that gained roughly 25%. Another notable relative detractor was an outsized stake in Kingspan Group (-56%). Conversely, stock picks and an underweighting in Germany contributed to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our stock picks in information technology. An underweighting and stock selection in consumer discretionary and an underweighting in real estate also moderately bolstered the fund's relative result. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributor was an overweight position in Wolters Kluwer (+3%). Wolters Kluwer was among our largest holdings. Also bolstering performance was our overweighting in TotalEnergies, which gained about 14%. TotalEnergies was among the fund's biggest holdings. Another top relative contributor was an out-of-benchmark investment in Marsh & McLennan (-2%). Notable changes in positioning include increased exposure to Switzerland and a lower allocation to Sweden. By sector, meaningful changes in positioning include decreased exposure to information technology and a higher allocation to financials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Overseas Fund
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.5
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
2.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.8
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
2.5
 
Diageo PLC  (United Kingdom, Beverages)
2.1
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.9
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.7
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
1.6
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.6
 
 
23.1
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.7
 
Financials
20.7
 
Health Care
14.7
 
Information Technology
13.6
 
Consumer Discretionary
9.4
 
Consumer Staples
7.0
 
Materials
4.7
 
Energy
2.5
 
Real Estate
1.2
 
Communication Services
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 89.3%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Overseas Fund
Showing Percentage of Net Assets     
Common Stocks - 96.2%
 
 
Shares
Value ($)
 
Bailiwick of Jersey - 2.4%
 
 
 
Experian PLC
 
2,051,300
65,406,267
Ferguson PLC
 
709,900
77,422,177
JTC PLC (a)
 
2,649,000
21,234,734
TOTAL BAILIWICK OF JERSEY
 
 
164,063,178
Belgium - 0.9%
 
 
 
Azelis Group NV
 
593,600
13,586,240
KBC Group NV
 
881,590
44,181,552
TOTAL BELGIUM
 
 
57,767,792
Bermuda - 0.5%
 
 
 
Hiscox Ltd.
 
2,935,313
30,269,023
Canada - 1.5%
 
 
 
Constellation Software, Inc.
 
67,900
98,180,006
Topicus.Com, Inc. (b)
 
122,288
6,346,212
TOTAL CANADA
 
 
104,526,218
Denmark - 1.5%
 
 
 
DSV A/S
 
743,000
100,587,978
Finland - 1.0%
 
 
 
Nordea Bank ABP
 
7,207,600
68,882,545
France - 17.0%
 
 
 
Air Liquide SA
 
665,629
87,073,435
ALTEN
 
508,056
59,396,814
Antin Infrastructure Partners SA
 
198,900
4,328,316
BNP Paribas SA
 
1,392,200
65,285,717
Capgemini SA
 
596,433
97,749,911
Edenred SA
 
1,981,079
101,727,357
EssilorLuxottica SA (c)
 
615,613
97,553,661
LVMH Moet Hennessy Louis Vuitton SE
 
305,263
192,619,395
Pernod Ricard SA
 
543,800
95,497,820
Safran SA
 
806,100
89,775,346
Teleperformance
 
358,366
96,082,306
TotalEnergies SE (c)
 
3,088,544
168,490,474
TOTAL FRANCE
 
 
1,155,580,552
Germany - 6.8%
 
 
 
Allianz SE
 
440,901
79,320,081
Brenntag SE
 
769,300
46,678,320
Deutsche Borse AG
 
552,491
89,845,958
Hannover Reuck SE
 
478,200
77,881,374
Merck KGaA
 
608,900
99,229,475
Siemens Healthineers AG (a)
 
1,518,300
69,557,240
TOTAL GERMANY
 
 
462,512,448
Hong Kong - 1.7%
 
 
 
AIA Group Ltd.
 
14,487,000
109,736,042
Chervon Holdings Ltd.
 
699,700
2,357,693
TOTAL HONG KONG
 
 
112,093,735
India - 1.1%
 
 
 
HDFC Bank Ltd. (b)
 
4,271,000
77,509,718
Ireland - 3.8%
 
 
 
Flutter Entertainment PLC (b)
 
305,074
40,513,656
ICON PLC (b)
 
320,300
63,368,152
Kingspan Group PLC (Ireland)
 
1,061,200
53,590,149
Linde PLC
 
348,000
103,477,800
TOTAL IRELAND
 
 
260,949,757
Italy - 2.5%
 
 
 
FinecoBank SpA
 
4,669,000
62,936,860
GVS SpA (a)(b)
 
528,100
2,708,634
Moncler SpA
 
900,200
38,867,614
Recordati SpA
 
1,654,330
62,174,929
TOTAL ITALY
 
 
166,688,037
Japan - 10.6%
 
 
 
BayCurrent Consulting, Inc.
 
598,000
16,850,735
Capcom Co. Ltd.
 
968,300
26,992,189
FUJIFILM Holdings Corp.
 
1,095,800
50,252,263
Hoya Corp.
 
1,032,700
96,363,109
Iriso Electronics Co. Ltd.
 
501,900
14,581,580
Misumi Group, Inc.
 
1,737,300
37,154,000
NOF Corp.
 
941,400
32,415,132
Olympus Corp.
 
3,892,000
82,187,565
Persol Holdings Co. Ltd.
 
2,299,400
46,175,113
Relo Group, Inc.
 
1,741,700
24,621,227
SMC Corp.
 
142,300
57,119,543
Sony Group Corp.
 
1,451,400
97,874,667
Suzuki Motor Corp.
 
1,456,500
49,171,996
TIS, Inc.
 
1,542,800
41,658,038
Tokyo Electron Ltd.
 
184,200
48,462,397
TOTAL JAPAN
 
 
721,879,554
Kenya - 0.3%
 
 
 
Safaricom Ltd.
 
99,329,800
20,545,348
Luxembourg - 0.9%
 
 
 
Eurofins Scientific SA
 
915,300
58,596,440
Netherlands - 7.0%
 
 
 
ASM International NV (Netherlands)
 
224,300
49,830,174
ASML Holding NV (Netherlands)
 
374,400
175,626,234
Euronext NV (a)
 
634,980
40,349,471
IMCD NV
 
622,424
80,764,011
Wolters Kluwer NV
 
1,201,600
127,713,604
TOTAL NETHERLANDS
 
 
474,283,494
Spain - 1.2%
 
 
 
Amadeus IT Holding SA Class A (b)
 
1,543,657
80,509,900
Sweden - 4.9%
 
 
 
Addlife AB
 
2,778,272
25,967,981
AddTech AB (B Shares)
 
3,841,696
46,485,037
Atlas Copco AB (A Shares)
 
7,226,144
77,126,468
Hexagon AB (B Shares)
 
8,094,542
80,021,804
Indutrade AB
 
4,506,101
78,909,415
Kry International AB (b)(d)(e)
 
2,787
487,916
Nordnet AB
 
1,707,563
21,187,564
TOTAL SWEDEN
 
 
330,186,185
Switzerland - 13.5%
 
 
 
Compagnie Financiere Richemont SA Series A
 
978,040
95,587,328
Julius Baer Group Ltd.
 
1,245,264
59,746,362
Nestle SA (Reg. S)
 
2,196,520
239,110,529
Partners Group Holding AG
 
68,620
61,633,623
Roche Holding AG (participation certificate)
 
581,708
193,009,661
Sika AG
 
432,452
97,507,473
Sonova Holding AG
 
300,391
71,006,691
Zurich Insurance Group Ltd.
 
238,210
101,518,899
TOTAL SWITZERLAND
 
 
919,120,566
Taiwan - 0.4%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,221,000
26,675,249
United Kingdom - 9.8%
 
 
 
BAE Systems PLC
 
6,230,700
58,279,288
Beazley PLC
 
4,246,600
30,413,155
Compass Group PLC
 
5,462,298
115,045,973
Dechra Pharmaceuticals PLC
 
970,795
29,168,662
Diageo PLC
 
3,517,300
144,745,744
Diploma PLC
 
1,567,295
44,682,715
RELX PLC (London Stock Exchange)
 
4,105,600
110,278,446
Rentokil Initial PLC
 
12,413,815
77,463,579
St. James's Place PLC
 
2,727,800
33,315,767
Volution Group PLC
 
7,215,267
25,568,107
TOTAL UNITED KINGDOM
 
 
668,961,436
United States of America - 6.9%
 
 
 
Ares Management Corp.
 
272,500
20,663,675
CBRE Group, Inc. (b)
 
791,300
56,134,822
Equifax, Inc.
 
168,800
28,618,352
Intercontinental Exchange, Inc.
 
608,700
58,173,459
Marsh & McLennan Companies, Inc.
 
661,500
106,825,635
Moody's Corp.
 
210,900
55,861,083
Pool Corp.
 
26,700
8,122,941
S&P Global, Inc.
 
252,805
81,213,606
Thermo Fisher Scientific, Inc.
 
109,400
56,228,318
TOTAL UNITED STATES OF AMERICA
 
 
471,841,891
 
TOTAL COMMON STOCKS
  (Cost $5,745,185,879)
 
 
 
6,534,031,044
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (b)(d)(e)
  (Cost $7,360,943)
 
16,101
2,818,778
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
214,935,753
214,978,741
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
17,312,656
17,314,388
 
TOTAL MONEY MARKET FUNDS
  (Cost $232,293,129)
 
 
232,293,129
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
  (Cost $5,984,839,951)
 
 
 
6,769,142,951
NET OTHER ASSETS (LIABILITIES) - 0.4%  
26,636,008
NET ASSETS - 100.0%
6,795,778,959
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $133,850,079 or 2.0% of net assets.
 
(b)
Non-income producing
 
(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 $3,306,694 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 3.10%
322,300,071
1,960,929,307
2,068,250,637
1,849,132
-
-
214,978,741
0.4%
Fidelity Securities Lending Cash Central Fund 3.10%
-
1,002,465,009
985,150,621
621,427
-
-
17,314,388
0.0%
Total
322,300,071
2,963,394,316
3,053,401,258
2,470,559
-
-
232,293,129
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
47,537,537
47,537,537
-
-
Consumer Discretionary
640,161,263
139,033,900
501,127,363
-
Consumer Staples
479,354,093
95,497,820
383,856,273
-
Energy
168,490,474
-
168,490,474
-
Financials
1,402,314,219
775,169,890
627,144,329
-
Health Care
1,004,411,884
642,615,508
361,796,376
-
Industrials
1,459,025,830
876,898,573
582,127,257
-
Information Technology
934,324,633
421,972,444
509,045,495
3,306,694
Materials
320,473,840
135,892,932
184,580,908
-
Real Estate
80,756,049
80,756,049
-
-
  Money Market Funds
232,293,129
232,293,129
-
-
 Total Investments in Securities:
6,769,142,951
3,447,667,782
3,318,168,475
3,306,694
Fidelity® Overseas Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $16,468,329) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,752,546,822)
 
$6,536,849,822
 
 
Fidelity Central Funds (cost $232,293,129)
 
232,293,129
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,984,839,951)
 
 
$
6,769,142,951
Foreign currency held at value (cost $13,970,625)
 
 
 
13,966,990
Receivable for investments sold
 
 
 
13,436,299
Receivable for fund shares sold
 
 
 
2,503,873
Dividends receivable
 
 
 
7,269,354
Reclaims receivable
 
 
 
20,533,527
Distributions receivable from Fidelity Central Funds
 
 
 
591,319
Prepaid expenses
 
 
 
11,699
Other receivables
 
 
 
231,387
  Total assets
 
 
 
6,827,687,399
Liabilities
 
 
 
 
Payable for investments purchased
 
4,565,587
 
 
Payable for fund shares redeemed
 
2,813,541
 
 
Accrued management fee
 
4,327,665
 
 
Other affiliated payables
 
931,619
 
 
Deferred taxes
 
1,580,113
 
 
Other payables and accrued expenses
 
375,527
 
 
Collateral on securities loaned
 
17,314,388
 
 
  Total Liabilities
 
 
 
31,908,440
Net Assets  
 
 
$
6,795,778,959
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,236,681,262
Total accumulated earnings (loss)
 
 
 
559,097,697
Net Assets
 
 
$
6,795,778,959
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Overseas :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($6,175,775,773 ÷ 132,662,179 shares)
 
 
$
46.55
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($620,003,186 ÷ 13,339,627 shares)
 
 
$
46.48
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
173,993,724
Foreign Tax Reclaims
 
 
 
12,959,313
Income from Fidelity Central Funds (including $621,427 from security lending)
 
 
 
2,470,559
 Income before foreign taxes withheld
 
 
 
189,423,596
Less foreign taxes withheld
 
 
 
(33,267,625)
 Total Income
 
 
 
156,155,971
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
56,978,038
 
 
 Performance adjustment
 
10,979,557
 
 
Transfer agent fees
 
11,411,741
 
 
Accounting fees
 
1,690,967
 
 
Custodian fees and expenses
 
375,200
 
 
Independent trustees' fees and expenses
 
30,599
 
 
Registration fees
 
202,873
 
 
Audit
 
109,129
 
 
Legal
 
10,102
 
 
Interest
 
1,762
 
 
Miscellaneous
 
39,117
 
 
 Total expenses before reductions
 
81,829,085
 
 
 Expense reductions
 
(286,107)
 
 
 Total expenses after reductions
 
 
 
81,542,978
Net Investment income (loss)
 
 
 
74,612,993
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $3,009,946)
 
(254,184,558)
 
 
 Foreign currency transactions
 
(1,742,019)
 
 
 Futures contracts
 
(5,750,613)
 
 
Total net realized gain (loss)
 
 
 
(261,677,190)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,019,684)  
 
(3,013,199,946)
 
 
 Assets and liabilities in foreign currencies
 
(2,257,170)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(3,015,457,116)
Net gain (loss)
 
 
 
(3,277,134,306)
Net increase (decrease) in net assets resulting from operations
 
 
$
(3,202,521,313)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
74,612,993
$
31,780,291
Net realized gain (loss)
 
(261,677,190)
 
 
475,517,138
 
Change in net unrealized appreciation (depreciation)
 
(3,015,457,116)
 
2,241,484,861
 
Net increase (decrease) in net assets resulting from operations
 
(3,202,521,313)
 
 
2,748,782,290
 
Distributions to shareholders
 
(471,071,500)
 
 
(45,118,729)
 
Share transactions - net increase (decrease)
 
(103,633,659)
 
 
686,322,636
 
Total increase (decrease) in net assets
 
(3,777,226,472)
 
 
3,389,986,197
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
10,573,005,431
 
7,183,019,234
 
End of period
$
6,795,778,959
$
10,573,005,431
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Overseas Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
69.79
$
50.91
$
49.51
$
46.04
$
50.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.47
 
.21
 
.13
 
.77
 
.68
     Net realized and unrealized gain (loss)
 
(20.64)
 
18.98
 
1.97
 
5.12
 
(4.27)
  Total from investment operations
 
(20.17)  
 
19.19  
 
2.10  
 
5.89  
 
(3.59)
  Distributions from net investment income
 
(.20)
 
(.11)
 
(.70)
 
(.68)
 
(.52)
  Distributions from net realized gain
 
(2.87)
 
(.21)
 
-
 
(1.74)
 
(.03)
     Total distributions
 
(3.07)
 
(.31) C
 
(.70)
 
(2.42)
 
(.55)
  Net asset value, end of period
$
46.55
$
69.79
$
50.91
$
49.51
$
46.04
 Total Return   D
 
(30.12)%
 
37.83%
 
4.25%
 
13.78%
 
(7.23)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95%
 
.99%
 
1.04%
 
.90%
 
.97%
    Expenses net of fee waivers, if any
 
.95%
 
.98%
 
1.04%
 
.90%
 
.97%
    Expenses net of all reductions
 
.94%
 
.98%
 
1.03%
 
.89%
 
.96%
    Net investment income (loss)
 
.84%
 
.33%
 
.27%
 
1.68%
 
1.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,175,776
$
8,981,609
$
6,160,617
$
6,182,831
$
5,825,757
    Portfolio turnover rate G
 
25%
 
30% H
 
41%
 
46% H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Overseas Fund Class K
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
69.68
$
50.83
$
49.43
$
45.98
$
50.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.54
 
.27
 
.19
 
.82
 
.73
     Net realized and unrealized gain (loss)
 
(20.60)
 
18.95
 
1.96
 
5.11
 
(4.26)
  Total from investment operations
 
(20.06)  
 
19.22  
 
2.15  
 
5.93  
 
(3.53)
  Distributions from net investment income
 
(.26)
 
(.16)
 
(.75)
 
(.73)
 
(.57)
  Distributions from net realized gain
 
(2.87)
 
(.21)
 
-
 
(1.74)
 
(.03)
     Total distributions
 
(3.14) C
 
(.37)
 
(.75)
 
(2.48) C
 
(.60)
  Net asset value, end of period
$
46.48
$
69.68
$
50.83
$
49.43
$
45.98
 Total Return   D
 
(30.04)%
 
37.97%
 
4.36%
 
13.90%
 
(7.13)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.84%
 
.89%
 
.94%
 
.78%
 
.86%
    Expenses net of fee waivers, if any
 
.84%
 
.88%
 
.93%
 
.78%
 
.86%
    Expenses net of all reductions
 
.84%
 
.88%
 
.93%
 
.77%
 
.85%
    Net investment income (loss)
 
.94%
 
.43%
 
.38%
 
1.79%
 
1.46%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
620,003
$
1,591,397
$
1,022,402
$
1,040,002
$
1,026,091
    Portfolio turnover rate G
 
25%
 
30% H
 
41%
 
46% H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas   and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Overseas Fund
$231,356
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,364,485,764
Gross unrealized depreciation
(608,868,602)
Net unrealized appreciation (depreciation)
$755,617,162
Tax Cost
$6,013,525,789
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$55,904,293
Capital loss carryforward
$(248,124,930)
Net unrealized appreciation (depreciation) on securities and other investments
$753,088,695
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(248,124,930)
Total capital loss carryforward
$(248,124,930)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$57,969,693
$16,186,407
Long-term Capital Gains
413,101,807
28,932,322
Total
$471,071,500
$45,118,729
 
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 Overseas Fund
2,130,017,566
2,576,920,413
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Overseas Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .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.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
 
Amount
% of Class-Level Average Net Assets
Overseas
$10,921,951
.14
Class K
489,790
.04
 
$11,411,741
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
% of Average Net Assets
Fidelity Overseas Fund
.02
 
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
$   2,260
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Overseas Fund
Borrower
$24,726,000
2.57%
$1,762
 
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
  125,449,999
  130,877,343
  (27,955,313)
 
Prior Fiscal Year Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Participating classes
Fidelity Overseas Fund
1,544,949
98,196,961
Overseas
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
 
Amount
Fidelity Overseas Fund
$15,466
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Overseas Fund
$63,849
$   -
$-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $860.
 
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 $285,247.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Overseas Fund
 
 
Distributions to shareholders
 
 
Overseas
$398,074,722
  $37,598,959
Class K
72,996,778
7,519,770
Total   
$471,071,500
$45,118,729
 
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Overseas Fund
 
 
 
 
Overseas
 
 
 
 
Shares sold
40,345,843
22,257,713
$2,183,494,857
$1,441,872,978
Reinvestment of distributions
5,519,644
591,381
355,685,872
34,075,384
Shares redeemed
(41,890,883)
(15,174,982)
(2,190,097,209)
(956,264,272)
Net increase (decrease)
3,974,604
7,674,112
$    349,083,520
$    519,684,090
Class K
 
 
 
 
Shares sold
4,842,077
11,014,981
$   287,643,692
$   703,185,104
Reinvestment of distributions
1,135,606
130,824
72,996,779
7,519,770
Shares redeemed
(15,475,778)
(8,423,101)
(813,357,650)
(544,066,328)
Net increase (decrease)
(9,498,095)
2,722,704
$(452,717,179)
$166,638,546
12 Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Overseas Fund
29%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Overseas Fund
48%
 
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-31.49%
5.88%
8.87%
Class M (incl.3.50% sales charge)    
-30.07%
6.08%
8.81%
Class C    
(incl. contingent deferred sales charge)
 
-28.52%
6.29%
8.83%
Fidelity® Worldwide Fund
-27.12%
7.44%
9.84%
Class I
-27.13%
7.43%
9.81%
Class Z
-27.05%
7.54%
9.87%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Worldwide Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI World Index performed over the same period.
 
Fidelity® Worldwide Fund
 
Market Recap:
Global equities returned -19.69% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) Index. After gaining 18.90% in 2021, global stocks retreated to begin the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -20.91% year to date through October. For the full 12 months, emerging markets (-31%) lagged most, followed by Europe ex U.K. (-25%) and Japan (-24%). In contrast, the U.K. (-12%), Canada (-13%) and the U.S. (-17%) all outperformed. By sector, communication services (-39%) and consumer discretionary (-33%) fared worst, whereas energy (+30%) rode a surge in commodity prices and topped the market by a wide margin.
Comments from Co-Managers Stephen DuFour and Andrew Sergeant:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -28% to -27%, trailing the -18.17% result of the benchmark MSCI World Net MA Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the benchmark index, as well as by local tax laws or regulations, which vary by country.) By region, stock picks in the U.S. and Europe ex U.K. most hurt the fund's result relative to the benchmark. By sector, security selection again was the primary detractor, especially within financials. Stock picking and an overweighting in the information technology sector, primarily within the software & services industry, also hurt, as did picks in communication services. The fund's largest individual relative detractor was an overweighting in Adobe, which returned about -46% the past year. We decreased our stake in this company during the period. Our overweighting in Caesars Entertainment, which returned roughly -43%, also hurt. Caesars Entertainment was not held at period end. Further hampering performance was our outsized stake in S&P Global, one of the fund's biggest holdings, which returned about -31%. In contrast, stock picks in Canada and an overweighting in Europe ex U.K., driven by holdings in Norway, contributed to the fund's relative result. By sector, the top contributor to performance versus the benchmark was stock selection in utilities. Also bolstering the fund's result was an overweighting in energy and an underweighting in communication services. The biggest individual relative contributor was an overweighting in Constellation Energy (+83%), which was among the fund's largest holdings as of October 31. Also boosting value were larger-than-benchmark positions in UnitedHealth Group (+16%) and Eli Lilly (+45%), both also among our biggest holdings at period end. Notable changes in positioning include increased exposure to the U.K. and a lower allocation to Japan. By sector, meaningful changes in positioning include increased exposure to health care and utilities, and lower allocations to communication services and information technology.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Worldwide Fund
Top Holdings (% of Fund's net assets)
 
UnitedHealth Group, Inc.  (United States of America, Health Care Providers & Services)
5.1
 
Microsoft Corp.  (United States of America, Software)
4.2
 
Apple, Inc.  (United States of America, Technology Hardware, Storage & Peripherals)
4.1
 
Alphabet, Inc. Class A (United States of America, Interactive Media & Services)
3.3
 
Amazon.com, Inc.  (United States of America, Internet & Direct Marketing Retail)
2.8
 
Estee Lauder Companies, Inc. Class A (United States of America, Personal Products)
2.5
 
Constellation Energy Corp.  (United States of America, Electric Utilities)
2.4
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
2.4
 
JPMorgan Chase & Co.  (United States of America, Banks)
2.3
 
The Travelers Companies, Inc.  (United States of America, Insurance)
2.2
 
 
31.3
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
21.3
 
Health Care
18.3
 
Financials
16.3
 
Consumer Discretionary
13.3
 
Industrials
9.3
 
Consumer Staples
6.6
 
Communication Services
5.4
 
Energy
3.1
 
Utilities
2.6
 
Materials
2.2
 
Real Estate
0.5
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 31%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Worldwide Fund
Showing Percentage of Net Assets     
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
Australia - 0.3%
 
 
 
National Storage REIT unit
 
3,925,764
6,554,010
Austria - 0.2%
 
 
 
Wienerberger AG
 
203,600
4,655,946
Bailiwick of Jersey - 0.4%
 
 
 
Glencore PLC
 
1,600,000
9,172,918
Belgium - 0.5%
 
 
 
Fagron NV
 
185,330
2,307,720
KBC Group NV
 
84,854
4,252,523
UCB SA
 
60,600
4,570,648
TOTAL BELGIUM
 
 
11,130,891
Bermuda - 0.6%
 
 
 
Hiscox Ltd.
 
480,040
4,950,185
Lancashire Holdings Ltd.
 
1,178,720
6,693,896
TOTAL BERMUDA
 
 
11,644,081
Canada - 1.3%
 
 
 
Canadian Pacific Railway Ltd.
 
67,000
4,994,693
Constellation Software, Inc.
 
3,700
5,350,015
Definity Financial Corp.
 
144,900
4,291,639
PrairieSky Royalty Ltd.
 
836,000
12,984,740
TOTAL CANADA
 
 
27,621,087
Cayman Islands - 0.1%
 
 
 
Tencent Holdings Ltd.
 
120,000
3,153,215
China - 0.7%
 
 
 
Centre Testing International Group Co. Ltd. (A Shares)
 
959,500
2,460,863
Kweichow Moutai Co. Ltd. (A Shares)
 
18,100
3,330,335
PICC Property & Casualty Co. Ltd. (H Shares)
 
5,706,946
5,263,711
Yunnan Baiyao Group Co. Ltd. (A Shares)
 
372,120
2,780,110
TOTAL CHINA
 
 
13,835,019
Cyprus - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)
 
139,553
51,541
Denmark - 0.6%
 
 
 
DSV A/S
 
38,284
5,182,921
GN Store Nord A/S (b)
 
214,875
4,568,835
ORSTED A/S (c)
 
38,100
3,143,469
TOTAL DENMARK
 
 
12,895,225
Finland - 0.9%
 
 
 
Nanoform Finland PLC (d)
 
754,800
1,976,717
Olvi Oyj (A Shares)
 
86,661
2,676,335
Sampo Oyj (A Shares)
 
213,751
9,776,161
UPM-Kymmene Corp.
 
131,930
4,421,180
TOTAL FINLAND
 
 
18,850,393
France - 3.3%
 
 
 
Edenred SA
 
115,291
5,920,132
L'Oreal SA
 
20,800
6,531,291
LVMH Moet Hennessy Louis Vuitton SE
 
60,717
38,312,117
Sanofi SA
 
87,000
7,487,034
TotalEnergies SE (b)
 
101,941
5,561,225
Worldline SA (c)(d)
 
113,900
4,971,336
TOTAL FRANCE
 
 
68,783,135
Germany - 1.4%
 
 
 
Brenntag SE
 
110,000
6,674,399
Deutsche Post AG
 
204,311
7,222,359
Instone Real Estate Group BV (b)(c)
 
332,488
2,421,644
Nexus AG
 
46,000
2,468,451
Novem Group SA
 
292,876
1,829,227
Siemens Healthineers AG (c)
 
63,100
2,890,774
Stabilus Se
 
118,586
6,510,050
TOTAL GERMANY
 
 
30,016,904
Hong Kong - 0.5%
 
 
 
AIA Group Ltd.
 
761,327
5,766,895
Hong Kong Exchanges and Clearing Ltd.
 
170,174
4,517,034
TOTAL HONG KONG
 
 
10,283,929
Hungary - 0.1%
 
 
 
Richter Gedeon PLC
 
86,900
1,715,900
India - 0.4%
 
 
 
Delhivery Private Ltd. (d)(e)
 
203,700
804,637
HDFC Bank Ltd. (d)
 
212,324
3,853,237
HDFC Bank Ltd. sponsored ADR
 
40,335
2,513,274
Pine Labs Private Ltd. (a)(d)(e)
 
792
397,418
TOTAL INDIA
 
 
7,568,566
Indonesia - 1.0%
 
 
 
PT Astra International Tbk
 
13,899,000
5,925,844
PT Bank Central Asia Tbk
 
11,972,800
6,754,970
PT Bank Rakyat Indonesia (Persero) Tbk
 
12,303,600
3,668,007
PT United Tractors Tbk
 
2,284,600
4,731,052
TOTAL INDONESIA
 
 
21,079,873
Ireland - 1.1%
 
 
 
Cairn Homes PLC
 
1,030,838
994,201
CRH PLC
 
196,900
7,091,916
Flutter Entertainment PLC (d)
 
46,300
6,148,614
ICON PLC (d)
 
9,900
1,958,616
Irish Residential Properties REIT PLC
 
2,591,367
2,801,645
Kingspan Group PLC (Ireland)
 
61,900
3,125,924
TOTAL IRELAND
 
 
22,120,916
Italy - 0.7%
 
 
 
BFF Bank SpA (c)
 
1,389,790
9,806,504
MARR SpA
 
205,098
2,160,655
Prada SpA
 
527,094
2,400,567
TOTAL ITALY
 
 
14,367,726
Japan - 4.1%
 
 
 
Capcom Co. Ltd.
 
141,934
3,956,531
Daiichi Sankyo Kabushiki Kaisha
 
142,200
4,551,931
Daiichikosho Co. Ltd.
 
116,080
3,333,411
FUJIFILM Holdings Corp.
 
87,992
4,035,223
GMO Internet, Inc.
 
300,866
5,202,102
Hitachi Ltd.
 
219,300
9,969,858
Hoya Corp.
 
63,443
5,919,981
Iriso Electronics Co. Ltd.
 
115,285
3,349,347
Keyence Corp.
 
19,340
7,325,255
Minebea Mitsumi, Inc.
 
352,600
5,226,338
PALTAC Corp.
 
93,491
2,659,585
Recruit Holdings Co. Ltd.
 
191,300
5,886,525
Renesas Electronics Corp. (d)
 
226,031
1,890,919
Shin-Etsu Chemical Co. Ltd.
 
52,403
5,446,242
Sony Group Corp.
 
116,703
7,869,827
Tsuruha Holdings, Inc.
 
85,000
4,944,685
Z Holdings Corp.
 
924,128
2,384,952
ZOZO, Inc.
 
129,400
2,754,302
TOTAL JAPAN
 
 
86,707,014
Kenya - 0.1%
 
 
 
Safaricom Ltd.
 
5,920,700
1,224,636
Netherlands - 0.9%
 
 
 
Adyen BV (c)(d)
 
2,200
3,140,719
Argenx SE ADR (d)
 
1,400
543,102
ASML Holding NV (Netherlands)
 
4,300
2,017,075
Heineken NV (Bearer)
 
78,019
6,522,853
IMCD NV
 
32,351
4,197,776
Prosus NV
 
42,471
1,836,518
RHI Magnesita NV
 
66,422
1,410,719
TOTAL NETHERLANDS
 
 
19,668,762
Norway - 1.3%
 
 
 
Equinor ASA
 
97,526
3,553,235
Kongsberg Gruppen ASA
 
200,000
7,168,038
Schibsted ASA:
 
 
 
 (A Shares)
 
71,700
1,104,175
 (B Shares)
 
292,297
4,338,282
TGS ASA
 
696,049
9,507,265
Volue A/S (d)
 
825,800
2,144,698
TOTAL NORWAY
 
 
27,815,693
Spain - 0.9%
 
 
 
Amadeus IT Holding SA Class A (d)
 
150,796
7,864,811
Cellnex Telecom SA (c)
 
89,256
2,921,372
Cie Automotive SA
 
313,535
7,975,564
TOTAL SPAIN
 
 
18,761,747
Sweden - 3.2%
 
 
 
Addlife AB
 
197,240
1,843,565
Alfa Laval AB
 
244,697
6,030,328
Dustin Group AB (c)
 
1,042,798
4,344,519
Haypp Group (d)
 
525,000
1,138,803
Hemnet Group AB
 
673,430
8,368,166
HEXPOL AB (B Shares)
 
1,162,959
11,480,865
Instalco AB
 
441,771
1,769,093
INVISIO AB
 
157,312
2,336,627
Kry International AB (a)(d)(e)
 
489
85,608
Sandvik AB
 
373,157
5,831,231
Stillfront Group AB (d)
 
604,994
1,178,624
Swedbank AB (A Shares)
 
727,850
10,850,823
Swedish Match Co. AB
 
1,214,987
12,496,012
TOTAL SWEDEN
 
 
67,754,264
Switzerland - 2.1%
 
 
 
Chubb Ltd.
 
62,000
13,323,180
Nestle SA (Reg. S)
 
133,350
14,516,321
Roche Holding AG (participation certificate)
 
48,651
16,142,314
TOTAL SWITZERLAND
 
 
43,981,815
Taiwan - 0.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
159,465
1,915,249
United Kingdom - 3.9%
 
 
 
AstraZeneca PLC (United Kingdom)
 
104,843
12,301,459
Beazley PLC
 
856,700
6,135,485
Clarkson PLC
 
166,062
5,265,663
Close Brothers Group PLC
 
269,273
3,032,438
Compass Group PLC
 
344,435
7,254,430
Diageo PLC
 
293,352
12,072,173
Harbour Energy PLC
 
1,486,871
6,443,738
Mondi PLC
 
196,151
3,289,835
Prudential PLC
 
1,240,786
11,526,494
Rightmove PLC
 
393,130
2,213,792
RS GROUP PLC
 
303,095
3,331,644
Sabre Insurance Group PLC (c)
 
5,555,301
5,720,996
WH Smith PLC (d)
 
329,610
4,449,022
Zegona Communications PLC (d)
 
30,559
26,284
TOTAL UNITED KINGDOM
 
 
83,063,453
United States of America - 67.8%
 
 
 
Adobe, Inc. (d)
 
35,000
11,147,500
Alphabet, Inc. Class A (d)
 
739,000
69,842,890
Amazon.com, Inc. (d)
 
573,000
58,698,120
Ameriprise Financial, Inc.
 
22,000
6,800,640
Apple, Inc.
 
557,000
85,410,380
Arthur J. Gallagher & Co.
 
52,000
9,728,160
Autoliv, Inc. (depositary receipt)
 
99,977
8,031,699
Automatic Data Processing, Inc.
 
39,000
9,426,300
AutoZone, Inc. (d)
 
6,500
16,463,720
Constellation Brands, Inc. Class A (sub. vtg.)
 
84,000
20,754,720
Constellation Energy Corp.
 
543,999
51,429,665
Cummins, Inc.
 
91,500
22,372,665
Danaher Corp.
 
71,000
17,868,570
Deckers Outdoor Corp. (d)
 
78,255
27,383,772
Eli Lilly & Co.
 
141,000
51,054,690
Estee Lauder Companies, Inc. Class A
 
264,000
52,929,360
Fiserv, Inc. (d)
 
248,201
25,500,171
Gilead Sciences, Inc.
 
94,000
7,375,240
Globe Life, Inc.
 
115,000
13,284,800
Humana, Inc.
 
25,000
13,952,000
Intuit, Inc.
 
62,000
26,505,000
J.B. Hunt Transport Services, Inc.
 
27,000
4,618,890
JPMorgan Chase & Co.
 
377,000
47,456,760
lululemon athletica, Inc. (d)
 
11,800
3,882,672
Marvell Technology, Inc.
 
157,847
6,263,369
MasterCard, Inc. Class A
 
101,000
33,146,180
Microsoft Corp.
 
377,000
87,513,010
Moody's Corp.
 
16,872
4,468,887
MSCI, Inc.
 
98,000
45,948,280
Netflix, Inc. (d)
 
28,000
8,172,640
Northrop Grumman Corp.
 
81,000
44,469,810
NVIDIA Corp.
 
327,000
44,135,190
Oracle Corp.
 
126,000
9,836,820
Palo Alto Networks, Inc. (d)
 
34,000
5,834,060
PayPal Holdings, Inc. (d)
 
84,000
7,020,720
Range Resources Corp.
 
781,000
22,242,880
Regeneron Pharmaceuticals, Inc. (d)
 
36,000
26,955,000
ResMed, Inc.
 
20,596
4,607,119
Royalty Pharma PLC
 
859,000
36,352,880
S&P Global, Inc.
 
135,628
43,570,495
Stripe, Inc. Class B (a)(d)(e)
 
10,000
238,100
Tesla, Inc. (d)
 
150,500
34,244,770
The Travelers Companies, Inc.
 
254,639
46,970,710
Thermo Fisher Scientific, Inc.
 
43,000
22,100,710
TJX Companies, Inc.
 
463,000
33,382,300
Union Pacific Corp.
 
145,000
28,585,300
UnitedHealth Group, Inc.
 
193,000
107,143,951
Vertex Pharmaceuticals, Inc. (d)
 
81,000
25,272,000
Visa, Inc. Class A
 
168,000
34,802,880
TOTAL UNITED STATES OF AMERICA
 
 
1,425,196,445
 
TOTAL COMMON STOCKS
  (Cost $1,911,481,772)
 
 
 
2,071,590,353
 
 
 
 
Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.3%
 
 
 
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
14,425
2,265,014
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
138,905
1,245,978
 
 
 
3,510,992
United States of America - 0.1%
 
 
 
Circle Internet Financial Ltd. Series F (e)
 
23,730
1,163,515
Instacart, Inc. Series I (a)(d)(e)
 
8,000
296,800
Stripe, Inc. Series H (a)(d)(e)
 
4,200
100,002
 
 
 
1,560,317
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
5,071,309
Nonconvertible Preferred Stocks - 0.1%
 
 
 
India - 0.1%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(d)(e)
 
1,892
949,387
 Series A (a)(d)(e)
 
473
237,347
 Series B (a)(d)(e)
 
514
257,920
 Series B2 (a)(d)(e)
 
416
208,745
 Series C (a)(d)(e)
 
774
388,385
 Series C1 (a)(d)(e)
 
163
81,792
 Series D (a)(d)(e)
 
174
87,311
 
 
 
2,210,887
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
2,824
494,393
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
2,705,280
 
TOTAL PREFERRED STOCKS
  (Cost $8,655,882)
 
 
 
7,776,589
 
 
 
 
Money Market Funds - 1.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
15,581,384
15,584,500
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
7,255,515
7,256,240
 
TOTAL MONEY MARKET FUNDS
  (Cost $22,837,196)
 
 
22,840,740
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $1,942,974,850)
 
 
 
2,102,207,682
NET OTHER ASSETS (LIABILITIES) - 0.0%  
34,765
NET ASSETS - 100.0%
2,102,242,447
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Level 3 security
 
(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 $39,361,333 or 1.9% of net assets.
 
(d)
Non-income producing
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,302,352 or 0.4% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
1,580,608
 
 
 
Circle Internet Financial Ltd. Series F
5/09/22
999,982
 
 
 
Delhivery Private Ltd.
5/20/21
994,308
 
 
 
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 3.10%
32,092,646
1,324,736,297
1,341,244,443
350,440
-
-
15,584,500
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
13,243,601
118,142,030
124,129,391
164,511
-
-
7,256,240
0.0%
Total
45,336,247
1,442,878,327
1,465,373,834
514,951
-
-
22,840,740
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
112,218,970
101,545,639
10,673,331
-
Consumer Discretionary
279,492,049
222,707,301
56,436,407
348,341
Consumer Staples
138,934,740
93,318,943
45,615,797
-
Energy
65,024,135
55,909,675
9,114,460
-
Financials
340,926,184
300,159,178
40,767,006
-
Health Care
387,955,295
343,335,805
43,373,512
1,245,978
Industrials
194,035,632
167,616,481
26,419,151
-
Information Technology
447,459,883
419,868,352
21,800,109
5,791,422
Materials
46,969,621
25,258,545
21,711,076
-
Real Estate
11,777,299
11,777,299
-
-
Utilities
54,573,134
51,429,665
3,143,469
-
  Money Market Funds
22,840,740
22,840,740
-
-
 Total Investments in Securities:
2,102,207,682
1,815,767,623
279,054,318
7,385,741
 
 
 
 
 
  Net Unrealized Depreciation on Unfunded Commitments
(227,538)
-
-
(227,538)
 Total
(227,538)
-
-
(227,538)
Fidelity® Worldwide Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $6,657,640) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,920,137,654)
 
$2,079,366,942
 
 
Fidelity Central Funds (cost $22,837,196)
 
22,840,740
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,942,974,850)
 
 
$
2,102,207,682
Foreign currency held at value (cost $5,614,096)
 
 
 
5,613,796
Receivable for investments sold
 
 
 
29,523,472
Receivable for fund shares sold
 
 
 
653,591
Reclaims receivable
 
 
 
2,893,303
Distributions receivable from Fidelity Central Funds
 
 
 
63,393
Prepaid expenses
 
 
 
3,543
Other receivables
 
 
 
34,497
  Total assets
 
 
 
2,140,993,277
Liabilities
 
 
 
 
Payable for investments purchased
 
28,341,077
 
 
Unrealized depreciation on unfunded commitments
 
227,538
 
 
Payable for fund shares redeemed
 
1,168,420
 
 
Accrued management fee
 
1,165,484
 
 
Distribution and service plan fees payable
 
27,031
 
 
Other affiliated payables
 
327,037
 
 
Deferred taxes
 
108,909
 
 
Other payables and accrued expenses
 
129,094
 
 
Collateral on securities loaned
 
7,256,240
 
 
  Total Liabilities
 
 
 
38,750,830
Net Assets  
 
 
$
2,102,242,447
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,828,056,734
Total accumulated earnings (loss)
 
 
 
274,185,713
Net Assets
 
 
$
2,102,242,447
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($68,608,257 ÷ 2,664,887 shares) (a)
 
 
$
25.75
Maximum offering price per share (100/94.25 of $25.75)
 
 
$
27.32
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($15,274,869 ÷ 600,378 shares) (a)
 
 
$
25.44
Maximum offering price per share (100/96.50 of $25.44)
 
 
$
26.36
Class C :
 
 
 
 
Net Asset Value and offering price per share ($8,516,555 ÷ 350,111 shares) (a)
 
 
$
24.33
Worldwide :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,899,787,662 ÷ 72,353,532 shares)
 
 
$
26.26
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($33,225,728 ÷ 1,275,881 shares)
 
 
$
26.04
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($76,829,376 ÷ 2,949,653 shares)
 
 
$
26.05
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
37,344,360
Non-Cash dividends
 
 
 
2,922,598
Income from Fidelity Central Funds (including $164,511 from security lending)
 
 
 
514,951
 Income before foreign taxes withheld
 
 
 
40,781,909
Less foreign taxes withheld
 
 
 
(2,273,826)
 Total Income
 
 
 
38,508,083
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
16,804,788
 
 
 Performance adjustment
 
2,075,160
 
 
Transfer agent fees
 
3,774,814
 
 
Distribution and service plan fees
 
400,754
 
 
Accounting fees
 
735,763
 
 
Custodian fees and expenses
 
86,218
 
 
Independent trustees' fees and expenses
 
9,095
 
 
Registration fees
 
118,484
 
 
Audit
 
85,095
 
 
Legal
 
13,091
 
 
Miscellaneous
 
12,136
 
 
 Total expenses before reductions
 
24,115,398
 
 
 Expense reductions
 
(85,113)
 
 
 Total expenses after reductions
 
 
 
24,030,285
Net Investment income (loss)
 
 
 
14,477,798
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $208,012)
 
146,299,428
 
 
 Foreign currency transactions
 
(346,784)
 
 
Total net realized gain (loss)
 
 
 
145,952,644
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $993,916)  
 
(999,809,577)
 
 
 Unfunded commitments
 
(227,538)
 
 
 Assets and liabilities in foreign currencies
 
(354,687)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,000,391,802)
Net gain (loss)
 
 
 
(854,439,158)
Net increase (decrease) in net assets resulting from operations
 
 
$
(839,961,360)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
14,477,798
$
(2,163,208)
Net realized gain (loss)
 
145,952,644
 
 
389,411,062
 
Change in net unrealized appreciation (depreciation)
 
(1,000,391,802)
 
532,577,145
 
Net increase (decrease) in net assets resulting from operations
 
(839,961,360)
 
 
919,824,999
 
Distributions to shareholders
 
(362,130,555)
 
 
(212,769,678)
 
Share transactions - net increase (decrease)
 
68,731,196
 
 
82,772,537
 
Total increase (decrease) in net assets
 
(1,133,360,719)
 
 
789,827,858
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,235,603,166
 
2,445,775,308
 
End of period
$
2,102,242,447
$
3,235,603,166
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Worldwide Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.06
$
31.49
$
27.36
$
26.57
$
27.28
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
(.13)
 
(.05)
 
.11
 
.03
     Net realized and unrealized gain (loss)
 
(9.90)
 
11.40
 
5.50
 
2.84
 
1.00
  Total from investment operations
 
(9.81)  
 
11.27  
 
5.45  
 
2.95  
 
1.03
  Distributions from net investment income
 
(.07)
 
-
 
(.12)
 
(.02)
 
(.09)
  Distributions from net realized gain
 
(4.43)
 
(2.70)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(4.50)
 
(2.70)
 
(1.32)
 
(2.16)
 
(1.74)
  Net asset value, end of period
$
25.75
$
40.06
$
31.49
$
27.36
$
26.57
 Total Return   C,D
 
(27.31)%
 
37.72%
 
20.72%
 
12.35%
 
3.96%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.21%
 
1.29%
 
1.34%
 
1.26%
 
1.23%
    Expenses net of fee waivers, if any
 
1.21%
 
1.28%
 
1.34%
 
1.26%
 
1.23%
    Expenses net of all reductions
 
1.21%
 
1.28%
 
1.33%
 
1.25%
 
1.22%
    Net investment income (loss)
 
.28%
 
(.34)%
 
(.18)%
 
.41%
 
.12%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
68,608
$
99,731
$
63,690
$
52,516
$
42,947
    Portfolio turnover rate 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Total returns do not include the effect of the sales charges.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.62
$
31.19
$
27.10
$
26.39
$
27.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
(.22)
 
(.13)
 
.03
 
(.05)
     Net realized and unrealized gain (loss)
 
(9.81)
 
11.29
 
5.46
 
2.82
 
1.00
  Total from investment operations
 
(9.80)  
 
11.07  
 
5.33  
 
2.85  
 
.95
  Distributions from net investment income
 
-
 
-
 
(.04)
 
-
 
(.02)
  Distributions from net realized gain
 
(4.38)
 
(2.64)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(4.38)
 
(2.64)
 
(1.24)
 
(2.14)
 
(1.67)
  Net asset value, end of period
$
25.44
$
39.62
$
31.19
$
27.10
$
26.39
 Total Return   C,D
 
(27.53)%
 
37.37%
 
20.40%
 
12.05%
 
3.65%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.47%
 
1.55%
 
1.61%
 
1.55%
 
1.52%
    Expenses net of fee waivers, if any
 
1.47%
 
1.55%
 
1.61%
 
1.54%
 
1.52%
    Expenses net of all reductions
 
1.47%
 
1.55%
 
1.61%
 
1.54%
 
1.51%
    Net investment income (loss)
 
.02%
 
(.61)%
 
(.45)%
 
.13%
 
(.17)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,275
$
22,771
$
17,387
$
13,066
$
12,746
    Portfolio turnover rate 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Total returns do not include the effect of the sales charges.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.05
$
30.14
$
26.33
$
25.82
$
26.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.15)
 
(.39)
 
(.27)
 
(.10)
 
(.18)
     Net realized and unrealized gain (loss)
 
(9.39)
 
10.88
 
5.28
 
2.75
 
.98
  Total from investment operations
 
(9.54)  
 
10.49  
 
5.01  
 
2.65  
 
.80
  Distributions from net realized gain
 
(4.18)
 
(2.58)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(4.18)
 
(2.58)
 
(1.20)
 
(2.14)
 
(1.65)
  Net asset value, end of period
$
24.33
$
38.05
$
30.14
$
26.33
$
25.82
 Total Return   C,D
 
(27.89)%
 
36.63%
 
19.76%
 
11.49%
 
3.12%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.00%
 
2.08%
 
2.14%
 
2.06%
 
2.01%
    Expenses net of fee waivers, if any
 
2.00%
 
2.08%
 
2.14%
 
2.06%
 
2.01%
    Expenses net of all reductions
 
2.00%
 
2.08%
 
2.13%
 
2.06%
 
2.00%
    Net investment income (loss)
 
(.51)%
 
(1.14)%
 
(.98)%
 
(.39)%
 
(.66)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,517
$
13,602
$
11,677
$
10,618
$
12,744
    Portfolio turnover rate 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Total returns do not include the effect of the contingent deferred sales charge.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Worldwide Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.76
$
31.97
$
27.74
$
26.90
$
27.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
(.02)
 
.03
 
.18
 
.11
     Net realized and unrealized gain (loss)
 
(10.09)
 
11.58
 
5.58
 
2.89
 
1.00
  Total from investment operations
 
(9.91)  
 
11.56  
 
5.61  
 
3.07  
 
1.11
  Distributions from net investment income
 
(.16)
 
(.02)
 
(.18)
 
(.09)
 
(.17)
  Distributions from net realized gain
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(4.59)
 
(2.77)
 
(1.38)
 
(2.23)
 
(1.82)
  Net asset value, end of period
$
26.26
$
40.76
$
31.97
$
27.74
$
26.90
 Total Return   C
 
(27.12)%
 
38.11%
 
21.07%
 
12.71%
 
4.23%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92%
 
1.00%
 
1.05%
 
.99%
 
.94%
    Expenses net of fee waivers, if any
 
.92%
 
1.00%
 
1.05%
 
.99%
 
.94%
    Expenses net of all reductions
 
.92%
 
1.00%
 
1.05%
 
.98%
 
.93%
    Net investment income (loss)
 
.57%
 
(.06)%
 
.11%
 
.69%
 
.41%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,899,788
$
2,896,684
$
2,217,129
$
2,020,487
$
2,112,988
    Portfolio turnover rate F
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.46
$
31.77
$
27.58
$
26.77
$
27.49
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
(.03)
 
.03
 
.18
 
.11
     Net realized and unrealized gain (loss)
 
(10.01)
 
11.49
 
5.55
 
2.86
 
.99
  Total from investment operations
 
(9.84)  
 
11.46  
 
5.58  
 
3.04  
 
1.10
  Distributions from net investment income
 
(.16)
 
(.02)
 
(.19)
 
(.09)
 
(.18)
  Distributions from net realized gain
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
 
(1.65)
     Total distributions
 
(4.58) C
 
(2.77)
 
(1.39)
 
(2.23)
 
(1.82) C
  Net asset value, end of period
$
26.04
$
40.46
$
31.77
$
27.58
$
26.77
 Total Return   D
 
(27.13)%
 
38.06%
 
21.08%
 
12.70%
 
4.22%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
1.02%
 
1.06%
 
.99%
 
.96%
    Expenses net of fee waivers, if any
 
.93%
 
1.02%
 
1.06%
 
.99%
 
.95%
    Expenses net of all reductions
 
.93%
 
1.02%
 
1.05%
 
.98%
 
.94%
    Net investment income (loss)
 
.56%
 
(.08)%
 
.10%
 
.69%
 
.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
33,226
$
86,852
$
64,615
$
44,754
$
50,956
    Portfolio turnover rate 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 distributions per share do not sum due to rounding.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.48
$
31.76
$
27.59
$
26.78
$
29.54
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.21
 
.02
 
.07
 
.22
 
(.01)
     Net realized and unrealized gain (loss)
 
(10.01)
 
11.50
 
5.53
 
2.86
 
(2.75)
  Total from investment operations
 
(9.80)  
 
11.52  
 
5.60  
 
3.08  
 
(2.76)
  Distributions from net investment income
 
(.20)
 
(.05)
 
(.23)
 
(.13)
 
-
  Distributions from net realized gain
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
 
-
     Total distributions
 
(4.63)
 
(2.80)
 
(1.43)
 
(2.27)
 
-
  Net asset value, end of period
$
26.05
$
40.48
$
31.76
$
27.59
$
26.78
 Total Return   D,E
 
(27.05)%
 
38.27%
 
21.19%
 
12.85%
 
(9.34)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81%
 
.90%
 
.93%
 
.85%
 
.88% H
    Expenses net of fee waivers, if any
 
.81%
 
.90%
 
.93%
 
.84%
 
.88% H
    Expenses net of all reductions
 
.81%
 
.90%
 
.93%
 
.84%
 
.87% H
    Net investment income (loss)
 
.68%
 
.04%
 
.23%
 
.83%
 
(.27)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
76,829
$
115,963
$
71,278
$
205,197
$
294
    Portfolio turnover rate I
 
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 October 31, 2022
 
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Worldwide, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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
$340,681,580
Gross unrealized depreciation
(189,244,946)
Net unrealized appreciation (depreciation)
$151,436,634
Tax Cost
$1,950,543,510
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$14,849,136
Undistributed long-term capital gain
$108,356,015
Net unrealized appreciation (depreciation) on securities and other investments
$151,089,474
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$81,038,229
$   14,367,075
Long-term Capital Gains
281,092,325
198,402,603
Total
$362,130,554
$    212,769,678
 
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.
$227,538
$(227,538)
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
  3,489,797,777
  3,761,255,290
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .73% 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%
$202,036
$7,643
Class M
  .25%
  .25%
91,554
32
Class C
  .75%
  .25%
107,164
13,589
 
 
 
$400,754
$21,264
 
 
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
$35,321
Class M
1,248
Class C A
975
 
$37,544
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$151,465
.19
Class M
36,808
.20
Class C
24,819
.23
Worldwide
3,424,440
.15
Class I
100,508
.17
Class Z
36,774
.04
 
$3,774,814
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
% of Average Net Assets
Fidelity Worldwide Fund
.03
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
Amount
Fidelity Worldwide Fund
$34,832
 
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
  250,172,800
  331,573,195
18,872,556
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
Amount ($)
Fidelity Worldwide Fund
3,353
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount ($)
Fidelity Worldwide Fund
4,585
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
$17,461
$-
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $85,113.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Worldwide Fund
 
 
Distributions to shareholders
 
 
Class A
$   11,246,925
$5,558,931
Class M
2,460,774
1,453,529
Class C
1,484,213
982,551
Worldwide
323,847,724
192,474,658
Class I
9,721,033
5,902,121
Class Z
13,369,886
6,397,888
Total   
$362,130,555
$212,769,678
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Worldwide Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
425,346
687,168
$13,150,315
$24,638,768
Reinvestment of distributions
323,585
167,703
11,111,902
5,488,908
Shares redeemed
(573,433)
(387,967)
(17,987,153)
(14,002,191)
Net increase (decrease)
175,498
466,904
$6,275,064
$16,125,485
Class M
 
 
 
 
Shares sold
63,154
86,854
$   1,827,369
$3,031,424
Reinvestment of distributions
71,924
44,443
2,446,862
1,442,165
Shares redeemed
(109,465)
(113,937)
(3,332,351)
(4,049,636)
Net increase (decrease)
25,613
17,360
$941,880
$423,953
Class C
 
 
 
 
Shares sold
49,629
70,402
$1,443,792
$2,403,125
Reinvestment of distributions
45,376
31,369
1,482,892
982,175
Shares redeemed
(102,345)
(131,707)
(2,936,201)
(4,545,518)
Net increase (decrease)
(7,340)
(29,936)
$(9,517)
$(1,160,218)
Worldwide
 
 
 
 
Shares sold
5,548,119
8,509,868
$176,262,456
$306,520,502
Reinvestment of distributions
8,857,534
5,570,483
309,393,660
184,995,722
Shares redeemed
(13,126,499)
(12,365,391)
(404,042,333)
(449,935,236)
Net increase (decrease)
1,279,154
1,714,960
$81,613,783
$41,580,988
Class I
 
 
 
 
Shares sold
391,287
670,926
$11,850,826
$24,272,391
Reinvestment of distributions
274,142
174,445
9,499,030
5,753,187
Shares redeemed
(1,536,108)
(732,928)
(45,074,681)
(25,932,444)
Net increase (decrease)
(870,679)
112,443
$(23,724,825)
$4,093,134
Class Z
 
 
 
 
Shares sold
785,358
823,146
$   23,797,734
$   29,837,475
Reinvestment of distributions
358,516
185,769
12,415,394
6,122,936
Shares redeemed
(1,058,983)
(388,243)
(32,578,317)
(14,251,216)
Net increase (decrease)
84,891
620,672
$3,634,811
$21,709,195
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. 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.
 
 
 
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund, and Fidelity Worldwide Fund:
 
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund, and Fidelity Worldwide Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2022
 
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Overseas Fund
 
Opinion on the Financial Statements
 
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Overseas Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion
 
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® Diversified International Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International Fund
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 869.10
 
$ 4.38
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.52
 
$ 4.74
Class K
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 869.40
 
$ 3.77
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.17
 
$ 4.08
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation Fund
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 870.20
 
$ 4.34
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
Fidelity® Overseas Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Overseas Fund
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 861.20
 
$ 4.27
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.62
 
$ 4.63
Class K
 
 
 
.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 861.90
 
$ 3.66
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.27
 
$ 3.97
Fidelity® Worldwide Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 893.80
 
$ 5.54
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.36
 
$ 5.90
Class M
 
 
 
1.42%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 892.30
 
$ 6.77
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.05
 
$ 7.22
Class C
 
 
 
1.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 890.20
 
$ 9.34
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.32
 
$ 9.96
Fidelity® Worldwide Fund
 
 
 
.87%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 895.00
 
$ 4.16
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.82
 
$ 4.43
Class I
 
 
 
.87%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 894.80
 
$ 4.16
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.82
 
$ 4.43
Class Z
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 895.20
 
$ 3.58
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.42
 
$ 3.82
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2022, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Diversified International Fund
$240,530,880
Fidelity International Capital Appreciation Fund
$0
Fidelity Overseas Fund
$0
Fidelity Worldwide Fund
$136,078,148
 
The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:
 
 
December, 2021
Fidelity Diversified International Fund
-
Fidelity International Capital Appreciation Fund
100%
Fidelity Overseas Fund
100%
Fidelity Worldwide Fund
100%
 
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Class A
Class M
Class C
Retail Class
Class I
Class Z
Class K
Fidelity Diversified International Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
1%
-
-
1%
Fidelity International Capital Appreciation Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
1%
-
-
-
Fidelity Overseas Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
7%
-
-
6%
Fidelity Worldwide Fund
 
 
 
 
 
 
 
December, 2021
14%
16%
22%
13%
13%
13%
-
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Class A
Class M
Class C
Retail Class
Class I
Class Z
Class K
Fidelity Diversified International Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
100%
-
-
100%
Fidelity International Capital Appreciation Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
32%
-
-
-
Fidelity Overseas Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
100%
-
-
100%
Fidelity Worldwide Fund
 
 
 
 
 
 
 
December, 2021
33%
38%
50%
30%
30%
29%
-
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
 
Class A
Class M
Class C
Retail Class
Class I
Class Z
Class K
Fidelity Diversified International Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
-
-
-
-
Fidelity International Capital Appreciation Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
1%
-
-
-
Fidelity Overseas Fund
 
 
 
 
 
 
 
December, 2021
-
-
-
-
-
-
-
Fidelity Worldwide Fund
 
 
 
 
 
 
 
December, 2021
1%
1%
1%
1%
1%
1%
-
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity Diversified International Fund
 
 
 
Diversified International
12/06/21
$0.6622
$0.0942
Class K
12/06/21
$0.7102
$0.0942
Fidelity International Capital Appreciation Fund
12/06/21
$0.2821
$0.0423
Fidelity Overseas Fund
 
 
 
Overseas
12/06/21
$0.4571
$0.0871
Class K
12/06/21
$0.5191
$0.0871
 
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Broadly Diversified International Equity Funds
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or representative class, as applicable; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.  
 
Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the Fidelity Worldwide Fund had a portfolio manager change in October 2020. The Board will continue to monitor closely each applicable fund's performance, taking into account the portfolio manager change.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class or fund, as applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity Diversified International Fund
 
Fidelity International Capital Appreciation Fund
 
Fidelity Overseas Fund
 
Fidelity Worldwide Fund  
 
The Board also considered that each fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked and the impact of a fund's performance adjustment, is also included in the charts and was considered by the Board.
 
Fidelity Diversified International Fund
 
Fidelity International Capital Appreciation Fund
 
Fidelity Overseas Fund
 
Fidelity Worldwide Fund
 
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of each fund's performance adjustment, if any, on the fund's management fee ranking.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the total expense ratio of each fund or a representative class of each fund, as applicable, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees (in the case of Fidelity Worldwide Fund), and custodial, legal, and audit fees. The Board noted the impact of each fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for each fund, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class of each of Fidelity Diversified International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
The Board noted that the total net expense ratio of Fidelity International Capital Appreciation Fund ranked below the similar sales load structure group competitive median and above the ASPG competitive median for the 12-month period ended September 30, 2021. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that, when compared to a subset of the ASPG that FMR believes is most comparable, the fund would not be above the ASPG competitive median for 2021.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of Fidelity International Capital Appreciation Fund and the total expense ratio of each class of Fidelity Diversified International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund were reasonable in light of the services that each fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.   
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 each fund's Advisory Contracts should be renewed.
 
1.754543.122
IBD-ANN-1222
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity® Sustainable Emerging Markets Equity Fund will be reported once the fund is a year old.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Sustainable Emerging Markets Equity Fund, a class of the fund, on February 10, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager John Chow:
From the fund's inception on February 10, 2022, through October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -35% to -34%, about in line with the -34.66% result of the MSCI Emerging Markets ESG Leaders Index (Net MA). By region, positioning in Latin America - especially, Mexico and Brazil - bolstered the fund's performance versus the benchmark. Among sectors, security selection in multi-sector holdings contributed meaningfully, along with picks in industrials and energy. A cash position averaging 4% of assets also lifted our relative result. The top individual relative contributor was a sizable non-benchmark stake in iShares MSCI India Index ETF (-6%). This was one of the fund's largest holdings at period end. Also providing a notable relative performance boost was our decision to avoid Russia-based Gazprom. Further benefiting the portfolio versus the benchmark was out-of-benchmark exposure to HDFC Bank (-7%), one of the fund's core holdings as of October 31. Conversely, security selection in Emerging Asia - especially China and Taiwan - along with an underweighting and picks in Emerging Europe - mainly, Russia - hindered the fund's relative result most this period. Among sectors, positioning in consumer discretionary and information technology notably detracted. The fund's three biggest individual relative detractors were Russian stocks: Sberbank, Lukoil and Yandex. Sberbank and Lukoil were not owned at period end. Also holding back performance was our outsized stake in Zai Lab, which returned -60%.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
8.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.8
 
iShares MSCI India ETF (United States of America, Investment Companies)
4.3
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
3.8
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
3.2
 
Wal-Mart de Mexico SA de CV Series V  (Mexico, Food & Staples Retailing)
2.8
 
China Construction Bank Corp. (H Shares)  (China, Banks)
2.6
 
Reliance Industries Ltd. sponsored GDR  (India, Oil, Gas & Consumable Fuels)
2.4
 
Alibaba Group Holding Ltd. sponsored ADR  (Cayman Islands, Internet & Direct Marketing Retail)
2.3
 
LG Chemical Ltd.  (Korea (South), Chemicals)
2.2
 
 
36.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
24.6
 
Information Technology
22.0
 
Consumer Discretionary
12.1
 
Communication Services
8.4
 
Consumer Staples
7.0
 
Materials
6.2
 
Health Care
5.4
 
Industrials
3.6
 
Energy
2.4
 
Real Estate
0.4
 
Utilities
0.4
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 91.8%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 90.4%
 
 
Shares
Value ($)
 
Bermuda - 1.2%
 
 
 
Credicorp Ltd. (United States)
 
166
24,296
Kunlun Energy Co. Ltd.
 
17,566
10,495
TOTAL BERMUDA
 
 
34,791
Brazil - 4.6%
 
 
 
Banco do Brasil SA
 
2,069
14,828
Hypera SA
 
3,266
32,126
Localiza Rent a Car SA
 
2,633
35,956
Localiza Rent a Car SA
 
5
68
Localiza Rent a Car SA ADR
 
1,948
26,415
Natura & Co. Holding SA (a)
 
2,865
8,292
Suzano Papel e Celulose SA
 
1,342
13,821
Suzano Papel e Celulose SA ADR
 
768
7,903
TOTAL BRAZIL
 
 
139,409
Cayman Islands - 17.5%
 
 
 
Alibaba Group Holding Ltd. sponsored ADR (a)
 
1,103
70,129
Bilibili, Inc. ADR (a)
 
671
5,985
Chailease Holding Co. Ltd.
 
2,055
9,493
JD.com, Inc. sponsored ADR
 
1,165
43,443
Li Ning Co. Ltd.
 
1,766
9,134
Meituan Class B (a)(b)
 
3,292
52,707
NetEase, Inc. ADR
 
557
30,980
Pinduoduo, Inc. ADR (a)
 
659
36,133
Sea Ltd. ADR (a)
 
445
22,108
Shenzhou International Group Holdings Ltd.
 
1,053
7,311
Silergy Corp.
 
2,013
23,342
Sunny Optical Technology Group Co. Ltd.
 
676
5,860
Tencent Holdings Ltd.
 
3,706
97,382
Trip.com Group Ltd. ADR (a)
 
2,552
57,752
Wuxi Biologics (Cayman), Inc. (a)(b)
 
5,777
25,994
XP, Inc. Class A (a)
 
427
7,827
XPeng, Inc. ADR (a)
 
807
5,342
Zai Lab Ltd. (a)
 
3,530
8,131
Zai Lab Ltd. ADR (a)
 
412
9,179
TOTAL CAYMAN ISLANDS
 
 
528,232
China - 6.5%
 
 
 
China Construction Bank Corp. (H Shares)
 
145,260
77,088
China Merchants Bank Co. Ltd. (H Shares)
 
2,093
6,879
China Tourism Group Duty Free Corp. Ltd. (H Shares) (a)(b)
 
394
7,795
Haier Smart Home Co. Ltd.
 
5,387
13,478
Kweichow Moutai Co. Ltd. (A Shares)
 
70
12,880
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
8,692
34,797
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
542
24,153
Wuliangye Yibin Co. Ltd. (A Shares)
 
1,034
18,902
TOTAL CHINA
 
 
195,972
Hong Kong - 0.8%
 
 
 
China Resources Beer Holdings Co. Ltd.
 
4,803
22,639
Hungary - 0.7%
 
 
 
Richter Gedeon PLC
 
1,121
22,135
India - 10.0%
 
 
 
Axis Bank Ltd. GDR (Reg. S)
 
295
15,930
HDFC Bank Ltd. sponsored ADR
 
1,837
114,463
ICICI Bank Ltd. sponsored ADR
 
1,751
38,592
Infosys Ltd. sponsored ADR
 
3,252
60,910
Reliance Industries Ltd. sponsored GDR (b)
 
1,156
70,574
TOTAL INDIA
 
 
300,469
Indonesia - 5.8%
 
 
 
PT Avia Avian Tbk
 
199,971
10,064
PT Bank Central Asia Tbk
 
104,323
58,858
PT Bank Mandiri (Persero) Tbk
 
76,287
51,600
PT Bank Rakyat Indonesia (Persero) Tbk
 
74,286
22,146
PT Telkom Indonesia Persero Tbk
 
117,818
33,089
TOTAL INDONESIA
 
 
175,757
Korea (South) - 14.3%
 
 
 
Db Insurance Co. Ltd.
 
204
8,047
Hansol Chemical Co. Ltd.
 
99
12,866
Hyundai Fire & Marine Insurance Co. Ltd.
 
647
15,095
Hyundai Motor Co.
 
66
7,607
LG Chemical Ltd.
 
150
65,788
LG Energy Solution (a)
 
25
9,248
NAVER Corp.
 
184
21,851
POSCO
 
346
60,183
Samsung Electronics Co. Ltd.
 
3,481
144,867
Shinhan Financial Group Co. Ltd.
 
372
9,436
SK Hynix, Inc.
 
901
52,205
Woori Financial Group, Inc. ADR
 
889
22,136
TOTAL KOREA (SOUTH)
 
 
429,329
Mexico - 5.3%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
1,200
4,632
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
399
9,338
Grupo Aeroportuario Norte S.A.B. de CV
 
3,243
25,835
Grupo Financiero Banorte S.A.B. de CV Series O
 
4,473
36,359
Wal-Mart de Mexico SA de CV Series V
 
21,908
84,622
TOTAL MEXICO
 
 
160,786
Netherlands - 0.1%
 
 
 
Yandex NV Series A (a)(c)
 
517
1,773
Philippines - 0.4%
 
 
 
Ayala Land, Inc.
 
28,968
12,817
Saudi Arabia - 0.4%
 
 
 
Dr Sulaiman Al Habib Medical Services Group Co.
 
192
11,579
South Africa - 4.4%
 
 
 
Absa Group Ltd.
 
2,962
32,209
Capitec Bank Holdings Ltd.
 
53
5,484
Impala Platinum Holdings Ltd.
 
1,915
19,607
MTN Group Ltd.
 
5,861
41,429
Naspers Ltd. Class N
 
339
34,945
TOTAL SOUTH AFRICA
 
 
133,674
Taiwan - 13.9%
 
 
 
E.SUN Financial Holdings Co. Ltd.
 
57,638
41,458
eMemory Technology, Inc.
 
896
29,863
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
13,917
44,227
MediaTek, Inc.
 
2,733
49,993
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
3,899
239,984
Unimicron Technology Corp.
 
3,139
12,117
TOTAL TAIWAN
 
 
417,642
Thailand - 2.0%
 
 
 
CP ALL PCL (For. Reg.)
 
27,589
43,510
SCB X PCL (For. Reg.)
 
2,408
6,709
Thai Beverage PCL
 
24,724
10,043
TOTAL THAILAND
 
 
60,262
United Arab Emirates - 0.6%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
7,016
18,050
United Kingdom - 1.2%
 
 
 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 12/7/22 (a)(b)
 
572
25,490
Wuliangye Yibin Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/27/23 (a)(b)
 
558
10,200
TOTAL UNITED KINGDOM
 
 
35,690
United States of America - 0.7%
 
 
 
Li Auto, Inc. ADR (a)
 
1,496
20,376
 
TOTAL COMMON STOCKS
  (Cost $3,489,340)
 
 
 
2,721,382
 
 
 
 
Nonconvertible Preferred Stocks - 2.1%
 
 
Shares
Value ($)
 
Brazil - 2.1%
 
 
 
Itau Unibanco Holding SA
 
6,880
40,490
Itau Unibanco Holding SA sponsored ADR
 
3,960
23,047
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $53,839)
 
 
 
63,537
 
 
 
 
Investment Companies - 4.3%
 
 
Shares
Value ($)
 
United States of America - 4.3%
 
 
 
iShares MSCI India ETF
  (Cost $132,275)
 
3,063
129,259
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (d)
 
  (Cost $102,935)
 
 
102,915
102,935
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
  (Cost $3,778,389)
 
 
 
3,017,113
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(4,788)
NET ASSETS - 100.0%
3,012,325
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
ETF
-
EXCHANGE-TRADED FUND
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $192,760 or 6.4% of net assets.
 
(c)
Level 3 security
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
4,412,841
4,309,906
2,121
-
-
102,935
0.0%
Total
-
4,412,841
4,309,906
2,121
-
-
102,935
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
254,597
122,353
130,471
1,773
Consumer Discretionary
366,152
271,189
94,963
-
Consumer Staples
211,088
200,888
10,200
-
Energy
70,574
70,574
-
-
Financials
735,317
613,996
121,321
-
Health Care
158,787
107,303
51,484
-
Industrials
106,860
106,860
-
-
Information Technology
663,368
663,368
-
-
Materials
194,864
115,074
79,790
-
Real Estate
12,817
-
12,817
-
Utilities
10,495
10,495
-
-
 Investment Companies
129,259
129,259
-
-
  Money Market Funds
102,935
102,935
-
-
 Total Investments in Securities:
3,017,113
2,514,294
501,046
1,773
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,675,454)
 
$2,914,178
 
 
Fidelity Central Funds (cost $102,935)
 
102,935
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,778,389)
 
 
$
3,017,113
Cash
 
 
 
1,892
Foreign currency held at value (cost $539)
 
 
 
538
Receivable for investments sold
 
 
 
31,757
Receivable for fund shares sold
 
 
 
6,416
Dividends receivable
 
 
 
2,905
Distributions receivable from Fidelity Central Funds
 
 
 
472
Prepaid expenses
 
 
 
27,278
Receivable from investment adviser for expense reductions
 
 
 
21,783
  Total assets
 
 
 
3,110,154
Liabilities
 
 
 
 
Payable for investments purchased
 
$40,589
 
 
Payable for fund shares redeemed
 
13
 
 
Accrued management fee
 
1,969
 
 
Distribution and service plan fees payable
 
246
 
 
Other affiliated payables
 
571
 
 
Audit fee payable
 
47,135
 
 
Custody fee payable
 
7,193
 
 
Other payables and accrued expenses
 
113
 
 
  Total Liabilities
 
 
 
97,829
Net Assets  
 
 
$
3,012,325
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,167,885
Total accumulated earnings (loss)
 
 
 
(1,155,560)
Net Assets
 
 
$
3,012,325
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($163,872 ÷ 25,000 shares) (a)
 
 
$
6.55
Maximum offering price per share (100/94.25 of $6.55)
 
 
$
6.95
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($163,580 ÷ 25,000 shares) (a)
 
 
$
6.54
Maximum offering price per share (100/96.50 of $6.54)
 
 
$
6.78
Class C :
 
 
 
 
Net Asset Value and offering price per share ($162,986 ÷ 25,000 shares) (a)
 
 
$
6.52
Fidelity Sustainable Emerging Markets Equity Fund :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($2,082,050 ÷ 317,065 shares)
 
 
$
6.57
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($164,171 ÷ 25,000 shares)
 
 
$
6.57
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($275,666 ÷ 41,956 shares)
 
 
$
6.57
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
48,678
Income from Fidelity Central Funds  
 
 
 
2,121
 Income before foreign taxes withheld
 
 
 
50,799
Less foreign taxes withheld
 
 
 
(6,506)
 Total Income
 
 
 
44,293
Expenses
 
 
 
 
Management fee
$
16,549
 
 
Transfer agent fees
 
3,480
 
 
Distribution and service plan fees
 
2,520
 
 
Accounting fees and expenses
 
1,076
 
 
Custodian fees and expenses
 
28,549
 
 
Independent trustees' fees and expenses
 
6
 
 
Registration fees
 
89,186
 
 
Audit
 
50,343
 
 
Legal
 
1
 
 
Miscellaneous
 
160
 
 
 Total expenses before reductions
 
191,870
 
 
 Expense reductions
 
(162,457)
 
 
 Total expenses after reductions
 
 
 
29,413
Net Investment income (loss)
 
 
 
14,880
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(377,829)
 
 
 Foreign currency transactions
 
(3,596)
 
 
 Futures contracts
 
(27,753)
 
 
Total net realized gain (loss)
 
 
 
(409,178)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(761,276)
 
 
 Assets and liabilities in foreign currencies
 
14
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(761,262)
Net gain (loss)
 
 
 
(1,170,440)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,155,560)
Statement of Changes in Net Assets
 
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
14,880
Net realized gain (loss)
 
(409,178)
 
Change in net unrealized appreciation (depreciation)
 
(761,262)
Net increase (decrease) in net assets resulting from operations
 
(1,155,560)
 
Share transactions - net increase (decrease)
 
4,167,885
 
Total increase (decrease) in net assets
 
3,012,325
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
3,012,325
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.03
     Net realized and unrealized gain (loss)
 
(3.48)
  Total from investment operations
 
(3.45)  
  Net asset value, end of period
$
6.55
 Total Return   D,E,F
 
(34.50)%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
8.77% I,J
    Expenses net of fee waivers, if any
 
1.57% I
    Expenses net of all reductions
 
1.56% I
    Net investment income (loss)
 
.51% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
164
    Portfolio turnover rate K
 
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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.01
     Net realized and unrealized gain (loss)
 
(3.47)
  Total from investment operations
 
(3.46)  
  Net asset value, end of period
$
6.54
 Total Return   D,E,F
 
(34.60)%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
9.01% I,J
    Expenses net of fee waivers, if any
 
1.82% I
    Expenses net of all reductions
 
1.82% I
    Net investment income (loss)
 
.26% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
164
    Portfolio turnover rate K
 
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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
(.01)
     Net realized and unrealized gain (loss)
 
(3.47)
  Total from investment operations
 
(3.48)  
  Net asset value, end of period
$
6.52
 Total Return   D,E,F
 
(34.80)%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
9.51% I,J
    Expenses net of fee waivers, if any
 
2.32% I
    Expenses net of all reductions
 
2.32% I
    Net investment income (loss)
 
(.24)% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
163
    Portfolio turnover rate K
 
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 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 Emerging Markets Equity Fund
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.05
     Net realized and unrealized gain (loss)
 
(3.48)
  Total from investment operations
 
(3.43)  
  Net asset value, end of period
$
6.57
 Total Return   D,E
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
8.07% H,I
    Expenses net of fee waivers, if any
 
1.25% H
    Expenses net of all reductions
 
1.25% H
    Net investment income (loss)
 
.83% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
2,082
    Portfolio turnover rate J
 
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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.04
     Net realized and unrealized gain (loss)
 
(3.47)
  Total from investment operations
 
(3.43)  
  Net asset value, end of period
$
6.57
 Total Return   D,E
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
8.50% H,I
    Expenses net of fee waivers, if any
 
1.31% H
    Expenses net of all reductions
 
1.31% H
    Net investment income (loss)
 
.76% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
164
    Portfolio turnover rate J
 
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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.05
     Net realized and unrealized gain (loss)
 
(3.48)
  Total from investment operations
 
(3.43)  
  Net asset value, end of period
$
6.57
 Total Return   D,E
 
(34.30)%
 Ratios to Average Net Assets B,F,G
 
 
    Expenses before reductions
 
8.23% H,I
    Expenses net of fee waivers, if any
 
1.15% H
    Expenses net of all reductions
 
1.15% H
    Net investment income (loss)
 
.93% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
276
    Portfolio turnover rate J
 
84% H
 
A For the period February 10, 2022 (commencement of operations) through October 31, 2022
 
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 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 October 31, 2022
 
1. Organization.
Fidelity Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable Emerging Markets Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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.
 
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.  
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   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
$75,025
Gross unrealized depreciation
(939,332)
Net unrealized appreciation (depreciation)
$(864,307)
Tax Cost
$3,881,420
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$11,312
Capital loss carryforward
$(302,578)
Net unrealized appreciation (depreciation) on securities and other investments
$(864,293)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(285,926)
Long-term
(16,652)
Total capital loss carryforward
$(302,578)
 
Due to large subscriptions in the period, approximately $89,764 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $57,333 of those capital losses per year to offset capital gains.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Sustainable Emerging Markets Equity Fund
5,701,406
1,675,466
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 will not take effect until February 28, 2023. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annualized management fee rate was .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%
$361
$361
Class M
.25%
.25%
720
720
Class C
.75%
.25%
1,439
1,439
 
 
 
$2,520
$2,520
 
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
$164
.11
Class M
141
.10
Class C
140
.10
Fidelity Sustainable Emerging Markets Equity Fund
2,829
.20
Class I
141
.10
Class Z
65
.04
 
$3,480
 
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
$38
 
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
81,664
19,344
(11,753)
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
$3
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
1.55%/1.50% A
$11,341
Class M
1.80%/1.75% A
11,296
Class C
2.30%/2.25% A
11,273
Fidelity Sustainable Emerging Markets Equity Fund
1.30%/1.25% A
104,948
Class I
1.30%/1.25% A
11,318
Class Z
1.15%/1.10% A
12,179
 
 
$162,355
 
A    Expense limitation effective June 1, 2022.
 
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 $39.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $63.
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Dollars
 
Year ended October 31, 2022 A  
Year ended October 31, 2022 A  
Fidelity Sustainable Emerging Markets Equity Fund
 
 
Class A
 
 
Shares sold
25,041
$250,393
Shares redeemed
(41)
(320)
Net increase (decrease)
25,000
$250,073
Class M
 
 
Shares sold
25,000
$250,003
Net increase (decrease)
25,000
$250,003
Class C
 
 
Shares sold
25,000
$250,000
Net increase (decrease)
25,000
$250,000
Fidelity Sustainable Emerging Markets Equity Fund
 
 
Shares sold
382,605
$3,306,578
Shares redeemed
(65,540)
(507,726)
Net increase (decrease)
317,065
$2,798,852
Class I
 
 
Shares sold
25,000
$250,000
Net increase (decrease)
25,000
$250,000
Class Z
 
 
Shares sold
42,008
$369,361
Shares redeemed
(52)
(404)
Net increase (decrease)
41,956
$368,957
 
A   For the period February 10, 2022 (commencement of operations) through October 31, 2022.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Sustainable Emerging Markets Equity Fund  
44%
 
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
12%
 
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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Sustainable Emerging Markets Equity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Sustainable Emerging Markets Equity Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period February 10, 2022 (commencement of operations) through October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations, changes in its net assets, and the financial highlights for the period February 10, 2022 (commencement of operations) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 19, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 794.90
 
$ 7.10
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.29
 
$ 7.98
Class M
 
 
 
1.82%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 793.70
 
$ 8.23
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.03
 
$ 9.25
Class C
 
 
 
2.33%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 792.20
 
$ 10.53
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,013.46
 
$ 11.82
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 797.30
 
$ 5.62
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.95
 
$ 6.31
Class I
 
 
 
1.32%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 797.30
 
$ 5.98
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.55
 
$ 6.72
Class Z
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 796.40
 
$ 5.21
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.41
 
$ 5.85
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
1.9905243.100
MAR-ANN-1222
Fidelity® Total International Equity Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-29.72%
0.34%
3.97%
Class M (incl.3.50% sales charge)    
-28.20%
0.57%
3.96%
Class C    
(incl. contingent deferred sales charge)
 
-26.72%
0.78%
3.98%
Fidelity® Total International Equity Fund
-25.25%
1.80%
4.90%
Class I
-25.28%
1.79%
4.86%
Class Z
-25.09%
1.97%
4.96%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Total International Equity Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Co-Managers Sam Polyak, Jed Weiss, and Alex Zavratsky:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -26% to -25%, trailing the -24.61% result of the benchmark MSCI All Country World ex U.S. Index. By region, an underweighting and security selection in emerging markets - primarily driven by Russia - along with Japan, hurt the fund's relative result most this period. In terms of sectors, the largest detractor from performance versus the benchmark were stock picks in communication services. An overweighting in information technology also hurt, as did investment choices in industrials, primarily within the commercial & professional services industry. The fund's biggest individual relative detractor was an outsized stake in Lukoil, which returned about -100% the past year. Also hampering performance was our overweighting in Tencent Holdings, which returned -56%, though we added to our position the past 12 months. Further pressuring performance was an outsized stake in Yandex, which returned -96%. In contrast, a non-benchmark allocation to the U.S. and stock picks in Canada contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark was security selection in materials. Strong picks in the information technology sector, primarily driven by software & services companies, lifted the fund's relative performance as well. Further bolstering the portfolio's relative performance was stock selection and an underweighting in consumer discretionary. Lastly, the fund's position in cash was a notable contributor. Not owning Shopify, a benchmark component that returned roughly -77%, was the top individual relative contributor. Also bolstering performance was our overweighting in Petrobras, which gained about 99%. Another key relative contributor was an outsized stake in Nutrien (+23%). Notable changes in positioning include a higher allocation to South Korea and the U.K. By sector, meaningful changes in positioning include increased exposure to energy stocks and a lower allocation to communication services firms.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
2.8
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.7
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
1.9
 
Canadian Pacific Railway Ltd.  (Canada, Road & Rail)
1.7
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
1.7
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
1.5
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.5
 
Linde PLC  (Germany, Chemicals)
1.5
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.4
 
Housing Development Finance Corp. Ltd.  (India, Diversified Financial Services)
1.4
 
 
18.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
20.9
 
Industrials
18.2
 
Information Technology
14.8
 
Materials
10.8
 
Consumer Discretionary
9.7
 
Health Care
6.9
 
Energy
6.4
 
Communication Services
3.7
 
Consumer Staples
3.3
 
Real Estate
0.8
 
Utilities
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 90.4%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.7%
 
 
Shares
Value ($)
 
Australia - 2.1%
 
 
 
Aub Group Ltd.
 
1,288
17,038
BHP Group Ltd.
 
64,317
1,537,004
Imdex Ltd.
 
23,979
31,290
Macquarie Group Ltd.
 
4,861
527,033
National Australia Bank Ltd.
 
27,772
576,881
Steadfast Group Ltd.
 
11,336
36,690
Woodside Energy Group Ltd.
 
23,682
545,032
TOTAL AUSTRALIA
 
 
3,270,968
Austria - 0.1%
 
 
 
Erste Group Bank AG
 
7,011
172,786
Bailiwick of Jersey - 1.2%
 
 
 
Experian PLC
 
23,084
736,040
Ferguson PLC
 
1,363
148,650
Glencore PLC
 
169,105
969,491
Integrated Diagnostics Holdings PLC (a)
 
40,522
31,202
TOTAL BAILIWICK OF JERSEY
 
 
1,885,383
Belgium - 0.6%
 
 
 
Azelis Group NV
 
8,320
190,427
KBC Ancora
 
1,622
57,674
KBC Group NV
 
7,490
375,367
UCB SA
 
4,159
313,685
TOTAL BELGIUM
 
 
937,153
Bermuda - 0.8%
 
 
 
Credicorp Ltd. (United States)
 
5,868
858,840
Shangri-La Asia Ltd. (b)
 
644,657
356,425
TOTAL BERMUDA
 
 
1,215,265
Canada - 8.2%
 
 
 
Barrick Gold Corp.
 
95,707
1,438,476
CAE, Inc. (b)
 
44,298
845,413
Cameco Corp.
 
21,500
509,902
Canadian Natural Resources Ltd.
 
5,214
312,721
Canadian Pacific Railway Ltd.
 
34,628
2,581,436
Constellation Software, Inc.
 
725
1,048,314
Franco-Nevada Corp.
 
7,181
887,274
McCoy Global, Inc. (b)
 
7,000
5,138
Nutrien Ltd.
 
17,164
1,450,250
Osisko Gold Royalties Ltd.
 
2,296
24,623
Pason Systems, Inc.
 
3,589
38,120
PrairieSky Royalty Ltd.
 
1,500
23,298
Richelieu Hardware Ltd.
 
20,467
549,402
Summit Industrial Income REIT
 
19,994
255,511
Suncor Energy, Inc.
 
28,362
975,552
The Toronto-Dominion Bank
 
25,791
1,650,616
TOTAL CANADA
 
 
12,596,046
Cayman Islands - 4.4%
 
 
 
Alibaba Group Holding Ltd. (b)
 
116,246
903,802
Chlitina Holding Ltd.
 
6,200
28,353
JD.com, Inc. Class A
 
75,192
1,369,285
Li Ning Co. Ltd.
 
59,769
309,138
Meituan Class B (a)(b)
 
53,340
854,003
Sunny Optical Technology Group Co. Ltd.
 
43,391
376,164
Tencent Holdings Ltd.
 
114,116
2,998,603
TOTAL CAYMAN ISLANDS
 
 
6,839,348
China - 3.6%
 
 
 
China Life Insurance Co. Ltd. (H Shares)
 
1,235,165
1,346,895
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
919,716
560,056
Haier Smart Home Co. Ltd. (A Shares)
 
422,200
1,202,503
Industrial & Commercial Bank of China Ltd. (H Shares)
 
1,781,696
773,551
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
53,000
484,068
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
19,400
864,525
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
115,100
334,918
TOTAL CHINA
 
 
5,566,516
Denmark - 0.6%
 
 
 
DSV A/S
 
1,789
242,196
ORSTED A/S (a)
 
2,011
165,919
Spar Nord Bank A/S
 
3,220
38,977
Vestas Wind Systems A/S
 
20,731
408,684
TOTAL DENMARK
 
 
855,776
Finland - 0.6%
 
 
 
Kone OYJ (B Shares)
 
5,575
228,273
Musti Group OYJ
 
1,956
36,766
Sampo Oyj (A Shares)
 
13,814
631,800
TOTAL FINLAND
 
 
896,839
France - 7.1%
 
 
 
Air Liquide SA
 
4,527
592,194
ALTEN
 
1,384
161,803
AXA SA
 
33,820
835,182
BNP Paribas SA
 
13,035
611,262
Capgemini SA
 
2,062
337,943
Edenred SA
 
11,158
572,957
Euroapi SASU (b)
 
459
8,031
Laurent-Perrier Group SA
 
451
43,946
Lectra
 
7,405
237,103
Legrand SA
 
9,414
717,391
LISI
 
2,320
45,809
LVMH Moet Hennessy Louis Vuitton SE
 
3,322
2,096,165
Safran SA
 
8,923
993,754
Sanofi SA
 
11,521
991,473
Teleperformance
 
835
223,874
TotalEnergies SE
 
28,898
1,576,483
Vetoquinol SA
 
776
64,495
VINCI SA
 
5,146
473,623
Vivendi SA (c)
 
36,430
298,179
TOTAL FRANCE
 
 
10,881,667
Germany - 4.9%
 
 
 
Bayer AG
 
10,758
565,667
CTS Eventim AG (b)
 
3,552
169,686
Deutsche Borse AG
 
4,242
689,833
Deutsche Post AG
 
9,829
347,453
Hannover Reuck SE
 
3,467
564,648
Linde PLC (c)
 
7,465
2,232,736
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
1,504
397,020
Nexus AG
 
1,420
76,200
Rheinmetall AG
 
3,213
522,328
RWE AG
 
14,123
544,186
Scout24 AG (a)
 
860
44,093
Siemens AG
 
7,670
837,633
Stabilus Se
 
702
38,538
Vonovia SE
 
23,361
516,526
TOTAL GERMANY
 
 
7,546,547
Greece - 0.6%
 
 
 
National Bank of Greece SA (b)
 
272,179
987,160
Hong Kong - 1.5%
 
 
 
AIA Group Ltd.
 
176,438
1,336,482
China Resources Beer Holdings Co. Ltd.
 
162,625
766,547
Hong Kong Exchanges and Clearing Ltd.
 
5,400
143,336
TOTAL HONG KONG
 
 
2,246,365
Hungary - 0.6%
 
 
 
Richter Gedeon PLC
 
44,120
871,180
India - 4.8%
 
 
 
Axis Bank Ltd.
 
90,479
990,263
Embassy Office Parks (REIT)
 
11,400
47,426
Housing Development Finance Corp. Ltd.
 
70,058
2,090,230
Indian Energy Exchange Ltd. (a)
 
15,519
26,227
Kotak Mahindra Bank Ltd.
 
10,353
237,870
Larsen & Toubro Ltd.
 
63,265
1,546,164
Reliance Industries Ltd.
 
1,800
55,439
Reliance Industries Ltd. sponsored GDR (a)
 
9,209
562,209
Shree Cement Ltd.
 
2,422
665,348
Solar Industries India Ltd.
 
18,046
850,601
Voltas Ltd.
 
26,830
283,987
TOTAL INDIA
 
 
7,355,764
Indonesia - 0.8%
 
 
 
PT Bank Mandiri (Persero) Tbk
 
639,917
432,834
PT Bank Rakyat Indonesia (Persero) Tbk
 
774,035
230,759
PT United Tractors Tbk
 
315,824
654,022
TOTAL INDONESIA
 
 
1,317,615
Ireland - 1.2%
 
 
 
Bank of Ireland Group PLC
 
33,831
243,931
Cairn Homes PLC
 
31,039
29,936
CRH PLC
 
14,870
535,586
CRH PLC sponsored ADR
 
21,716
786,336
Irish Residential Properties REIT PLC
 
19,765
21,369
Ryanair Holdings PLC sponsored ADR (b)
 
4,274
294,436
TOTAL IRELAND
 
 
1,911,594
Israel - 0.4%
 
 
 
Icl Group Ltd.
 
53,348
481,914
Ituran Location & Control Ltd.
 
2,447
58,679
Maytronics Ltd.
 
2,027
21,879
Strauss Group Ltd.
 
887
22,210
Tel Aviv Stock Exchange Ltd.
 
8,000
47,159
TOTAL ISRAEL
 
 
631,841
Italy - 1.0%
 
 
 
Enel SpA
 
77,029
344,115
Interpump Group SpA
 
12,172
471,295
Mediobanca SpA (c)
 
38,496
348,937
Prada SpA
 
72,500
330,190
TOTAL ITALY
 
 
1,494,537
Japan - 12.0%
 
 
 
Ai Holdings Corp.
 
1,300
19,269
Aoki Super Co. Ltd.
 
1,200
20,660
Artnature, Inc.
 
3,300
17,111
Aucnet, Inc.
 
2,100
31,649
Azbil Corp.
 
28,300
769,854
Broadleaf Co. Ltd.
 
17,000
62,309
Central Automotive Products Ltd.
 
1,100
16,600
Curves Holdings Co. Ltd.
 
13,700
79,697
Daiichikosho Co. Ltd.
 
2,900
83,278
Daikokutenbussan Co. Ltd.
 
600
18,319
DENSO Corp.
 
9,590
475,817
Digital Hearts Holdings Co. Ltd.
 
3,600
49,511
FANUC Corp.
 
2,400
314,044
FUJIFILM Holdings Corp.
 
7,976
365,771
Fujitec Co. Ltd.
 
1,400
27,850
Fujitsu Ltd.
 
1,979
227,701
Funai Soken Holdings, Inc.
 
2,250
40,144
Goldcrest Co. Ltd.
 
3,960
46,605
Hitachi Ltd.
 
20,748
943,249
Hoya Corp.
 
14,176
1,322,788
Ibiden Co. Ltd.
 
4,441
150,229
Idemitsu Kosan Co. Ltd.
 
9,667
211,290
Itochu Corp.
 
20,157
521,768
JEOL Ltd.
 
2,900
106,486
Keyence Corp.
 
3,684
1,395,359
Kobayashi Pharmaceutical Co. Ltd.
 
1,100
58,442
Koshidaka Holdings Co. Ltd.
 
9,800
73,684
Kusuri No Aoki Holdings Co. Ltd.
 
700
33,801
Lasertec Corp.
 
4,850
681,478
Medikit Co. Ltd.
 
2,000
32,550
Minebea Mitsumi, Inc.
 
17,713
262,547
Miroku Jyoho Service Co., Ltd.
 
2,400
24,114
Misumi Group, Inc.
 
29,600
633,027
Mitsubishi Estate Co. Ltd.
 
16,943
213,063
Mitsubishi UFJ Financial Group, Inc.
 
146,921
694,033
Mitsuboshi Belting Ltd.
 
700
14,900
Mitsui Fudosan Co. Ltd.
 
11,548
221,299
Nagaileben Co. Ltd.
 
4,500
61,798
Nihon Parkerizing Co. Ltd.
 
13,600
88,536
NS Tool Co. Ltd.
 
4,000
31,043
NSD Co. Ltd.
 
2,800
47,905
OBIC Co. Ltd.
 
1,350
203,097
ORIX Corp.
 
35,988
528,826
OSG Corp.
 
14,080
179,249
Paramount Bed Holdings Co. Ltd.
 
1,800
32,055
ProNexus, Inc.
 
4,200
27,088
Recruit Holdings Co. Ltd.
 
37,626
1,157,796
Renesas Electronics Corp. (b)
 
37,004
309,566
San-Ai Obbli Co. Ltd.
 
4,600
38,051
Shin-Etsu Chemical Co. Ltd.
 
5,251
545,736
Shiseido Co. Ltd.
 
3,507
121,582
SHO-BOND Holdings Co. Ltd.
 
10,980
475,545
Shoei Co. Ltd.
 
3,200
118,148
SK Kaken Co. Ltd.
 
320
79,734
SoftBank Group Corp.
 
8,709
373,844
Software Service, Inc.
 
500
27,674
Sony Group Corp.
 
2,016
135,948
Sumitomo Mitsui Financial Group, Inc.
 
18,865
529,759
Suzuki Motor Corp.
 
12,044
406,610
Techno Medica Co. Ltd.
 
500
5,494
The Monogatari Corp.
 
620
28,437
TIS, Inc.
 
9,114
246,092
Tocalo Co. Ltd.
 
2,800
22,408
Tokio Marine Holdings, Inc.
 
34,989
633,212
Toyota Motor Corp.
 
102,029
1,415,613
USS Co. Ltd.
 
22,900
346,053
Welcia Holdings Co. Ltd.
 
1,600
33,464
YAKUODO Holdings Co. Ltd.
 
1,600
29,978
TOTAL JAPAN
 
 
18,540,637
Kenya - 0.1%
 
 
 
Safaricom Ltd.
 
1,025,096
212,031
Korea (South) - 4.9%
 
 
 
BGF Retail Co. Ltd.
 
301
39,330
Hyundai Mipo Dockyard Co. Ltd. (b)
 
8,515
547,654
Hyundai Motor Co.
 
5,336
614,979
Korea Aerospace Industries Ltd.
 
24,461
811,471
Korea Zinc Co. Ltd.
 
1,154
517,445
POSCO
 
4,798
834,566
Samsung Electronics Co. Ltd.
 
101,837
4,238,096
TOTAL KOREA (SOUTH)
 
 
7,603,541
Luxembourg - 0.2%
 
 
 
ArcelorMittal SA (Netherlands)
 
11,043
247,240
Mexico - 0.6%
 
 
 
Grupo Financiero Banorte S.A.B. de CV Series O
 
50,805
412,969
Wal-Mart de Mexico SA de CV Series V
 
121,280
468,458
TOTAL MEXICO
 
 
881,427
Netherlands - 3.3%
 
 
 
Aalberts Industries NV
 
7,179
249,590
AerCap Holdings NV (b)
 
818
43,689
Airbus Group NV
 
12,797
1,384,684
ASML Holding NV (Netherlands)
 
4,774
2,239,422
IMCD NV
 
3,284
426,123
NN Group NV
 
11,946
505,871
Universal Music Group NV
 
8,032
157,712
Yandex NV Series A (b)(d)
 
15,421
52,892
TOTAL NETHERLANDS
 
 
5,059,983
New Zealand - 0.1%
 
 
 
Auckland International Airport Ltd. (b)
 
30,663
137,272
Norway - 0.5%
 
 
 
Adevinta ASA Class B (b)
 
16,961
116,161
Equinor ASA
 
11,083
403,795
Kongsberg Gruppen ASA
 
3,112
111,535
Medistim ASA
 
1,184
27,447
Schibsted ASA (B Shares)
 
9,906
147,025
Volue A/S (b)
 
6,514
16,918
TOTAL NORWAY
 
 
822,881
Russia - 0.0%
 
 
 
LUKOIL PJSC sponsored ADR (d)
 
15,040
4,255
Sberbank of Russia sponsored ADR (b)(d)
 
62,556
1,114
TOTAL RUSSIA
 
 
5,369
Singapore - 0.5%
 
 
 
United Overseas Bank Ltd.
 
36,124
708,394
South Africa - 1.0%
 
 
 
Absa Group Ltd.
 
48,783
530,462
Clicks Group Ltd.
 
9,830
166,565
Impala Platinum Holdings Ltd.
 
76,938
787,743
Thungela Resources Ltd.
 
2,770
42,313
TOTAL SOUTH AFRICA
 
 
1,527,083
Spain - 1.5%
 
 
 
Amadeus IT Holding SA Class A (b)
 
21,319
1,111,899
Banco Santander SA (Spain) (c)
 
256,600
664,900
Cellnex Telecom SA (a)
 
12,308
402,844
Fluidra SA
 
2,271
30,814
Unicaja Banco SA (a)
 
103,737
91,856
TOTAL SPAIN
 
 
2,302,313
Sweden - 2.7%
 
 
 
Addlife AB
 
5,860
54,772
AddTech AB (B Shares)
 
19,677
238,094
Alleima AB (b)
 
2,191
7,465
ASSA ABLOY AB (B Shares)
 
48,047
970,169
Atlas Copco AB (A Shares)
 
106,388
1,135,506
Epiroc AB (A Shares)
 
39,861
610,210
Hemnet Group AB
 
4,101
50,960
Investor AB (B Shares)
 
31,356
512,206
INVISIO AB
 
2,675
39,733
John Mattson Fastighetsforetag (b)
 
2,968
18,763
Lagercrantz Group AB (B Shares)
 
39,750
341,114
Sandvik AB
 
11,535
180,255
Teqnion AB
 
2,800
31,699
TOTAL SWEDEN
 
 
4,190,946
Switzerland - 5.0%
 
 
 
Nestle SA (Reg. S)
 
23,517
2,560,032
Novartis AG
 
5,447
440,612
Roche Holding AG (participation certificate)
 
7,178
2,381,647
Schindler Holding AG:
 
 
 
 (participation certificate)
 
1,084
176,724
 (Reg.)
 
107
16,840
Swiss Life Holding AG
 
705
341,394
Tecan Group AG
 
259
95,028
UBS Group AG
 
52,885
838,756
Zurich Insurance Group Ltd.
 
2,152
917,126
TOTAL SWITZERLAND
 
 
7,768,159
Taiwan - 3.8%
 
 
 
Addcn Technology Co. Ltd.
 
5,778
32,245
ECLAT Textile Co. Ltd.
 
46,942
617,811
HIWIN Technologies Corp.
 
114,228
587,891
Taiwan Semiconductor Manufacturing Co. Ltd.
 
343,051
4,120,203
Yageo Corp.
 
38,775
441,199
TOTAL TAIWAN
 
 
5,799,349
Thailand - 0.5%
 
 
 
Kasikornbank PCL (For. Reg.)
 
189,901
728,757
Turkey - 0.3%
 
 
 
Turkiye Petrol Rafinerileri A/S (b)
 
22,767
463,553
United Kingdom - 6.8%
 
 
 
Alliance Pharma PLC
 
68,541
48,891
Anglo American PLC (United Kingdom)
 
20,175
604,326
AstraZeneca PLC (United Kingdom)
 
7,807
916,012
Avon Protection PLC
 
2,554
30,461
BAE Systems PLC
 
132,833
1,242,463
Beazley PLC
 
36,282
259,843
Bodycote PLC
 
12,462
70,828
BP PLC
 
194,388
1,075,473
Clarkson PLC
 
2,308
73,184
Compass Group PLC
 
44,394
935,019
Dechra Pharmaceuticals PLC
 
9,122
274,081
Helios Towers PLC (b)
 
15,311
22,036
Howden Joinery Group PLC
 
9,877
58,220
Imperial Brands PLC
 
18,370
447,477
InterContinental Hotel Group PLC ADR
 
7,516
412,177
Lloyds Banking Group PLC
 
817,626
392,680
Rightmove PLC
 
65,358
368,044
Shell PLC ADR
 
34,353
1,911,057
Spectris PLC
 
19,735
683,489
Spirax-Sarco Engineering PLC
 
1,019
125,623
Standard Chartered PLC (United Kingdom)
 
97,298
580,446
TOTAL UNITED KINGDOM
 
 
10,531,830
United States of America - 5.8%
 
 
 
Alphabet, Inc. Class A (b)
 
2,574
243,269
Autoliv, Inc.
 
5,629
452,290
Lam Research Corp.
 
516
208,866
Marsh & McLennan Companies, Inc.
 
8,987
1,451,311
MasterCard, Inc. Class A
 
2,389
784,022
Moody's Corp.
 
2,370
627,742
Morningstar, Inc.
 
570
132,343
MSCI, Inc.
 
1,867
875,362
NICE Ltd. sponsored ADR (b)
 
3,329
632,144
NOV, Inc.
 
13,900
311,360
Otis Worldwide Corp.
 
3,656
258,260
PriceSmart, Inc.
 
3,197
204,512
ResMed, Inc.
 
5,133
1,148,201
S&P Global, Inc.
 
1,896
609,090
Sherwin-Williams Co.
 
2,178
490,115
Visa, Inc. Class A
 
2,627
544,209
TOTAL UNITED STATES OF AMERICA
 
 
8,973,096
 
TOTAL COMMON STOCKS
  (Cost $152,407,685)
 
 
 
145,984,211
 
 
 
 
Preferred Stocks - 1.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.1%
 
 
 
ByteDance Ltd. Series E1 (b)(d)(e)
 
577
90,601
Nonconvertible Preferred Stocks - 1.4%
 
 
 
Brazil - 1.1%
 
 
 
Ambev SA sponsored ADR
 
138,041
419,645
Itau Unibanco Holding SA
 
123,717
728,099
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
44,913
575,785
 
 
 
1,723,529
Germany - 0.3%
 
 
 
Porsche Automobil Holding SE (Germany)
 
7,719
431,278
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
2,154,807
 
TOTAL PREFERRED STOCKS
  (Cost $1,913,654)
 
 
 
2,245,408
 
 
 
 
Money Market Funds - 5.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
5,393,020
5,394,098
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
2,836,602
2,836,886
 
TOTAL MONEY MARKET FUNDS
  (Cost $8,230,980)
 
 
8,230,984
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
  (Cost $162,552,319)
 
 
 
156,460,603
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(2,342,975)
NET ASSETS - 100.0%
154,117,628
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,178,353 or 1.4% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $90,601 or 0.1% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
63,224
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
2,208,399
154,057,091
150,871,392
53,862
-
-
5,394,098
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
134,750
14,569,940
11,867,805
11,347
-
1
2,836,886
0.0%
Total
2,343,149
168,627,031
162,739,197
65,209
-
1
8,230,984
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
5,772,902
1,120,784
4,599,226
52,892
Consumer Discretionary
14,661,958
6,045,028
8,616,930
-
Consumer Staples
5,500,432
2,492,923
3,007,509
-
Energy
10,294,848
7,234,842
3,055,751
4,255
Financials
31,573,832
21,780,525
9,792,193
1,114
Health Care
10,761,994
5,466,583
5,295,411
-
Industrials
27,785,442
16,047,464
11,737,978
-
Information Technology
22,797,400
13,678,587
9,028,212
90,601
Materials
16,686,029
11,816,387
4,869,642
-
Real Estate
1,340,562
610,973
729,589
-
Utilities
1,054,220
544,186
510,034
-
  Money Market Funds
8,230,984
8,230,984
-
-
 Total Investments in Securities:
156,460,603
95,069,266
61,242,475
148,862
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
71,733
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(3,274,991)
 
  Cost of Purchases
 
1,692,710
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
1,659,410
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
148,862
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(3,274,991)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,644,852) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $154,321,339)
 
$148,229,619
 
 
Fidelity Central Funds (cost $8,230,980)
 
8,230,984
 
 
 
 
 
 
 
Total Investment in Securities (cost $162,552,319)
 
 
$
156,460,603
Cash
 
 
 
19,271
Foreign currency held at value (cost $62,438)
 
 
 
63,033
Receivable for investments sold
 
 
 
388,550
Receivable for fund shares sold
 
 
 
288,335
Dividends receivable
 
 
 
240,068
Reclaims receivable
 
 
 
222,186
Distributions receivable from Fidelity Central Funds
 
 
 
15,659
Prepaid expenses
 
 
 
231
Receivable from investment adviser for expense reductions
 
 
 
53,748
Other receivables
 
 
 
20,764
  Total assets
 
 
 
157,772,448
Liabilities
 
 
 
 
Payable for investments purchased
 
$205,769
 
 
Payable for fund shares redeemed
 
243,941
 
 
Accrued management fee
 
103,338
 
 
Distribution and service plan fees payable
 
8,101
 
 
Other affiliated payables
 
27,632
 
 
Other payables and accrued expenses
 
229,153
 
 
Collateral on securities loaned
 
2,836,886
 
 
  Total Liabilities
 
 
 
3,654,820
Net Assets  
 
 
$
154,117,628
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
164,739,487
Total accumulated earnings (loss)
 
 
 
(10,621,859)
Net Assets
 
 
$
154,117,628
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($12,785,844 ÷ 1,493,072 shares) (a)
 
 
$
8.56
Maximum offering price per share (100/94.25 of $8.56)
 
 
$
9.08
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($9,876,289 ÷ 1,147,179 shares) (a)
 
 
$
8.61
Maximum offering price per share (100/96.50 of $8.61)
 
 
$
8.92
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,893,418 ÷ 221,845 shares) (a)
 
 
$
8.53
Total International Equity :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($86,458,196 ÷ 10,054,641 shares)
 
 
$
8.60
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($35,422,526 ÷ 4,136,453 shares)
 
 
$
8.56
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($7,681,355 ÷ 892,427 shares)
 
 
$
8.61
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
4,008,854
Non-Cash dividends
 
 
 
302,238
Income from Fidelity Central Funds (including $11,347 from security lending)
 
 
 
65,209
 Income before foreign taxes withheld
 
 
 
4,376,301
Less foreign taxes withheld
 
 
 
(362,827)
 Total Income
 
 
 
4,013,474
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
954,132
 
 
 Performance adjustment
 
196,641
 
 
Transfer agent fees
 
232,819
 
 
Distribution and service plan fees
 
101,884
 
 
Accounting fees
 
71,857
 
 
Custodian fees and expenses
 
91,433
 
 
Independent trustees' fees and expenses
 
464
 
 
Registration fees
 
94,248
 
 
Audit
 
92,597
 
 
Legal
 
4,207
 
 
Miscellaneous
 
671
 
 
 Total expenses before reductions
 
1,840,953
 
 
 Expense reductions
 
(274,293)
 
 
 Total expenses after reductions
 
 
 
1,566,660
Net Investment income (loss)
 
 
 
2,446,814
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $44,392)
 
(5,024,975)
 
 
 Foreign currency transactions
 
(61,521)
 
 
Total net realized gain (loss)
 
 
 
(5,086,496)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $16,399)  
 
(39,902,811)
 
 
   Fidelity Central Funds
 
1
 
 
 Assets and liabilities in foreign currencies
 
(29,954)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(39,932,764)
Net gain (loss)
 
 
 
(45,019,260)
Net increase (decrease) in net assets resulting from operations
 
 
$
(42,572,446)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,446,814
$
1,161,219
Net realized gain (loss)
 
(5,086,496)
 
 
8,462,796
 
Change in net unrealized appreciation (depreciation)
 
(39,932,764)
 
18,832,855
 
Net increase (decrease) in net assets resulting from operations
 
(42,572,446)
 
 
28,456,870
 
Distributions to shareholders
 
(9,629,532)
 
 
(2,396,557)
 
Share transactions - net increase (decrease)
 
88,690,287
 
 
6,173,375
 
Total increase (decrease) in net assets
 
36,488,309
 
 
32,233,688
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
117,629,319
 
85,395,631
 
End of period
$
154,117,628
$
117,629,319
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Total International Equity Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.48
$
9.60
$
9.34
$
8.20
$
9.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.11 C
 
.05
 
.14
 
.08
     Net realized and unrealized gain (loss)
 
(3.10)
 
3.03
 
.35
 
1.05
 
(.89)
  Total from investment operations
 
(2.95)  
 
3.14  
 
.40  
 
1.19  
 
(.81)
  Distributions from net investment income
 
(.19)
 
(.06)
 
(.14)
 
(.05)
 
(.15)
  Distributions from net realized gain
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.97) D
 
(.26)
 
(.14)
 
(.05)
 
(.38)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
8.56
$
12.48
$
9.60
$
9.34
$
8.20
 Total Return   F,G
 
(25.44)%
 
33.04%
 
4.31%
 
14.63%
 
(9.04)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.56%
 
1.60%
 
1.66%
 
1.51%
 
1.60%
    Expenses net of fee waivers, if any
 
1.30%
 
1.34%
 
1.39%
 
1.45%
 
1.45%
    Expenses net of all reductions
 
1.30%
 
1.34%
 
1.37%
 
1.44%
 
1.44%
    Net investment income (loss)
 
1.55%
 
.91% C
 
.58%
 
1.55%
 
.90%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,786
$
8,642
$
6,091
$
7,249
$
7,526
    Portfolio turnover rate J
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.53
$
9.65
$
9.38
$
8.22
$
9.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.08 C
 
.03
 
.11
 
.06
     Net realized and unrealized gain (loss)
 
(3.12)
 
3.04
 
.36
 
1.07
 
(.90)
  Total from investment operations
 
(2.99)  
 
3.12  
 
.39  
 
1.18  
 
(.84)
  Distributions from net investment income
 
(.15)
 
(.04)
 
(.12)
 
(.02)
 
(.13)
  Distributions from net realized gain
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.93) D
 
(.24)
 
(.12)
 
(.02)
 
(.36)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
8.61
$
12.53
$
9.65
$
9.38
$
8.22
 Total Return   F,G
 
(25.59)%
 
32.63%
 
4.13%
 
14.38%
 
(9.30)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.80%
 
1.83%
 
1.90%
 
1.76%
 
1.85%
    Expenses net of fee waivers, if any
 
1.55%
 
1.59%
 
1.64%
 
1.70%
 
1.70%
    Expenses net of all reductions
 
1.55%
 
1.59%
 
1.62%
 
1.69%
 
1.69%
    Net investment income (loss)
 
1.29%
 
.65% C
 
.33%
 
1.30%
 
.65%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,876
$
12,936
$
10,620
$
11,733
$
11,882
    Portfolio turnover rate J
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.41
$
9.57
$
9.30
$
8.17
$
9.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.02 C
 
(.02)
 
.07
 
.01
     Net realized and unrealized gain (loss)
 
(3.11)
 
3.02
 
.36
 
1.06
 
(.89)
  Total from investment operations
 
(3.03)  
 
3.04  
 
.34  
 
1.13  
 
(.88)
  Distributions from net investment income
 
(.07)
 
-
 
(.07)
 
-
 
(.10)
  Distributions from net realized gain
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(.85) D
 
(.20)
 
(.07)
 
-
 
(.32) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
8.53
$
12.41
$
9.57
$
9.30
$
8.17
 Total Return   F,G
 
(26.04)%
 
32.00%
 
3.62%
 
13.83%
 
(9.72)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.34%
 
2.40%
 
2.46%
 
2.33%
 
2.43%
    Expenses net of fee waivers, if any
 
2.05%
 
2.10%
 
2.14%
 
2.20%
 
2.20%
    Expenses net of all reductions
 
2.05%
 
2.10%
 
2.12%
 
2.19%
 
2.19%
    Net investment income (loss)
 
.79%
 
.15% C
 
(.17)%
 
.80%
 
.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,893
$
1,982
$
1,827
$
2,203
$
2,705
    Portfolio turnover rate J
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Total International Equity Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.54
$
9.64
$
9.37
$
8.23
$
9.40
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.14 C
 
.08
 
.16
 
.11
     Net realized and unrealized gain (loss)
 
(3.12)
 
3.04
 
.35
 
1.06
 
(.90)
  Total from investment operations
 
(2.94)  
 
3.18  
 
.43  
 
1.22  
 
(.79)
  Distributions from net investment income
 
(.23)
 
(.08)
 
(.16)
 
(.08)
 
(.15)
  Distributions from net realized gain
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(1.00)
 
(.28)
 
(.16)
 
(.08)
 
(.38)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
8.60
$
12.54
$
9.64
$
9.37
$
8.23
 Total Return   E
 
(25.25)%
 
33.37%
 
4.65%
 
14.97%
 
(8.84)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.23%
 
1.27%
 
1.34%
 
1.20%
 
1.29%
    Expenses net of fee waivers, if any
 
1.05%
 
1.09%
 
1.14%
 
1.20%
 
1.20%
    Expenses net of all reductions
 
1.05%
 
1.09%
 
1.12%
 
1.19%
 
1.19%
    Net investment income (loss)
 
1.79%
 
1.16% C
 
.83%
 
1.81%
 
1.15%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
86,458
$
82,604
$
61,362
$
70,251
$
71,170
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total International Equity Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.49
$
9.60
$
9.35
$
8.19
$
9.38
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.14 C
 
.08
 
.16
 
.10
     Net realized and unrealized gain (loss)
 
(3.10)
 
3.03
 
.34
 
1.07
 
(.89)
  Total from investment operations
 
(2.93)  
 
3.17  
 
.42  
 
1.23  
 
(.79)
  Distributions from net investment income
 
(.23)
 
(.08)
 
(.17)
 
(.07)
 
(.17)
  Distributions from net realized gain
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(1.00)
 
(.28)
 
(.17)
 
(.07)
 
(.40)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
8.56
$
12.49
$
9.60
$
9.35
$
8.19
 Total Return   E
 
(25.28)%
 
33.40%
 
4.50%
 
15.11%
 
(8.86)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.22%
 
1.26%
 
1.33%
 
1.18%
 
1.29%
    Expenses net of fee waivers, if any
 
1.04%
 
1.06%
 
1.14%
 
1.18%
 
1.20%
    Expenses net of all reductions
 
1.04%
 
1.06%
 
1.13%
 
1.17%
 
1.19%
    Net investment income (loss)
 
1.80%
 
1.18% C
 
.82%
 
1.82%
 
1.15%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
35,423
$
5,714
$
2,073
$
3,086
$
9,405
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total International Equity Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.53
$
9.62
$
9.36
$
8.22
$
9.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.16 C
 
.09
 
.18
 
.12
     Net realized and unrealized gain (loss)
 
(3.11)
 
3.03
 
.35
 
1.05
 
(.89)
  Total from investment operations
 
(2.92)  
 
3.19  
 
.44  
 
1.23  
 
(.77)
  Distributions from net investment income
 
(.23)
 
(.08)
 
(.18)
 
(.09)
 
(.17)
  Distributions from net realized gain
 
(.77)
 
(.20)
 
-
 
-
 
(.23)
     Total distributions
 
(1.00)
 
(.28)
 
(.18)
 
(.09)
 
(.40)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
8.61
$
12.53
$
9.62
$
9.36
$
8.22
 Total Return   E
 
(25.09)%
 
33.54%
 
4.74%
 
15.13%
 
(8.63)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.10%
 
1.16%
 
1.22%
 
1.09%
 
1.16%
    Expenses net of fee waivers, if any
 
.90%
 
.94%
 
.98%
 
1.04%
 
1.05%
    Expenses net of all reductions
 
.90%
 
.94%
 
.97%
 
1.03%
 
1.04%
    Net investment income (loss)
 
1.94%
 
1.31% C
 
.99%
 
1.97%
 
1.30%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,681
$
5,752
$
3,422
$
3,815
$
216
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total International Equity, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$18,225,216
Gross unrealized depreciation
(27,308,025)
Net unrealized appreciation (depreciation)
$(9,082,809)
Tax Cost
$165,543,412
 
The tax-based components of distributable earnings as of period end were as follows:
 
 
Undistributed ordinary income
$1,585,476
Capital loss carryforward
$(2,940,975)
Net unrealized appreciation (depreciation) on securities and other investments
$(9,110,303)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(2,940,975)
Total capital loss carryforward
$(2,940,975)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$2,799,884
$1,157,086
Long-term Capital Gains
6,829,648
1,239,471
Total
$9,629,532
$2,396,557
 
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
120,119,429
42,064,763
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
-%
.25%
$24,453
$942
Class M
.25%
.25%
57,159
-
Class C
.75%
.25%
20,272
4,972
 
 
 
$101,884
$5,914
 
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
$6,942
Class M
1,031
Class C A
274
 
$8,247
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$24,067
.25
Class M
25,705
.23
Class C
5,486
.27
Total International Equity
142,932
.16
Class I
30,999
.16
Class Z
3,630
.04
 
$232,819
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Total International Equity Fund
.05
 
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
$524
 
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
3,625,255
1,026,747
(140,328)
 
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
$236
 
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
$1,219
$-
$-
 
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%
$26,022
Class M
1.55%
28,442
Class C
2.05%
5,858
Total International Equity
1.05%
159,087
Class I
1.05%
33,062
Class Z
.90%
17,259
 
 
$269,730
 
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 $4,563.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Total International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$682,772
$163,098
Class M
954,432
257,328
Class C
136,202
37,221
Total International Equity
6,786,798
1,782,745
Class I
530,168
54,453
Class Z
539,160
101,712
Total
$9,629,532
$2,396,557
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Total International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
888,736
125,319
$8,539,920
$1,509,372
Reinvestment of distributions
60,242
14,903
667,482
163,036
Shares redeemed
(148,110)
(82,275)
(1,522,197)
(972,870)
Net increase (decrease)
800,868
57,947
$7,685,205
$699,538
Class M
 
 
 
 
Shares sold
208,686
83,867
$2,095,684
$989,107
Reinvestment of distributions
85,446
23,372
954,432
257,328
Shares redeemed
(179,080)
(175,897)
(1,802,328)
(2,080,986)
Net increase (decrease)
115,052
(68,658)
$1,247,788
$(834,551)
Class C
 
 
 
 
Shares sold
104,691
25,618
$1,089,289
$301,180
Reinvestment of distributions
12,220
3,392
135,883
37,147
Shares redeemed
(54,762)
(60,315)
(553,236)
(723,210)
Net increase (decrease)
62,149
(31,305)
$671,936
$(384,883)
Total International Equity
 
 
 
 
Shares sold
4,897,322
1,265,827
$50,896,948
$14,978,032
Reinvestment of distributions
561,002
152,573
6,227,120
1,673,722
Shares redeemed
(1,992,599)
(1,196,355)
(19,350,338)
(14,199,919)
Net increase (decrease)
3,465,725
222,045
$37,773,730
$2,451,835
Class I
 
 
 
 
Shares sold
4,463,099
318,329
$43,483,713
$3,927,656
Reinvestment of distributions
47,315
4,631
523,303
50,574
Shares redeemed
(831,499)
(81,296)
(8,050,707)
(953,703)
Net increase (decrease)
3,678,915
241,664
$35,956,309
$3,024,527
Class Z
 
 
 
 
Shares sold
1,300,267
163,548
$12,980,304
$1,962,853
Reinvestment of distributions
45,956
8,826
510,116
96,647
Shares redeemed
(912,726)
(69,127)
(8,135,101)
(842,591)
Net increase (decrease)
433,497
103,247
$5,355,319
$1,216,909
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
12. 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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Total International Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Total International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® Total International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 872.60
 
$ 6.14
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
Class M
 
 
 
1.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 872.30
 
$ 7.31
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.39
 
$ 7.88
Class C
 
 
 
2.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 869.50
 
$ 9.66
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.87
 
$ 10.41
Fidelity® Total International Equity Fund
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 874.00
 
$ 4.96
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
Class I
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 873.50
 
$ 4.96
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
Class Z
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 875.00
 
$ 4.25
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.67
 
$ 4.58
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 98.69% of the short-term capital gain dividends distributed in December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
 
Class A designates 2%; Class M designates 2%; Class C designates 3%; Total International Equity designates 2%; Class I designates 2%; and Class Z designates 2%; of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
Class A designates 84%, Class M designates 97%, Class C designates 100%, Total International Equity designates 76%, Class I designates 76%, and Class Z designate 75% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Total International Equity Fund
 
 
 
Class A
12/06/21
$0.2927
$0.0267
Class M
12/06/21
$0.2527
$0.0267
Class C
12/06/21
$0.1737
$0.0267
Total International Equity
12/06/21
$0.3257
$0.0267
Class I
12/06/21
$0.3257
$0.0267
Class Z
12/06/21
$0.3287
$0.0267
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
 
Fidelity Total International Equity Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the fund had a portfolio manager change in February 2019 and October 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager changes.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.  
Fidelity Total International Equity Fund
 
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50).  Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
 
Fidelity Total International Equity Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the total expense ratio of the representative class (retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.30%, 1.55%, 2.05%, 1.05%, 0.90%, and 1.05% through February 28, 2023.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.912358.112
TIE-ANN-1222
Fidelity® Emerging Markets Discovery Fund
Fidelity® Total Emerging Markets Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Emerging Markets Discovery Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Total Emerging Markets Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-26.09%
-1.09%
2.48%
Class M (incl.3.50% sales charge)    
-24.51%
-0.91%
2.44%
Class C    
(incl. contingent deferred sales charge)
 
-22.91%
-0.69%
2.46%
Fidelity® Emerging Markets Discovery Fund
-21.37%
0.38%
3.37%
Class I
-21.37%
0.39%
3.38%
Class Z
-21.27%
0.51%
3.44%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Discovery Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets SMID Cap Index performed over the same period.
 
Fidelity® Emerging Markets Discovery Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Gregory Lee:
For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned about -22% to -21%, outperforming the -24.15% result of the benchmark, the MSCI Emerging Markets SMID Index. By region, an overweighting and stock picks in Latin America and a non-benchmark allocation to developed markets contributed most to the fund's performance versus the benchmark. By sector, the top relative contributors were stock selection and an overweighting in industrials. Security selection in real estate and an underweighting in information technology also helped. Lastly, the fund's position in cash was a notable contributor. The fund's top individual relative contributor was an overweighting in Grupo Comercial Chedraui, which gained roughly 106% the past year. The company was among the biggest holdings as of October 31. Another key contributor was our out-of-benchmark position in Sociedad Química y   Minera de Chile (+83%). The fund's non-benchmark stake in Hindustan Aeronautics, one of our largest holdings at period end, gained about 79%. In contrast, an underweighting and stock picks in Emerging Asia, primarily Taiwan, and security selection in emerging Europe detracted from the fund's relative result. By sector, the largest relative detractor was security selection in information technology. Picks in health care also hurt, as did stock picks in financials, primarily within the banks industry. The fund's biggest individual relative detractor was an outsized stake in TCS Group, which returned approximately -73% the past 12 months. Also hurting was our overweighting in Zai Lab, which returned -78%. The fund's position in Pharmaron Beijing returned roughly -77% and hurt. We added to our non-benchmark stake in the company the past year. Notable changes in positioning include a higher allocation to Mexico and Brazil. By sector, meaningful changes in positioning include a lower allocation to information technology and materials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Emerging Markets Discovery Fund
Top Holdings (% of Fund's net assets)
 
Grupo Comercial Chedraui S.A.B. de CV  (Mexico, Food & Staples Retailing)
1.7
 
Rumo SA  (Brazil, Road & Rail)
1.4
 
Eicher Motors Ltd.  (India, Automobiles)
1.4
 
Afya Ltd.  (United States of America, Diversified Consumer Services)
1.4
 
Equatorial Energia SA  (Brazil, Electric Utilities)
1.4
 
Bharat Electronics Ltd.  (India, Aerospace & Defense)
1.3
 
Hindustan Aeronautics Ltd.  (India, Aerospace & Defense)
1.3
 
ITC Ltd.  (India, Tobacco)
1.2
 
Regional S.A.B. de CV  (Mexico, Banks)
1.2
 
Aldar Properties PJSC  (United Arab Emirates, Real Estate Management & Development)
1.2
 
 
13.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
19.4
 
Financials
17.1
 
Consumer Discretionary
12.8
 
Health Care
8.0
 
Materials
7.7
 
Information Technology
6.8
 
Real Estate
6.4
 
Consumer Staples
5.4
 
Utilities
4.7
 
Energy
3.9
 
Communication Services
2.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 93.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Emerging Markets Discovery Fund
Showing Percentage of Net Assets     
Common Stocks - 94.1%
 
 
Shares
Value ($)
 
Bermuda - 1.5%
 
 
 
Credicorp Ltd. (United States)
 
27,541
4,030,901
Pacific Basin Shipping Ltd.
 
10,237,618
2,478,005
TOTAL BERMUDA
 
 
6,508,906
Brazil - 7.3%
 
 
 
Enauta Participacoes SA
 
711,371
2,098,789
Equatorial Energia SA
 
1,033,135
6,006,203
Hapvida Participacoes e Investimentos SA (a)
 
2,488,580
3,757,802
Localiza Rent a Car SA
 
357,004
4,875,242
LOG Commercial Properties e Participacoes SA
 
877,820
3,867,812
Rumo SA
 
1,479,784
6,342,545
Suzano Papel e Celulose SA
 
449,796
4,632,494
TOTAL BRAZIL
 
 
31,580,887
Cayman Islands - 10.9%
 
 
 
ASMPT Ltd.
 
420,170
2,312,376
BizLink Holding, Inc.
 
514,757
3,934,011
Chailease Holding Co. Ltd.
 
998,530
4,612,791
Fu Shou Yuan International Group Ltd.
 
7,330,535
3,660,762
Haitian International Holdings Ltd.
 
2,178,277
4,362,298
Hansoh Pharmaceutical Group Co. Ltd. (a)
 
2,117,852
3,270,001
Innovent Biologics, Inc. (a)(b)
 
1,287,440
4,559,545
New Horizon Health Ltd. (a)(b)
 
1,902,678
4,241,828
Parade Technologies Ltd.
 
206,148
3,892,359
Tongdao Liepin Group (b)
 
4,386,307
3,822,125
WH Group Ltd. (a)
 
3,681,018
1,861,693
XP, Inc. Class A (b)
 
219,077
4,015,681
Zai Lab Ltd. (b)
 
1,041,837
2,399,650
TOTAL CAYMAN ISLANDS
 
 
46,945,120
Chile - 1.9%
 
 
 
Banco de Chile sponsored ADR (c)
 
220,498
3,966,759
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR
 
44,946
4,210,541
TOTAL CHILE
 
 
8,177,300
China - 7.1%
 
 
 
China Communications Services Corp. Ltd. (H Shares)
 
13,158,919
3,671,251
Haier Smart Home Co. Ltd. (A Shares)
 
1,212,542
3,453,542
Pharmaron Beijing Co. Ltd. (H Shares) (a)
 
692,098
2,327,669
Shenzhen Expressway Co. Ltd. (H Shares)
 
5,672,747
4,068,661
Sinopec Engineering Group Co. Ltd. (H Shares)
 
12,026,562
4,305,242
Sinopharm Group Co. Ltd. (H Shares)
 
1,517,949
2,892,934
TravelSky Technology Ltd. (H Shares)
 
2,587,161
3,757,319
Tsingtao Brewery Co. Ltd. (H Shares)
 
469,473
3,289,448
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)
 
2,414,457
2,968,223
TOTAL CHINA
 
 
30,734,289
Cyprus - 0.0%
 
 
 
Etalon Group PLC GDR (Reg. S) (d)
 
167,549
13,330
TCS Group Holding PLC unit (b)(d)
 
59,253
113,145
TOTAL CYPRUS
 
 
126,475
Hong Kong - 3.6%
 
 
 
China Merchants Holdings International Co. Ltd.
 
3,412,093
3,999,064
China Resources Beer Holdings Co. Ltd.
 
630,801
2,973,335
Far East Horizon Ltd.
 
6,330,182
4,886,957
Guangdong Investment Ltd.
 
5,632,938
3,552,138
TOTAL HONG KONG
 
 
15,411,494
Hungary - 0.7%
 
 
 
Richter Gedeon PLC
 
150,662
2,974,925
India - 17.0%
 
 
 
Bharat Electronics Ltd.
 
4,399,878
5,679,234
Computer Age Management Services Private Ltd.
 
140,293
4,320,221
Cyient Ltd.
 
359,313
3,252,395
Deccan Cements Ltd.
 
489,835
3,008,953
Eicher Motors Ltd.
 
130,699
6,079,367
Embassy Office Parks (REIT)
 
970,101
4,035,798
Hindustan Aeronautics Ltd.
 
176,356
5,390,064
Indraprastha Gas Ltd.
 
632,570
3,272,507
Indus Towers Ltd.
 
1,783,900
3,997,505
ITC Ltd.
 
1,271,710
5,356,913
JK Cement Ltd.
 
114,718
3,759,239
Mahanagar Gas Ltd.
 
284,449
2,960,806
Manappuram General Finance & Leasing Ltd.
 
827,372
1,052,456
Oberoi Realty Ltd.
 
364,139
4,067,421
Petronet LNG Ltd.
 
1,703,464
4,229,851
Power Grid Corp. of India Ltd.
 
1,605,347
4,424,498
Shriram Transport Finance Co. Ltd.
 
269,808
4,006,215
Torrent Pharmaceuticals Ltd.
 
211,590
4,217,486
TOTAL INDIA
 
 
73,110,929
Indonesia - 4.1%
 
 
 
PT ACE Hardware Indonesia Tbk
 
84,051,184
3,044,649
PT Astra International Tbk
 
9,783,008
4,170,989
PT Bank Mandiri (Persero) Tbk
 
7,528,783
5,092,397
PT United Tractors Tbk
 
2,509,730
5,197,261
TOTAL INDONESIA
 
 
17,505,296
Korea (South) - 9.1%
 
 
 
Coway Co. Ltd.
 
111,640
4,325,373
Db Insurance Co. Ltd.
 
107,347
4,234,254
Fila Holdings Corp.
 
146,087
3,346,863
Hana Financial Group, Inc.
 
56,911
1,644,746
Hanon Systems
 
421,548
2,303,670
Hansol Chemical Co. Ltd.
 
20,918
2,718,584
Hyundai Fire & Marine Insurance Co. Ltd.
 
190,313
4,440,086
KB Financial Group, Inc.
 
28,423
954,485
LG Corp.
 
52,720
2,925,359
SaraminHR Co. Ltd.
 
200,393
4,506,779
Shinhan Financial Group Co. Ltd.
 
167,952
4,260,178
Soulbrain Co. Ltd.
 
24,575
3,524,439
TOTAL KOREA (SOUTH)
 
 
39,184,816
Luxembourg - 1.2%
 
 
 
Tenaris SA sponsored ADR
 
160,749
5,050,734
Malaysia - 0.0%
 
 
 
Scientex Bhd warrants 1/14/26 (b)
 
130,640
19,480
Mexico - 9.6%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (b)
 
819,054
3,161,548
FIBRA Macquarie Mexican (REIT) (a)
 
2,619,568
3,483,855
Fibra Uno Administracion SA de CV
 
3,075,402
3,588,719
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
327,093
5,066,615
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR
 
22,648
5,286,496
Grupo Aeroportuario Norte S.A.B. de CV
 
579,186
4,614,078
Grupo Comercial Chedraui S.A.B. de CV
 
1,798,037
7,247,322
Qualitas Controladora S.A.B. de CV
 
944,950
3,712,934
Regional S.A.B. de CV
 
764,023
5,339,253
TOTAL MEXICO
 
 
41,500,820
Netherlands - 0.0%
 
 
 
X5 Retail Group NV GDR (Reg. S) (d)
 
101,790
21,253
Philippines - 0.9%
 
 
 
Robinsons Land Corp.
 
15,441,734
3,961,156
Russia - 0.0%
 
 
 
LSR Group OJSC (b)(d)
 
67,346
101,589
Saudi Arabia - 2.0%
 
 
 
Bupa Arabia for Cooperative Insurance Co.
 
86,910
4,463,981
Saudi Airlines Catering Co. (b)
 
210,850
4,348,811
TOTAL SAUDI ARABIA
 
 
8,812,792
Singapore - 0.6%
 
 
 
First Resources Ltd.
 
2,360,400
2,484,456
South Africa - 3.7%
 
 
 
Bidvest Group Ltd./The
 
377,478
4,366,466
FirstRand Ltd.
 
1,287,459
4,510,268
Impala Platinum Holdings Ltd.
 
422,860
4,329,522
Mr Price Group Ltd.
 
266,303
2,563,758
TOTAL SOUTH AFRICA
 
 
15,770,014
Taiwan - 6.7%
 
 
 
Cleanaway Co. Ltd.
 
724,746
3,752,483
International Games Systems Co. Ltd.
 
382,658
4,170,158
Makalot Industrial Co. Ltd.
 
684,296
4,243,170
Nanya Technology Corp.
 
2,195,373
3,709,550
Poya International Co. Ltd.
 
402,578
5,117,411
Unimicron Technology Corp.
 
900,854
3,477,284
Yageo Corp.
 
393,412
4,476,412
TOTAL TAIWAN
 
 
28,946,468
Thailand - 0.4%
 
 
 
Siam Global House PCL (For. Reg.)
 
3,437,345
1,816,024
Turkey - 1.2%
 
 
 
Mavi Jeans Class B (a)
 
1,056,999
4,948,760
United Arab Emirates - 2.1%
 
 
 
Aldar Properties PJSC
 
4,495,140
5,286,816
Emirates NBD Bank PJSC
 
1,039,772
3,750,777
TOTAL UNITED ARAB EMIRATES
 
 
9,037,593
United Kingdom - 1.0%
 
 
 
Bank of Georgia Group PLC
 
175,478
4,276,311
United States of America - 1.4%
 
 
 
Afya Ltd. (b)
 
411,465
6,064,994
Vietnam - 0.1%
 
 
 
FPT Corp.
 
196,215
596,936
 
TOTAL COMMON STOCKS
  (Cost $446,382,321)
 
 
 
405,669,817
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Brazil - 0.9%
 
 
 
Metalurgica Gerdau SA (PN)
  (Cost $3,123,830)
 
1,815,263
3,953,482
 
 
 
 
Money Market Funds - 4.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (e)
 
16,537,179
16,540,486
Fidelity Securities Lending Cash Central Fund 3.10% (e)(f)
 
1,598,240
1,598,400
 
TOTAL MONEY MARKET FUNDS
  (Cost $18,138,886)
 
 
18,138,886
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.2%
  (Cost $467,645,037)
 
 
 
427,762,185
NET OTHER ASSETS (LIABILITIES) - 0.8%  
3,334,663
NET ASSETS - 100.0%
431,096,848
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $31,419,376 or 7.3% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
929,989
225,530,929
209,920,432
179,979
-
-
16,540,486
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
8,894,003
38,753,663
46,049,266
52,365
-
-
1,598,400
0.0%
Total
9,823,992
264,284,592
255,969,698
232,344
-
-
18,138,886
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
11,989,788
11,989,788
-
-
Consumer Discretionary
55,139,332
55,139,332
-
-
Consumer Staples
23,234,420
23,213,167
-
21,253
Energy
16,576,635
16,576,635
-
-
Financials
73,364,575
68,036,767
5,214,663
113,145
Health Care
33,610,063
33,610,063
-
-
Industrials
83,972,704
83,972,704
-
-
Information Technology
29,794,852
29,794,852
-
-
Materials
33,318,282
28,988,760
4,329,522
-
Real Estate
28,406,496
24,330,421
3,961,156
114,919
Utilities
20,216,152
20,216,152
-
-
  Money Market Funds
18,138,886
18,138,886
-
-
 Total Investments in Securities:
427,762,185
414,007,527
13,505,341
249,317
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Financials
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(5,989,210)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
6,102,355
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
113,145
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(5,989,210)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(970,730)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(4,063,527)
 
  Cost of Purchases
 
1,439,577
 
  Proceeds of Sales
 
(873,438)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
4,604,290
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
136,172
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(4,063,527)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® Emerging Markets Discovery Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,554,336) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $449,506,151)
 
$409,623,299
 
 
Fidelity Central Funds (cost $18,138,886)
 
18,138,886
 
 
 
 
 
 
 
Total Investment in Securities (cost $467,645,037)
 
 
$
427,762,185
Foreign currency held at value (cost $42,998)
 
 
 
43,053
Receivable for investments sold
 
 
 
6,290,532
Receivable for fund shares sold
 
 
 
486,583
Dividends receivable
 
 
 
360,028
Distributions receivable from Fidelity Central Funds
 
 
 
68,500
Prepaid expenses
 
 
 
582
Other receivables
 
 
 
109,378
  Total assets
 
 
 
435,120,841
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$114,837
 
 
Accrued management fee
 
288,306
 
 
Distribution and service plan fees payable
 
7,701
 
 
Other affiliated payables
 
85,160
 
 
Deferred taxes
 
1,747,274
 
 
Other payables and accrued expenses
 
182,315
 
 
Collateral on securities loaned
 
1,598,400
 
 
  Total Liabilities
 
 
 
4,023,993
Net Assets  
 
 
$
431,096,848
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
476,258,360
Total accumulated earnings (loss)
 
 
 
(45,161,512)
Net Assets
 
 
$
431,096,848
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($16,063,034 ÷ 1,246,338 shares) (a)
 
 
$
12.89
Maximum offering price per share (100/94.25 of $12.89)
 
 
$
13.68
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,354,685 ÷ 338,964 shares) (a)
 
 
$
12.85
Maximum offering price per share (100/96.50 of $12.85)
 
 
$
13.32
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,078,714 ÷ 246,818 shares) (a)
 
 
$
12.47
Emerging Markets Discovery :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($248,804,756 ÷ 19,165,536 shares)
 
 
$
12.98
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($129,249,849 ÷ 9,917,168 shares)
 
 
$
13.03
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($29,545,810 ÷ 2,272,425 shares)
 
 
$
13.00
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
14,047,212
Interest  
 
 
1,054
Income from Fidelity Central Funds (including $52,365 from security lending)
 
 
 
232,344
 Income before foreign taxes withheld
 
 
 
14,280,610
Less foreign taxes withheld
 
 
 
(1,517,922)
 Total Income
 
 
 
12,762,688
Expenses
 
 
 
 
Management fee
$
2,924,476
 
 
Transfer agent fees
 
680,979
 
 
Distribution and service plan fees
 
107,240
 
 
Accounting fees
 
180,137
 
 
Custodian fees and expenses
 
200,856
 
 
Independent trustees' fees and expenses
 
1,189
 
 
Registration fees
 
125,247
 
 
Audit
 
78,696
 
 
Legal
 
3,733
 
 
Interest
 
520
 
 
Miscellaneous
 
1,515
 
 
 Total expenses before reductions
 
4,304,588
 
 
 Expense reductions
 
(11,743)
 
 
 Total expenses after reductions
 
 
 
4,292,845
Net Investment income (loss)
 
 
 
8,469,843
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $721,387)
 
(5,890,518)
 
 
 Foreign currency transactions
 
(70,590)
 
 
Total net realized gain (loss)
 
 
 
(5,961,108)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $137,803)  
 
(86,301,119)
 
 
 Assets and liabilities in foreign currencies
 
(22,176)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(86,323,295)
Net gain (loss)
 
 
 
(92,284,403)
Net increase (decrease) in net assets resulting from operations
 
 
$
(83,814,560)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,469,843
$
2,827,395
Net realized gain (loss)
 
(5,961,108)
 
 
51,790,932
 
Change in net unrealized appreciation (depreciation)
 
(86,323,295)
 
25,826,045
 
Net increase (decrease) in net assets resulting from operations
 
(83,814,560)
 
 
80,444,372
 
Distributions to shareholders
 
(35,200,802)
 
 
(1,678,231)
 
Share transactions - net increase (decrease)
 
193,227,559
 
 
27,363,583
 
Total increase (decrease) in net assets
 
74,212,197
 
 
106,129,724
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
356,884,651
 
250,754,927
 
End of period
$
431,096,848
$
356,884,651
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Emerging Markets Discovery Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.36
$
13.93
$
13.66
$
12.01
$
15.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.11
 
.04
 
.13
 
.18
     Net realized and unrealized gain (loss)
 
(3.92)
 
4.37
 
.34 C
 
1.71
 
(2.89)
  Total from investment operations
 
(3.61)  
 
4.48  
 
.38  
 
1.84  
 
(2.71)
  Distributions from net investment income
 
(.37)
 
(.05)
 
(.11)
 
(.18)
 
(.08)
  Distributions from net realized gain
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(1.86)
 
(.05)
 
(.11)
 
(.19)
 
(.31)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
12.89
$
18.36
$
13.93
$
13.66
$
12.01
 Total Return   E,F
 
(21.58)%
 
32.23%
 
2.76%
 
15.50%
 
(18.39)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.49%
 
1.49%
 
1.54%
 
1.55%
 
1.52%
    Expenses net of fee waivers, if any
 
1.49%
 
1.49%
 
1.53%
 
1.54%
 
1.52%
    Expenses net of all reductions
 
1.49%
 
1.49%
 
1.51%
 
1.54%
 
1.48%
    Net investment income (loss)
 
2.11%
 
.60%
 
.33%
 
.96%
 
1.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,063
$
18,900
$
11,745
$
15,323
$
14,472
    Portfolio turnover rate 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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
D Amount represents less than $.005 per share.
 
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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.30
$
13.89
$
13.62
$
11.94
$
14.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.27
 
.06
 
- C
 
.08
 
.14
     Net realized and unrealized gain (loss)
 
(3.91)
 
4.36
 
.34 D
 
1.71
 
(2.87)
  Total from investment operations
 
(3.64)  
 
4.42  
 
.34  
 
1.79  
 
(2.73)
  Distributions from net investment income
 
(.32)
 
(.01)
 
(.07)
 
(.10)
 
(.04)
  Distributions from net realized gain
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(1.81)
 
(.01)
 
(.07)
 
(.11)
 
(.27)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
12.85
$
18.30
$
13.89
$
13.62
$
11.94
 Total Return   E,F
 
(21.77)%
 
31.82%
 
2.49%
 
15.06%
 
(18.58)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.75%
 
1.76%
 
1.83%
 
1.86%
 
1.79%
    Expenses net of fee waivers, if any
 
1.75%
 
1.76%
 
1.83%
 
1.86%
 
1.79%
    Expenses net of all reductions
 
1.75%
 
1.76%
 
1.80%
 
1.86%
 
1.75%
    Net investment income (loss)
 
1.85%
 
.33%
 
.03%
 
.64%
 
.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,355
$
6,095
$
4,552
$
5,773
$
5,374
    Portfolio turnover rate 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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
E Total returns 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.78
$
13.55
$
13.29
$
11.66
$
14.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
(.03)
 
(.06)
 
.02
 
.06
     Net realized and unrealized gain (loss)
 
(3.81)
 
4.26
 
.32 C
 
1.67
 
(2.79)
  Total from investment operations
 
(3.62)  
 
4.23  
 
.26  
 
1.69  
 
(2.73)
  Distributions from net investment income
 
(.20)
 
-
 
-
 
(.05)
 
(.02)
  Distributions from net realized gain
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(1.69)
 
-
 
-
 
(.06)
 
(.25)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
12.47
$
17.78
$
13.55
$
13.29
$
11.66
 Total Return   E,F
 
(22.21)%
 
31.22%
 
1.96%
 
14.54%
 
(18.97)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.25%
 
2.25%
 
2.32%
 
2.36%
 
2.28%
    Expenses net of fee waivers, if any
 
2.25%
 
2.25%
 
2.31%
 
2.35%
 
2.28%
    Expenses net of all reductions
 
2.25%
 
2.25%
 
2.29%
 
2.35%
 
2.24%
    Net investment income (loss)
 
1.35%
 
(.16)%
 
(.45)%
 
.14%
 
.45%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,079
$
4,995
$
5,080
$
7,562
$
11,278
    Portfolio turnover rate 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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
D Amount represents less than $.005 per share.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Emerging Markets Discovery Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.48
$
14.02
$
13.75
$
12.10
$
15.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
.16
 
.08
 
.16
 
.23
     Net realized and unrealized gain (loss)
 
(3.95)
 
4.40
 
.34 C
 
1.72
 
(2.91)
  Total from investment operations
 
(3.59)  
 
4.56  
 
.42  
 
1.88  
 
(2.68)
  Distributions from net investment income
 
(.42)
 
(.10)
 
(.15)
 
(.22)
 
(.11)
  Distributions from net realized gain
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(1.91)
 
(.10)
 
(.15)
 
(.23)
 
(.34)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
12.98
$
18.48
$
14.02
$
13.75
$
12.10
 Total Return   E
 
(21.37)%
 
32.63%
 
3.07%
 
15.78%
 
(18.11)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.19%
 
1.19%
 
1.23%
 
1.25%
 
1.22%
    Expenses net of fee waivers, if any
 
1.19%
 
1.18%
 
1.23%
 
1.25%
 
1.22%
    Expenses net of all reductions
 
1.19%
 
1.18%
 
1.20%
 
1.25%
 
1.18%
    Net investment income (loss)
 
2.41%
 
.90%
 
.63%
 
1.25%
 
1.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
248,805
$
283,133
$
189,784
$
208,657
$
188,690
    Portfolio turnover rate 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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
D Amount represents less than $.005 per share.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.54
$
14.06
$
13.79
$
12.13
$
15.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.16
 
.08
 
.17
 
.23
     Net realized and unrealized gain (loss)
 
(3.95)
 
4.41
 
.34 C
 
1.72
 
(2.90)
  Total from investment operations
 
(3.61)  
 
4.57  
 
.42  
 
1.89  
 
(2.67)
  Distributions from net investment income
 
(.41)
 
(.09)
 
(.15)
 
(.22)
 
(.12)
  Distributions from net realized gain
 
(1.49)
 
-
 
-
 
(.01)
 
(.23)
     Total distributions
 
(1.90)
 
(.09)
 
(.15)
 
(.23)
 
(.35)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
13.03
$
18.54
$
14.06
$
13.79
$
12.13
 Total Return   E
 
(21.37)%
 
32.62%
 
3.07%
 
15.78%
 
(18.06)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.17%
 
1.19%
 
1.24%
 
1.25%
 
1.22%
    Expenses net of fee waivers, if any
 
1.16%
 
1.19%
 
1.23%
 
1.24%
 
1.22%
    Expenses net of all reductions
 
1.16%
 
1.19%
 
1.21%
 
1.24%
 
1.18%
    Net investment income (loss)
 
2.44%
 
.90%
 
.63%
 
1.26%
 
1.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
129,250
$
27,397
$
28,034
$
51,081
$
57,506
    Portfolio turnover rate 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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
D Amount represents less than $.005 per share.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.51
$
14.04
$
13.77
$
12.13
$
13.19
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.37
 
.19
 
.10
 
.18
 
- D
     Net realized and unrealized gain (loss)
 
(3.95)
 
4.40
 
.35 E
 
1.72
 
(1.06)
  Total from investment operations
 
(3.58)  
 
4.59  
 
.45  
 
1.90  
 
(1.06)
  Distributions from net investment income
 
(.44)
 
(.12)
 
(.18)
 
(.26)
 
-
  Distributions from net realized gain
 
(1.49)
 
-
 
-
 
(.01)
 
-
     Total distributions
 
(1.93)
 
(.12)
 
(.18)
 
(.26) F
 
-
  Net asset value, end of period
$
13.00
$
18.51
$
14.04
$
13.77
$
12.13
 Total Return   G,H
 
(21.27)%
 
32.82%
 
3.24%
 
15.97%
 
(8.04)%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03%
 
1.05%
 
1.09%
 
1.10%
 
1.17% K
    Expenses net of fee waivers, if any
 
1.03%
 
1.05%
 
1.08%
 
1.10%
 
1.02% K
    Expenses net of all reductions
 
1.03%
 
1.05%
 
1.06%
 
1.10%
 
.98% K
    Net investment income (loss)
 
2.57%
 
1.04%
 
.78%
 
1.40%
 
(.12)% K
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
29,546
$
16,365
$
11,561
$
18,267
$
1,412
    Portfolio turnover rate L
 
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 The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
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 October 31, 2022
 
1. Organization.
Fidelity Emerging Markets Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets Discovery, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign 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. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$49,246,619
Gross unrealized depreciation
(91,769,557)
Net unrealized appreciation (depreciation)
$(42,522,938)
Tax Cost
$470,285,123
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$6,415,055
Capital loss carryforward
$(7,265,539)
Net unrealized appreciation (depreciation) on securities and other investments
$(42,563,755)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(5,541,193)
Long-term
(1,724,346)
Total capital loss carryforward
$(7,265,539)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$7,555,455
$1,678,231
Long-term Capital Gains
27,645,347
-
Total
$35,200,802
$1,678,231
 
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
257,473,544
113,895,035
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .82% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
- %
.25%
$42,297
$1,395
Class M
.25%
.25%
25,984
37
Class C
.75%
.25%
38,959
2,674
 
 
 
$107,240
$4,106
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$3,843
Class M
675
Class C A
308
 
$4,826
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$41,793
.25
Class M
13,354
.26
Class C
9,988
.26
Emerging Markets Discovery
501,367
.20
Class I
107,109
.17
Class Z
7,368
.04
 
$680,979
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Emerging Markets Discovery Fund
.05
 
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
$183
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Emerging Markets Discovery Fund  
Borrower
$5,408,545
.31%
$520
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Emerging Markets Discovery Fund
11,555,824
2,081,651
(889,701)
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
$603
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Emerging Markets Discovery Fund
$5,631
$-
$-
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 $305.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,438.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Emerging Markets Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$1,910,190
$43,438
Class M
606,383
2,654
Class C
467,124
-
Emerging Markets Discovery
27,737,464
1,342,123
Class I
2,782,285
179,027
Class Z
1,697,356
110,989
Total   
$35,200,802
$1,678,231
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Emerging Markets Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
314,404
314,066
$4,478,487
$5,697,761
Reinvestment of distributions
120,206
2,718
1,910,075
43,438
Shares redeemed
(217,629)
(130,443)
(3,180,396)
(2,336,122)
Net increase (decrease)
216,981
186,341
$3,208,166
$3,405,077
Class M
 
 
 
 
Shares sold
36,386
56,604
$551,246
$1,018,071
Reinvestment of distributions
38,167
166
606,098
2,654
Shares redeemed
(68,600)
(51,511)
(1,005,289)
(891,524)
Net increase (decrease)
5,953
5,259
$152,055
$129,201
Class C
 
 
 
 
Shares sold
28,436
33,657
$399,577
$585,713
Reinvestment of distributions
30,156
-
467,124
-
Shares redeemed
(92,682)
(127,596)
(1,325,981)
(2,221,246)
Net increase (decrease)
(34,090)
(93,939)
$(459,280)
$(1,635,533)
Emerging Markets Discovery
 
 
 
 
Shares sold
10,307,936
5,654,080
$148,982,256
$103,043,648
Reinvestment of distributions
1,414,497
68,892
22,589,516
1,105,024
Shares redeemed
(7,875,882)
(3,938,307)
(118,180,120)
(70,585,881)
Net increase (decrease)
3,846,551
1,784,665
$53,391,652
$33,562,791
Class I
 
 
 
 
Shares sold
9,283,493
437,256
$129,714,339
$8,018,391
Reinvestment of distributions
170,907
11,029
2,737,935
177,453
Shares redeemed
(1,015,195)
(964,322)
(14,790,592)
(17,067,625)
Net increase (decrease)
8,439,205
(516,037)
$117,661,682
$(8,871,781)
Class Z
 
 
 
 
Shares sold
1,609,828
580,870
$22,578,984
$9,517,876
Reinvestment of distributions
104,684
5,999
1,671,802
96,227
Shares redeemed
(326,408)
(526,020)
(4,977,502)
(8,840,275)
Net increase (decrease)
1,388,104
60,849
$19,273,284
$773,828
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
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 Discovery Fund
24%
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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-36.56%
-4.97%
0.51%
Class M (incl.3.50% sales charge)    
-35.26%
-4.82%
0.45%
Class C    
(incl. contingent deferred sales charge)
 
-33.83%
-4.55%
0.50%
Fidelity® Total Emerging Markets Fund
-32.52%
-3.58%
1.35%
Class I
-32.50%
-3.57%
1.37%
Class Z
-32.40%
-3.47%
1.42%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Total Emerging Markets Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Total Emerging Markets Fund
Market Recap:
For the 12 months ending October 31, 2022, the Fidelity Total Emerging Markets Composite Index SM   - consisting of 60% equities and 40% debt - returned of -27.62%. Separately, emerging-markets (EM) equities returned -31.01%, as measured by the MSCI Emerging Markets Index, and EM debt had a return of -24.19%, according to the J.P. Morgan Emerging Markets Bond Index Global Diversified. This period, a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing EM assets included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. In March, Russia was removed from both indexes at 0%, resulting in a -100% return for that market in each index for the full 12 months. Within the EM debt index, two investment-grade markets, Turkey (-7%) and China (-10%), outperformed non-investment-grade debt, given the challenging backdrop. Among EM stocks, Brazil (+25%) was a standout amid rising commodity prices and the central bank's response to inflation.
Comments from Co-Manager Gregory Lee:
For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned about -33% to -32%, underperforming the Composite index. Versus the Composite, security selection among EM equities detracted most, with choices among EM debt and asset allocation decisions hampering relative performance to a lesser degree. Within the EM equity subportfolio, stock picking in communication services, financials, information technology and health care hurt relative performance, whereas choices in materials and industrials helped. Russia-based internet search engine and web portal Yandex (-96%) was the fund's biggest individual relative detractor this period, whereas it helped the most to own SQM (+84%), a Chilean potash producer with optionality in lithium. Turning to the EM debt sleeve, security selection and an underweighting in China hurt because this market outperformed. An overweight in Ukrainian bonds also hurt the fund's relative result, as this market notably declined. Conversely, modest exposure to Russia contributed, as did positioning among shorter-duration   corporates and quasi-sovereign bonds in South Africa.
Note to shareholders:
On December 7, 2021, Xiaoting Zhao came off of the fund's information technology sleeve, leaving Priyanshu Bakshi as sole manager of the sleeve. On January 28, 2022, Steven Kaye come off the fund and its health care sleeve. On September 1, 2022, the fund's supplemental benchmark changed from the J.P. Morgan Emerging Markets Bond Index (EMBI) Global to the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified. The benchmark for the fund's emerging-markets debt sleeve changed from the J.P Morgan Global EMBI Index to the JPMorgan EMBI Global Diversified 01-Sep-2022 Linked Index. The fund's supplemental index component changed from the Bloomberg Emerging Markets Aggregate USD Bond Index to the Bloomberg Emerging Markets Aggregate USD Bond - 10% Country Capped Index.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Total Emerging Markets Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
4.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.0
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
2.1
 
HDFC Bank Ltd.  (India, Banks)
1.4
 
Alibaba Group Holding Ltd.  (Cayman Islands, Internet & Direct Marketing Retail)
1.3
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.3
 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail)
0.9
 
FirstCash Holdings, Inc.  (United States of America, Consumer Finance)
0.9
 
Infosys Ltd. sponsored ADR  (India, IT Services)
0.9
 
China Construction Bank Corp. (H Shares)  (China, Banks)
0.8
 
 
16.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
14.6
 
Information Technology
12.4
 
Energy
10.7
 
Consumer Discretionary
8.5
 
Materials
7.6
 
Communication Services
5.6
 
Industrials
4.7
 
Consumer Staples
4.6
 
Utilities
4.0
 
Health Care
2.4
 
Real Estate
0.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 93.5%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Total Emerging Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 57.6%
 
 
Shares
Value ($)
 
Belgium - 0.2%
 
 
 
Titan Cement International Trading SA
 
42,400
471,814
Bermuda - 0.8%
 
 
 
China Gas Holdings Ltd.
 
314,744
279,072
Credicorp Ltd. (United States)
 
5,379
787,270
Huanxi Media Group Ltd. (a)
 
1,726,596
197,963
Kerry Properties Ltd.
 
72,000
113,921
Kunlun Energy Co. Ltd.
 
540,040
322,662
Pacific Basin Shipping Ltd.
 
435,000
105,291
Shangri-La Asia Ltd. (a)
 
180,000
99,520
TOTAL BERMUDA
 
 
1,905,699
Brazil - 2.8%
 
 
 
Arezzo Industria e Comercio SA
 
15,851
320,672
Atacadao SA
 
156,300
588,829
Dexco SA
 
197,130
369,798
ENGIE Brasil Energia SA
 
45,800
356,611
Equatorial Energia SA
 
86,000
499,967
Localiza Rent a Car SA
 
82,296
1,123,833
LOG Commercial Properties e Participacoes SA
 
44,300
195,193
Lojas Renner SA
 
85,918
513,961
Rede D'Oregon Sao Luiz SA (b)
 
58,146
362,125
Rumo SA
 
160,500
687,924
Suzano Papel e Celulose SA
 
40,700
419,173
Transmissora Alianca de Energia Eletrica SA unit
 
44,000
342,341
Vale SA sponsored ADR
 
101,568
1,314,290
TOTAL BRAZIL
 
 
7,094,717
Canada - 0.4%
 
 
 
Barrick Gold Corp.
 
66,600
1,000,998
Cayman Islands - 11.2%
 
 
 
Akeso, Inc. (a)(b)(c)
 
40,292
161,688
Alibaba Group Holding Ltd. (a)
 
432,034
3,359,024
Alibaba Group Holding Ltd. sponsored ADR (a)
 
1,964
124,871
Angelalign Technology, Inc. (b)(c)
 
7,095
62,638
Ant International Co. Ltd. Class C (a)(d)(e)
 
424,550
653,807
Antengene Corp. (a)(b)
 
122,482
51,960
Archosaur Games, Inc. (a)(b)
 
22,936
6,604
Baidu, Inc. sponsored ADR (a)
 
2,478
189,740
BeiGene Ltd. ADR (a)
 
271
45,769
Bilibili, Inc. ADR (a)
 
46,615
415,806
BizLink Holding, Inc.
 
36,000
275,129
Chailease Holding Co. Ltd.
 
183,144
846,049
China Resources Land Ltd.
 
64,510
202,168
CK Asset Holdings Ltd.
 
19,000
105,049
Daqo New Energy Corp. ADR (a)
 
675
29,693
ENN Energy Holdings Ltd.
 
51,400
511,076
ESR Group Ltd. (b)
 
51,400
87,744
GlobalFoundries, Inc.
 
2,029
115,044
Greentown China Holdings Ltd.
 
36,000
34,259
Haitian International Holdings Ltd.
 
130,000
260,343
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
164,613
254,165
Innovent Biologics, Inc. (a)(b)
 
66,180
234,380
Jacobio Pharmaceuticals Group Co. Ltd. (a)(b)
 
144,216
63,568
JD Health International, Inc. (a)(b)
 
19,409
106,445
JD.com, Inc.:
 
 
 
 Class A
 
46,105
839,596
 sponsored ADR
 
10,876
405,566
KE Holdings, Inc. ADR (a)
 
6,600
67,188
Kuaishou Technology Class B (a)(b)
 
33,893
139,464
Li Ning Co. Ltd.
 
169,392
876,130
Longfor Properties Co. Ltd. (b)
 
5,326
6,785
Medlive Technology Co. Ltd. (b)
 
84,961
73,384
Meituan Class B (a)(b)
 
146,009
2,337,684
NetEase, Inc. ADR
 
12,483
694,304
PagSeguro Digital Ltd. (a)
 
107,945
1,476,688
Parade Technologies Ltd.
 
5,955
112,439
Pinduoduo, Inc. ADR (a)
 
33,092
1,814,434
Sea Ltd. ADR (a)
 
32,412
1,610,228
Silergy Corp.
 
23,785
275,798
StoneCo Ltd. Class A (a)
 
37,718
396,039
Sunny Optical Technology Group Co. Ltd.
 
28,636
248,251
Tencent Holdings Ltd.
 
196,395
5,160,631
Tencent Music Entertainment Group ADR (a)
 
17,278
62,374
Tongdao Liepin Group (a)
 
64,973
56,616
Trip.com Group Ltd. ADR (a)
 
46,365
1,049,240
Uni-President China Holdings Ltd.
 
320,600
236,887
Wuxi Biologics (Cayman), Inc. (a)(b)
 
141,528
636,825
Xinyi Solar Holdings Ltd.
 
170,775
169,477
XP, Inc. Class A (a)
 
52,135
955,635
XPeng, Inc. ADR (a)
 
23,620
156,364
Zai Lab Ltd. (a)
 
83,560
192,463
Zai Lab Ltd. ADR (a)
 
692
15,418
TOTAL CAYMAN ISLANDS
 
 
28,262,927
Chile - 0.6%
 
 
 
Banco de Chile
 
7,544,400
689,991
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR
 
9,921
929,399
TOTAL CHILE
 
 
1,619,390
China - 4.6%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)
 
5,608
60,012
Bafang Electric Suzhou Co. Ltd. (A Shares)
 
6,245
99,572
Beijing Enlight Media Co. Ltd. (A Shares)
 
153,200
141,182
BYD Co. Ltd. (H Shares)
 
8,173
182,938
C&S Paper Co. Ltd. (A Shares)
 
332,500
426,159
China Communications Services Corp. Ltd. (H Shares)
 
574,000
160,142
China Construction Bank Corp. (H Shares)
 
3,791,000
2,011,840
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
31,400
56,369
China Petroleum & Chemical Corp. (H Shares)
 
1,896,000
751,435
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
2,300
50,504
China Tower Corp. Ltd. (H Shares) (b)
 
1,212,902
109,707
Daqin Railway Co. Ltd. (A Shares)
 
615,800
540,508
Flat Glass Group Co. Ltd. (c)
 
44,647
104,541
Gemdale Corp. (A Shares)
 
21,558
23,084
Haier Smart Home Co. Ltd.
 
175,000
437,854
Haier Smart Home Co. Ltd. (A Shares)
 
12,560
35,773
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
7,866
68,999
Hongfa Technology Co. Ltd. (A Shares)
 
65,506
307,756
LONGi Green Energy Technology Co. Ltd.
 
15,046
98,852
Pharmaron Beijing Co. Ltd. (H Shares) (b)
 
25,340
85,224
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
339,000
1,357,149
Poly Developments & Holdings (A Shares)
 
13,800
26,077
Proya Cosmetics Co. Ltd. (A Shares)
 
60,540
1,385,650
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
15,829
705,390
Sinopec Engineering Group Co. Ltd. (H Shares)
 
379,500
135,853
Sinopharm Group Co. Ltd. (H Shares)
 
131,061
249,778
TravelSky Technology Ltd. (H Shares)
 
173,000
251,247
Tsingtao Brewery Co. Ltd. (H Shares)
 
134,000
938,895
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)
 
48,180
59,230
Will Semiconductor Ltd.
 
3,570
35,867
WuXi AppTec Co. Ltd. (H Shares) (b)
 
23,524
188,500
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
109,300
474,119
TOTAL CHINA
 
 
11,560,206
Cyprus - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (e)
 
68,238
25,202
Galaxy Cosmos Mezz PLC (a)
 
45,977
7,424
Sunrisemezz Ltd. (a)
 
42,900
3,472
TCS Group Holding PLC GDR (a)(e)
 
56,395
70,750
TOTAL CYPRUS
 
 
106,848
Germany - 0.1%
 
 
 
Delivery Hero AG (a)(b)
 
8,120
267,220
Greece - 0.6%
 
 
 
Alpha Bank SA (a)
 
1,241,400
1,150,751
Piraeus Financial Holdings SA (a)
 
300,300
370,371
TOTAL GREECE
 
 
1,521,122
Hong Kong - 0.8%
 
 
 
AIA Group Ltd.
 
87,600
663,552
China Merchants Holdings International Co. Ltd.
 
151,924
178,059
China Overseas Land and Investment Ltd.
 
86,040
164,196
China Resources Beer Holdings Co. Ltd.
 
162,666
766,740
Guangdong Investment Ltd.
 
442,000
278,726
Sino-Ocean Group Holding Ltd.
 
201,000
13,315
TOTAL HONG KONG
 
 
2,064,588
Hungary - 0.1%
 
 
 
Richter Gedeon PLC
 
17,860
352,658
India - 10.5%
 
 
 
Adani Ports & Special Economic Zone Ltd.
 
63,466
631,402
Apollo Hospitals Enterprise Ltd.
 
9,489
517,837
Bajaj Finance Ltd.
 
13,064
1,127,453
Bandhan Bank Ltd. (a)(b)
 
429,300
1,237,129
Bharat Electronics Ltd.
 
460,600
594,529
CE Info Systems Ltd.
 
6,264
98,996
Delhivery Private Ltd.
 
4,995
20,769
Divi's Laboratories Ltd.
 
6,033
263,016
Embassy Office Parks (REIT)
 
17,700
73,635
HDFC Bank Ltd. (a)
 
193,396
3,509,733
HDFC Standard Life Insurance Co. Ltd. (b)
 
117,200
765,170
Indraprastha Gas Ltd.
 
86,693
448,493
Indus Towers Ltd.
 
15,400
34,510
Infosys Ltd.
 
32,627
606,051
Infosys Ltd. sponsored ADR
 
115,082
2,155,486
ITC Ltd.
 
211,213
889,707
JK Cement Ltd.
 
33,674
1,103,476
Larsen & Toubro Ltd.
 
40,269
984,153
Mahanagar Gas Ltd.
 
30,939
322,041
Manappuram General Finance & Leasing Ltd.
 
443,251
563,836
Maruti Suzuki India Ltd.
 
6,012
691,954
NTPC Ltd.
 
345,084
721,600
Oberoi Realty Ltd.
 
13,570
151,576
Oil & Natural Gas Corp. Ltd.
 
336,500
544,912
Petronet LNG Ltd.
 
88,206
219,023
Power Grid Corp. of India Ltd.
 
336,710
928,007
Reliance Industries Ltd.
 
105,013
3,234,370
Shree Cement Ltd.
 
2,651
728,256
Sun Pharmaceutical Industries Ltd.
 
12,742
156,527
Tata Motors Ltd. (a)
 
79,290
396,981
Tata Steel Ltd.
 
866,800
1,063,343
Torrent Pharmaceuticals Ltd.
 
12,046
240,105
Vijaya Diagnostic Centre Pvt Ltd.
 
14,138
74,652
Voltas Ltd.
 
22,363
236,705
Zomato Ltd. (a)
 
1,578,309
1,203,084
TOTAL INDIA
 
 
26,538,517
Indonesia - 1.4%
 
 
 
PT Astra International Tbk
 
723,200
308,337
PT Bank Central Asia Tbk
 
2,286,000
1,289,745
PT Bank Rakyat Indonesia (Persero) Tbk
 
4,616,879
1,376,406
PT Dayamitra Telekomunikasi Tbk
 
766,000
35,114
PT Sumber Alfaria Trijaya Tbk
 
1,192,300
215,566
PT United Tractors Tbk
 
121,400
251,401
TOTAL INDONESIA
 
 
3,476,569
Japan - 0.5%
 
 
 
Capcom Co. Ltd.
 
4,803
133,888
JTOWER, Inc. (a)
 
2,136
86,908
Money Forward, Inc. (a)
 
3,960
112,918
Renesas Electronics Corp. (a)
 
25,407
212,549
Sumco Corp.
 
10,905
138,536
Z Holdings Corp.
 
207,158
534,625
TOTAL JAPAN
 
 
1,219,424
Korea (South) - 7.9%
 
 
 
AMOREPACIFIC Group, Inc.
 
12,679
219,412
Coway Co. Ltd.
 
8,140
315,376
Hana Financial Group, Inc.
 
15,945
460,816
Hanon Systems
 
27,300
149,189
Hyundai Fire & Marine Insurance Co. Ltd.
 
14,260
332,692
Jeisys Medical, Inc. (a)
 
19,800
98,354
Kakao Corp.
 
14,965
531,574
Kakao Pay Corp. (a)
 
4,703
116,478
KB Financial Group, Inc.
 
59,078
1,983,923
Kia Corp.
 
15,167
704,518
Korea Zinc Co. Ltd.
 
889
398,621
L&F Co. Ltd. (a)
 
200
31,528
LG Chemical Ltd.
 
1,063
466,215
LG Corp.
 
6,650
368,999
LG Electronics, Inc.
 
1,735
99,190
LG Innotek Co. Ltd.
 
227
47,155
NAVER Corp.
 
2,954
350,799
NCSOFT Corp.
 
1,063
290,453
Netmarble Corp. (b)
 
1,175
36,716
POSCO
 
7,952
1,383,174
S-Oil Corp.
 
6,110
369,857
Samsung Biologics Co. Ltd. (a)(b)
 
1,200
737,326
Samsung Electronics Co. Ltd.
 
181,618
7,558,298
Samsung SDI Co. Ltd.
 
1,984
1,024,443
SK Hynix, Inc.
 
32,591
1,888,347
Studio Dragon Corp. (a)
 
1,874
89,806
TOTAL KOREA (SOUTH)
 
 
20,053,259
Luxembourg - 0.4%
 
 
 
Adecoagro SA
 
4,900
42,434
Globant SA (a)
 
1,999
377,171
Tenaris SA sponsored ADR
 
16,300
512,146
TOTAL LUXEMBOURG
 
 
931,751
Mauritius - 0.0%
 
 
 
Jumo World Ltd. (a)(e)
 
30
122,049
Mexico - 2.0%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
458,100
1,768,266
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
138,455
300,907
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
31,400
486,381
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR
 
1,854
432,761
Grupo Aeroportuario Norte S.A.B. de CV
 
28,100
223,858
Grupo Financiero Banorte S.A.B. de CV Series O
 
187,321
1,522,639
Wal-Mart de Mexico SA de CV Series V
 
110,300
426,046
TOTAL MEXICO
 
 
5,160,858
Netherlands - 0.2%
 
 
 
CTP BV (b)
 
1,652
17,142
NXP Semiconductors NV
 
613
89,547
X5 Retail Group NV GDR (Reg. S) (e)
 
77,500
16,181
Yandex NV Series A (a)(e)
 
94,069
322,642
TOTAL NETHERLANDS
 
 
445,512
Panama - 0.1%
 
 
 
Copa Holdings SA Class A (a)
 
3,347
251,795
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
322,800
142,824
SM Investments Corp.
 
18,000
255,770
TOTAL PHILIPPINES
 
 
398,594
Poland - 0.1%
 
 
 
CD Projekt RED SA (c)
 
11,670
310,688
Russia - 0.0%
 
 
 
Gazprom OAO sponsored ADR (Reg. S) (a)(e)
 
155,600
35,545
LSR Group OJSC (a)(e)
 
755
1,139
LUKOIL PJSC sponsored ADR (e)
 
35,200
9,958
Novatek PJSC GDR (Reg. S) (e)
 
9,100
2,325
Sberbank of Russia (a)(e)
 
30
0
Sberbank of Russia sponsored ADR (a)(e)
 
324,104
5,769
Severstal PAO GDR (Reg. S) (e)
 
83,700
1,976
TOTAL RUSSIA
 
 
56,712
Saudi Arabia - 2.1%
 
 
 
Al Rajhi Bank
 
67,614
1,533,103
Alinma Bank
 
84,700
845,298
Bupa Arabia for Cooperative Insurance Co.
 
12,300
631,768
Saudi Arabian Oil Co. (b)
 
33,920
315,048
Saudi Tadawul Group Holding Co.
 
11,300
653,181
The Saudi National Bank
 
84,800
1,340,533
TOTAL SAUDI ARABIA
 
 
5,318,931
Singapore - 0.5%
 
 
 
CapitaLand Investment Ltd.
 
107,000
227,515
First Resources Ltd.
 
448,700
472,282
United Overseas Bank Ltd.
 
27,500
539,277
TOTAL SINGAPORE
 
 
1,239,074
South Africa - 1.9%
 
 
 
Capitec Bank Holdings Ltd.
 
7,650
791,527
FirstRand Ltd.
 
260,607
912,967
Impala Platinum Holdings Ltd.
 
144,400
1,478,463
Naspers Ltd. Class N
 
3,785
390,165
Pick 'n Pay Stores Ltd.
 
358,000
1,150,667
TOTAL SOUTH AFRICA
 
 
4,723,789
Taiwan - 5.0%
 
 
 
ECLAT Textile Co. Ltd.
 
25,000
329,029
eMemory Technology, Inc.
 
4,282
142,716
GlobalWafers Co. Ltd.
 
8,197
91,109
MediaTek, Inc.
 
53,221
973,535
Taiwan Semiconductor Manufacturing Co. Ltd.
 
837,430
10,057,907
Uni-President Enterprises Corp.
 
254,000
515,812
Unimicron Technology Corp.
 
52,487
202,599
United Microelectronics Corp.
 
22,943
27,561
Wiwynn Corp.
 
11,440
256,792
TOTAL TAIWAN
 
 
12,597,060
Thailand - 0.3%
 
 
 
Carabao Group PCL (For. Reg.)
 
95,900
227,493
Land & House PCL (For. Reg.)
 
402,800
97,405
PTT Global Chemical PCL (For. Reg.)
 
381,300
435,972
TOTAL THAILAND
 
 
760,870
Turkey - 0.3%
 
 
 
Bim Birlesik Magazalar A/S JSC
 
100,000
719,879
United Kingdom - 0.4%
 
 
 
Helios Towers PLC (a)
 
130,800
188,252
Prudential PLC
 
79,335
736,996
TOTAL UNITED KINGDOM
 
 
925,248
United States of America - 1.6%
 
 
 
Airbnb, Inc. Class A (a)
 
1,400
149,674
Dlocal Ltd. (a)
 
11,511
256,695
FirstCash Holdings, Inc.
 
22,101
2,175,843
Legend Biotech Corp. ADR (a)
 
2,859
142,435
Li Auto, Inc. ADR (a)
 
34,818
474,221
Marvell Technology, Inc.
 
3,337
132,412
MercadoLibre, Inc. (a)
 
589
531,054
NVIDIA Corp.
 
771
104,062
TOTAL UNITED STATES OF AMERICA
 
 
3,966,396
 
TOTAL COMMON STOCKS
  (Cost $159,349,118)
 
 
 
145,445,162
 
 
 
 
Preferred Stocks - 2.2%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.4%
 
 
 
Cayman Islands - 0.1%
 
 
 
Creditas Financial Solutions Ltd. Series F (d)(e)
 
1,073
349,337
China - 0.1%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
11,962
107,299
India - 0.2%
 
 
 
Meesho Series F (a)(d)(e)
 
7,108
467,280
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
923,916
Nonconvertible Preferred Stocks - 1.8%
 
 
 
Brazil - 1.6%
 
 
 
Ambev SA sponsored ADR
 
369,600
1,123,584
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
55,400
262,763
Metalurgica Gerdau SA (PN)
 
405,470
883,078
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
79,206
911,661
 sponsored ADR
 
62,500
801,250
 
 
 
3,982,336
Korea (South) - 0.1%
 
 
 
Hyundai Motor Co. Series 2
 
7,206
402,880
United States of America - 0.1%
 
 
 
Gupshup, Inc. (a)(d)(e)
 
8,409
157,585
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
4,542,801
 
TOTAL PREFERRED STOCKS
  (Cost $4,513,533)
 
 
 
5,466,717
 
 
 
 
Nonconvertible Bonds - 15.0%
 
 
Principal
Amount (f)
 
Value ($)
 
Azerbaijan - 0.6%
 
 
 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
 
895,000
879,248
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S)
 
585,000
566,646
TOTAL AZERBAIJAN
 
 
1,445,894
Bahrain - 0.8%
 
 
 
The Oil and Gas Holding Co.:
 
 
 
 7.5% 10/25/27 (b)
 
1,580,000
1,525,490
 7.625% 11/7/24 (b)
 
400,000
396,325
TOTAL BAHRAIN
 
 
1,921,815
Bailiwick of Jersey - 0.3%
 
 
 
Galaxy Pipeline Assets BidCo Ltd.:
 
 
 
 2.16% 3/31/34 (b)
 
416,097
338,599
 2.625% 3/31/36 (b)
 
570,000
431,526
TOTAL BAILIWICK OF JERSEY
 
 
770,125
Bermuda - 0.5%
 
 
 
GeoPark Ltd. 5.5% 1/17/27 (b)
 
500,000
403,375
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
 
510,000
428,655
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
 
550,000
351,725
TOTAL BERMUDA
 
 
1,183,755
Brazil - 0.1%
 
 
 
Natura Cosmeticos SA 4.125% 5/3/28 (b)
 
435,000
337,343
British Virgin Islands - 0.1%
 
 
 
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b)
 
395,000
307,927
Canada - 0.1%
 
 
 
Gcm Mining Corp. 6.875% 8/9/26 (b)
 
400,000
277,932
Cayman Islands - 1.3%
 
 
 
DP World Crescent Ltd.:
 
 
 
 3.875% 7/18/29 (Reg. S)
 
700,000
621,765
 4.848% 9/26/28 (b)
 
400,000
378,000
Lamar Funding Ltd. 3.958% 5/7/25 (b)
 
430,000
395,546
Meituan 2.125% 10/28/25 (b)
 
640,000
524,416
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)
 
400,000
342,950
Sable International Finance Ltd. 5.75% 9/7/27 (b)
 
600,000
528,750
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
 
454,750
386,054
TOTAL CAYMAN ISLANDS
 
 
3,177,481
Chile - 0.4%
 
 
 
Corporacion Nacional del Cobre de Chile (Codelco):
 
 
 
 3.7% 1/30/50 (b)
 
300,000
192,431
 4.25% 7/17/42 (b)
 
250,000
183,563
 4.5% 8/1/47 (b)
 
250,000
186,375
Empresa Nacional de Petroleo 4.5% 9/14/47 (b)
 
440,000
279,208
VTR Comunicaciones SpA 5.125% 1/15/28 (b)
 
400,000
253,575
TOTAL CHILE
 
 
1,095,152
Colombia - 0.1%
 
 
 
Oleoducto Central SA 4% 7/14/27 (b)
 
350,000
284,769
Georgia - 0.1%
 
 
 
JSC Georgian Railway 4% 6/17/28 (b)
 
300,000
226,181
Guatemala - 0.1%
 
 
 
CT Trust 5.125% 2/3/32 (b)
 
440,000
350,295
Indonesia - 0.9%
 
 
 
PT Adaro Indonesia 4.25% 10/31/24 (b)
 
250,000
233,641
PT Freeport Indonesia:
 
 
 
 5.315% 4/14/32 (b)
 
250,000
208,438
 6.2% 4/14/52 (b)
 
200,000
149,022
PT Hutama Karya Persero 3.75% 5/11/30 (b)
 
600,000
512,738
PT Indonesia Asahan Aluminium Tbk:
 
 
 
 4.75% 5/15/25 (b)
 
285,000
272,206
 5.45% 5/15/30 (b)
 
400,000
348,575
PT Pertamina Persero:
 
 
 
 4.15% 2/25/60 (b)
 
365,000
223,964
 4.175% 1/21/50 (b)
 
450,000
297,938
TOTAL INDONESIA
 
 
2,246,522
Ireland - 0.0%
 
 
 
SUEK Securities DAC 3.375% 9/15/26 (b)(g)
 
255,000
85,576
Israel - 0.2%
 
 
 
Israel Electric Corp. Ltd. 3.75% 2/22/32 (Reg. S) (b)
 
300,000
249,755
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (b)
 
250,000
237,331
TOTAL ISRAEL
 
 
487,086
Kazakhstan - 0.1%
 
 
 
KazMunaiGaz National Co. 3.5% 4/14/33 (b)
 
400,000
271,575
Luxembourg - 0.6%
 
 
 
Adecoagro SA 6% 9/21/27 (b)
 
480,000
432,300
B2W Digital Lux SARL 4.375% 12/20/30 (b)
 
385,000
263,557
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
 
590,000
452,825
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
 
385,000
292,254
TOTAL LUXEMBOURG
 
 
1,440,936
Malaysia - 0.5%
 
 
 
MISC Capital Two (Labuan) Ltd. 3.75% 4/6/27 (b)
 
380,000
338,390
Petronas Capital Ltd.:
 
 
 
 3.404% 4/28/61 (b)
 
200,000
123,400
 3.5% 4/21/30 (b)
 
450,000
399,238
 4.55% 4/21/50 (b)
 
400,000
325,288
TOTAL MALAYSIA
 
 
1,186,316
Mauritius - 0.4%
 
 
 
AXIAN Telecom 7.375% 2/16/27 (b)
 
355,000
305,300
CA Magnum Holdings 5.375% 10/31/26 (b)
 
400,000
335,000
HTA Group Ltd. 7% 12/18/25 (b)
 
400,000
351,200
TOTAL MAURITIUS
 
 
991,500
Mexico - 1.9%
 
 
 
Comision Federal de Electricid:
 
 
 
 3.348% 2/9/31 (b)
 
450,000
330,975
 4.688% 5/15/29 (b)
 
390,000
328,648
Petroleos Mexicanos:
 
 
 
 5.35% 2/12/28
 
320,000
254,551
 6.49% 1/23/27
 
590,000
515,306
 6.5% 6/2/41
 
1,170,000
728,442
 6.625% 6/15/35
 
410,000
282,736
 6.7% 2/16/32
 
415,000
311,796
 6.75% 9/21/47
 
960,000
577,440
 6.84% 1/23/30
 
520,000
412,428
 6.95% 1/28/60
 
1,075,000
640,969
 7.69% 1/23/50
 
589,000
379,724
TOTAL MEXICO
 
 
4,763,015
Morocco - 0.2%
 
 
 
OCP SA 3.75% 6/23/31 (b)
 
535,000
396,502
Multi-National - 0.3%
 
 
 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b)
 
690,000
647,306
Netherlands - 0.5%
 
 
 
Mong Duong Finance Holdings BV 5.125% 5/7/29 (b)
 
890,000
616,770
Prosus NV:
 
 
 
 3.832% 2/8/51 (b)
 
425,000
224,188
 4.027% 8/3/50 (b)
 
350,000
187,316
 4.193% 1/19/32 (b)
 
445,000
316,453
TOTAL NETHERLANDS
 
 
1,344,727
Panama - 0.3%
 
 
 
Aeropuerto Internacional de Tocumen SA:
 
 
 
 4% 8/11/41 (b)
 
290,000
203,417
 5.125% 8/11/61 (b)
 
200,000
134,975
Cable Onda SA 4.5% 1/30/30 (b)
 
580,000
471,540
TOTAL PANAMA
 
 
809,932
Paraguay - 0.1%
 
 
 
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
 
250,000
225,828
Peru - 0.2%
 
 
 
Camposol SA 6% 2/3/27 (b)
 
500,000
352,438
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b)
 
165,000
136,517
TOTAL PERU
 
 
488,955
Qatar - 0.7%
 
 
 
Qatar Petroleum:
 
 
 
 1.375% 9/12/26 (b)
 
425,000
373,598
 2.25% 7/12/31 (b)
 
700,000
561,750
 3.125% 7/12/41 (b)
 
650,000
457,763
 3.3% 7/12/51 (b)
 
580,000
391,500
TOTAL QATAR
 
 
1,784,611
Saudi Arabia - 0.7%
 
 
 
Saudi Arabian Oil Co.:
 
 
 
 3.5% 4/16/29 (b)
 
450,000
398,925
 4.25% 4/16/39 (b)
 
1,680,000
1,377,617
TOTAL SAUDI ARABIA
 
 
1,776,542
Singapore - 0.2%
 
 
 
Medco Bell Pte Ltd. 6.375% 1/30/27 (b)
 
730,000
584,000
South Africa - 0.6%
 
 
 
Eskom Holdings SOC Ltd.:
 
 
 
 6.75% 8/6/23 (b)
 
1,025,000
1,000,016
 7.125% 2/11/25 (b)
 
650,000
605,028
TOTAL SOUTH AFRICA
 
 
1,605,044
Spain - 0.2%
 
 
 
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
 
690,000
356,595
Thailand - 0.1%
 
 
 
PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b)
 
350,000
201,863
United Arab Emirates - 0.2%
 
 
 
Abu Dhabi National Energy Co. PJSC:
 
 
 
 4% 10/3/49 (b)
 
390,000
313,414
 4.875% 4/23/30 (b)
 
50,000
48,525
MDGH GMTN RSC Ltd. 5.5% 4/28/33 (b)
 
200,000
198,840
TOTAL UNITED ARAB EMIRATES
 
 
560,779
United Kingdom - 0.8%
 
 
 
Antofagasta PLC 2.375% 10/14/30 (b)
 
450,000
329,625
Endeavour Mining PLC 5% 10/14/26 (b)
 
405,000
314,584
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
 
400,000
270,000
NAK Naftogaz Ukraine 7.375% 7/19/24 (Reg. S) (g)
 
400,000
72,000
Tullow Oil PLC:
 
 
 
 7% 3/1/25 (b)
 
840,000
552,300
 10.25% 5/15/26 (b)
 
411,000
350,378
TOTAL UNITED KINGDOM
 
 
1,888,887
United States of America - 0.5%
 
 
 
Kosmos Energy Ltd. 7.125% 4/4/26 (b)
 
575,000
478,688
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b)
 
130,000
120,234
Sasol Financing U.S.A. LLC 5.875% 3/27/24
 
200,000
194,250
Stillwater Mining Co. 4% 11/16/26 (b)
 
690,000
564,851
TOTAL UNITED STATES OF AMERICA
 
 
1,358,023
Uzbekistan - 0.2%
 
 
 
National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S)
 
350,000
305,550
Uzbekneftegaz JSC 4.75% 11/16/28 (b)
 
400,000
296,000
TOTAL UZBEKISTAN
 
 
601,550
Venezuela - 0.1%
 
 
 
Petroleos de Venezuela SA:
 
 
 
 6% 5/16/24 (b)(g)
 
5,700,000
128,250
 6% 11/15/26 (Reg. S) (g)
 
6,800,000
129,200
TOTAL VENEZUELA
 
 
257,450
 
TOTAL NONCONVERTIBLE BONDS
  (Cost $50,101,906)
 
 
 
37,739,789
 
 
 
 
Government Obligations - 20.5%
 
 
Principal
Amount (f)
 
Value ($)
 
Angola - 0.8%
 
 
 
Angola Republic:
 
 
 
 8.25% 5/9/28 (b)
 
1,020,000
854,250
 8.75% 4/14/32 (b)
 
200,000
160,000
 9.125% 11/26/49 (b)
 
225,000
168,863
 9.375% 5/8/48 (b)
 
290,000
220,400
 9.5% 11/12/25 (b)
 
620,000
602,950
TOTAL ANGOLA
 
 
2,006,463
Argentina - 0.7%
 
 
 
Argentine Republic:
 
 
 
 0.5% 7/9/30 (i)
 
1,995,365
418,029
 1% 7/9/29
 
498,666
101,977
 1.5% 7/9/35 (i)
 
1,537,734
304,471
 3.875% 1/9/38 (i)
 
2,011,834
517,167
Buenos Aires Province 5.25% 9/1/37 (b)(i)
 
1,030,000
310,159
TOTAL ARGENTINA
 
 
1,651,803
Armenia - 0.1%
 
 
 
Republic of Armenia 7.15% 3/26/25 (b)
 
370,000
361,398
Bahrain - 0.1%
 
 
 
Bahrain Kingdom 5.625% 5/18/34 (b)
 
200,000
157,584
Barbados - 0.1%
 
 
 
Barbados Government 6.5% 10/1/29 (b)
 
290,000
267,308
Benin - 0.2%
 
 
 
Republic of Benin:
 
 
 
 4.875% 1/19/32 (b)
EUR
140,000
94,427
 5.75% 3/26/26 (b)
EUR
450,000
423,116
TOTAL BENIN
 
 
517,543
Brazil - 0.6%
 
 
 
Brazilian Federative Republic:
 
 
 
 3.875% 6/12/30
 
1,390,000
1,167,426
 4.75% 1/14/50
 
505,000
337,498
TOTAL BRAZIL
 
 
1,504,924
Cameroon - 0.1%
 
 
 
Cameroon Republic 5.95% 7/7/32 (b)
EUR
360,000
231,651
Chile - 0.5%
 
 
 
Chilean Republic:
 
 
 
 2.45% 1/31/31
 
785,000
626,430
 2.75% 1/31/27
 
220,000
197,450
 3.5% 1/31/34
 
280,000
225,540
 4% 1/31/52
 
200,000
141,200
 4.34% 3/7/42
 
200,000
154,100
TOTAL CHILE
 
 
1,344,720
Colombia - 0.9%
 
 
 
Colombian Republic:
 
 
 
 3% 1/30/30
 
915,000
646,448
 3.125% 4/15/31
 
548,000
375,825
 5% 6/15/45
 
805,000
488,434
 5.2% 5/15/49
 
185,000
112,364
 6.125% 1/18/41
 
200,000
142,913
 7.375% 9/18/37
 
650,000
546,934
TOTAL COLOMBIA
 
 
2,312,918
Costa Rica - 0.2%
 
 
 
Costa Rican Republic:
 
 
 
 5.625% 4/30/43 (b)
 
325,000
236,194
 6.125% 2/19/31 (b)
 
265,000
245,589
TOTAL COSTA RICA
 
 
481,783
Dominican Republic - 1.3%
 
 
 
Dominican Republic:
 
 
 
 4.5% 1/30/30 (b)
 
515,000
411,131
 4.875% 9/23/32 (b)
 
870,000
667,344
 5.3% 1/21/41 (b)
 
200,000
137,163
 5.875% 1/30/60 (b)
 
900,000
603,000
 6% 7/19/28 (b)
 
400,000
363,950
 6% 2/22/33 (b)
 
425,000
354,158
 6.5% 2/15/48 (b)
 
200,000
145,350
 6.85% 1/27/45 (b)
 
350,000
268,909
 6.875% 1/29/26 (b)
 
255,000
249,788
TOTAL DOMINICAN REPUBLIC
 
 
3,200,793
Ecuador - 0.4%
 
 
 
Ecuador Republic:
 
 
 
 2.5% 7/31/35 (b)(i)
 
1,385,256
503,281
 5.5% 7/31/30 (b)(i)
 
985,630
522,261
TOTAL ECUADOR
 
 
1,025,542
Egypt - 1.0%
 
 
 
Arab Republic of Egypt:
 
 
 
 5.875% 2/16/31 (b)
 
400,000
243,200
 7.0529% 1/15/32 (b)
 
890,000
559,476
 7.5% 1/31/27 (b)
 
150,000
120,563
 7.5% 2/16/61 (b)
 
300,000
169,500
 7.903% 2/21/48 (b)
 
865,000
483,319
 8.5% 1/31/47 (b)
 
1,160,000
682,950
 8.7002% 3/1/49 (b)
 
400,000
236,500
TOTAL EGYPT
 
 
2,495,508
El Salvador - 0.1%
 
 
 
El Salvador Republic 7.1246% 1/20/50 (b)
 
560,000
187,880
Gabon - 0.2%
 
 
 
Gabonese Republic:
 
 
 
 6.95% 6/16/25 (b)
 
200,000
179,500
 7% 11/24/31 (b)
 
540,000
376,414
TOTAL GABON
 
 
555,914
Georgia - 0.2%
 
 
 
Georgia Republic 2.75% 4/22/26 (b)
 
505,000
422,938
Ghana - 0.2%
 
 
 
Ghana Republic:
 
 
 
 8.125% 1/18/26 (b)
 
500,000
181,813
 8.627% 6/16/49 (b)
 
615,000
165,012
 10.75% 10/14/30 (b)
 
400,000
258,000
TOTAL GHANA
 
 
604,825
Guatemala - 0.1%
 
 
 
Guatemalan Republic 6.125% 6/1/50 (b)
 
350,000
300,519
Hungary - 0.2%
 
 
 
Hungarian Republic:
 
 
 
 2.125% 9/22/31 (b)
 
500,000
356,031
 3.125% 9/21/51 (b)
 
375,000
204,328
TOTAL HUNGARY
 
 
560,359
Indonesia - 0.4%
 
 
 
Indonesian Republic:
 
 
 
 3.5% 2/14/50
 
380,000
255,503
 4.2% 10/15/50
 
600,000
448,566
 8.5% 10/12/35 (b)
 
300,000
351,525
TOTAL INDONESIA
 
 
1,055,594
Israel - 0.1%
 
 
 
Israeli State 4.5% 4/3/20
 
405,000
307,713
Ivory Coast - 0.3%
 
 
 
Ivory Coast:
 
 
 
 6.125% 6/15/33 (b)
 
200,000
155,350
 6.375% 3/3/28 (b)
 
635,000
574,794
TOTAL IVORY COAST
 
 
730,144
Jordan - 0.2%
 
 
 
Jordanian Kingdom:
 
 
 
 5.85% 7/7/30 (b)
 
200,000
165,500
 7.375% 10/10/47 (b)
 
280,000
208,950
TOTAL JORDAN
 
 
374,450
Kenya - 0.5%
 
 
 
Republic of Kenya:
 
 
 
 6.3% 1/23/34 (b)
 
200,000
126,000
 6.875% 6/24/24 (b)
 
830,000
724,175
 7% 5/22/27 (b)
 
410,000
324,925
TOTAL KENYA
 
 
1,175,100
Lebanon - 0.2%
 
 
 
Lebanese Republic:
 
 
 
 5.8% 12/31/49 (g)
 
1,165,000
68,246
 6.375% 12/31/49 (g)
 
7,090,000
407,675
TOTAL LEBANON
 
 
475,921
Mexico - 0.6%
 
 
 
United Mexican States:
 
 
 
 2.659% 5/24/31
 
400,000
309,800
 3.25% 4/16/30
 
400,000
335,950
 4.35% 1/15/47
 
850,000
594,363
 4.75% 3/8/44
 
450,000
341,522
TOTAL MEXICO
 
 
1,581,635
Mongolia - 0.1%
 
 
 
Mongolia Government:
 
 
 
 3.5% 7/7/27 (b)
 
220,000
149,600
 5.125% 4/7/26 (b)
 
200,000
152,522
TOTAL MONGOLIA
 
 
302,122
Morocco - 0.2%
 
 
 
Moroccan Kingdom:
 
 
 
 2.375% 12/15/27 (b)
 
375,000
307,453
 4% 12/15/50 (b)
 
200,000
117,788
TOTAL MOROCCO
 
 
425,241
Nigeria - 0.6%
 
 
 
Republic of Nigeria:
 
 
 
 6.125% 9/28/28 (b)
 
325,000
213,688
 6.5% 11/28/27 (b)
 
705,000
498,788
 7.143% 2/23/30 (b)
 
850,000
552,500
 7.625% 11/28/47 (b)
 
300,000
169,500
TOTAL NIGERIA
 
 
1,434,476
Oman - 1.2%
 
 
 
Sultanate of Oman:
 
 
 
 4.75% 6/15/26 (b)
 
450,000
425,250
 5.375% 3/8/27 (b)
 
395,000
376,238
 5.625% 1/17/28 (b)
 
420,000
399,000
 6% 8/1/29 (b)
 
285,000
270,394
 6.25% 1/25/31 (b)
 
690,000
657,225
 6.5% 3/8/47 (b)
 
1,150,000
947,313
TOTAL OMAN
 
 
3,075,420
Pakistan - 0.2%
 
 
 
Islamic Republic of Pakistan:
 
 
 
 6% 4/8/26 (b)
 
880,000
275,097
 6.875% 12/5/27 (b)
 
560,000
173,662
TOTAL PAKISTAN
 
 
448,759
Panama - 0.7%
 
 
 
Panamanian Republic:
 
 
 
 2.252% 9/29/32
 
485,000
336,257
 3.16% 1/23/30
 
660,000
536,580
 3.298% 1/19/33
 
540,000
412,020
 3.87% 7/23/60
 
510,000
292,740
 4.5% 5/15/47
 
405,000
279,906
TOTAL PANAMA
 
 
1,857,503
Paraguay - 0.3%
 
 
 
Republic of Paraguay:
 
 
 
 2.739% 1/29/33 (b)
 
415,000
307,178
 5.4% 3/30/50 (b)
 
415,000
315,997
TOTAL PARAGUAY
 
 
623,175
Peru - 0.8%
 
 
 
Peruvian Republic:
 
 
 
 2.783% 1/23/31
 
1,435,000
1,130,780
 3% 1/15/34
 
260,000
193,570
 3.3% 3/11/41
 
855,000
575,415
TOTAL PERU
 
 
1,899,765
Philippines - 0.3%
 
 
 
Philippine Republic:
 
 
 
 2.65% 12/10/45
 
430,000
259,660
 2.95% 5/5/45
 
320,000
205,635
 5.95% 10/13/47
 
225,000
219,962
TOTAL PHILIPPINES
 
 
685,257
Qatar - 1.1%
 
 
 
State of Qatar:
 
 
 
 3.75% 4/16/30 (b)
 
325,000
302,240
 4.4% 4/16/50 (b)
 
1,430,000
1,201,171
 4.625% 6/2/46 (b)
 
600,000
528,372
 4.817% 3/14/49 (b)
 
855,000
761,130
TOTAL QATAR
 
 
2,792,913
Romania - 0.5%
 
 
 
Romanian Republic:
 
 
 
 3% 2/27/27 (b)
 
334,000
285,841
 3% 2/14/31 (b)
 
574,000
423,433
 3.625% 3/27/32 (b)
 
334,000
244,926
 6.125% 1/22/44 (b)
 
400,000
318,950
TOTAL ROMANIA
 
 
1,273,150
Russia - 0.1%
 
 
 
Ministry of Finance of the Russian Federation 5.1% 3/28/35(Reg. S) (g)
 
600,000
252,000
Rwanda - 0.2%
 
 
 
Rwanda Republic 5.5% 8/9/31 (b)
 
700,000
510,694
Saudi Arabia - 0.1%
 
 
 
Kingdom of Saudi Arabia 2.25% 2/2/33 (b)
 
445,000
341,716
Senegal - 0.1%
 
 
 
Republic of Senegal:
 
 
 
 6.25% 5/23/33 (b)
 
235,000
175,193
 6.75% 3/13/48 (b)
 
200,000
126,663
TOTAL SENEGAL
 
 
301,856
Serbia - 0.1%
 
 
 
Republic of Serbia 2.125% 12/1/30 (b)
 
455,000
313,182
South Africa - 0.3%
 
 
 
South African Republic:
 
 
 
 4.85% 9/27/27
 
400,000
361,950
 5.75% 9/30/49
 
525,000
347,813
TOTAL SOUTH AFRICA
 
 
709,763
Sri Lanka - 0.1%
 
 
 
Democratic Socialist Republic of Sri Lanka:
 
 
 
 6.2% 5/11/27 (b)(g)
 
935,000
198,790
 6.85% 11/3/25 (b)(g)
 
550,000
122,650
 7.55% 3/28/30 (b)(g)
 
50,000
10,916
 7.85% 3/14/29 (b)(g)
 
165,000
35,764
TOTAL SRI LANKA
 
 
368,120
Tunisia - 0.0%
 
 
 
Tunisia Republic of 5.75% 1/30/25 (b)
 
110,000
68,736
Turkey - 1.0%
 
 
 
Turkish Republic:
 
 
 
 4.25% 3/13/25
 
365,000
329,869
 4.75% 1/26/26
 
540,000
472,500
 4.875% 10/9/26
 
520,000
441,350
 4.875% 4/16/43
 
1,005,000
587,925
 5.125% 2/17/28
 
245,000
197,838
 5.75% 5/11/47
 
665,000
408,975
 6.125% 10/24/28
 
220,000
182,875
TOTAL TURKEY
 
 
2,621,332
Ukraine - 0.3%
 
 
 
Ukraine Government:
 
 
 
 0% 8/1/41 (b)(j)
 
775,000
192,200
 6.876% 5/21/31 (b)
 
200,000
28,975
 7.253% 3/15/35 (b)
 
380,000
56,715
 7.375% 9/25/34 (b)
 
200,000
29,975
 7.75% 9/1/25 (b)
 
830,000
173,937
 7.75% 9/1/26 (b)
 
830,000
136,846
 7.75% 9/1/27 (b)
 
345,000
57,313
 7.75% 9/1/28 (b)
 
560,000
99,400
 7.75% 9/1/29 (b)
 
400,000
69,950
TOTAL UKRAINE
 
 
845,311
United Arab Emirates - 0.6%
 
 
 
Emirate of Abu Dhabi:
 
 
 
 1.7% 3/2/31 (b)
 
350,000
274,816
 3.125% 9/30/49 (b)
 
410,000
274,136
Emirate of Dubai:
 
 
 
 3.9% 9/9/50 (Reg. S)
 
650,000
420,794
 5.25% 1/30/43 (Reg. S)
 
295,000
245,643
United Arab Emirates 4.05% 7/7/32 (b)
 
200,000
185,413
TOTAL UNITED ARAB EMIRATES
 
 
1,400,802
United States of America - 0.7%
 
 
 
U.S. Treasury Bills, yield at date of purchase 3.33% to 3.67% 1/5/23 to 1/12/23
 
370,000
367,264
U.S. Treasury Bonds 2.875% 5/15/52
 
1,827,000
1,417,923
TOTAL UNITED STATES OF AMERICA
 
 
1,785,187
Uruguay - 0.3%
 
 
 
Uruguay Republic 5.1% 6/18/50
 
730,000
653,259
Uzbekistan - 0.1%
 
 
 
Republic of Uzbekistan:
 
 
 
 3.7% 11/25/30 (b)
 
200,000
143,663
 3.9% 10/19/31 (b)
 
240,000
170,520
TOTAL UZBEKISTAN
 
 
314,183
Venezuela - 0.2%
 
 
 
Venezuelan Republic 9.25% 9/15/27 (g)
 
6,200,000
418,500
Zambia - 0.0%
 
 
 
Republic of Zambia:
 
 
 
 8.5% 4/14/24 (b)
 
50,000
19,250
 8.97% 7/30/27 (b)
 
250,000
92,500
TOTAL ZAMBIA
 
 
111,750
 
TOTAL GOVERNMENT OBLIGATIONS
  (Cost $76,141,597)
 
 
 
51,727,102
 
 
 
 
Preferred Securities - 1.1%
 
 
Principal
Amount (f)
 
Value ($)
 
Cayman Islands - 0.4%
 
 
 
Banco Mercantil del Norte SA 6.75% (b)(h)(j)
 
400,000
365,096
DP World Salaam 6% (Reg. S) (h)(j)
 
600,000
591,970
TOTAL CAYMAN ISLANDS
 
 
957,066
Georgia - 0.3%
 
 
 
Georgia Bank Joint Stock Co. 11.125% (Reg. S) (h)(j)
 
700,000
698,809
Mexico - 0.1%
 
 
 
CEMEX S.A.B. de CV 5.125% (b)(h)(j)
 
400,000
331,278
United Arab Emirates - 0.3%
 
 
 
Emirates NBD Bank PJSC 6.125% (Reg. S) (h)(j)
 
400,000
380,793
NBK Tier 1 Financing 2 Ltd. 4.5% (b)(h)(j)
 
400,000
357,728
TOTAL UNITED ARAB EMIRATES
 
 
738,521
 
TOTAL PREFERRED SECURITIES
  (Cost $3,105,057)
 
 
 
2,725,674
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (k)
 
8,145,771
8,147,400
Fidelity Securities Lending Cash Central Fund 3.10% (k)(l)
 
421,957
421,999
 
TOTAL MONEY MARKET FUNDS
  (Cost $8,569,102)
 
 
8,569,399
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
  (Cost $301,780,313)
 
 
 
251,673,843
NET OTHER ASSETS (LIABILITIES) - 0.2%  
584,941
NET ASSETS - 100.0%
252,258,784
 
 
 
 
Currency Abbreviations
         EUR
-
European Monetary Unit
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $71,526,576 or 28.4% 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 $1,735,308 or 0.7% of net assets.
 
(e)
Level 3 security
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Non-income producing - Security is in default.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(i)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(j)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(k)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(l)
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 3.10%
18,857,299
475,804,518
486,514,417
71,453
1
(1)
8,147,400
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
1,116,639
10,135,845
10,830,485
21,452
-
-
421,999
0.0%
Total
19,973,938
485,940,363
497,344,902
92,905
1
(1)
8,569,399
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
11,730,594
5,712,696
5,695,256
322,642
Consumer Discretionary
19,248,222
11,632,350
7,590,670
25,202
Consumer Staples
10,362,223
10,346,042
-
16,181
Energy
7,958,931
7,159,668
751,435
47,828
Financials
34,375,251
22,910,346
10,263,193
1,201,712
Health Care
6,192,726
5,448,602
636,825
107,299
Industrials
8,736,079
8,480,309
255,770
-
Information Technology
30,710,691
19,787,809
10,298,017
624,865
Materials
14,216,312
11,352,699
2,861,637
1,976
Real Estate
2,107,491
1,963,528
142,824
1,139
Utilities
5,273,359
5,273,359
-
-
 Corporate Bonds
37,739,789
-
37,739,789
-
 Government Obligations
51,727,102
-
51,727,102
-
 Preferred Securities
2,725,674
-
2,725,674
-
  Money Market Funds
8,569,399
8,569,399
-
-
 Total Investments in Securities:
251,673,843
118,636,807
130,688,192
2,348,844
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Communication Services
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(414,845)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(6,259,138)
 
  Cost of Purchases
 
2,232,622
 
  Proceeds of Sales
 
(1,093,696)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
5,857,699
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
322,642
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(6,259,138)
 
Energy
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
302,049
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(8,075,007)
 
  Cost of Purchases
 
1,666,531
 
  Proceeds of Sales
 
(3,059,132)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
9,213,387
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
47,828
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(8,075,007)
 
Financials
 
 
 
  Beginning Balance
$
1,138,255
 
  Net Realized Gain (Loss) on Investment Securities
 
355,832
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(12,754,046)
 
  Cost of Purchases
 
1,773,535
 
  Proceeds of Sales
 
(1,287,307)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
11,975,443
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
1,201,712
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(12,754,046)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
902,694
 
  Net Realized Gain (Loss) on Investment Securities
 
(409,482)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(4,754,480)
 
  Cost of Purchases
 
2,817,684
 
  Proceeds of Sales
 
(407,693)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
2,627,939
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
776,662
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(4,754,480)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Fidelity® Total Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $401,799) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $293,211,211)
 
$243,104,444
 
 
Fidelity Central Funds (cost $8,569,102)
 
8,569,399
 
 
 
 
 
 
 
Total Investment in Securities (cost $301,780,313)
 
 
$
251,673,843
Foreign currency held at value (cost $611,139)
 
 
 
553,877
Receivable for investments sold
 
 
 
4,955,992
Receivable for fund shares sold
 
 
 
77,758
Dividends receivable
 
 
 
178,670
Interest receivable
 
 
 
1,676,216
Distributions receivable from Fidelity Central Funds
 
 
 
23,753
Prepaid expenses
 
 
 
510
Other receivables
 
 
 
88,673
  Total assets
 
 
 
259,229,292
Liabilities
 
 
 
 
Payable to custodian bank
 
2,775,562
 
 
Payable for investments purchased
 
2,366,343
 
 
Payable for fund shares redeemed
 
753,134
 
 
Accrued management fee
 
173,633
 
 
Distribution and service plan fees payable
 
20,304
 
 
Other affiliated payables
 
56,042
 
 
Deferred taxes
 
303,184
 
 
Other payables and accrued expenses
 
100,307
 
 
Collateral on securities loaned
 
421,999
 
 
  Total Liabilities
 
 
 
6,970,508
Net Assets  
 
 
$
252,258,784
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
328,542,838
Total accumulated earnings (loss)
 
 
 
(76,284,054)
Net Assets
 
 
$
252,258,784
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($28,301,786 ÷ 2,804,554 shares) (a)
 
 
$
10.09
Maximum offering price per share (100/94.25 of $10.09)
 
 
$
10.71
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,237,455 ÷ 619,338 shares) (a)
 
 
$
10.07
Maximum offering price per share (100/96.50 of $10.07)
 
 
$
10.44
Class C :
 
 
 
 
Net Asset Value and offering price per share ($13,468,679 ÷ 1,347,535 shares) (a)
 
 
$
10.00
Total Emerging Markets :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($91,614,588 ÷ 9,054,255 shares)
 
 
$
10.12
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($98,727,161 ÷ 9,765,144 shares)
 
 
$
10.11
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($13,909,115 ÷ 1,378,604 shares)
 
 
$
10.09
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
9,181,507
Interest  
 
 
7,774,089
Income from Fidelity Central Funds (including $21,452 from security lending)
 
 
 
92,905
 Income before foreign taxes withheld
 
 
 
17,048,501
Less foreign taxes withheld
 
 
 
(965,348)
 Total Income
 
 
 
16,083,153
Expenses
 
 
 
 
Management fee
$
3,480,344
 
 
Transfer agent fees
 
755,078
 
 
Distribution and service plan fees
 
335,368
 
 
Accounting fees
 
222,687
 
 
Custodian fees and expenses
 
248,851
 
 
Independent trustees' fees and expenses
 
1,630
 
 
Registration fees
 
127,869
 
 
Audit
 
89,200
 
 
Legal
 
5,103
 
 
Interest
 
4,237
 
 
Miscellaneous
 
2,399
 
 
 Total expenses before reductions
 
5,272,766
 
 
 Expense reductions
 
(14,816)
 
 
 Total expenses after reductions
 
 
 
5,257,950
Net Investment income (loss)
 
 
 
10,825,203
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $524,689)
 
(12,668,742)
 
 
   Fidelity Central Funds
 
1
 
 
 Foreign currency transactions
 
(261,678)
 
 
 Futures contracts
 
289,870
 
 
Total net realized gain (loss)
 
 
 
(12,640,549)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,074,830)  
 
(173,045,352)
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
(30,778)
 
 
 Futures contracts
 
72,291
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(173,003,840)
Net gain (loss)
 
 
 
(185,644,389)
Net increase (decrease) in net assets resulting from operations
 
 
$
(174,819,186)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
10,825,203
$
9,421,013
Net realized gain (loss)
 
(12,640,549)
 
 
41,853,240
 
Change in net unrealized appreciation (depreciation)
 
(173,003,840)
 
30,550,736
 
Net increase (decrease) in net assets resulting from operations
 
(174,819,186)
 
 
81,824,989
 
Distributions to shareholders
 
(11,768,448)
 
 
(7,490,574)
 
Share transactions - net increase (decrease)
 
(182,422,186)
 
 
(20,710,210)
 
Total increase (decrease) in net assets
 
(369,009,820)
 
 
53,624,205
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
621,268,604
 
567,644,399
 
End of period
$
252,258,784
$
621,268,604
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Total Emerging Markets Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.26
$
13.55
$
12.80
$
11.53
$
13.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28
 
.20
 
.19
 
.37 C
 
.25
     Net realized and unrealized gain (loss)
 
(5.19)
 
1.67
 
.89
 
1.14
 
(1.94)
  Total from investment operations
 
(4.91)  
 
1.87  
 
1.08  
 
1.51  
 
(1.69)
  Distributions from net investment income
 
(.26)
 
(.16)
 
(.33)
 
(.24)
 
(.16)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.26)
 
(.16)
 
(.33)
 
(.24)
 
(.34) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
10.09
$
15.26
$
13.55
$
12.80
$
11.53
 Total Return   F,G
 
(32.69)%
 
13.78%
 
8.54%
 
13.38%
 
(12.77)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.39%
 
1.36%
 
1.40%
 
1.39%
 
1.40%
    Expenses net of fee waivers, if any
 
1.39%
 
1.36%
 
1.39%
 
1.39%
 
1.40%
    Expenses net of all reductions
 
1.39%
 
1.36%
 
1.37%
 
1.39%
 
1.37%
    Net investment income (loss)
 
2.21%
 
1.26%
 
1.49%
 
3.02% C
 
1.92%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
28,302
$
46,981
$
37,022
$
39,958
$
34,617
    Portfolio turnover rate 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 Amount represents less than $.005 per share.
 
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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.23
$
13.52
$
12.78
$
11.51
$
13.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.15
 
.15
 
.33 C
 
.21
     Net realized and unrealized gain (loss)
 
(5.19)
 
1.67
 
.88
 
1.15
 
(1.93)
  Total from investment operations
 
(4.95)  
 
1.82  
 
1.03  
 
1.48  
 
(1.72)
  Distributions from net investment income
 
(.21)
 
(.11)
 
(.29)
 
(.21)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.21)
 
(.11)
 
(.29)
 
(.21)
 
(.32)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
10.07
$
15.23
$
13.52
$
12.78
$
11.51
 Total Return   E,F
 
(32.92)%
 
13.47%
 
8.16%
 
13.05%
 
(13.03)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.69%
 
1.66%
 
1.71%
 
1.72%
 
1.74%
    Expenses net of fee waivers, if any
 
1.69%
 
1.66%
 
1.71%
 
1.71%
 
1.74%
    Expenses net of all reductions
 
1.69%
 
1.66%
 
1.69%
 
1.71%
 
1.71%
    Net investment income (loss)
 
1.90%
 
.96%
 
1.17%
 
2.69% C
 
1.58%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,237
$
9,530
$
7,885
$
8,841
$
8,519
    Portfolio turnover rate 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 Amount represents less than $.005 per share.
 
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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.09
$
13.41
$
12.66
$
11.40
$
13.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.08
 
.09
 
.28 C
 
.15
     Net realized and unrealized gain (loss)
 
(5.15)
 
1.65
 
.89
 
1.13
 
(1.92)
  Total from investment operations
 
(4.97)  
 
1.73  
 
.98  
 
1.41  
 
(1.77)
  Distributions from net investment income
 
(.12)
 
(.05)
 
(.23)
 
(.15)
 
(.09)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.12)
 
(.05)
 
(.23)
 
(.15)
 
(.28)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
10.00
$
15.09
$
13.41
$
12.66
$
11.40
 Total Return   E,F
 
(33.17)%
 
12.89%
 
7.83%
 
12.54%
 
(13.45)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.14%
 
2.11%
 
2.14%
 
2.14%
 
2.14%
    Expenses net of fee waivers, if any
 
2.13%
 
2.11%
 
2.14%
 
2.14%
 
2.14%
    Expenses net of all reductions
 
2.13%
 
2.11%
 
2.12%
 
2.13%
 
2.12%
    Net investment income (loss)
 
1.46%
 
.51%
 
.74%
 
2.27% C
 
1.18%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,469
$
27,673
$
28,884
$
35,545
$
37,191
    Portfolio turnover rate 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 Amount represents less than $.005 per share.
 
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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Total Emerging Markets Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.31
$
13.59
$
12.84
$
11.56
$
13.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.24
 
.22
 
.40 C
 
.29
     Net realized and unrealized gain (loss)
 
(5.21)
 
1.67
 
.90
 
1.16
 
(1.95)
  Total from investment operations
 
(4.89)  
 
1.91  
 
1.12  
 
1.56  
 
(1.66)
  Distributions from net investment income
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.17)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.36)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
10.12
$
15.31
$
13.59
$
12.84
$
11.56
 Total Return   E
 
(32.52)%
 
14.06%
 
8.79%
 
13.80%
 
(12.56)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.12%
 
1.11%
 
1.16%
 
1.14%
 
1.13%
    Expenses net of fee waivers, if any
 
1.11%
 
1.11%
 
1.15%
 
1.14%
 
1.13%
    Expenses net of all reductions
 
1.11%
 
1.11%
 
1.14%
 
1.14%
 
1.11%
    Net investment income (loss)
 
2.48%
 
1.51%
 
1.73%
 
3.27% C
 
2.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
91,615
$
259,331
$
205,009
$
199,708
$
190,025
    Portfolio turnover rate 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 Amount represents less than $.005 per share.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total Emerging Markets Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.29
$
13.57
$
12.82
$
11.55
$
13.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.24
 
.22
 
.41 C
 
.29
     Net realized and unrealized gain (loss)
 
(5.20)
 
1.67
 
.90
 
1.14
 
(1.95)
  Total from investment operations
 
(4.88)  
 
1.91  
 
1.12  
 
1.55  
 
(1.66)
  Distributions from net investment income
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.19)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.19)
     Total distributions
 
(.30)
 
(.19)
 
(.37)
 
(.28)
 
(.37) D
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- E
  Net asset value, end of period
$
10.11
$
15.29
$
13.57
$
12.82
$
11.55
 Total Return   F
 
(32.50)%
 
14.10%
 
8.85%
 
13.77%
 
(12.56)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.10%
 
1.09%
 
1.11%
 
1.11%
 
1.12%
    Expenses net of fee waivers, if any
 
1.10%
 
1.08%
 
1.10%
 
1.10%
 
1.12%
    Expenses net of all reductions
 
1.10%
 
1.08%
 
1.09%
 
1.10%
 
1.10%
    Net investment income (loss)
 
2.49%
 
1.54%
 
1.78%
 
3.30% C
 
2.20%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
98,727
$
209,635
$
232,450
$
372,286
$
341,720
    Portfolio turnover rate 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 Amount represents less than $.005 per share.
 
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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total Emerging Markets Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.26
$
13.55
$
12.80
$
11.55
$
12.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.34
 
.26
 
.24
 
.43 D
 
.01
     Net realized and unrealized gain (loss)
 
(5.19)
 
1.66
 
.90
 
1.13
 
(.63)
  Total from investment operations
 
(4.85)  
 
1.92  
 
1.14  
 
1.56  
 
(.62)
  Distributions from net investment income
 
(.32)
 
(.21)
 
(.39)
 
(.31)
 
-
     Total distributions
 
(.32)
 
(.21)
 
(.39)
 
(.31)
 
-
  Net asset value, end of period
$
10.09
$
15.26
$
13.55
$
12.80
$
11.55
 Total Return   E,F
 
(32.40)%
 
14.21%
 
9.03%
 
13.85%
 
(5.09)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97%
 
.96%
 
.98%
 
.98%
 
1.07% I
    Expenses net of fee waivers, if any
 
.97%
 
.96%
 
.98%
 
.97%
 
1.04% I
    Expenses net of all reductions
 
.97%
 
.96%
 
.96%
 
.97%
 
1.02% I
    Net investment income (loss)
 
2.62%
 
1.66%
 
1.91%
 
3.43% D
 
1.51% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,909
$
68,119
$
56,395
$
61,175
$
1,603
    Portfolio turnover rate J
 
67%
 
58%
 
58%
 
75%
 
94%
 
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any 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 October 31, 2022
 
1. Organization.
Fidelity Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total Emerging Markets, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$33,850,495
Gross unrealized depreciation
(86,292,320)
Net unrealized appreciation (depreciation)
$(52,441,825)
Tax Cost
$304,115,668
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$5,559,373
Capital loss carryforward
$(29,016,054)
Net unrealized appreciation (depreciation) on securities and other investments
$(52,524,188)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(29,016,054)
Long-term
-
Total capital loss carryforward
$(29,016,054)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$11,768,448
$7,490,574
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
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
287,761,208
456,188,153
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .78% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
- %
.25%
$93,509
$1,200
Class M
.25%
.25%
38,760
30
Class C
.75%
.25%
203,099
15,139
 
 
 
$335,368
$16,369
 
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
$15,715
Class M
1,721
Class C A
123
 
$17,559
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$76,531
.20
Class M
20,159
.26
Class C
40,872
.20
Total Emerging Markets
344,796
.18
Class I
255,850
.17
Class Z
16,870
.04
 
$755,078
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Total Emerging Markets Fund
.05
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Total Emerging Markets Fund
$1,823
 
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 Total Emerging Markets Fund  
Borrower
$5,421,500
.66%
$3,772
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Total Emerging Markets Fund
4,580,169
34,971,561
(4,324,193)
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
$823
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
$2,272
$-
$-
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Total Emerging Markets Fund
$3,426,250
1.22%
$465
10. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14,816.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Total Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$783,324
$422,903
Class M
128,984
63,392
Class C
226,893
106,573
Total Emerging Markets
5,176,420
2,785,749
Class I
4,027,359
3,208,654
Class Z
1,425,468
903,303
Total   
$11,768,448
$7,490,574
12. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Total Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
539,278
834,490
$6,972,605
$13,192,973
Reinvestment of distributions
54,325
27,836
781,197
420,606
Shares redeemed
(867,088)
(515,577)
(10,923,910)
(8,058,282)
Net increase (decrease)
(273,485)
346,749
$(3,170,108)
$5,555,297
Class M
 
 
 
 
Shares sold
68,332
121,390
$870,856
$1,929,827
Reinvestment of distributions
8,958
4,191
128,908
63,329
Shares redeemed
(83,685)
(82,865)
(1,103,957)
(1,301,485)
Net increase (decrease)
(6,395)
42,716
$(104,193)
$691,671
Class C
 
 
 
 
Shares sold
172,996
359,452
$2,372,908
$5,590,331
Reinvestment of distributions
15,806
7,086
226,656
106,573
Shares redeemed
(675,110)
(687,261)
(8,531,245)
(10,684,440)
Net increase (decrease)
(486,308)
(320,723)
$(5,931,681)
$(4,987,536)
Total Emerging Markets
 
 
 
 
Shares sold
20,327,420
10,790,055
$276,182,533
$167,466,754
Reinvestment of distributions
196,824
142,523
2,832,302
2,154,942
Shares redeemed
(28,410,344)
(9,079,050)
(367,959,039)
(141,937,844)
Net increase (decrease)
(7,886,100)
1,853,528
$(88,944,204)
$27,683,852
Class I
 
 
 
 
Shares sold
1,916,908
4,228,136
$   24,629,924
$67,215,923
Reinvestment of distributions
276,622
209,572
3,975,058
3,164,533
Shares redeemed
(6,138,529)
(7,854,786)
(76,056,229)
(124,620,710)
Net increase (decrease)
(3,944,999)
(3,417,078)
$(47,451,247)
$(54,240,254)
Class Z
 
 
 
 
Shares sold
486,703
1,815,321
$6,448,746
$28,671,066
Reinvestment of distributions
72,407
42,495
1,036,865
639,553
Shares redeemed
(3,644,178)
(1,556,785)
(44,306,364)
(24,723,859)
Net increase (decrease)
(3,085,068)
301,031
$(36,820,753)
$4,586,760
13. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
14. 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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund (two of the funds constituting Fidelity Investment Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® Emerging Markets Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.44%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 895.80
 
$ 6.88
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.95
 
$ 7.32
Class M
 
 
 
1.70%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 894.80
 
$ 8.12
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.64
 
$ 8.64
Class C
 
 
 
2.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 892.00
 
$ 10.44
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.17
 
$ 11.12
Fidelity® Emerging Markets Discovery Fund
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 897.00
 
$ 5.50
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.41
 
$ 5.85
Class I
 
 
 
1.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 897.40
 
$ 5.55
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.36
 
$ 5.90
Class Z
 
 
 
1.00%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 897.80
 
$ 4.78
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.16
 
$ 5.09
Fidelity® Total Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.40%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 838.70
 
$ 6.49
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.15
 
$ 7.12
Class M
 
 
 
1.71%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 837.80
 
$ 7.92
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.59
 
$ 8.69
Class C
 
 
 
2.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 836.10
 
$ 9.95
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.37
 
$ 10.92
Fidelity® Total Emerging Markets Fund
 
 
 
1.14%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 840.50
 
$ 5.29
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.46
 
$ 5.80
Class I
 
 
 
1.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 840.40
 
$ 5.15
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.61
 
$ 5.65
Class Z
 
 
 
.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 840.80
 
$ 4.55
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.27
 
$ 4.99
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
 
Class A
Class M
Class C
Retail Class
Class I
Class Z
Fidelity Emerging Markets Discovery Fund
 
 
 
 
 
 
December 2021
0%
0%
0%
0%
0%
0%
Fidelity Total Emerging Markets Fund
 
 
 
 
 
 
December 2021
0%
0%
1%
0%
0%
0%
 
 
 
 
 
 
 
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code:
 
Class A
Class M
Class C
Retail Class
Class I
Class Z
Fidelity Emerging Markets Discovery Fund
 
 
 
 
 
 
December 2021
67%
76%
100%
60%
60%
57%
Fidelity Total Emerging Markets Fund
 
 
 
 
 
 
December 2021
69%
83%
100%
60%
60%
57%
 
 
 
 
 
 
 
The funds hereby designate the amounts noted below as distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Total Emerging Markets Fund
$2,572,860
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity Emerging Markets Discovery Fund
 
 
 
Class A
12/06/21
$0.4054
$0.0404
Class M
12/06/21
$0.3584
$0.0404
Class C
12/06/21
$0.2374
$0.0404
Emerging Markets Discovery
12/06/21
$0.4554
$0.0404
Class I
12/06/21
$0.4514
$0.0404
Class Z
12/06/21
$0.4794
$0.0404
Fidelity Total Emerging Markets Fund
 
 
 
Class A
12/06/21
$0.2886
$0.0306
Class M
12/06/21
$0.2406
$0.0306
Class C
12/06/21
$0.1526
$0.0306
Total Emerging Markets
12/06/21
$0.3316
$0.0306
Class I
12/06/21
$0.3296
$0.0306
Class Z
12/06/21
$0.3516
$0.0306
 
 
 
 
 
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Emerging Markets Discovery Fund
Fidelity Total Emerging Markets Fund  
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of a representative class (retail class) of each fund; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the Fidelity Total Emerging Markets Fund had portfolio manager changes in June 2019, July 2019, December 2019, June 2020, September 2020, October 2020, December 2020, and February 2021 and January 2022 and the Fidelity Emerging Markets Discovery Fund had portfolio manager changes in September 2020, December 2020, January 2021 and September 2021. The Board will continue to monitor closely each fund's performance, taking into account the portfolio manager changes.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and, for Fidelity Emerging Markets Discovery Fund, an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index and, in the case of Fidelity Emerging Markets Discovery Fund, peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. For Emerging Markets Discovery Fund, returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts. For Fidelity Total Emerging Markets Fund, a peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.
 
Fidelity Emerging Markets Discovery Fund  
 
 
Fidelity Total Emerging Markets Fund  
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.  
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.
 
Fidelity Emerging Markets Discovery Fund
Fidelity Total Emerging Markets Fund  
The Board noted that each fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.  
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  
 
Total Expense Ratio . In its review of the total expense ratio of the representative class (retail class) of each fund, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class of each fund ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of Fidelity Emerging Markets Discovery Fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.60%, 1.85%, 2.35%, 1.35%, 1.20%, and 1.35% through February 28, 2023.
 
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of Fidelity Total Emerging Markets Fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.55%, 1.80%, 2.30%, 1.30%, 1.15%, and 1.30% through February 28, 2023.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 each fund's Advisory Contracts should be renewed.
 
1.931237.110
EMD-TEK-ANN-1222
Fidelity® Sustainable International Equity Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity Advisor® Sustainable International Equity Fund will be reported once the fund is a year old.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Sustainable International Equity Fund, a class of the fund, on February 10, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
 
Comments from Co-Portfolio Managers William Kennedy and Niamh Brodie-Machura:
From inception on February 10, 2022, through October 31, 2022, the fund's share classes returned roughly -28%, lagging the -23.31% result of the MSCI EAFE ESG Leaders Index. By region, stock picks in Europe ex U.K and Japan detracted most from the fund's result versus the index this period. By sector, security selection among health care, financials and industrials stocks notably hindered performance versus the ESG index. A non-index stake in Taiwan Semiconductor Manufacturing (-48%) was the portfolio's largest individual relative detractor. Not owning Denmark-based pharmaceuticals company Novo-Nordisk (+4%) also hindered relative performance. Underweighted exposure to France-based bank Société Générale (-43%) and an overweighting in Japan-based consumer electronics company Sony (-39%), a top-10 holding on October 31, proved detrimental as well. Taiwan Semiconductor and Société Générale were no longer held at period end. Conversely, the fund's position in cash aided relative performance in a down market. Regionally, non-index allocations to the U.S. and Canada added the most value during the period. Security selection in the consumer discretionary and utilities sectors also helped. The biggest individual relative contributors were HDFC Bank in India (-6%) and Switzerland-based food and beverage company Nestlé (-13%), both of which were among the portfolio's largest positions on October 31 and not components of the ESG index. Avoiding Germany-headquartered sports apparel company Adidas, which returned about -64% this period, also boosted relative performance. The fund ended the period with a notable overweighting in the information technology sector, along with underweightings in energy and communication services. By geography, the fund had out-of-index exposure to emerging markets, an overweighting in Europe Ex U.K., and sizable underweightings in the Asia Pacific Ex Japan region - notably Australia - as well as Japan at the end of October.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
4.0
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
3.9
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.9
 
ORIX Corp.  (Japan, Diversified Financial Services)
3.2
 
Sony Group Corp.  (Japan, Household Durables)
3.2
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.4
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.3
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
2.3
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.2
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.1
 
 
29.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
19.1
 
Health Care
15.4
 
Industrials
12.6
 
Information Technology
11.8
 
Consumer Staples
11.1
 
Consumer Discretionary
10.2
 
Materials
7.1
 
Utilities
4.4
 
Communication Services
2.4
 
Energy
1.6
 
Real Estate
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.4%
 
 
Shares
Value ($)
 
Australia - 0.8%
 
 
 
Bapcor Ltd.
 
9,361
39,639
Austria - 1.9%
 
 
 
Verbund AG
 
849
66,493
Wienerberger AG
 
1,062
24,286
TOTAL AUSTRIA
 
 
90,779
Bailiwick of Jersey - 0.3%
 
 
 
Experian PLC
 
1
32
Ferguson PLC
 
139
15,159
TOTAL BAILIWICK OF JERSEY
 
 
15,191
Belgium - 1.7%
 
 
 
KBC Group NV
 
410
20,547
UCB SA
 
819
61,772
TOTAL BELGIUM
 
 
82,319
Canada - 2.1%
 
 
 
Nutrien Ltd.
 
741
62,610
The Toronto-Dominion Bank
 
632
40,448
TOTAL CANADA
 
 
103,058
Denmark - 1.1%
 
 
 
ORSTED A/S (a)
 
664
54,784
Finland - 1.6%
 
 
 
Neste OYJ
 
1,767
77,428
France - 10.7%
 
 
 
Air Liquide SA
 
393
51,410
AXA SA
 
3,328
82,185
BNP Paribas SA
 
1,283
60,165
Capgemini SA
 
343
56,215
Edenred SA
 
477
24,494
L'Oreal SA
 
86
27,004
LVMH Moet Hennessy Louis Vuitton SE
 
186
117,365
Pernod Ricard SA
 
435
76,391
Worldline SA (a)(b)
 
484
21,125
TOTAL FRANCE
 
 
516,354
Germany - 10.8%
 
 
 
Brenntag SE
 
482
29,246
Deutsche Borse AG
 
419
68,138
Deutsche Post AG
 
1,696
59,953
Linde PLC
 
278
83,148
Merck KGaA
 
614
100,061
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
172
45,404
Puma AG
 
432
19,130
SAP SE
 
230
22,138
Siemens AG
 
868
94,793
TOTAL GERMANY
 
 
522,011
Hong Kong - 4.0%
 
 
 
AIA Group Ltd.
 
14,824
112,289
Chervon Holdings Ltd.
 
5,837
19,668
Hang Seng Bank Ltd.
 
4,291
60,408
TOTAL HONG KONG
 
 
192,365
India - 2.3%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
1,739
108,357
Ireland - 2.2%
 
 
 
CRH PLC
 
1,394
50,076
Dalata Hotel Group PLC (b)
 
13,246
42,478
Kerry Group PLC Class A
 
134
11,653
TOTAL IRELAND
 
 
104,207
Italy - 0.6%
 
 
 
Carel Industries SpA (a)
 
1,347
29,352
Japan - 16.9%
 
 
 
FUJIFILM Holdings Corp.
 
1,715
78,648
Fujitsu Ltd.
 
327
37,624
Hitachi Ltd.
 
2,227
101,244
Hoya Corp.
 
1,007
93,965
Itochu Corp.
 
3,170
82,056
Nomura Research Institute Ltd.
 
1,487
33,051
ORIX Corp.
 
10,576
155,409
Persol Holdings Co. Ltd.
 
2,615
52,513
Sony Group Corp.
 
2,265
152,740
TIS, Inc.
 
883
23,842
TOTAL JAPAN
 
 
811,092
Kenya - 0.6%
 
 
 
Safaricom Ltd.
 
135,294
27,984
Netherlands - 4.5%
 
 
 
ASML Holding NV (Netherlands)
 
224
105,076
Heineken NV (Bearer)
 
586
48,993
Koninklijke KPN NV
 
22,640
63,326
TOTAL NETHERLANDS
 
 
217,395
New Zealand - 1.9%
 
 
 
EBOS Group Ltd.
 
3,120
68,024
Ryman Healthcare Ltd.
 
4,975
24,239
TOTAL NEW ZEALAND
 
 
92,263
Norway - 1.6%
 
 
 
DNB Bank ASA
 
3,959
70,022
Schibsted ASA (A Shares)
 
612
9,425
TOTAL NORWAY
 
 
79,447
Singapore - 0.9%
 
 
 
United Overseas Bank Ltd.
 
2,103
41,240
Spain - 3.6%
 
 
 
Amadeus IT Holding SA Class A (b)
 
1,327
69,210
Cellnex Telecom SA (a)
 
458
14,990
EDP Renovaveis SA
 
1,602
33,737
Iberdrola SA
 
5,488
55,809
TOTAL SPAIN
 
 
173,746
Sweden - 3.5%
 
 
 
Boliden AB
 
2,537
73,896
Instalco AB
 
3,014
12,070
Investor AB (B Shares)
 
1,516
24,764
Lagercrantz Group AB (B Shares)
 
1,618
13,885
Nibe Industrier AB (B Shares)
 
5,519
44,037
TOTAL SWEDEN
 
 
168,652
Switzerland - 8.3%
 
 
 
Nestle SA (Reg. S)
 
1,708
185,931
Roche Holding AG (participation certificate)
 
585
194,104
SGS SA (Reg.)
 
9
19,841
TOTAL SWITZERLAND
 
 
399,876
Taiwan - 1.5%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
5,901
70,874
United Kingdom - 12.8%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,587
186,206
Beazley PLC
 
4,090
29,292
Big Yellow Group PLC
 
1,224
15,805
Bunzl PLC
 
798
25,999
Compass Group PLC
 
4,768
100,423
Dechra Pharmaceuticals PLC
 
377
11,327
Diageo PLC
 
2,116
87,079
Grainger Trust PLC
 
7,402
19,269
Impax Asset Management Group PLC
 
1,363
10,473
Reckitt Benckiser Group PLC
 
1,388
92,113
Renewi PLC (b)
 
2,075
12,588
Smart Metering Systems PLC
 
2,900
24,344
TOTAL UNITED KINGDOM
 
 
614,918
United States of America - 0.2%
 
 
 
Mobileye Global, Inc. (b)
 
300
7,914
 
TOTAL COMMON STOCKS
  (Cost $5,302,197)
 
 
 
4,641,245
 
 
 
 
Money Market Funds - 4.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
  (Cost $225,629)
 
 
225,584
225,629
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
  (Cost $5,527,826)
 
 
 
4,866,874
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(54,943)
NET ASSETS - 100.0%
4,811,931
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $120,251 or 2.5% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
5,441,117
5,215,488
2,079
-
-
225,629
0.0%
Total
-
5,441,117
5,215,488
2,079
-
-
225,629
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
115,725
37,409
78,316
-
Consumer Discretionary
491,443
120,915
370,528
-
Consumer Staples
529,164
137,037
392,127
-
Energy
77,428
77,428
-
-
Financials
929,141
409,983
519,158
-
Health Care
739,698
259,327
480,371
-
Industrials
603,227
399,362
203,865
-
Information Technology
564,096
181,834
382,262
-
Materials
345,426
243,940
101,486
-
Real Estate
35,074
35,074
-
-
Utilities
210,823
100,230
110,593
-
  Money Market Funds
225,629
225,629
-
-
 Total Investments in Securities:
4,866,874
2,228,168
2,638,706
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,302,197)
 
$4,641,245
 
 
Fidelity Central Funds (cost $225,629)
 
225,629
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,527,826)
 
 
$
4,866,874
Cash
 
 
 
580
Foreign currency held at value (cost $283)
 
 
 
283
Receivable for investments sold
 
 
 
2
Receivable for fund shares sold
 
 
 
29,227
Dividends receivable
 
 
 
7,739
Distributions receivable from Fidelity Central Funds
 
 
 
867
Prepaid expenses
 
 
 
27,278
Receivable from investment adviser for expense reductions
 
 
 
16,348
Other receivables
 
 
 
6
  Total assets
 
 
 
4,949,204
Liabilities
 
 
 
 
Payable for investments purchased
 
$80,203
 
 
Payable for fund shares redeemed
 
23
 
 
Accrued management fee
 
2,382
 
 
Distribution and service plan fees payable
 
258
 
 
Other affiliated payables
 
781
 
 
Audit fee payable
 
45,984
 
 
Custody fee payable
 
7,487
 
 
Other payables and accrued expenses
 
155
 
 
  Total Liabilities
 
 
 
137,273
Net Assets  
 
 
$
4,811,931
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,738,435
Total accumulated earnings (loss)
 
 
 
(926,504)
Net Assets
 
 
$
4,811,931
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($184,578 ÷ 25,633 shares) (a)
 
 
$
7.20
Maximum offering price per share (100/94.25 of $7.20)
 
 
$
7.64
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($179,670 ÷ 25,000 shares) (a)
 
 
$
7.19
Maximum offering price per share (100/96.50 of $7.19)
 
 
$
7.45
Class C :
 
 
 
 
Net Asset Value and offering price per share ($179,018 ÷ 25,000 shares) (a)
 
 
$
7.16
Fidelity Sustainable International Equity Fund :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,907,806 ÷ 541,692 shares)
 
 
$
7.21
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($180,347 ÷ 25,000 shares)
 
 
$
7.21
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($180,512 ÷ 25,000 shares)
 
 
$
7.22
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
58,005
Non-Cash dividends
 
 
 
2,786
Income from Fidelity Central Funds  
 
 
 
2,079
 Income before foreign taxes withheld
 
 
 
62,870
Less foreign taxes withheld
 
 
 
(8,225)
 Total Income
 
 
 
54,645
Expenses
 
 
 
 
Management fee
$
15,013
 
 
Transfer agent fees
 
3,903
 
 
Distribution and service plan fees
 
2,567
 
 
Accounting fees and expenses
 
1,120
 
 
Custodian fees and expenses
 
19,583
 
 
Independent trustees' fees and expenses
 
7
 
 
Registration fees
 
93,127
 
 
Audit
 
49,019
 
 
Legal
 
1
 
 
Miscellaneous
 
159
 
 
 Total expenses before reductions
 
184,499
 
 
 Expense reductions
 
(159,516)
 
 
 Total expenses after reductions
 
 
 
24,983
Net Investment income (loss)
 
 
 
29,662
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(291,907)
 
 
 Foreign currency transactions
 
(3,255)
 
 
Total net realized gain (loss)
 
 
 
(295,162)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(660,952)
 
 
 Assets and liabilities in foreign currencies
 
(145)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(661,097)
Net gain (loss)
 
 
 
(956,259)
Net increase (decrease) in net assets resulting from operations
 
 
$
(926,597)
Statement of Changes in Net Assets
 
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
29,662
Net realized gain (loss)
 
(295,162)
 
Change in net unrealized appreciation (depreciation)
 
(661,097)
Net increase (decrease) in net assets resulting from operations
 
(926,597)
 
Share transactions - net increase (decrease)
 
5,738,528
 
Total increase (decrease) in net assets
 
4,811,931
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
4,811,931
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Sustainable International Equity Fund Class A
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.07
     Net realized and unrealized gain (loss)
 
(2.87)
  Total from investment operations
 
(2.80)  
  Net asset value, end of period
$
7.20
 Total Return   D,E,F
 
(28.00)%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
7.77% I,J
    Expenses net of fee waivers, if any
 
1.30% J
    Expenses net of all reductions
 
1.28% J
    Net investment income (loss)
 
1.18% J
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
185
    Portfolio turnover rate K
 
43% 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 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 Audit fees are not annualized.
 
J 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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.05
     Net realized and unrealized gain (loss)
 
(2.86)
  Total from investment operations
 
(2.81)  
  Net asset value, end of period
$
7.19
 Total Return   D,E,F
 
(28.10)%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
8.02% I,J
    Expenses net of fee waivers, if any
 
1.55% J
    Expenses net of all reductions
 
1.55% J
    Net investment income (loss)
 
.91% J
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
180
    Portfolio turnover rate K
 
43% 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 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 Audit fees are not annualized.
 
J 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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.02
     Net realized and unrealized gain (loss)
 
(2.86)
  Total from investment operations
 
(2.84)  
  Net asset value, end of period
$
7.16
 Total Return   D,E,F
 
(28.40)%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
8.51% I,J
    Expenses net of fee waivers, if any
 
2.05% J
    Expenses net of all reductions
 
2.05% J
    Net investment income (loss)
 
.41% J
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
179
    Portfolio turnover rate K
 
43% 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 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 Audit fees are not annualized.
 
J Annualized
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Sustainable International Equity Fund
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.08
     Net realized and unrealized gain (loss)
 
(2.87)
  Total from investment operations
 
(2.79)  
  Net asset value, end of period
$
7.21
 Total Return   D,E
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
7.64% H,I
    Expenses net of fee waivers, if any
 
1.05% I
    Expenses net of all reductions
 
1.01% I
    Net investment income (loss)
 
1.45% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
3,908
    Portfolio turnover rate J
 
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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, 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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to 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 Audit fees are not annualized.
 
I 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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.08
     Net realized and unrealized gain (loss)
 
(2.87)
  Total from investment operations
 
(2.79)  
  Net asset value, end of period
$
7.21
 Total Return   D,E
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
7.52% H,I
    Expenses net of fee waivers, if any
 
1.05% I
    Expenses net of all reductions
 
1.03% I
    Net investment income (loss)
 
1.43% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
180
    Portfolio turnover rate J
 
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to 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 Audit fees are not annualized.
 
I 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
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.09
     Net realized and unrealized gain (loss)
 
(2.87)
  Total from investment operations
 
(2.78)  
  Net asset value, end of period
$
7.22
 Total Return   D,E
 
(27.80)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
7.46% H,I
    Expenses net of fee waivers, if any
 
.90% I
    Expenses net of all reductions
 
.90% I
    Net investment income (loss)
 
1.56% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
181
    Portfolio turnover rate J
 
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to 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 Audit fees are not annualized.
 
I Annualized
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable International Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$62,252
Gross unrealized depreciation
(781,832)
Net unrealized appreciation (depreciation)
$(719,580)
Tax Cost
$5,586,454
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$28,011
Capital loss carryforward
$(234,791)
Net unrealized appreciation (depreciation) on securities and other investments
$(719,725)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(234,791)
 
 
Due to large subscriptions in the period, approximately $145,223 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $74,614 of those capital losses per year to offset capital gains.   Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Sustainable International Equity Fund
6,535,131
940,645
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. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Sustainable International Equity Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. The Fund's performance adjustment will not take effect until February 28, 2023. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annualized management fee rate was .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%
$369
$367
Class M
.25%
.25%
734
734
Class C
.75%
.25%
1,464
1,464
 
 
 
$2,567
$2,565
 
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
$153
.10
Class M
142
.10
Class C
142
.10
Fidelity Sustainable International Equity Fund
3,256
.22
Class I
149
.10
Class Z
61
.04
 
$3,903
 
 
 
 
 
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
281,039
63,299
(12,497)
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.
 
 
Amount
Fidelity Sustainable International Equity Fund
$3
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%
$11,086
Class M
1.55%
11,015
Class C
2.05%
10,996
Fidelity Sustainable International Equity Fund
1.05%
103,437
Class I
1.05%
11,058
Class Z
.90%
11,180
 
 
$158,772
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 $51. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$29
Fidelity Sustainable International Equity Fund
571
Class I
29
 
$629
 
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 $64.
8. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Dollars
 
Year ended October 31, 2022 A  
Year ended October 31, 2022 A  
Fidelity Sustainable International Equity Fund
 
 
Class A
 
 
Shares sold
25,690
$255,541
Shares redeemed
(57)
(435)
Net increase (decrease)
25,633
$255,106
Class M
 
 
Shares sold
25,000
$ 250,003
Net increase (decrease)
25,000
$250,003
Class C
 
 
Shares sold
25,000
$ 250,000
Net increase (decrease)
25,000
$250,000
Fidelity Sustainable International Equity Fund
 
 
Shares sold
564,957
$ 4,670,389
Shares redeemed
(23,265)
(187,070)
Net increase (decrease)
541,692
$4,483,319
Class I
 
 
Shares sold
25,054
$250,509
Shares redeemed
(54)
(409)
Net increase (decrease)
25,000
$250,100
Class Z
 
 
Shares sold
25,000
$ 250,000
Net increase (decrease)
25,000
$250,000
 
 
A   For the period February 10, 2022 (commencement of operations) through October 31, 2022.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Sustainable International Equity Fund  
30%
 
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
21%
 
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.
 
 
 
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Sustainable International Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Sustainable International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from February 10, 2022 (commencement of operations) through October 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations, the changes in its net assets and the financial highlights for the period from February 10, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® Sustainable International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 847.10
 
$ 6.05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
Class M
 
 
 
1.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 846.90
 
$ 7.22
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.39
 
$ 7.88
Class C
 
 
 
2.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 844.30
 
$ 9.53
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.87
 
$ 10.41
Fidelity® Sustainable International Equity Fund
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 848.20
 
$ 4.89
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
Class I
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 848.20
 
$ 4.89
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
Class Z
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 848.40
 
$ 4.19
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.67
 
$ 4.58
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
1.9904429.100
SIC-ANN-1222
Fidelity® SAI Sustainable International Equity Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity SAI Sustainable International Equity Fund will be reported once the fund is a year old.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity SAI Sustainable International Equity Fund, on April 14, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager John Chow:
From the fund's inception on April 14, 2022, through October 31, 2022, the fund returned -19.40%, trailing the -17.04% result of the MSCI EAFE ESG Leaders Index (Net MA). By region, security selection in Developed Europe ex U.K. - especially Sweden and the Netherlands - notably detracted from performance versus the benchmark. Positioning in Japan and Taiwan weighed on relative performance as well. By sector, stock selection in health care and consumer staples hampered our relative result most, along with an underweighting in energy. An overweighting in Boliden (-42%) detracted more than any other stock versus the benchmark. Non-benchmark exposure to Taiwan Semiconductor Manufacturing (-41%) also weighed on relative performance. Further pressuring the fund's relative result was a lack of exposure to TotalEnergies, a benchmark component that gained about 10%. Conversely, out-of-benchmark exposure to India and stock selection in the U.K. stood out for their positive impact on relative performance. Looking at sectors, security selection in financials and underweighted exposure to materials and real estate added value. Dropping down to the stock level, a non-benchmark stake in HDFC Bank (+5%) contributed more than any other holding to relative performance. Hitachi (-2%), also out of benchmark, bolstered the fund's relative performance this period. Timely ownership of Tokyo Electron (+1%), which we sold before the period ended, also worked in our favor.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
4.0
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
3.9
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.9
 
ORIX Corp.  (Japan, Diversified Financial Services)
3.3
 
Sony Group Corp.  (Japan, Household Durables)
3.2
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.4
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.3
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
2.3
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.2
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.1
 
 
29.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
19.6
 
Health Care
15.4
 
Industrials
12.7
 
Information Technology
11.9
 
Consumer Staples
11.1
 
Consumer Discretionary
10.2
 
Materials
7.2
 
Utilities
4.4
 
Communication Services
2.4
 
Energy
1.6
 
Real Estate
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96.8%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Australia - 0.8%
 
 
 
Bapcor Ltd.
 
4,297
18,196
Austria - 1.9%
 
 
 
Verbund AG
 
387
30,309
Wienerberger AG
 
478
10,931
TOTAL AUSTRIA
 
 
41,240
Bailiwick of Jersey - 0.3%
 
 
 
Experian PLC
 
1
32
Ferguson PLC
 
63
6,871
TOTAL BAILIWICK OF JERSEY
 
 
6,903
Belgium - 1.7%
 
 
 
KBC Group NV
 
183
9,171
UCB SA
 
375
28,284
TOTAL BELGIUM
 
 
37,455
Canada - 2.2%
 
 
 
Nutrien Ltd.
 
340
28,728
The Toronto-Dominion Bank
 
290
18,560
TOTAL CANADA
 
 
47,288
Denmark - 1.1%
 
 
 
ORSTED A/S (a)
 
305
25,164
Finland - 1.6%
 
 
 
Neste OYJ
 
805
35,274
France - 10.8%
 
 
 
Air Liquide SA
 
180
23,546
AXA SA
 
1,517
37,462
BNP Paribas SA
 
588
27,574
Capgemini SA
 
157
25,731
Edenred SA
 
217
11,143
L'Oreal SA
 
39
12,246
LVMH Moet Hennessy Louis Vuitton SE
 
85
53,635
Pernod Ricard SA
 
200
35,122
Worldline SA (a)(b)
 
217
9,471
TOTAL FRANCE
 
 
235,930
Germany - 10.9%
 
 
 
Brenntag SE
 
221
13,409
Deutsche Borse AG
 
191
31,060
Deutsche Post AG
 
777
27,467
Linde PLC
 
127
37,985
Merck KGaA
 
280
45,630
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
79
20,854
Puma AG
 
193
8,547
SAP SE
 
103
9,914
Siemens AG
 
396
43,247
TOTAL GERMANY
 
 
238,113
Hong Kong - 4.0%
 
 
 
AIA Group Ltd.
 
6,779
51,350
Chervon Holdings Ltd.
 
2,574
8,673
Hang Seng Bank Ltd.
 
1,967
27,691
TOTAL HONG KONG
 
 
87,714
India - 2.3%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
794
49,474
Ireland - 2.2%
 
 
 
CRH PLC
 
640
22,991
Dalata Hotel Group PLC (b)
 
6,080
19,498
Kerry Group PLC Class A
 
62
5,392
TOTAL IRELAND
 
 
47,881
Italy - 0.6%
 
 
 
Carel Industries SpA (a)
 
617
13,445
Japan - 17.0%
 
 
 
FUJIFILM Holdings Corp.
 
786
36,045
Fujitsu Ltd.
 
150
17,259
Hitachi Ltd.
 
1,016
46,190
Hoya Corp.
 
459
42,830
Itochu Corp.
 
1,453
37,611
Nomura Research Institute Ltd.
 
684
15,203
ORIX Corp.
 
4,833
71,019
Persol Holdings Co. Ltd.
 
1,196
24,017
Sony Group Corp.
 
1,035
69,795
TIS, Inc.
 
402
10,855
TOTAL JAPAN
 
 
370,824
Kenya - 0.6%
 
 
 
Safaricom Ltd.
 
62,176
12,860
Netherlands - 4.6%
 
 
 
ASML Holding NV (Netherlands)
 
103
48,316
Heineken NV (Bearer)
 
269
22,490
Koninklijke KPN NV
 
10,377
29,026
TOTAL NETHERLANDS
 
 
99,832
New Zealand - 1.9%
 
 
 
EBOS Group Ltd.
 
1,430
31,178
Ryman Healthcare Ltd.
 
2,239
10,909
TOTAL NEW ZEALAND
 
 
42,087
Norway - 1.7%
 
 
 
DNB Bank ASA
 
1,815
32,102
Schibsted ASA (A Shares)
 
283
4,358
TOTAL NORWAY
 
 
36,460
Singapore - 0.9%
 
 
 
United Overseas Bank Ltd.
 
966
18,943
Spain - 3.6%
 
 
 
Amadeus IT Holding SA Class A (b)
 
609
31,763
Cellnex Telecom SA (a)
 
206
6,742
EDP Renovaveis SA
 
735
15,479
Iberdrola SA
 
2,516
25,586
TOTAL SPAIN
 
 
79,570
Sweden - 3.5%
 
 
 
Boliden AB
 
1,163
33,875
Instalco AB
 
1,404
5,622
Investor AB (B Shares)
 
682
11,141
Lagercrantz Group AB (B Shares)
 
748
6,419
Nibe Industrier AB (B Shares)
 
2,534
20,219
TOTAL SWEDEN
 
 
77,276
Switzerland - 8.3%
 
 
 
Nestle SA (Reg. S)
 
781
85,019
Roche Holding AG (participation certificate)
 
268
88,920
SGS SA (Reg.)
 
4
8,818
TOTAL SWITZERLAND
 
 
182,757
Taiwan - 1.5%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,705
32,488
United Kingdom - 12.8%
 
 
 
AstraZeneca PLC (United Kingdom)
 
725
85,066
Beazley PLC
 
1,876
13,435
Big Yellow Group PLC
 
562
7,257
Bunzl PLC
 
366
11,925
Compass Group PLC
 
2,175
45,809
Dechra Pharmaceuticals PLC
 
176
5,288
Diageo PLC
 
968
39,836
Grainger Trust PLC
 
3,315
8,630
Impax Asset Management Group PLC
 
630
4,841
Reckitt Benckiser Group PLC
 
633
42,008
Renewi PLC (b)
 
942
5,715
Smart Metering Systems PLC
 
1,304
10,947
TOTAL UNITED KINGDOM
 
 
280,757
United States of America - 0.4%
 
 
 
Mobileye Global, Inc. (b)
 
300
7,914
 
TOTAL COMMON STOCKS
  (Cost $2,446,595)
 
 
 
2,125,845
 
 
 
 
Money Market Funds - 4.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
  (Cost $102,083)
 
 
102,062
102,083
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.9%
  (Cost $2,548,678)
 
 
 
2,227,928
NET OTHER ASSETS (LIABILITIES) - (1.9)%  
(42,246)
NET ASSETS - 100.0%
2,185,682
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $54,822 or 2.5% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
2,447,606
2,345,523
895
-
-
102,083
0.0%
Total
-
2,447,606
2,345,523
895
-
-
102,083
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
52,986
17,218
35,768
-
Consumer Discretionary
224,153
54,914
169,239
-
Consumer Staples
242,113
63,004
179,109
-
Energy
35,274
35,274
-
-
Financials
424,677
187,413
237,264
-
Health Care
338,105
118,489
219,616
-
Industrials
275,535
182,562
92,973
-
Information Technology
262,521
87,579
174,942
-
Materials
158,056
111,519
46,537
-
Real Estate
15,887
15,887
-
-
Utilities
96,538
45,788
50,750
-
  Money Market Funds
102,083
102,083
-
-
 Total Investments in Securities:
2,227,928
1,021,730
1,206,198
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,446,595)
 
$2,125,845
 
 
Fidelity Central Funds (cost $102,083)
 
102,083
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,548,678)
 
 
$
2,227,928
Cash
 
 
 
4,487
Foreign currency held at value (cost $251)
 
 
 
250
Receivable for fund shares sold
 
 
 
5,152
Dividends receivable
 
 
 
3,918
Distributions receivable from Fidelity Central Funds
 
 
 
328
Prepaid expenses
 
 
 
11,369
Receivable from investment adviser for expense reductions
 
 
 
12,026
  Total assets
 
 
 
2,265,458
Liabilities
 
 
 
 
Payable for investments purchased
 
$35,473
 
 
Accrued management fee
 
1,149
 
 
Audit fee payable
 
37,312
 
 
Other payables and accrued expenses
 
5,842
 
 
  Total Liabilities
 
 
 
79,776
Net Assets  
 
 
$
2,185,682
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,579,428
Total accumulated earnings (loss)
 
 
 
(393,746)
Net Assets
 
 
$
2,185,682
Net Asset Value , offering price and redemption price per share ($2,185,682 ÷ 271,254 shares)
 
 
$
8.06
 
 
 
 
 
Statement of Operations
 
 
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
26,044
Non-Cash dividends
 
 
 
1,843
Income from Fidelity Central Funds  
 
 
 
895
 Income before foreign taxes withheld
 
 
 
28,782
Less foreign taxes withheld
 
 
 
(3,589)
 Total Income
 
 
 
25,193
Expenses
 
 
 
 
Management fee
$
6,884
 
 
Custodian fees and expenses
 
14,539
 
 
Independent trustees' fees and expenses
 
3
 
 
Registration fees
 
16,088
 
 
Audit
 
38,968
 
 
Miscellaneous
 
29
 
 
 Total expenses before reductions
 
76,511
 
 
 Expense reductions
 
(69,565)
 
 
 Total expenses after reductions
 
 
 
6,946
Net Investment income (loss)
 
 
 
18,247
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(89,160)
 
 
 Foreign currency transactions
 
(2,065)
 
 
Total net realized gain (loss)
 
 
 
(91,225)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(320,750)
 
 
 Assets and liabilities in foreign currencies
 
(116)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(320,866)
Net gain (loss)
 
 
 
(412,091)
Net increase (decrease) in net assets resulting from operations
 
 
$
(393,844)
Statement of Changes in Net Assets
 
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
18,247
Net realized gain (loss)
 
(91,225)
 
Change in net unrealized appreciation (depreciation)
 
(320,866)
Net increase (decrease) in net assets resulting from operations
 
(393,844)
 
Share transactions
 
 
Proceeds from sales of shares
 
2,599,216
Cost of shares redeemed
 
(19,690)
  Net increase (decrease) in net assets resulting from share transactions
 
2,579,526
 
Total increase (decrease) in net assets
 
2,185,682
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
2,185,682
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
273,624
Redeemed
 
(2,370)
Net increase (decrease)
 
271,254
 
 
 
 
 
Financial Highlights
Fidelity SAI Sustainable International Equity Fund
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.08
     Net realized and unrealized gain (loss)
 
(2.02)
  Total from investment operations
 
(1.94)  
  Net asset value, end of period
$
8.06
 Total Return   D,E
 
(19.40)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
5.78% H,I
    Expenses net of fee waivers, if any
 
.75% H
    Expenses net of all reductions
 
.68% H
    Net investment income (loss)
 
1.79% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
2,186
    Portfolio turnover rate J
 
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 October 31, 2022
 
1. Organization.
Fidelity SAI Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$27,612
Gross unrealized depreciation
(355,519)
Net unrealized appreciation (depreciation)
$(327,907)
Tax Cost
$2,555,835
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$16,813
Capital loss carryforward
$(82,536)
Net unrealized appreciation (depreciation) on securities and other investments
$(328,023)
 
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 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
3,044,584
508,308
 
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.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity SAI Sustainable International Equity Fund
$2
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity SAI Sustainable International Equity Fund
237,156
29,334
(2,111)
6. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through February 29, 2024. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $68,859.
 
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 $58 and $626, respectively.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $22.
 
7. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity SAI Sustainable International Equity Fund
74%
 
8. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI Sustainable International Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI Sustainable International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from April 14, 2022 (commencement of operations) through October 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations, the changes in its net assets and the financial highlights for the period from April 14, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable International Equity Fund
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 852.00
 
$ 3.50
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.42
 
$ 3.82
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
1.9904871.100
IEE-ANN-1222
Fidelity® International Small Cap Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-29.50%
-1.44%
6.03%
Class M (incl.3.50% sales charge)    
-28.04%
-1.27%
5.97%
Class C    
(incl. contingent deferred sales charge)
 
-26.46%
-1.03%
6.01%
Fidelity® International Small Cap Fund
-25.01%
0.01%
6.96%
Class I
-24.98%
0.01%
6.99%
Class Z
-24.89%
0.12%
7.05%
 
 
 
Prior to April 1, 2014, the fund compared its performance to a different benchmark. The fund's historical performance may not represent its current investment policies.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Small Cap Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Small Cap Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Co-Managers David Jenkins and Sam Chamovitz:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -26% to -25%, outperforming the -27.65% return of the MSCI All Country World ex US Small Cap Linked Index. By region, security selection in emerging markets - notably, China - and positioning in Europe ex U.K. - especially, Germany - contributed most to the fund's relative result this period. By sector, picks in information technology, industrials and health care led the way this period. The portfolio's top individual relative contributor was an out-of-benchmark position in Hypera (+104%), which was among the fund's largest holdings on October 31. Also adding value was our outsized stake in Rheinmetall, which gained 62% and was another of our biggest holdings. The fund's non-benchmark exposure to Antero Resources, a position we established this period, gained about 64% and proved beneficial as well. Conversely, an underweighting in emerging markets and stock picks in Canada detracted from the portfolio's relative result. Among sectors, security selection in energy hurt most versus the benchmark. Weak picks in materials also hampered relative performance, as did investment choices and an overweighting in consumer discretionary, especially within the retailing industry. The biggest individual relative detractor was an overweight position in Dustin Group (-65%). Further pressuring performance was an overweighting in RHI Magnesita (-52%), which was among the fund's largest holdings this period. Another notable relative detractor was our outsized position in Reach (-81%), a position that was sold the past year.
Note to shareholders:
On November 16, 2021, David Jenkins assumed co-management responsibilities for the fund, joining Sam Chamovitz. After a thoughtful and deliberate transition, Sam will come off the fund on September 30, 2023.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Hypera SA  (Brazil, Pharmaceuticals)
1.3
 
Rheinmetall AG  (Germany, Aerospace & Defense)
1.3
 
Talanx AG  (Germany, Insurance)
1.2
 
Mayr-Melnhof Karton AG  (Austria, Containers & Packaging)
1.0
 
Renesas Electronics Corp.  (Japan, Semiconductors & Semiconductor Equipment)
1.0
 
Compania de Distribucion Integral Logista Holdings SA  (Spain, Air Freight & Logistics)
0.9
 
Ship Healthcare Holdings, Inc.  (Japan, Health Care Providers & Services)
0.9
 
Hiscox Ltd.  (Bermuda, Insurance)
0.9
 
Adtalem Global Education, Inc.  (United States of America, Diversified Consumer Services)
0.9
 
Thermador Groupe SA  (France, Trading Companies & Distributors)
0.9
 
 
10.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
20.8
 
Consumer Discretionary
15.9
 
Financials
11.0
 
Information Technology
10.7
 
Materials
8.9
 
Consumer Staples
8.4
 
Health Care
7.3
 
Real Estate
7.3
 
Energy
4.0
 
Communication Services
3.5
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
Australia - 3.7%
 
 
 
Flight Centre Travel Group Ltd. (a)(b)
 
1,200,000
12,780,207
GUD Holdings Ltd.
 
2,776,586
14,279,388
Imdex Ltd.
 
9,534,507
12,441,445
Inghams Group Ltd.
 
13,590,647
21,993,941
Nanosonics Ltd. (a)
 
4,832,614
12,704,756
National Storage REIT unit
 
8,515,622
14,216,716
Servcorp Ltd. (c)
 
7,066,585
15,413,681
SomnoMed Ltd. (a)(c)
 
4,189,521
3,698,161
TOTAL AUSTRALIA
 
 
107,528,295
Austria - 2.0%
 
 
 
Mayr-Melnhof Karton AG
 
200,700
28,561,216
Strabag SE
 
231,797
8,899,501
Wienerberger AG
 
900,900
20,601,876
TOTAL AUSTRIA
 
 
58,062,593
Belgium - 1.1%
 
 
 
Econocom Group SA
 
4,466,595
12,160,880
Fagron NV
 
1,546,200
19,253,205
TOTAL BELGIUM
 
 
31,414,085
Bermuda - 1.2%
 
 
 
Hiscox Ltd.
 
2,634,148
27,163,402
Norwegian Cruise Line Holdings Ltd. (a)(b)
 
500,000
8,445,000
TOTAL BERMUDA
 
 
35,608,402
Brazil - 1.9%
 
 
 
Hypera SA
 
4,038,100
39,720,423
YDUQS Participacoes SA
 
5,269,200
16,453,818
TOTAL BRAZIL
 
 
56,174,241
Canada - 4.2%
 
 
 
CCL Industries, Inc. Class B (b)
 
329,900
15,497,926
Computer Modelling Group Ltd.
 
2,172,763
8,612,266
ECN Capital Corp.
 
2,149,300
6,484,107
Genesis Land Development Corp. (c)
 
4,033,799
5,655,343
Lassonde Industries, Inc. Class A (sub. vtg.)
 
159,299
13,749,748
McCoy Global, Inc. (a)(b)
 
1,328,570
975,205
North West Co., Inc.
 
702,300
18,274,698
Open Text Corp.
 
750,996
21,752,341
Parkland Corp.
 
294,500
5,953,338
Richelieu Hardware Ltd.
 
289,400
7,768,457
Total Energy Services, Inc.
 
570,100
3,280,790
VerticalScope Holdings, Inc. (a)
 
677,619
3,606,076
Western Forest Products, Inc.
 
12,682,775
11,450,665
TOTAL CANADA
 
 
123,060,960
Cayman Islands - 2.1%
 
 
 
ASMPT Ltd.
 
2,622,500
14,432,745
Best Pacific International Holdings Ltd.
 
22,158,900
3,133,436
China Metal Recycling (Holdings) Ltd. (a)(d)
 
436,800
1
Impro Precision Industries Ltd. (e)
 
20,906,300
5,433,217
Pico Far East Holdings Ltd.
 
61,300,071
8,355,924
Precision Tsugami China Corp. Ltd.
 
9,659,453
8,490,853
WH Group Ltd. (e)
 
14,000,000
7,080,570
Xingda International Holdings Ltd.
 
75,499,631
14,619,689
TOTAL CAYMAN ISLANDS
 
 
61,546,435
China - 2.8%
 
 
 
Qingdao Port International Co. Ltd. (H Shares) (e)
 
33,596,000
14,080,990
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
5,651,666
25,174,752
Sinopharm Group Co. Ltd. (H Shares)
 
6,719,200
12,805,569
TravelSky Technology Ltd. (H Shares)
 
12,360,000
17,950,354
Weifu High-Technology Group Co. Ltd. (B Shares)
 
7,043,386
10,704,630
TOTAL CHINA
 
 
80,716,295
Denmark - 0.6%
 
 
 
Spar Nord Bank A/S
 
1,368,775
16,568,531
Finland - 1.3%
 
 
 
Huhtamaki Oyj
 
617,700
22,189,568
Nanoform Finland PLC (a)
 
797,822
2,089,386
Rovio Entertainment OYJ (e)
 
2,594,169
14,792,477
TOTAL FINLAND
 
 
39,071,431
France - 3.6%
 
 
 
Altarea SCA
 
129,957
17,312,365
Antin Infrastructure Partners SA
 
365,255
7,948,411
ARGAN SA
 
200,000
15,001,635
Elior SA (a)(b)(e)
 
2,973,500
6,611,763
Lectra
 
361,754
11,583,110
Maisons du Monde SA (e)
 
1,033,807
10,134,865
Thermador Groupe SA (b)
 
315,366
26,272,976
Vicat SA
 
484,492
11,108,142
TOTAL FRANCE
 
 
105,973,267
Germany - 5.3%
 
 
 
DIC Asset AG
 
253,969
1,751,874
DWS Group GmbH & Co. KGaA (e)
 
226,600
6,135,886
JOST Werke AG (e)
 
425,820
18,179,278
NORMA Group AG
 
623,692
9,892,636
Rheinmetall AG
 
232,425
37,784,664
Stabilus Se
 
308,800
16,952,282
Synlab AG (b)
 
977,100
12,582,017
Takkt AG (b)
 
1,310,212
16,962,103
Talanx AG
 
934,467
35,110,976
TOTAL GERMANY
 
 
155,351,716
Greece - 0.8%
 
 
 
Mytilineos SA
 
1,472,216
24,704,499
Hong Kong - 1.5%
 
 
 
Chervon Holdings Ltd.
 
2,580,400
8,694,856
Far East Horizon Ltd.
 
24,669,000
19,044,689
Magnificent Hotel Investment Ltd. (a)
 
316,412,000
4,111,524
Sino Land Ltd.
 
11,344,375
12,125,293
TOTAL HONG KONG
 
 
43,976,362
Hungary - 0.7%
 
 
 
Richter Gedeon PLC
 
1,000,000
19,745,686
India - 1.9%
 
 
 
Cyient Ltd.
 
419,091
3,793,487
Embassy Office Parks (REIT)
 
4,940,200
20,552,139
IndusInd Bank Ltd.
 
1,209,700
16,698,039
Shriram Transport Finance Co. Ltd.
 
1,064,852
15,811,341
TOTAL INDIA
 
 
56,855,006
Indonesia - 0.8%
 
 
 
PT Avia Avian Tbk
 
200,607,200
10,096,275
PT Selamat Sempurna Tbk
 
143,601,100
13,810,011
TOTAL INDONESIA
 
 
23,906,286
Ireland - 2.2%
 
 
 
Adient PLC (a)
 
582,400
20,372,352
Dalata Hotel Group PLC (a)
 
4,560,609
14,625,286
Irish Residential Properties REIT PLC
 
14,699,100
15,891,866
Mincon Group PLC (c)
 
13,529,844
13,237,160
TOTAL IRELAND
 
 
64,126,664
Italy - 2.4%
 
 
 
Banca Generali SpA (b)
 
648,500
19,393,033
BFF Bank SpA (e)
 
2,955,056
20,851,186
MARR SpA (a)
 
985,827
10,385,436
Recordati SpA
 
513,811
19,310,635
TOTAL ITALY
 
 
69,940,290
Japan - 19.5%
 
 
 
Amano Corp.
 
955,050
16,359,073
Arcland Sakamoto Co. Ltd.
 
1,785,934
17,715,812
ASKUL Corp.
 
1,521,300
15,909,220
Capcom Co. Ltd.
 
800,000
22,300,683
Central Automotive Products Ltd.
 
425,700
6,424,364
DaikyoNishikawa Corp.
 
2,516,700
10,155,150
Dexerials Corp.
 
763,200
17,835,973
Dip Corp.
 
572,900
16,066,398
Funai Soken Holdings, Inc.
 
1,100,000
19,626,080
GMO Internet, Inc.
 
1,113,100
19,245,974
Inaba Denki Sangyo Co. Ltd.
 
1,091,800
20,397,595
Isuzu Motors Ltd.
 
1,832,500
21,492,855
JEOL Ltd.
 
250,000
9,179,865
Kamigumi Co. Ltd.
 
1,000,000
19,018,797
LIXIL Group Corp. (b)
 
899,400
13,615,450
Maruwa Ceramic Co. Ltd.
 
210,700
24,811,574
Meitec Corp.
 
933,600
15,753,068
Minebea Mitsumi, Inc.
 
1,059,500
15,704,213
Mitani Shoji Co. Ltd.
 
893,300
8,903,262
Nishimoto Co. Ltd.
 
360,400
10,094,933
NSD Co. Ltd.
 
1,301,300
22,263,743
PALTAC Corp.
 
679,900
19,341,451
Park24 Co. Ltd. (a)
 
752,600
10,046,814
Persol Holdings Co. Ltd.
 
1,070,500
21,497,112
Renesas Electronics Corp. (a)
 
3,367,500
28,171,671
Roland Corp.
 
707,900
20,137,980
S Foods, Inc.
 
1,137,623
20,848,197
San-Ai Obbli Co. Ltd.
 
2,265,100
18,736,830
Ship Healthcare Holdings, Inc.
 
1,417,100
27,170,733
Sumco Corp.
 
1,217,000
15,460,594
TIS, Inc.
 
812,000
21,925,283
TKC Corp.
 
286,800
7,329,365
Tsuruha Holdings, Inc.
 
306,100
17,806,685
TOTAL JAPAN
 
 
571,346,797
Korea (South) - 1.6%
 
 
 
Hyundai Fire & Marine Insurance Co. Ltd.
 
533,476
12,446,228
Soulbrain Co. Ltd.
 
154,200
22,114,690
Vitzrocell Co. Ltd. (c)
 
1,472,541
12,328,605
TOTAL KOREA (SOUTH)
 
 
46,889,523
Luxembourg - 0.6%
 
 
 
B&M European Value Retail SA
 
4,520,800
16,725,047
Mexico - 3.5%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
9,976,900
18,168,200
GCC S.A.B. de CV
 
2,856,200
17,734,302
Genomma Lab Internacional SA de CV
 
17,396,561
13,407,636
Gruma S.A.B. de CV Series B
 
2,258,600
26,199,669
Grupo Comercial Chedraui S.A.B. de CV
 
2,864,334
11,545,234
Qualitas Controladora S.A.B. de CV
 
3,595,835
14,128,893
TOTAL MEXICO
 
 
101,183,934
Multi-National - 0.2%
 
 
 
HKT Trust/HKT Ltd. unit
 
6,000,000
6,779,920
Netherlands - 2.6%
 
 
 
Acomo NV
 
851,899
15,928,543
AerCap Holdings NV (a)
 
339,072
18,109,836
Arcadis NV
 
396,350
13,466,402
RHI Magnesita NV
 
1,109,491
23,564,186
Van Lanschot Kempen NV (Bearer)
 
283,041
6,111,779
TOTAL NETHERLANDS
 
 
77,180,746
New Zealand - 0.4%
 
 
 
EBOS Group Ltd.
 
602,795
13,142,438
Norway - 0.9%
 
 
 
Europris ASA (e)
 
3,185,800
18,968,659
Selvaag Bolig ASA
 
2,186,000
7,075,590
TOTAL NORWAY
 
 
26,044,249
Panama - 0.6%
 
 
 
Intercorp Financial Services, Inc.
 
683,100
16,804,260
Philippines - 1.4%
 
 
 
Century Pacific Food, Inc.
 
58,034,700
23,774,265
Robinsons Land Corp.
 
73,007,700
18,728,136
TOTAL PHILIPPINES
 
 
42,502,401
Romania - 0.6%
 
 
 
Banca Transilvania SA
 
4,929,712
16,865,927
Singapore - 2.5%
 
 
 
Boustead Singapore Ltd.
 
13,008,812
7,213,844
HRnetgroup Ltd.
 
29,852,200
15,394,254
Mapletree Industrial (REIT)
 
13,868,431
21,553,086
The Hour Glass Ltd.
 
13,304,580
18,327,162
Wing Tai Holdings Ltd.
 
9,410,300
10,104,306
TOTAL SINGAPORE
 
 
72,592,652
Spain - 3.7%
 
 
 
Cie Automotive SA
 
830,300
21,120,802
Compania de Distribucion Integral Logista Holdings SA
 
1,353,100
28,000,991
Grupo Catalana Occidente SA
 
714,422
19,415,757
Indra Sistemas SA (b)
 
1,848,677
16,533,943
Prosegur Compania de Seguridad SA (Reg.)
 
6,813,081
12,705,223
Viscofan Envolturas Celulosicas SA
 
175,000
10,419,861
TOTAL SPAIN
 
 
108,196,577
Sweden - 1.7%
 
 
 
Dustin Group AB (e)
 
1,477,482
6,155,506
Granges AB
 
1,936,876
13,095,297
Haypp Group (a)
 
1,154,900
2,505,149
HEXPOL AB (B Shares)
 
2,327,700
22,979,323
Nordnet AB
 
376,000
4,665,435
TOTAL SWEDEN
 
 
49,400,710
Taiwan - 3.0%
 
 
 
International Games Systems Co. Ltd.
 
2,392,000
26,067,713
Lumax International Corp. Ltd.
 
4,537,292
9,256,335
Sporton International, Inc.
 
1,917,312
12,007,721
Test Research, Inc.
 
7,690,000
14,352,886
Tripod Technology Corp.
 
4,420,000
12,223,724
Yageo Corp.
 
824,578
9,382,406
Yung Chi Paint & Varnish Manufacturing Co. Ltd.
 
2,538,000
5,484,548
TOTAL TAIWAN
 
 
88,775,333
Thailand - 0.7%
 
 
 
Star Petroleum Refining PCL (For. Reg.)
 
68,317,400
21,368,828
United Kingdom - 12.5%
 
 
 
Alliance Pharma PLC
 
17,811,827
12,705,347
Anhui Heli Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 1/5/24 (a)(e)
 
8,203,956
15,277,981
Ashtead Technology Holdings PLC (a)(c)
 
6,821,000
19,751,365
Bodycote PLC
 
1,917,671
10,899,161
easyJet PLC (a)
 
2,100,000
8,390,448
Grainger Trust PLC
 
6,569,466
17,101,870
Harbour Energy PLC
 
4,357,894
18,886,054
Hyve Group PLC (a)
 
3,976,191
2,439,544
Informa PLC
 
2,816,033
17,942,694
J.D. Wetherspoon PLC (a)
 
1,976,700
10,223,627
Jet2 PLC (a)
 
1,717,200
16,734,984
John Wood Group PLC (a)
 
12,082,200
19,384,358
LSL Property Services PLC
 
4,204,235
11,041,044
Luxfer Holdings PLC sponsored
 
1,052,059
15,223,294
Mears Group PLC (c)
 
7,921,714
17,260,781
On The Beach Group PLC (a)(e)
 
6,908,136
8,191,607
Pets At Home Group PLC
 
2,700,000
8,911,324
Premier Foods PLC
 
11,170,096
13,271,021
Rathbone Brothers PLC
 
400,000
8,596,413
RS GROUP PLC
 
2,222,553
24,430,476
Sabre Insurance Group PLC (e)
 
9,800,000
10,092,299
Savills PLC
 
1,207,300
11,429,309
Tate & Lyle PLC
 
3,258,343
26,194,041
Ten Entertainment Group PLC (c)
 
5,931,311
14,590,349
Vistry Group PLC
 
1,696,898
11,734,396
WH Smith PLC (a)
 
1,130,000
15,252,555
TOTAL UNITED KINGDOM
 
 
365,956,342
United States of America - 1.7%
 
 
 
Adtalem Global Education, Inc. (a)
 
639,900
26,683,830
Antero Resources Corp. (a)
 
655,200
24,019,632
TOTAL UNITED STATES OF AMERICA
 
 
50,703,462
 
TOTAL COMMON STOCKS
  (Cost $3,267,659,272)
 
 
 
2,866,790,190
 
 
 
 
Money Market Funds - 1.0%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
  (Cost $28,602,852)
 
 
28,599,992
28,602,852
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.8%
  (Cost $3,296,262,124)
 
 
 
2,895,393,042
NET OTHER ASSETS (LIABILITIES) - 1.2%  
35,819,911
NET ASSETS - 100.0%
2,931,212,953
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Level 3 security
 
(e)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $161,986,284 or 5.5% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
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 3.10%
73,879,832
701,215,597
775,095,429
420,465
4,759
(4,759)
-
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
6,261,744
256,311,065
233,969,957
186,494
-
-
28,602,852
0.1%
Total
80,141,576
957,526,662
1,009,065,386
606,959
4,759
(4,759)
28,602,852
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
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
-
15,438,151
-
-
-
4,313,214
19,751,365
Genesis Land Development Corp.
6,238,912
1,650,372
-
201,350
-
(2,233,941)
5,655,343
Mears Group PLC
21,465,698
-
-
836,187
-
(4,204,917)
17,260,781
Mincon Group PLC
19,187,958
1,369,159
-
309,042
-
(7,319,957)
13,237,160
Servcorp Ltd.
21,529,146
-
-
997,307
-
(6,115,465)
15,413,681
SomnoMed Ltd.
8,131,043
-
-
-
-
(4,432,882)
3,698,161
Ten Entertainment Group PLC
21,673,179
-
-
198,536
-
(7,082,830)
14,590,349
Vitzrocell Co. Ltd.
19,748,086
595,477
-
144,227
-
(8,014,958)
12,328,605
Total
117,974,022
19,053,159
-
2,686,649
-
(35,091,736)
101,935,445
 
 
 
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
102,285,031
102,285,031
-
-
Consumer Discretionary
466,305,773
466,305,773
-
-
Consumer Staples
247,566,842
223,792,577
23,774,265
-
Energy
121,217,301
121,217,301
-
-
Financials
318,504,792
318,504,792
-
-
Health Care
217,515,857
217,515,857
-
-
Industrials
608,777,003
593,499,022
15,277,981
-
Information Technology
307,569,126
279,397,455
28,171,671
-
Materials
262,094,212
262,094,211
-
1
Real Estate
214,954,253
196,226,117
18,728,136
-
  Money Market Funds
28,602,852
28,602,852
-
-
 Total Investments in Securities:
2,895,393,042
2,809,440,988
85,952,053
1
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $26,092,987) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,137,691,125)
 
$2,764,854,745
 
 
Fidelity Central Funds (cost $28,602,852)
 
28,602,852
 
 
Other affiliated issuers (cost $129,968,147)
 
101,935,445
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,296,262,124)
 
 
$
2,895,393,042
Cash
 
 
 
883
Foreign currency held at value (cost $69,021,532)
 
 
 
68,757,462
Receivable for investments sold
 
 
 
3,385,340
Receivable for fund shares sold
 
 
 
9,504,226
Dividends receivable
 
 
 
6,004,041
Reclaims receivable
 
 
 
2,114,369
Distributions receivable from Fidelity Central Funds
 
 
 
42,615
Prepaid expenses
 
 
 
5,008
Other receivables
 
 
 
28,286
  Total assets
 
 
 
2,985,235,272
Liabilities
 
 
 
 
Payable for investments purchased
 
$4,658,944
 
 
Payable for fund shares redeemed
 
8,155,086
 
 
Accrued management fee
 
2,040,914
 
 
Distribution and service plan fees payable
 
36,101
 
 
Notes payable to affiliates
 
8,614,000
 
 
Other affiliated payables
 
439,527
 
 
Other payables and accrued expenses
 
1,478,989
 
 
Collateral on securities loaned
 
28,598,758
 
 
  Total Liabilities
 
 
 
54,022,319
Net Assets  
 
 
$
2,931,212,953
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,386,578,609
Total accumulated earnings (loss)
 
 
 
(455,365,656)
Net Assets
 
 
$
2,931,212,953
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($95,905,706 ÷ 4,016,869 shares) (a)
 
 
$
23.88
Maximum offering price per share (100/94.25 of $23.88)
 
 
$
25.34
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($13,761,455 ÷ 579,816 shares) (a)
 
 
$
23.73
Maximum offering price per share (100/96.50 of $23.73)
 
 
$
24.59
Class C :
 
 
 
 
Net Asset Value and offering price per share ($13,556,068 ÷ 592,427 shares) (a)
 
 
$
22.88
International Small Cap :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,145,773,580 ÷ 46,898,032 shares)
 
 
$
24.43
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($696,514,818 ÷ 28,316,973 shares)
 
 
$
24.60
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($965,701,326 ÷ 39,272,466 shares)
 
 
$
24.59
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends (including $2,686,649 earned from affiliated issuers)
 
 
$
123,557,876
Income from Fidelity Central Funds (including $186,494 from security lending)
 
 
 
606,959
 Income before foreign taxes withheld
 
 
 
124,164,835
Less foreign taxes withheld
 
 
 
(11,776,852)
 Total Income
 
 
 
112,387,983
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
27,693,906
 
 
 Performance adjustment
 
(1,434,285)
 
 
Transfer agent fees
 
4,533,367
 
 
Distribution and service plan fees
 
550,154
 
 
Accounting fees
 
1,409,702
 
 
Custodian fees and expenses
 
421,812
 
 
Independent trustees' fees and expenses
 
11,490
 
 
Registration fees
 
225,733
 
 
Audit
 
101,917
 
 
Legal
 
3,120
 
 
Interest
 
3,502
 
 
Miscellaneous
 
14,515
 
 
 Total expenses before reductions
 
33,534,933
 
 
 Expense reductions
 
(108,556)
 
 
 Total expenses after reductions
 
 
 
33,426,377
Net Investment income (loss)
 
 
 
78,961,606
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $2,244,989)
 
(40,029,740)
 
 
   Fidelity Central Funds
 
4,759
 
 
 Foreign currency transactions
 
(16,555,905)
 
 
Total net realized gain (loss)
 
 
 
(56,580,886)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,092,323)  
 
(957,990,887)
 
 
   Fidelity Central Funds
 
(4,759)
 
 
   Other affiliated issuers
 
(35,091,736)
 
 
 Assets and liabilities in foreign currencies
 
(87,414)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(993,174,796)
Net gain (loss)
 
 
 
(1,049,755,682)
Net increase (decrease) in net assets resulting from operations
 
 
$
(970,794,076)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
78,961,606
$
37,418,269
Net realized gain (loss)
 
(56,580,886)
 
 
202,743,430
 
Change in net unrealized appreciation (depreciation)
 
(993,174,796)
 
628,841,749
 
Net increase (decrease) in net assets resulting from operations
 
(970,794,076)
 
 
869,003,448
 
Distributions to shareholders
 
(242,362,167)
 
 
(21,019,114)
 
Share transactions - net increase (decrease)
 
612,399,770
 
 
558,815,987
 
Total increase (decrease) in net assets
 
(600,756,473)
 
 
1,406,800,321
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,531,969,426
 
2,125,169,105
 
End of period
$
2,931,212,953
$
3,531,969,426
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Small Cap Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
34.31
$
24.75
$
26.32
$
25.78
$
29.24
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.58
 
.31
 
.27
 
.49
 
.38
     Net realized and unrealized gain (loss)
 
(8.74)
 
9.42
 
(1.26)
 
1.43
 
(2.87)
  Total from investment operations
 
(8.16)  
 
9.73  
 
(.99)  
 
1.92  
 
(2.49)
  Distributions from net investment income
 
(.75)
 
(.17)
 
(.44)
 
(.38)
 
(.23)
  Distributions from net realized gain
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(2.27)
 
(.17)
 
(.58)
 
(1.38)
 
(.97)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
23.88
$
34.31
$
24.75
$
26.32
$
25.78
 Total Return   D,E
 
(25.19)%
 
39.43%
 
(3.91)%
 
8.00%
 
(8.83)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.29%
 
1.29%
 
1.36%
 
1.47%
 
1.49%
    Expenses net of fee waivers, if any
 
1.29%
 
1.29%
 
1.36%
 
1.47%
 
1.49%
    Expenses net of all reductions
 
1.29%
 
1.29%
 
1.35%
 
1.46%
 
1.48%
    Net investment income (loss)
 
2.06%
 
.95%
 
1.09%
 
1.94%
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
95,906
$
136,131
$
92,044
$
105,786
$
80,395
    Portfolio turnover rate 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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
34.12
$
24.62
$
26.18
$
25.62
$
29.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.50
 
.22
 
.19
 
.41
 
.30
     Net realized and unrealized gain (loss)
 
(8.70)
 
9.38
 
(1.25)
 
1.43
 
(2.86)
  Total from investment operations
 
(8.20)  
 
9.60  
 
(1.06)  
 
1.84  
 
(2.56)
  Distributions from net investment income
 
(.66)
 
(.10)
 
(.36)
 
(.27)
 
(.15)
  Distributions from net realized gain
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(2.19) C
 
(.10)
 
(.50)
 
(1.28) C
 
(.89)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
23.73
$
34.12
$
24.62
$
26.18
$
25.62
 Total Return   E,F
 
(25.43)%
 
39.07%
 
(4.19)%
 
7.65%
 
(9.10)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.57%
 
1.57%
 
1.67%
 
1.78%
 
1.77%
    Expenses net of fee waivers, if any
 
1.56%
 
1.57%
 
1.67%
 
1.78%
 
1.77%
    Expenses net of all reductions
 
1.56%
 
1.57%
 
1.65%
 
1.77%
 
1.76%
    Net investment income (loss)
 
1.79%
 
.68%
 
.78%
 
1.62%
 
1.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,761
$
19,926
$
12,492
$
16,013
$
16,362
    Portfolio turnover rate 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 Total distributions per share do not sum due to rounding.
 
D Amount represents less than $.005 per share.
 
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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
32.93
$
23.80
$
25.27
$
24.77
$
28.21
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.35
 
.06
 
.08
 
.28
 
.16
     Net realized and unrealized gain (loss)
 
(8.40)
 
9.07
 
(1.23)
 
1.39
 
(2.76)
  Total from investment operations
 
(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
$
22.88
$
32.93
$
23.80
$
25.27
$
24.77
 Total Return   D,E
 
(25.77)%
 
38.36%
 
(4.65)%
 
7.17%
 
(9.51)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.06%
 
2.05%
 
2.13%
 
2.24%
 
2.24%
    Expenses net of fee waivers, if any
 
2.05%
 
2.05%
 
2.13%
 
2.24%
 
2.24%
    Expenses net of all reductions
 
2.05%
 
2.05%
 
2.11%
 
2.23%
 
2.23%
    Net investment income (loss)
 
1.30%
 
.19%
 
.32%
 
1.16%
 
.58%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,556
$
21,683
$
17,659
$
23,937
$
41,918
    Portfolio turnover rate 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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® International Small Cap Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.05
$
25.28
$
26.86
$
26.29
$
29.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.67
 
.41
 
.34
 
.57
 
.48
     Net realized and unrealized gain (loss)
 
(8.94)
 
9.61
 
(1.27)
 
1.45
 
(2.93)
  Total from investment operations
 
(8.27)  
 
10.02  
 
(.93)  
 
2.02  
 
(2.45)
  Distributions from net investment income
 
(.83)
 
(.25)
 
(.51)
 
(.45)
 
(.29)
  Distributions from net realized gain
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(2.35)
 
(.25)
 
(.65)
 
(1.45)
 
(1.03)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
24.43
$
35.05
$
25.28
$
26.86
$
26.29
 Total Return   D
 
(25.01)%
 
39.83%
 
(3.61)%
 
8.27%
 
(8.54)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02%
 
1.01%
 
1.08%
 
1.19%
 
1.20%
    Expenses net of fee waivers, if any
 
1.02%
 
1.01%
 
1.08%
 
1.19%
 
1.20%
    Expenses net of all reductions
 
1.02%
 
1.01%
 
1.07%
 
1.18%
 
1.19%
    Net investment income (loss)
 
2.33%
 
1.23%
 
1.37%
 
2.22%
 
1.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,145,773
$
1,534,214
$
1,122,746
$
1,282,412
$
1,256,193
    Portfolio turnover rate G
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.27
$
25.44
$
27.03
$
26.45
$
29.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.68
 
.41
 
.35
 
.58
 
.47
     Net realized and unrealized gain (loss)
 
(8.99)
 
9.67
 
(1.28)
 
1.46
 
(2.95)
  Total from investment operations
 
(8.31)  
 
10.08  
 
(.93)  
 
2.04  
 
(2.48)
  Distributions from net investment income
 
(.84)
 
(.25)
 
(.52)
 
(.46)
 
(.30)
  Distributions from net realized gain
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
(.74)
     Total distributions
 
(2.36)
 
(.25)
 
(.66)
 
(1.46)
 
(1.04)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
24.60
$
35.27
$
25.44
$
27.03
$
26.45
 Total Return   D
 
(24.98)%
 
39.80%
 
(3.62)%
 
8.28%
 
(8.58)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02%
 
1.02%
 
1.08%
 
1.19%
 
1.21%
    Expenses net of fee waivers, if any
 
1.01%
 
1.02%
 
1.08%
 
1.18%
 
1.21%
    Expenses net of all reductions
 
1.01%
 
1.02%
 
1.06%
 
1.18%
 
1.20%
    Net investment income (loss)
 
2.34%
 
1.22%
 
1.38%
 
2.22%
 
1.61%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
696,515
$
1,080,258
$
605,100
$
777,771
$
564,988
    Portfolio turnover rate G
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.26
$
25.43
$
27.03
$
26.46
$
28.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.70
 
.45
 
.38
 
.61
 
.03
     Net realized and unrealized gain (loss)
 
(8.97)
 
9.67
 
(1.28)
 
1.47
 
(2.35)
  Total from investment operations
 
(8.27)  
 
10.12  
 
(.90)  
 
2.08  
 
(2.32)
  Distributions from net investment income
 
(.88)
 
(.29)
 
(.56)
 
(.50)
 
-
  Distributions from net realized gain
 
(1.52)
 
-
 
(.14)
 
(1.00)
 
-
     Total distributions
 
(2.40)
 
(.29)
 
(.70)
 
(1.51) D
 
-
  Net asset value, end of period
$
24.59
$
35.26
$
25.43
$
27.03
$
26.46
 Total Return   E,F
 
(24.89)%
 
39.99%
 
(3.51)%
 
8.44%
 
(8.06)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89%
 
.89%
 
.94%
 
1.05%
 
1.15% I
    Expenses net of fee waivers, if any
 
.89%
 
.89%
 
.94%
 
1.05%
 
1.15% I
    Expenses net of all reductions
 
.89%
 
.89%
 
.93%
 
1.04%
 
1.14% I
    Net investment income (loss)
 
2.47%
 
1.35%
 
1.51%
 
2.35%
 
2.01% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
965,701
$
739,757
$
275,127
$
245,252
$
7,421
    Portfolio turnover rate J
 
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 October 31, 2022
 
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in 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. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain foreign taxes and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$309,471,529
Gross unrealized depreciation
(739,030,295)
Net unrealized appreciation (depreciation)
$(429,558,766)
Tax Cost
$3,324,951,808
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$18,129,547
Capital loss carryforward
$(42,069,008)
Net unrealized appreciation (depreciation) on securities and other investments
$(430,166,859)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(27,055,387)
  Long-term
(15,013,621)
Total capital loss carryforward
$(42,069,008)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$   136,799,647
$   21,019,114
Long-term Capital Gains
105,562,520
-
Total
$242,362,167
$21,019,114
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Small Cap Fund
1,126,228,014
556,225,532
 
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 the International Small Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .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%
$290,660
$5,231
Class M
.25%
.25%
83,566
57
Class C
.75%
.25%
175,928
16,534
 
 
 
$550,154
$21,822
 
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
$17,256
Class M
2,264
Class C A
82
 
$19,602
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$226,004
.19
Class M
36,170
.22
Class C
36,139
.21
International Small Cap
2,274,839
.17
Class I
1,559,314
.17
Class Z
400,901
.04
 
$4,533,367
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Small Cap Fund
.04
 
 
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
$1,625
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities.   Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Small Cap Fund .
Borrower
$10,035,000
2.09%
$3,502
 
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
41,891,053
42,676,684
(9,817,377)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity International Small Cap Fund
55,117
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Small Cap Fund
$5,827
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
$   20,222
$-
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $108,556.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity International Small Cap Fund
 
 
Distributions to shareholders
 
 
Class A
$   9,065,367
$622,406
Class M
1,272,726
53,224
Class C
1,312,589
-
International Small Cap
100,730,178
11,248,767
Class I
74,208,475
5,954,650
Class Z
55,772,832
3,140,067
Total   
$242,362,167
$21,019,114
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity International Small Cap Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
830,534
1,096,168
$   23,685,249
$   36,087,902
Reinvestment of distributions
295,136
20,641
8,995,592
602,724
Shares redeemed
(1,076,634)
(868,345)
(30,435,716)
(27,783,984)
Net increase (decrease)
49,036
248,464
$2,245,125
$         8,906,642
Class M
 
 
 
 
Shares sold
86,516
192,504
$2,471,290
$6,165,671
Reinvestment of distributions
41,863
1,822
1,271,367
53,041
Shares redeemed
(132,638)
(117,643)
(3,771,297)
(3,719,741)
Net increase (decrease)
(4,259)
76,683
$(28,640)
$2,498,971
Class C
 
 
 
 
Shares sold
60,983
124,712
$1,691,801
$3,881,022
Reinvestment of distributions
44,584
-
1,311,796
-
Shares redeemed
(171,531)
(208,320)
(4,624,227)
(6,445,073)
Net increase (decrease)
(65,964)
(83,608)
$(1,620,630)
$(2,564,051)
International Small Cap
 
 
 
 
Shares sold
13,356,832
11,483,683
$375,220,830
$380,507,391
Reinvestment of distributions
2,945,011
351,180
91,615,712
10,447,597
Shares redeemed
(13,181,058)
(12,475,148)
(380,933,549)
(415,087,040)
Net increase (decrease)
3,120,785
(640,285)
$85,902,993
$(24,132,052)
Class I
 
 
 
 
Shares sold
13,697,966
14,337,771
$404,258,743
$   478,972,006
Reinvestment of distributions
2,305,754
190,830
72,208,170
5,715,372
Shares redeemed
(18,313,122)
(7,690,269)
(518,387,511)
(254,833,029)
Net increase (decrease)
(2,309,402)
6,838,332
$(41,920,598)
$229,854,349
Class Z
 
 
 
 
Shares sold
35,845,899
15,195,411
$1,046,158,928
$516,119,932
Reinvestment of distributions
1,517,664
86,491
47,460,406
2,586,946
Shares redeemed
(19,068,812)
(5,123,203)
(525,797,814)
(174,454,750)
Net increase (decrease)
18,294,751
10,158,699
$567,821,520
$344,252,128
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
12. 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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 16, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® International Small Cap Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 856.20
 
$ 6.08
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
Class M
 
 
 
1.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 854.80
 
$ 7.39
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.24
 
$ 8.03
Class C
 
 
 
2.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 852.80
 
$ 9.62
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.82
 
$ 10.46
Fidelity® International Small Cap Fund
 
 
 
1.03%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 857.20
 
$ 4.82
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.01
 
$ 5.24
Class I
 
 
 
1.02%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 857.40
 
$ 4.78
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.06
 
$ 5.19
Class Z
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 858.00
 
$ 4.17
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.72
 
$ 4.53
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 99.98% of the short-term capital gain dividends distributed December during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Class A
Class M
Class C
International Small Cap
Class I
Class Z
Fidelity International Small Cap Fund
 
 
 
 
 
 
December 3, 2021
42%
45%
54%
40%
40%
38%
December 28, 2021
36%
36%
36%
36%
36%
36%
 
 
 
 
 
 
 
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity International Small Cap Fund
 
 
 
Class A
12/06/21
$0.9521
$0.1315
Class M
12/06/21
$0.8876
$0.1315
Class C
12/06/21
$0.7495
$0.1315
International Small Cap
12/06/21
$1.0129
$0.1315
Class I
12/06/21
$1.0174
$0.1315
Class Z
12/06/21
$1.0493
$0.1315
 
 
 
 
Class A
12/29/21
$0.0000
$0.0000
Class M
12/29/21
$0.0000
$0.0000
Class C
12/29/21
$0.0000
$0.0000
International Small Cap
12/29/21
$0.0000
$0.0000
Class I
12/29/21
$0.0000
$0.0000
Class Z
12/29/21
$0.0000
$0.0000
 
 
 
 
 
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
 
Fidelity International Small Cap Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the fund had a portfolio manager change in November 2021. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager change.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity International Small Cap Fund
 
 
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
 
Fidelity International Small Cap Fund
 
The Board considered that shareholders approved a prospective change in the index used to calculate the fund's performance adjustment, beginning April 1, 2014. The Board also considered that, because the performance adjustment is based on a rolling 36-month measurement period, during a transition period the fund's performance is compared to a blended index return that reflects the performance of the former index for the portion of the measurement period prior to April 1, 2014 and the performance of the current index for the remainder of the measurement period. The Board noted that the fund's performance adjustment for 2016 shown in the chart below reflects the effect of using the blended index return to calculate the fund's performance adjustment.
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the total expense ratio of the representative class (retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.793585.119
ISC-ANN-1222
Fidelity® Global Commodity Stock Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
16.18%
10.19%
4.13%
Class M (incl.3.50% sales charge)    
18.62%
10.40%
4.08%
Class C    
(incl. contingent deferred sales charge)
 
21.34%
10.70%
4.12%
Fidelity® Global Commodity Stock Fund
23.57%
11.80%
5.01%
Class I
23.56%
11.87%
5.09%
Class Z
23.72%
11.98%
5.14%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Global Commodity Stock Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI All Country World Index (Net MA) performed over the same period.
 
 
Market Recap:
Global equities returned -19.69% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) Index. After gaining 18.90% in 2021, global stocks retreated to begin the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -20.91% year to date through October. For the full 12 months, emerging markets (-31%) lagged most, followed by Europe ex U.K. (-25%) and Japan (-24%). In contrast, the U.K. (-12%), Canada (-13%) and the U.S. (-17%) all outperformed. By sector, communication services (-39%) and consumer discretionary (-33%) fared worst, whereas energy (+30%) rode a surge in commodity prices and topped the market by a wide margin.
Comments from Co-Managers Peter Belisle and Jody Simes:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) gained about 22% to 24%, outperforming the 12.45% advance of the MSCI AC World Commodity Producers Sector Capped Index (Net), as well as the broad-based MSCI All Country World Index (Net MA). By region, a sizable underweighting in emerging markets - notably, Russia and China - and an overweighting in the U.S. contributed meaningfully to the fund's performance versus the industry index. Among industry groups, security selection in the integrated oil & gas segment boosted the fund's relative result. Stock picks and an overweighting in fertilizers & agricultural chemicals and an overweighting in oil & gas exploration & production also helped. The fund's biggest individual relative contributor was an outsized stake in CF Industries Holdings, which gained 91% the past year. We increased our position in this company. Also lifting performance was our overweighting in Exxon Mobil, which gained about 79%. We added to our stake the past 12 months, and Exxon was our largest holding at period end. Another notable relative contributor was an outsized stake in ConocoPhillips (+76%), which was one of our biggest holdings. In contrast, stock picks in the U.S. and Canada hurt the fund's relative result. By sector, a large detractor from performance versus the benchmark was an underweighting in integrated oil & gas. Stock selection in oil & gas exploration & production and an overweighting in aluminum also hampered the fund's relative result. The fund's largest individual relative detractor was an overweighting in Alcoa, which returned -15% the past year. We increased our investment in this company. Also hurting performance was an underweighting in TotalEnergies, which gained roughly 15%. TotalEnergies was not held at period end. Avoiding Devon Energy, an index component that gained 108%, also hurt relative performance. Notable changes in positioning include reduced exposure to the U.K. and a higher allocation to the U.S. By sector, meaningful changes in positioning include increased exposure to oil & gas exploration & production and a lower allocation to steel.
Note to shareholders:
On April 1, 2022, Peter Belisle assumed co-management responsibilities for the fund, joining Jody Simes. The two will manage the fund together until December 31, 2022, at which point Jody Simes plans to retire and Peter will become sole Portfolio Manager.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
9.8
 
Nutrien Ltd.
6.1
 
Archer Daniels Midland Co.
6.1
 
Chevron Corp.
6.0
 
Corteva, Inc.
5.4
 
CF Industries Holdings, Inc.
4.8
 
ConocoPhillips Co.
3.8
 
Diamondback Energy, Inc.
2.9
 
Canadian Natural Resources Ltd.
2.6
 
Rio Tinto PLC
2.4
 
 
49.9
 
 
Industries (% of Fund's net assets)
 
Oil, Gas & Consumable Fuels
40.0
 
Chemicals
22.7
 
Metals & Mining
22.0
 
Food Products
8.9
 
Paper & Forest Products
5.3
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.6%
 
 
Shares
Value ($)
 
Chemicals - 21.4%
 
 
 
Fertilizers & Agricultural Chemicals - 20.0%
 
 
 
CF Industries Holdings, Inc.
 
821,860
87,330,844
Corteva, Inc.
 
1,509,000
98,598,060
FMC Corp.
 
179,500
21,342,550
Icl Group Ltd.
 
1,354,000
12,231,235
Nutrien Ltd. (a)
 
1,315,983
111,192,280
The Mosaic Co.
 
600,561
32,280,154
 
 
 
362,975,123
Specialty Chemicals - 1.4%
 
 
 
Albemarle Corp.
 
31,300
8,759,931
Ecolab, Inc.
 
104,600
16,429,522
 
 
 
25,189,453
TOTAL CHEMICALS
 
 
388,164,576
Food Products - 8.9%
 
 
 
Agricultural Products - 8.9%
 
 
 
Archer Daniels Midland Co.
 
1,144,300
110,974,214
Bunge Ltd.
 
304,800
30,083,760
Darling Ingredients, Inc. (b)
 
144,600
11,348,208
Wilmar International Ltd.
 
3,346,800
9,173,201
 
 
 
161,579,383
Metals & Mining - 22.0%
 
 
 
Aluminum - 1.5%
 
 
 
Alcoa Corp.
 
714,300
27,879,129
Copper - 2.9%
 
 
 
First Quantum Minerals Ltd.
 
822,824
14,513,496
Freeport-McMoRan, Inc.
 
994,100
31,503,029
Lundin Mining Corp.
 
1,328,600
6,963,118
 
 
 
52,979,643
Diversified Metals & Mining - 7.9%
 
 
 
Anglo American PLC (United Kingdom)
 
635,847
19,046,299
BHP Group Ltd. (London)
 
963,700
22,948,879
Glencore PLC
 
4,996,500
28,645,303
Grupo Mexico SA de CV Series B
 
577,020
2,091,927
IGO Ltd.
 
1,426,344
13,949,999
Ivanhoe Mines Ltd. (b)
 
724,500
5,025,526
Rio Tinto PLC
 
844,430
44,131,308
Teck Resources Ltd. Class B (sub. vtg.)
 
218,400
6,648,107
 
 
 
142,487,348
Gold - 5.1%
 
 
 
Agnico Eagle Mines Ltd. (Canada) (a)
 
572,717
25,193,915
Barrick Gold Corp. (Canada)
 
1,371,347
20,625,317
Franco-Nevada Corp.
 
60,871
7,521,133
Newcrest Mining Ltd.
 
650,612
7,205,711
Newmont Corp.
 
519,900
22,002,168
Wheaton Precious Metals Corp.
 
309,000
10,109,098
 
 
 
92,657,342
Precious Metals & Minerals - 0.3%
 
 
 
Anglo American Platinum Ltd. ADR (a)
 
146,700
1,954,044
Impala Platinum Holdings Ltd.
 
372,900
3,817,999
 
 
 
5,772,043
Steel - 4.3%
 
 
 
Commercial Metals Co.
 
214,600
9,764,300
Fortescue Metals Group Ltd.
 
908,243
8,556,562
Nucor Corp.
 
145,992
19,180,429
Steel Dynamics, Inc.
 
126,300
11,878,515
Vale SA
 
2,199,400
28,583,046
 
 
 
77,962,852
TOTAL METALS & MINING
 
 
399,738,357
Oil, Gas & Consumable Fuels - 40.0%
 
 
 
Integrated Oil & Gas - 22.6%
 
 
 
Cenovus Energy, Inc. (Canada)
 
1,623,000
32,809,058
Chevron Corp.
 
596,200
107,852,580
Equinor ASA
 
363,900
13,258,232
Exxon Mobil Corp.
 
1,610,000
178,404,095
Occidental Petroleum Corp.
 
397,500
28,858,500
Petroleo Brasileiro SA - Petrobras (ON)
 
2,018,900
12,999,441
Shell PLC (London)
 
1,297,659
35,947,240
 
 
 
410,129,146
Oil & Gas Exploration & Production - 17.4%
 
 
 
Antero Resources Corp. (b)
 
631,312
23,143,898
Canadian Natural Resources Ltd. (a)
 
800,600
48,017,783
ConocoPhillips Co.
 
551,300
69,513,417
Diamondback Energy, Inc.
 
329,400
51,752,034
Hess Corp.
 
210,000
29,626,800
MEG Energy Corp. (b)
 
359,349
5,373,024
Ovintiv, Inc.
 
568,800
28,809,720
Ovintiv, Inc.
 
340,200
17,231,131
Range Resources Corp.
 
1,476,900
42,062,112
 
 
 
315,529,919
TOTAL OIL, GAS & CONSUMABLE FUELS
 
 
725,659,065
Paper & Forest Products - 5.3%
 
 
 
Forest Products - 1.4%
 
 
 
Svenska Cellulosa AB SCA (B Shares)
 
967,100
11,412,992
West Fraser Timber Co. Ltd.
 
188,000
14,115,697
 
 
 
25,528,689
Paper Products - 3.9%
 
 
 
Mondi PLC
 
1,072,673
17,990,818
Nine Dragons Paper (Holdings) Ltd.
 
4,257,000
2,521,775
Suzano Papel e Celulose SA
 
1,647,545
16,968,230
UPM-Kymmene Corp.
 
994,800
33,337,298
 
 
 
70,818,121
TOTAL PAPER & FOREST PRODUCTS
 
 
96,346,810
 
TOTAL COMMON STOCKS
  (Cost $1,519,723,941)
 
 
 
1,771,488,191
 
 
 
 
Nonconvertible Preferred Stocks - 1.3%
 
 
Shares
Value ($)
 
Chemicals - 1.3%
 
 
 
Fertilizers & Agricultural Chemicals - 1.3%
 
 
 
Sociedad Quimica y Minera de Chile SA (PN-B)
 
  (Cost $15,615,028)
 
 
243,770
23,201,427
 
 
 
 
Money Market Funds - 2.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
32,022,504
32,028,909
Fidelity Securities Lending Cash Central Fund 3.10% (c)(d)
 
20,389,411
20,391,450
 
TOTAL MONEY MARKET FUNDS
  (Cost $52,420,359)
 
 
52,420,359
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
  (Cost $1,587,759,328)
 
 
 
1,847,109,977
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(31,993,177)
NET ASSETS - 100.0%
1,815,116,800
 
 
 
 
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
12,474,618
735,763,358
716,209,067
243,547
-
-
32,028,909
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
-
635,578,090
615,186,640
120,123
-
-
20,391,450
0.1%
Total
12,474,618
1,371,341,448
1,331,395,707
363,670
-
-
52,420,359
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Common Stocks
1,771,488,191
1,610,879,537
160,608,654
-
 Nonconvertible Preferred Stocks
23,201,427
23,201,427
-
-
  Money Market Funds
52,420,359
52,420,359
-
-
 Total Investments in Securities:
1,847,109,977
1,686,501,323
160,608,654
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $19,548,722) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,535,338,969)
 
$1,794,689,618
 
 
Fidelity Central Funds (cost $52,420,359)
 
52,420,359
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,587,759,328)
 
 
$
1,847,109,977
Cash
 
 
 
24
Foreign currency held at value (cost $483)
 
 
 
483
Receivable for investments sold
 
 
 
6,186,568
Receivable for fund shares sold
 
 
 
6,125,808
Dividends receivable
 
 
 
798,254
Distributions receivable from Fidelity Central Funds
 
 
 
91,905
Prepaid expenses
 
 
 
2,354
Other receivables
 
 
 
3,062
  Total assets
 
 
 
1,860,318,435
Liabilities
 
 
 
 
Payable for investments purchased
 
$19,526,251
 
 
Payable for fund shares redeemed
 
3,849,722
 
 
Accrued management fee
 
970,821
 
 
Distribution and service plan fees payable
 
62,609
 
 
Other affiliated payables
 
299,551
 
 
Other payables and accrued expenses
 
101,231
 
 
Collateral on securities loaned
 
20,391,450
 
 
  Total Liabilities
 
 
 
45,201,635
Net Assets  
 
 
$
1,815,116,800
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,736,670,310
Total accumulated earnings (loss)
 
 
 
78,446,490
Net Assets
 
 
$
1,815,116,800
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($128,362,714 ÷ 6,581,493 shares) (a)
 
 
$
19.50
Maximum offering price per share (100/94.25 of $19.50)
 
 
$
20.69
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($24,512,629 ÷ 1,259,668 shares) (a)
 
 
$
19.46
Maximum offering price per share (100/96.50 of $19.46)
 
 
$
20.17
Class C :
 
 
 
 
Net Asset Value and offering price per share ($34,984,014 ÷ 1,813,240 shares) (a)
 
 
$
19.29
Global Commodity Stock :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($893,636,313 ÷ 45,716,889 shares)
 
 
$
19.55
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($499,190,848 ÷ 25,545,632 shares)
 
 
$
19.54
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($234,430,282 ÷ 12,002,480 shares)
 
 
$
19.53
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
51,593,604
Income from Fidelity Central Funds (including $120,123 from security lending)
 
 
 
363,670
 Income before foreign taxes withheld
 
 
 
51,957,274
Less foreign taxes withheld
 
 
 
(2,233,521)
 Total Income
 
 
 
49,723,753
Expenses
 
 
 
 
Management fee
$
9,023,904
 
 
Transfer agent fees
 
2,256,921
 
 
Distribution and service plan fees
 
540,127
 
 
Accounting fees
 
591,448
 
 
Custodian fees and expenses
 
90,972
 
 
Independent trustees' fees and expenses
 
4,228
 
 
Registration fees
 
289,344
 
 
Audit
 
46,317
 
 
Legal
 
2,445
 
 
Interest
 
256
 
 
Miscellaneous
 
4,945
 
 
 Total expenses before reductions
 
12,850,907
 
 
 Expense reductions
 
(43,601)
 
 
 Total expenses after reductions
 
 
 
12,807,306
Net Investment income (loss)
 
 
 
36,916,447
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(10,596,192)
 
 
 Foreign currency transactions
 
(1,018,522)
 
 
Total net realized gain (loss)
 
 
 
(11,614,714)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
103,882,129
 
 
 Assets and liabilities in foreign currencies
 
(22,561)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
103,859,568
Net gain (loss)
 
 
 
92,244,854
Net increase (decrease) in net assets resulting from operations
 
 
$
129,161,301
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
36,916,447
$
22,696,698
Net realized gain (loss)
 
(11,614,714)
 
 
1,122,633
 
Change in net unrealized appreciation (depreciation)
 
103,859,568
 
181,251,005
 
Net increase (decrease) in net assets resulting from operations
 
129,161,301
 
 
205,070,336
 
Distributions to shareholders
 
(25,407,967)
 
 
(6,996,946)
 
Share transactions - net increase (decrease)
 
953,160,143
 
 
301,019,880
 
Total increase (decrease) in net assets
 
1,056,913,477
 
 
499,093,270
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
758,203,323
 
259,110,053
 
End of period
$
1,815,116,800
$
758,203,323
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Global Commodity Stock Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.35
$
10.80
$
12.14
$
12.42
$
12.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.47
 
.48
 
.28
 
.35
 
.21
     Net realized and unrealized gain (loss)
 
3.19
 
5.24
 
(1.26)
 
(.41)
 
(.22)
  Total from investment operations
 
3.66  
 
5.72  
 
(.98)  
 
(.06)  
 
(.01)
  Distributions from net investment income
 
(.51)
 
(.17)
 
(.36)
 
(.20)
 
(.09)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.51)
 
(.17)
 
(.36)
 
(.22)
 
(.13) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
19.50
$
16.35
$
10.80
$
12.14
$
12.42
 Total Return   E,F
 
23.27%
 
53.37%
 
(8.39)%
 
(.44)%
 
(.05)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.19%
 
1.23%
 
1.31%
 
1.29%
 
1.28%
    Expenses net of fee waivers, if any
 
1.19%
 
1.22%
 
1.31%
 
1.28%
 
1.28%
    Expenses net of all reductions
 
1.19%
 
1.22%
 
1.29%
 
1.28%
 
1.27%
    Net investment income (loss)
 
2.53%
 
3.18%
 
2.53%
 
2.86%
 
1.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
128,363
$
45,343
$
20,453
$
25,779
$
27,258
    Portfolio turnover rate I
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.32
$
10.78
$
12.12
$
12.39
$
12.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.42
 
.44
 
.25
 
.31
 
.16
     Net realized and unrealized gain (loss)
 
3.19
 
5.24
 
(1.27)
 
(.40)
 
(.20)
  Total from investment operations
 
3.61  
 
5.68  
 
(1.02)  
 
(.09)  
 
(.04)
  Distributions from net investment income
 
(.47)
 
(.14)
 
(.32)
 
(.16)
 
(.06)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.47)
 
(.14)
 
(.32)
 
(.18)
 
(.10) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
19.46
$
16.32
$
10.78
$
12.12
$
12.39
 Total Return   E,F
 
22.93%
 
52.97%
 
(8.72)%
 
(.70)%
 
(.30)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.46%
 
1.52%
 
1.59%
 
1.59%
 
1.59%
    Expenses net of fee waivers, if any
 
1.46%
 
1.52%
 
1.59%
 
1.59%
 
1.59%
    Expenses net of all reductions
 
1.46%
 
1.52%
 
1.58%
 
1.59%
 
1.58%
    Net investment income (loss)
 
2.26%
 
2.88%
 
2.24%
 
2.55%
 
1.24%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
24,513
$
8,888
$
4,378
$
5,416
$
7,200
    Portfolio turnover rate I
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.17
$
10.68
$
11.99
$
12.26
$
12.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.37
 
.20
 
.26
 
.11
     Net realized and unrealized gain (loss)
 
3.18
 
5.20
 
(1.26)
 
(.41)
 
(.19)
  Total from investment operations
 
3.51  
 
5.57  
 
(1.06)  
 
(.15)  
 
(.08)
  Distributions from net investment income
 
(.39)
 
(.08)
 
(.25)
 
(.11)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.39)
 
(.08)
 
(.25)
 
(.12) C
 
(.05)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
19.29
$
16.17
$
10.68
$
11.99
$
12.26
 Total Return   E,F
 
22.34%
 
52.30%
 
(9.11)%
 
(1.16)%
 
(.67)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.94%
 
1.97%
 
2.05%
 
2.02%
 
2.00%
    Expenses net of fee waivers, if any
 
1.93%
 
1.96%
 
2.04%
 
2.02%
 
1.99%
    Expenses net of all reductions
 
1.93%
 
1.96%
 
2.03%
 
2.01%
 
1.98%
    Net investment income (loss)
 
1.78%
 
2.44%
 
1.79%
 
2.13%
 
.84%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
34,984
$
11,020
$
7,871
$
11,294
$
20,793
    Portfolio turnover rate I
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Global Commodity Stock Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.39
$
10.82
$
12.15
$
12.44
$
12.59
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.52
 
.53
 
.31
 
.37
 
.23
     Net realized and unrealized gain (loss)
 
3.19
 
5.26
 
(1.26)
 
(.41)
 
(.20)
  Total from investment operations
 
3.71  
 
5.79  
 
(.95)  
 
(.04)  
 
.03
  Distributions from net investment income
 
(.55)
 
(.22)
 
(.38)
 
(.23)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.55)
 
(.22)
 
(.38)
 
(.25)
 
(.18)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
19.55
$
16.39
$
10.82
$
12.15
$
12.44
 Total Return   D
 
23.57%
 
53.95%
 
(8.16)%
 
(.23)%
 
.23%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
.94%
 
1.02%
 
1.06%
 
1.08%
    Expenses net of fee waivers, if any
 
.94%
 
.94%
 
1.02%
 
1.06%
 
1.08%
    Expenses net of all reductions
 
.94%
 
.94%
 
1.00%
 
1.06%
 
1.06%
    Net investment income (loss)
 
2.78%
 
3.46%
 
2.82%
 
3.08%
 
1.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
893,636
$
546,863
$
176,718
$
257,011
$
369,563
    Portfolio turnover rate G
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.39
$
10.81
$
12.16
$
12.45
$
12.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.52
 
.53
 
.32
 
.39
 
.25
     Net realized and unrealized gain (loss)
 
3.19
 
5.25
 
(1.26)
 
(.41)
 
(.21)
  Total from investment operations
 
3.71  
 
5.78  
 
(.94)  
 
(.02)  
 
.04
  Distributions from net investment income
 
(.56)
 
(.20)
 
(.41)
 
(.25)
 
(.14)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.02)
 
(.05)
     Total distributions
 
(.56)
 
(.20)
 
(.41)
 
(.27)
 
(.19)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
19.54
$
16.39
$
10.81
$
12.16
$
12.45
 Total Return   D
 
23.56%
 
53.97%
 
(8.11)%
 
(.06)%
 
.30%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92%
 
.93%
 
.95%
 
.92%
 
.93%
    Expenses net of fee waivers, if any
 
.92%
 
.93%
 
.95%
 
.92%
 
.93%
    Expenses net of all reductions
 
.92%
 
.93%
 
.93%
 
.91%
 
.91%
    Net investment income (loss)
 
2.80%
 
3.48%
 
2.88%
 
3.23%
 
1.90%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
499,191
$
85,252
$
33,185
$
102,633
$
117,981
    Portfolio turnover rate G
 
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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.38
$
10.81
$
12.16
$
12.46
$
13.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.54
 
.56
 
.34
 
.39
 
(.01)
     Net realized and unrealized gain (loss)
 
3.19
 
5.23
 
(1.26)
 
(.40)
 
(1.37)
  Total from investment operations
 
3.73  
 
5.79  
 
(.92)  
 
(.01)  
 
(1.38)
  Distributions from net investment income
 
(.58)
 
(.22)
 
(.43)
 
(.27)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.02)
 
-
     Total distributions
 
(.58)
 
(.22)
 
(.43)
 
(.29)
 
-
  Net asset value, end of period
$
19.53
$
16.38
$
10.81
$
12.16
$
12.46
 Total Return   D,E
 
23.72%
 
54.07%
 
(7.99)%
 
.03%
 
(9.97)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.79%
 
.80%
 
.85%
 
.83%
 
.89% H
    Expenses net of fee waivers, if any
 
.79%
 
.80%
 
.84%
 
.83%
 
.89% H
    Expenses net of all reductions
 
.79%
 
.80%
 
.83%
 
.82%
 
.87% H
    Net investment income (loss)
 
2.93%
 
3.60%
 
2.99%
 
3.32%
 
(.70)% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
234,430
$
60,837
$
16,505
$
104,489
$
5,118
    Portfolio turnover rate I
 
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 October 31, 2022
 
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Commodity Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$371,384,491
Gross unrealized depreciation
(134,569,081)
Net unrealized appreciation (depreciation)
$236,815,410
Tax Cost
$1,610,294,567
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$26,135,635
Capital loss carryforward
$(184,466,563)
Net unrealized appreciation (depreciation) on securities and other investments
$236,777,418
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(61,986,325)
Long-term
(122,480,238)
Total capital loss carryforward
$(184,466,563)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$25,407,967
$6,996,946
 
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 Global Commodity Stock Fund
1,512,147,404
555,856,181
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
-%
.25%
$219,379
$13,130
Class M
.25%
.25%
84,299
-
Class C
.75%
.25%
236,449
90,712
 
 
 
$540,127
$103,842
 
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
$154,270
Class M
8,165
Class C A
62
 
$162,497
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$169,451
.19
Class M
36,084
.21
Class C
44,956
.19
Global Commodity Stock
1,440,664
.19
Class I
505,023
.17
Class Z
60,743
.04
 
$2,256,921
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Global Commodity Stock Fund
.04
 
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
$11,168
 
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
$5,090,000
1.81%
$256
 
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
59,628,011
30,237,287
4,185,902
 
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 Global Commodity Stock Fund
$2,145
 
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
$12,974
$-
$-
 
8. Expense Reductions.
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 $43,601.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity Global Commodity Stock Fund
 
 
Distributions to shareholders
 
 
Class A
$1,448,690
$330,900
Class M
259,454
55,155
Class C
264,183
54,858
Global Commodity Stock
18,171,488
5,592,593
Class I
3,064,346
607,688
Class Z
2,199,806
355,752
Total
$25,407,967
$6,996,946
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity Global Commodity Stock Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
5,245,104
1,497,596
$102,330,553
$23,243,182
Reinvestment of distributions
93,881
24,735
1,435,437
326,260
Shares redeemed
(1,530,075)
(643,914)
(28,265,460)
(9,896,306)
Net increase (decrease)
3,808,910
878,417
$75,500,530
$13,673,136
Class M
 
 
 
 
Shares sold
994,128
185,666
$18,969,401
$2,932,586
Reinvestment of distributions
16,878
4,164
258,240
54,963
Shares redeemed
(295,956)
(51,392)
(5,535,121)
(761,387)
Net increase (decrease)
715,050
138,438
$13,692,520
$2,226,162
Class C
 
 
 
 
Shares sold
1,526,059
325,501
$29,910,914
$5,031,255
Reinvestment of distributions
17,324
4,142
263,849
54,381
Shares redeemed
(411,550)
(385,192)
(7,532,050)
(5,709,900)
Net increase (decrease)
1,131,833
(55,549)
$22,642,713
$(624,264)
Global Commodity Stock
 
 
 
 
Shares sold
37,700,647
26,509,390
$735,708,594
$367,175,381
Reinvestment of distributions
1,053,837
364,169
16,113,170
4,799,750
Shares redeemed
(26,409,632)
(9,830,285)
(482,758,151)
(150,535,532)
Net increase (decrease)
12,344,852
17,043,274
$269,063,613
$221,439,599
Class I
 
 
 
 
Shares sold
29,119,851
4,496,884
$566,732,834
$70,249,986
Reinvestment of distributions
198,222
45,805
3,028,836
603,715
Shares redeemed
(8,975,269)
(2,409,382)
(163,585,245)
(37,277,273)
Net increase (decrease)
20,342,804
2,133,307
$406,176,425
$33,576,428
Class Z
 
 
 
 
Shares sold
12,915,308
4,377,495
$249,174,298
$65,145,411
Reinvestment of distributions
129,470
23,487
1,975,709
309,090
Shares redeemed
(4,757,037)
(2,213,665)
(85,065,665)
(34,725,682)
Net increase (decrease)
8,287,741
2,187,317
$166,084,342
$30,728,819
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Global Commodity Stock Fund
 
Opinion on the Financial Statements
 
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Global Commodity Stock Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion
 
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® Global Commodity Stock Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 979.90
 
$ 5.94
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.21
 
$ 6.06
Class M
 
 
 
1.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 978.90
 
$ 7.23
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.90
 
$ 7.38
Class C
 
 
 
1.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 976.20
 
$ 9.66
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,015.43
 
$ 9.86
Fidelity® Global Commodity Stock Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 981.40
 
$ 4.69
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.47
 
$ 4.79
Class I
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 981.40
 
$ 4.59
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
Class Z
 
 
 
.79%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 981.90
 
$ 3.95
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.22
 
$ 4.02
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
Class A designates 34%; Class M designates 37%; Class C designates 44%; Global Commodity Stock designates 32%; Class I designates 31% and Class Z designates 30% of the dividends distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
Class A designates 100%; Class M designates 100%; Class C designates 100%; Global Commodity Stock designates 100%; Class I designates 100% and Class Z designates 97% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Global Commodity Stock Fund
 
 
 
Class A
12/06/2021
0.4755
0.0180
Class M
12/06/2021
0.4397
0.0180
Class C
12/06/2021
0.3644
0.0180
Global Commodity Stock
12/06/2021
0.5086
0.0180
Class I
12/06/2021
0.5149
0.0180
Class Z
12/06/2021
0.5310
0.0180
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Global Commodity Stock Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the fund had a portfolio manager change in March 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.  
 
Fidelity Global Commodity Stock Fund
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Fidelity Global Commodity Stock Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the total expense ratio of the representative class (retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class ranked equal to the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.879380.113
GCS-ANN-1222
Fidelity® Series Emerging Markets Fund
Fidelity® Series Emerging Markets Opportunities Fund
Fidelity® Series International Growth Fund
Fidelity® Series International Small Cap Fund
Fidelity® Series International Value Fund
 
 
Annual Report
October 31, 2022

Contents

Fidelity® Series Emerging Markets Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series Emerging Markets Opportunities Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Growth Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Small Cap Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Value Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® Series Emerging Markets Fund
-36.53%
-6.71%
 
A     From August 29, 2018
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Emerging Markets Fund, on August 29, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Series Emerging Markets Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager John Chow:
For the fiscal year ending October 31, 2022, the fund returned -36.53%, trailing the -31.01% result of the MSCI Emerging Markets Index. By region, security selection in Emerging Asia - especially China and Taiwan - along with an underweighting and picks in Emerging Europe, Middle East, and Africa, hindered the fund's relative result most this period. Among sectors, security selection was the primary detractor, especially within communication services, where media & entertainment stocks were a notable headwind. Investment choices in information technology also hurt. Further hindering performance was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. The fund's biggest individual relative detractor was an overweighting in Bilibili, which returned -88% the past year. Sea Limited (-81%), where we added to our out-of-benchmark position the past 12 months, was a key detractor as well. Also holding back performance was our outsized stake in Zai Lab, which returned -80%. In contrast, an underweighting in Emerging Asia and an overweighting in Latin America, Brazil in particular, contributed most to the fund's relative result. By sector, the top contributors to performance versus the benchmark were stock selection and an overweighting in energy. Investment choices among materials and industrials companies also lifted the fund's relative result. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributor was an underweight position in Gazprom, which was no longer held at period end. Also bolstering performance was a larger-than-benchmark position in Bank Mandiri, which gained roughly 39%. Another key relative contributor was an outsized stake in Grupo Financiero Banorte (+37%). Notable changes in positioning include higher allocations to Brazil and India. By sector, meaningful shifts in positioning include greater exposure to consumer staples and materials stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Series Emerging Markets Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
6.7
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.9
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
3.1
 
ICICI Bank Ltd.  (India, Banks)
2.2
 
Alibaba Group Holding Ltd. sponsored ADR  (Cayman Islands, Internet & Direct Marketing Retail)
2.1
 
LG Chemical Ltd.  (Korea (South), Chemicals)
1.9
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.9
 
HDFC Bank Ltd.  (India, Banks)
1.8
 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail)
1.8
 
Trip.com Group Ltd. ADR  (Cayman Islands, Hotels, Restaurants & Leisure)
1.7
 
 
28.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
24.3
 
Information Technology
19.0
 
Consumer Discretionary
13.0
 
Communication Services
10.0
 
Materials
7.9
 
Consumer Staples
5.5
 
Energy
4.5
 
Health Care
4.1
 
Industrials
2.9
 
Utilities
1.0
 
Real Estate
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 92.3%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Series Emerging Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 90.4%
 
 
Shares
Value ($)
 
Bermuda - 1.3%
 
 
 
Credicorp Ltd. (United States)
 
111,117
16,263,084
Kunlun Energy Co. Ltd.
 
27,055,030
16,164,809
TOTAL BERMUDA
 
 
32,427,893
Brazil - 4.5%
 
 
 
Banco do Brasil SA
 
775,884
5,560,590
Hypera SA
 
3,170,514
31,186,490
Localiza Rent a Car SA
 
4,191
57,232
Localiza Rent a Car SA
 
1,831,541
25,011,500
Natura & Co. Holding SA (a)
 
1,753,940
5,076,257
Suzano Papel e Celulose SA
 
1,056,164
10,877,538
Vale SA
 
1,648,597
21,424,899
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
3,290,000
10,267,118
TOTAL BRAZIL
 
 
109,461,624
Cayman Islands - 16.5%
 
 
 
Alibaba Group Holding Ltd. sponsored ADR (a)
 
818,000
52,008,440
Bilibili, Inc. ADR (a)(b)
 
587,635
5,241,704
Chailease Holding Co. Ltd.
 
1,583,831
7,316,637
JD.com, Inc. sponsored ADR
 
734,339
27,383,501
KE Holdings, Inc. ADR (a)
 
1,216,205
12,380,967
Li Ning Co. Ltd.
 
1,726,182
8,928,167
Meituan Class B (a)(c)
 
2,717,220
43,504,176
NetEase, Inc. ADR
 
339,709
18,894,615
Parade Technologies Ltd.
 
318,408
6,011,982
Pinduoduo, Inc. ADR (a)
 
454,972
24,946,115
Sea Ltd. ADR (a)
 
316,700
15,733,656
Silergy Corp.
 
1,362,703
15,801,170
Sunny Optical Technology Group Co. Ltd.
 
544,805
4,723,011
Tencent Holdings Ltd.
 
2,864,992
75,282,804
Trip.com Group Ltd. ADR (a)
 
1,841,445
41,671,900
Wuxi Biologics (Cayman), Inc. (a)(c)
 
3,969,251
17,860,210
XP, Inc. Class A (a)
 
264,829
4,854,316
XPeng, Inc. ADR (a)(b)
 
849,133
5,621,260
Zai Lab Ltd. (a)
 
1,357,270
3,126,183
Zai Lab Ltd. ADR (a)
 
474,628
10,574,712
TOTAL CAYMAN ISLANDS
 
 
401,865,526
China - 7.8%
 
 
 
China Construction Bank Corp. (H Shares)
 
57,064,884
30,283,675
China Life Insurance Co. Ltd. (H Shares)
 
7,861,106
8,572,203
China Merchants Bank Co. Ltd. (H Shares)
 
1,207,297
3,968,108
China Tourism Group Duty Free Corp. Ltd. (H Shares) (a)(c)
 
649,642
12,852,726
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
31,024,280
18,892,060
Haier Smart Home Co. Ltd.
 
3,896,278
9,748,575
Industrial & Commercial Bank of China Ltd. (H Shares)
 
35,651,385
15,478,599
Kweichow Moutai Co. Ltd. (A Shares)
 
94,246
17,340,925
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
3,949,902
15,813,000
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
539,661
24,048,977
Wuliangye Yibin Co. Ltd. (A Shares)
 
1,053,170
19,252,379
Zijin Mining Group Co. Ltd. (H Shares)
 
15,672,458
14,974,354
TOTAL CHINA
 
 
191,225,581
Hong Kong - 0.3%
 
 
 
China Resources Beer Holdings Co. Ltd.
 
1,448,390
6,827,111
Hungary - 0.4%
 
 
 
Richter Gedeon PLC
 
534,606
10,556,162
India - 16.3%
 
 
 
Axis Bank Ltd.
 
1,018,694
11,149,272
Bharti Airtel Ltd.
 
3,487,396
35,050,900
Eicher Motors Ltd.
 
313,815
14,596,871
HDFC Bank Ltd. (a)
 
2,456,660
44,583,242
HDFC Standard Life Insurance Co. Ltd. (c)
 
2,167,056
14,148,169
Hindustan Unilever Ltd.
 
296,589
9,138,796
Housing Development Finance Corp. Ltd.
 
789,337
23,550,429
ICICI Bank Ltd.
 
4,830,052
53,106,512
Infosys Ltd.
 
2,002,725
37,200,895
ITC Ltd.
 
2,178,666
9,177,348
Larsen & Toubro Ltd.
 
1,279,686
31,274,858
NTPC Ltd.
 
4,592,556
9,603,424
Oil & Natural Gas Corp. Ltd.
 
1,120,771
1,814,923
PVR Ltd. (a)
 
621,923
13,335,508
Reliance Industries Ltd.
 
1,505,314
46,363,235
Tata Consultancy Services Ltd.
 
186,605
7,198,088
Tata Steel Ltd.
 
18,420,085
22,596,758
Ultratech Cement Ltd.
 
158,107
12,825,327
TOTAL INDIA
 
 
396,714,555
Indonesia - 4.1%
 
 
 
PT Avia Avian Tbk
 
72,384,227
3,642,995
PT Bank Central Asia Tbk
 
31,000,232
17,490,113
PT Bank Mandiri (Persero) Tbk
 
51,608,268
34,907,339
PT Bank Rakyat Indonesia (Persero) Tbk
 
32,565,821
9,708,676
PT Telkom Indonesia Persero Tbk
 
31,400,195
8,818,773
PT United Tractors Tbk
 
12,517,236
25,921,252
TOTAL INDONESIA
 
 
100,489,148
Korea (South) - 13.8%
 
 
 
Db Insurance Co. Ltd.
 
288,532
11,381,016
Hana Financial Group, Inc.
 
461,564
13,339,346
Hansol Chemical Co. Ltd.
 
53,259
6,921,745
Hyundai Fire & Marine Insurance Co. Ltd.
 
309,884
7,229,729
Hyundai Motor Co.
 
119,360
13,756,355
KB Financial Group, Inc.
 
538,225
18,074,356
Kia Corp.
 
97,995
4,551,935
LG Chemical Ltd.
 
107,861
47,306,130
NAVER Corp.
 
118,997
14,131,373
POSCO
 
196,730
34,219,285
Samsung Electronics Co. Ltd.
 
2,853,854
118,767,289
Shinhan Financial Group Co. Ltd.
 
267,722
6,790,888
SK Hynix, Inc.
 
599,294
34,723,547
Woori Financial Group, Inc.
 
557,831
4,592,183
TOTAL KOREA (SOUTH)
 
 
335,785,177
Mexico - 4.0%
 
 
 
America Movil S.A.B. de CV Series L
 
14,945,222
14,143,386
CEMEX S.A.B. de CV sponsored ADR (a)
 
620,847
2,396,469
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
137,376
9,838,869
Gruma S.A.B. de CV Series B
 
168,000
1,948,793
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
224,224
5,247,699
Grupo Financiero Banorte S.A.B. de CV Series O
 
4,546,672
36,957,630
Grupo Mexico SA de CV Series B
 
1,461,116
5,297,126
Sitios Latinoamerica S.A.B. de CV (a)
 
709,283
206,917
Wal-Mart de Mexico SA de CV Series V
 
5,723,902
22,109,232
TOTAL MEXICO
 
 
98,146,121
Netherlands - 0.1%
 
 
 
Yandex NV Series A (a)(d)
 
583,741
2,002,138
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
10,464,976
4,630,266
Russia - 0.0%
 
 
 
LUKOIL PJSC (d)
 
568,462
263,852
Sberbank of Russia (a)(d)
 
5,098,115
47,004
TOTAL RUSSIA
 
 
310,856
Saudi Arabia - 4.3%
 
 
 
Al Rajhi Bank
 
1,731,677
39,264,649
Alinma Bank
 
2,744,676
27,391,612
Dr Sulaiman Al Habib Medical Services Group Co.
 
82,914
5,000,150
Saudi Arabian Oil Co. (c)
 
803,166
7,459,779
Saudi Telecom Co.
 
905,238
9,732,835
The Saudi National Bank
 
964,672
15,249,702
TOTAL SAUDI ARABIA
 
 
104,098,727
South Africa - 3.8%
 
 
 
Absa Group Ltd.
 
2,081,751
22,636,758
Capitec Bank Holdings Ltd.
 
50,461
5,221,077
Impala Platinum Holdings Ltd.
 
1,174,133
12,021,556
MTN Group Ltd.
 
4,102,572
28,999,140
Naspers Ltd. Class N
 
221,778
22,861,292
TOTAL SOUTH AFRICA
 
 
91,739,823
Taiwan - 9.9%
 
 
 
E.SUN Financial Holdings Co. Ltd.
 
6,440,088
4,632,295
eMemory Technology, Inc.
 
522,416
17,411,707
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
4,479,276
14,234,693
International Games Systems Co. Ltd.
 
25,000
272,447
MediaTek, Inc.
 
1,869,210
34,192,159
Taiwan Semiconductor Manufacturing Co. Ltd.
 
13,582,797
163,135,755
Unimicron Technology Corp.
 
2,042,672
7,884,686
TOTAL TAIWAN
 
 
241,763,742
Thailand - 1.8%
 
 
 
Bangkok Bank PCL (For. Reg.)
 
2,396,753
9,166,186
CP ALL PCL (For. Reg.)
 
14,694,795
23,174,864
SCB X PCL (For. Reg.)
 
1,217,321
3,391,668
Thai Beverage PCL
 
22,210,665
9,021,710
TOTAL THAILAND
 
 
44,754,428
United Arab Emirates - 0.7%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
4,438,100
11,418,160
First Abu Dhabi Bank PJSC
 
1,045,604
5,095,508
TOTAL UNITED ARAB EMIRATES
 
 
16,513,668
United States of America - 0.6%
 
 
 
Li Auto, Inc. ADR (a)
 
1,043,725
14,215,535
 
TOTAL COMMON STOCKS
  (Cost $2,569,974,927)
 
 
 
2,203,528,081
 
 
 
 
Nonconvertible Preferred Stocks - 2.5%
 
 
Shares
Value ($)
 
Brazil - 2.5%
 
 
 
Banco Bradesco SA (PN)
 
1,272,800
4,893,584
Itau Unibanco Holding SA
 
5,151,070
30,315,077
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
1,995,657
25,584,323
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $49,517,522)
 
 
 
60,792,984
 
 
 
 
Government Obligations - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.2%
 
 
 
U.S. Treasury Bills, yield at date of purchase 3.1% to 3.99% 12/15/22 to 1/26/23 (f)
  (Cost $4,700,734)
 
4,720,000
4,698,696
 
 
 
 
Money Market Funds - 7.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (g)
 
175,875,857
175,911,032
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
9,724,353
9,725,325
 
TOTAL MONEY MARKET FUNDS
  (Cost $185,636,357)
 
 
185,636,357
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
  (Cost $2,809,829,540)
 
 
 
2,454,656,118
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(17,912,408)
NET ASSETS - 100.0%
2,436,743,710
 
 
 
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)
1,740
Dec 2022
74,263,200
(11,805,038)
(11,805,038)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 3.0%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $95,825,060 or 3.9% 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 $4,698,696.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
162,778,712
1,214,157,924
1,201,025,604
1,849,997
-
-
175,911,032
0.4%
Fidelity Securities Lending Cash Central Fund 3.10%
13,301,000
407,730,437
411,306,112
176,679
-
-
9,725,325
0.0%
Total
176,079,712
1,621,888,361
1,612,331,716
2,026,676
-
-
185,636,357
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
241,846,196
155,742,481
84,101,577
2,002,138
Consumer Discretionary
315,538,908
249,173,440
66,365,468
-
Consumer Staples
132,906,284
132,906,284
-
-
Energy
107,407,364
107,143,512
-
263,852
Financials
593,842,392
401,092,913
192,702,475
47,004
Health Care
102,352,884
84,492,674
17,860,210
-
Industrials
71,858,407
71,858,407
-
-
Information Technology
461,284,982
298,149,227
163,135,755
-
Materials
194,504,182
148,263,341
46,240,841
-
Real Estate
17,011,233
12,380,967
4,630,266
-
Utilities
25,768,233
25,768,233
-
-
 Government Obligations
4,698,696
-
4,698,696
-
  Money Market Funds
185,636,357
185,636,357
-
-
 Total Investments in Securities:
2,454,656,118
1,872,607,836
579,735,288
2,312,994
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(11,805,038)
(11,805,038)
-
-
  Total Liabilities
(11,805,038)
(11,805,038)
-
-
 Total Derivative Instruments:
(11,805,038)
(11,805,038)
-
-
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Communication Services
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
661,317
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(30,166,606)
 
  Cost of Purchases
 
12,617,724
 
  Proceeds of Sales
 
(7,589,606)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
26,479,309
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
2,002,138
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(30,166,606)
 
Energy
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(57,418,162)
 
  Cost of Purchases
 
2,619,233
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
55,062,781
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
263,852
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(57,418,162)
 
Financials
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(4,465,710)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(29,869,684)
 
  Cost of Purchases
 
11,276,019
 
  Proceeds of Sales
 
(14,023,318)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
37,129,697
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
47,004
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(29,869,684)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
0
(11,805,038)
Total Equity Risk
0
(11,805,038)
Total Value of Derivatives
0
(11,805,038)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Series Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $9,080,358) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,624,193,183)
 
$2,269,019,761
 
 
Fidelity Central Funds (cost $185,636,357)
 
185,636,357
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,809,829,540)
 
 
$
2,454,656,118
Foreign currency held at value (cost $5,696,955)
 
 
 
5,675,031
Receivable for investments sold
 
 
 
13,498,232
Receivable for fund shares sold
 
 
 
111,054,787
Dividends receivable
 
 
 
2,212,530
Distributions receivable from Fidelity Central Funds
 
 
 
442,734
Receivable from investment adviser for expense reductions
 
 
 
77,631
Other receivables
 
 
 
984,209
  Total assets
 
 
 
2,588,601,272
Liabilities
 
 
 
 
Payable for investments purchased
 
$134,712,089
 
 
Payable for fund shares redeemed
 
36,542
 
 
Payable for daily variation margin on futures contracts
 
263,554
 
 
Other payables and accrued expenses
 
7,120,052
 
 
Collateral on securities loaned
 
9,725,325
 
 
  Total Liabilities
 
 
 
151,857,562
Net Assets  
 
 
$
2,436,743,710
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,110,550,249
Total accumulated earnings (loss)
 
 
 
(673,806,539)
Net Assets
 
 
$
2,436,743,710
Net Asset Value , offering price and redemption price per share ($2,436,743,710 ÷ 351,287,840 shares)
 
 
$
6.94
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
75,340,771
Non-Cash dividends
 
 
 
5,367,621
Interest  
 
 
45,246
Income from Fidelity Central Funds (including $176,679 from security lending)
 
 
 
2,026,676
 Income before foreign taxes withheld
 
 
 
82,780,314
Less foreign taxes withheld
 
 
 
(7,889,014)
 Total Income
 
 
 
74,891,300
Expenses
 
 
 
 
Custodian fees and expenses
 
995,148
 
 
Independent trustees' fees and expenses
 
9,974
 
 
 Total expenses before reductions
 
1,005,122
 
 
 Expense reductions
 
(624,168)
 
 
 Total expenses after reductions
 
 
 
380,954
Net Investment income (loss)
 
 
 
74,510,346
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $372,421)
 
(295,313,701)
 
 
 Foreign currency transactions
 
(993,181)
 
 
 Futures contracts
 
(28,320,825)
 
 
Total net realized gain (loss)
 
 
 
(324,627,707)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,910,443)  
 
(1,018,489,253)
 
 
 Assets and liabilities in foreign currencies
 
(134,543)
 
 
 Futures contracts
 
(8,802,473)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,027,426,269)
Net gain (loss)
 
 
 
(1,352,053,976)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,277,543,630)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
74,510,346
$
58,276,181
Net realized gain (loss)
 
(324,627,707)
 
 
327,438,278
 
Change in net unrealized appreciation (depreciation)
 
(1,027,426,269)
 
193,605,419
 
Net increase (decrease) in net assets resulting from operations
 
(1,277,543,630)
 
 
579,319,878
 
Distributions to shareholders
 
(105,313,301)
 
 
(47,189,249)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
739,859,925
 
595,001,775
  Reinvestment of distributions
 
105,313,301
 
 
47,189,249
 
Cost of shares redeemed
 
(265,266,031)
 
(930,503,195)
  Net increase (decrease) in net assets resulting from share transactions
 
579,907,195
 
 
(288,312,171)
 
Total increase (decrease) in net assets
 
(802,949,736)
 
 
243,818,458
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,239,693,446
 
2,995,874,988
 
End of period
$
2,436,743,710
$
3,239,693,446
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
84,221,344
 
51,314,277
  Issued in reinvestment of distributions
 
9,925,853
 
 
4,297,746
 
Redeemed
 
(29,402,412)
 
(79,489,388)
Net increase (decrease)
 
64,744,785
 
(23,877,365)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Emerging Markets Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.31
$
9.65
$
9.48
$
8.87
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.23
 
.20
 
.17
 
.30 D
 
.01
     Net realized and unrealized gain (loss)
 
(4.24)
 
1.62
 
.22
 
.35
 
(1.14)
  Total from investment operations
 
(4.01)  
 
1.82  
 
.39  
 
.65  
 
(1.13)
  Distributions from net investment income
 
(.30)
 
(.16)
 
(.22)
 
(.04)
 
-
  Distributions from net realized gain
 
(.07)
 
-
 
-
 
-
 
-
     Total distributions
 
(.36) E
 
(.16)
 
(.22)
 
(.04)
 
-
  Net asset value, end of period
$
6.94
$
11.31
$
9.65
$
9.48
$
8.87
 Total Return   F,G
 
(36.53)%
 
18.88%
 
4.16%
 
7.33%
 
(11.30)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.04%
 
.04%
 
.05%
 
.04%
 
.04% J
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% J
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% J
    Net investment income (loss)
 
2.61%
 
1.70%
 
1.86%
 
3.24% D
 
.65% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,436,744
$
3,239,693
$
2,995,875
$
2,065,165
$
1,431,017
    Portfolio turnover rate K
 
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.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series Emerging Markets Opportunities Fund
-35.33%
-2.28%
2.19%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Emerging Markets Opportunities Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Series Emerging Markets Opportunities Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Co-Managers Priyanshu Bakshi, Di Chen, and Gregory Lee:
For the fiscal year ending October 31, 2022, the fund returned -35.33%, trailing the -31.01% result of the benchmark MSCI Emerging Markets Index. By region, stock picks in Emerging Asia and Emerging Europe, namely Russia, hurt the fund's relative result most this period. Versus the benchmark, security selection was the primary detractor, especially within the communication services sector. Picks among financials and health care stocks also hurt. The fund's largest individual relative detractor was an outsized stake in Yandex, which returned roughly -96% the past 12 months. Further pressuring performance was our overweighting in TCS Group, which returned -99%. Another notable relative detractor was an out-of-benchmark position in Sea (-85%), where we increased our stake the past year. In contrast, an overweighting in Latin America and an underweighting in Emerging Asia, primarily driven by China, contributed most to the portfolio's relative result. By sector, the top contributor to performance versus the benchmark were stock picks in materials. Strong investment choices among industrials companies, primarily in the transportation industry, also boosted the fund's relative result. Security selection and an underweighting in real estate proved beneficial as well. Lastly, the fund's position in cash was a notable contributor. The portfolio's top individual relative contributor was an outsized stake in Sociedad Química y Minera de Chile, which gained about 82% the past year. The fund's non-benchmark investment in HDFC Bank, one of our biggest holdings, returned about -14%. Another notable relative contributor was a larger-than-benchmark position in Pinduoduo (-37%). This period we added to our stake. Notable changes in positioning include a higher allocation to Brazil and India. By sector, meaningful shifts in positioning include increased exposure to industrials and a less exposure to communication services stocks.
Note to shareholders: On January 28, 2022, former co-manager Steven Kaye came off of the fund.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
6.1
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.6
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
3.1
 
HDFC Bank Ltd.  (India, Banks)
2.7
 
Alibaba Group Holding Ltd.  (Cayman Islands, Internet & Direct Marketing Retail)
2.1
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.0
 
Infosys Ltd.
1.5
 
China Construction Bank Corp. (H Shares) (China, Banks)
1.5
 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail)
1.4
 
Grupo Financiero Banorte S.A.B. de CV Series O  (Mexico, Banks)
1.2
 
 
26.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.2
 
Information Technology
19.2
 
Consumer Discretionary
12.0
 
Materials
9.3
 
Communication Services
6.9
 
Consumer Staples
6.1
 
Industrials
5.8
 
Energy
5.1
 
Health Care
3.5
 
Utilities
3.4
 
Real Estate
1.3
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 92.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Showing Percentage of Net Assets     
Common Stocks - 90.9%
 
 
Shares
Value ($)
 
Belgium - 0.3%
 
 
 
Titan Cement International Trading SA (a)
 
5,898,500
65,636,709
Bermuda - 1.3%
 
 
 
China Gas Holdings Ltd.
 
43,145,600
38,255,639
Credicorp Ltd. (United States)
 
939,622
137,523,076
Huanxi Media Group Ltd. (b)
 
142,155,870
16,298,852
Kerry Properties Ltd.
 
10,509,000
16,627,720
Kunlun Energy Co. Ltd.
 
74,018,000
44,224,191
Pacific Basin Shipping Ltd.
 
62,296,000
15,078,685
Shangri-La Asia Ltd. (b)
 
25,114,000
13,885,302
TOTAL BERMUDA
 
 
281,893,465
Brazil - 4.9%
 
 
 
Arezzo Industria e Comercio SA
 
2,313,875
46,810,558
Atacadao SA
 
29,028,400
109,358,758
Dexco SA
 
27,407,210
51,413,390
ENGIE Brasil Energia SA
 
7,054,700
54,929,829
Equatorial Energia SA
 
13,252,300
77,043,184
Localiza Rent a Car SA
 
12,674,960
173,089,087
LOG Commercial Properties e Participacoes SA (a)
 
5,669,311
24,979,870
Lojas Renner SA
 
12,473,683
74,617,521
Rede D'Oregon Sao Luiz SA (c)
 
9,046,600
56,340,939
Rumo SA
 
25,246,500
108,209,759
Suzano Papel e Celulose SA
 
7,655,100
78,840,639
Transmissora Alianca de Energia Eletrica SA unit
 
6,784,700
52,788,131
Vale SA sponsored ADR (d)
 
14,114,270
182,638,654
TOTAL BRAZIL
 
 
1,091,060,319
Canada - 0.8%
 
 
 
Barrick Gold Corp.
 
12,536,500
188,423,595
Cayman Islands - 17.4%
 
 
 
Akeso, Inc. (b)(c)
 
5,235,545
21,009,812
Alibaba Group Holding Ltd. (b)
 
59,540,985
462,925,604
Alibaba Group Holding Ltd. sponsored ADR (b)
 
286,121
18,191,573
Angelalign Technology, Inc. (c)(d)
 
922,000
8,139,802
Ant International Co. Ltd. Class C (b)(e)(f)
 
9,361,123
14,416,129
Antengene Corp. (b)(c)
 
16,122,025
6,839,330
Archosaur Games, Inc. (b)(c)
 
2,704,865
778,760
Baidu, Inc. sponsored ADR (b)
 
332,743
25,478,132
BeiGene Ltd. ADR (b)
 
43,800
7,397,382
Bilibili, Inc. ADR (b)(d)
 
6,260,531
55,843,937
BizLink Holding, Inc.
 
5,165,000
39,473,321
Chailease Holding Co. Ltd.
 
30,887,341
142,686,607
China Resources Land Ltd.
 
9,045,720
28,348,361
CK Asset Holdings Ltd.
 
2,608,500
14,422,159
Daqo New Energy Corp. ADR (b)
 
109,350
4,810,307
ENN Energy Holdings Ltd.
 
7,039,300
69,992,594
ESR Group Ltd. (c)
 
6,587,200
11,244,894
GlobalFoundries, Inc.
 
314,681
17,842,413
Greentown China Holdings Ltd.
 
5,034,000
4,790,530
Haitian International Holdings Ltd.
 
18,609,306
37,267,686
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
21,389,724
33,026,116
Innovent Biologics, Inc. (b)(c)
 
8,599,362
30,455,149
Jacobio Pharmaceuticals Group Co. Ltd. (b)(c)
 
18,739,328
8,259,996
JD Health International, Inc. (b)(c)
 
2,522,058
13,831,776
JD.com, Inc.:
 
 
 
 Class A
 
6,456,159
117,570,012
 sponsored ADR (d)
 
1,584,375
59,081,344
KE Holdings, Inc. ADR (b)
 
999,800
10,177,964
Kuaishou Technology Class B (b)(c)
 
4,551,927
18,730,420
Li Ning Co. Ltd.
 
23,375,048
120,900,543
Longfor Properties Co. Ltd. (c)
 
751,756
957,694
Medlive Technology Co. Ltd. (c)
 
11,039,780
9,535,420
Meituan Class B (b)(c)
 
20,035,936
320,786,273
NetEase, Inc. ADR
 
1,676,424
93,242,703
PagSeguro Digital Ltd. (b)(d)
 
13,690,549
187,286,710
Parade Technologies Ltd.
 
807,752
15,251,472
Pinduoduo, Inc. ADR (b)
 
4,721,201
258,863,451
Sea Ltd. ADR (b)(d)
 
4,692,719
233,134,280
Silergy Corp.
 
3,226,591
37,413,810
StoneCo Ltd. Class A (b)
 
5,848,800
61,412,400
Sunny Optical Technology Group Co. Ltd.
 
3,889,156
33,715,779
Tencent Holdings Ltd.
 
26,380,043
693,182,954
Tencent Music Entertainment Group ADR (b)
 
2,320,459
8,376,857
Tongdao Liepin Group (b)
 
8,726,062
7,603,685
Trip.com Group Ltd. ADR (b)
 
6,754,577
152,856,078
Uni-President China Holdings Ltd.
 
48,748,000
36,019,237
Wuxi Biologics (Cayman), Inc. (b)(c)
 
18,390,087
82,748,816
Xinyi Solar Holdings Ltd.
 
23,167,154
22,991,105
XP, Inc. Class A (b)(d)
 
9,143,965
167,608,878
XPeng, Inc. ADR (b)(d)
 
3,440,999
22,779,413
Zai Lab Ltd. (a)(b)
 
11,266,002
25,948,841
Zai Lab Ltd. ADR (a)(b)
 
49,300
1,098,404
TOTAL CAYMAN ISLANDS
 
 
3,876,746,913
Chile - 1.3%
 
 
 
Banco de Chile
 
1,275,662,800
116,668,726
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR
 
1,873,962
175,552,760
TOTAL CHILE
 
 
292,221,486
China - 7.1%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c)
 
728,780
7,798,758
Bafang Electric Suzhou Co. Ltd. (A Shares)
 
862,174
13,746,805
Beijing Enlight Media Co. Ltd. (A Shares)
 
20,566,276
18,952,887
BYD Co. Ltd. (H Shares)
 
1,119,326
25,054,057
C&S Paper Co. Ltd. (A Shares)
 
22,252,600
28,520,771
China Communications Services Corp. Ltd. (H Shares)
 
82,018,000
22,882,475
China Construction Bank Corp. (H Shares)
 
641,111,000
340,230,208
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
4,020,528
7,217,560
China Petroleum & Chemical Corp. (H Shares)
 
259,564,000
102,872,078
China Tourism Group Duty Free Corp. Ltd. (A Shares)
 
334,600
7,347,281
China Tower Corp. Ltd. (H Shares) (c)
 
162,899,186
14,734,214
Daqin Railway Co. Ltd. (A Shares)
 
88,037,700
77,273,639
Flat Glass Group Co. Ltd. (d)
 
6,056,781
14,181,987
Gemdale Corp. (A Shares)
 
2,996,700
3,208,889
Haier Smart Home Co. Ltd.
 
25,735,016
64,389,586
Haier Smart Home Co. Ltd. (A Shares)
 
1,171,203
3,335,801
Hangzhou First Applied Material Co. Ltd. (A Shares)
 
1,056,240
9,265,187
Hongfa Technology Co. Ltd. (A Shares)
 
9,013,440
42,346,345
LONGi Green Energy Technology Co. Ltd.
 
2,042,740
13,420,787
Pharmaron Beijing Co. Ltd. (H Shares) (c)
 
3,292,762
11,074,241
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
56,991,000
228,157,228
Poly Developments & Holdings (A Shares)
 
1,927,734
3,642,762
Proya Cosmetics Co. Ltd. (A Shares)
 
5,145,230
117,764,887
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
2,052,739
91,476,452
Sinopec Engineering Group Co. Ltd. (H Shares)
 
54,259,687
19,423,760
Sinopharm Group Co. Ltd. (H Shares)
 
12,140,800
23,138,149
TravelSky Technology Ltd. (H Shares)
 
24,719,000
35,899,257
Tsingtao Brewery Co. Ltd. (H Shares)
 
20,373,384
142,749,819
Venus MedTech Hangzhou, Inc. (H Shares) (b)(c)
 
6,260,487
7,696,356
Will Semiconductor Ltd.
 
452,625
4,547,385
WuXi AppTec Co. Ltd. (H Shares) (c)
 
3,056,704
24,493,663
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
15,632,000
67,808,068
TOTAL CHINA
 
 
1,594,651,342
Cyprus - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (f)
 
5,084,349
1,877,803
Galaxy Cosmos Mezz PLC (b)
 
3,187,556
514,727
Sunrisemezz Ltd. (b)
 
2,973,378
240,658
TCS Group Holding PLC GDR (b)(f)
 
4,004,379
5,023,694
TOTAL CYPRUS
 
 
7,656,882
Germany - 0.2%
 
 
 
Delivery Hero AG (b)(c)
 
1,090,514
35,887,643
Greece - 0.5%
 
 
 
Alpha Bank SA (b)
 
86,064,100
79,779,571
Piraeus Financial Holdings SA (b)
 
20,813,647
25,670,220
TOTAL GREECE
 
 
105,449,791
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
14,558,800
110,279,912
China Merchants Holdings International Co. Ltd.
 
21,733,398
25,472,124
China Overseas Land and Investment Ltd.
 
12,122,900
23,134,922
China Resources Beer Holdings Co. Ltd.
 
24,560,666
115,768,810
Guangdong Investment Ltd.
 
60,640,000
38,239,667
Sino-Ocean Group Holding Ltd.
 
29,284,500
1,939,951
TOTAL HONG KONG
 
 
314,835,386
Hungary - 0.1%
 
 
 
Richter Gedeon PLC
 
1,760,700
34,766,230
India - 16.8%
 
 
 
Adani Ports & Special Economic Zone Ltd.
 
9,071,547
90,249,729
Apollo Hospitals Enterprise Ltd.
 
1,233,100
67,293,178
Bajaj Finance Ltd.
 
2,213,477
191,028,039
Bandhan Bank Ltd. (b)(c)
 
29,752,232
85,738,040
Bharat Electronics Ltd.
 
65,852,100
84,999,962
CE Info Systems Ltd.
 
849,648
13,427,784
Delhivery Private Ltd.
 
698,316
2,903,604
Divi's Laboratories Ltd.
 
784,000
34,179,483
Embassy Office Parks (REIT)
 
2,265,500
9,424,896
HDFC Bank Ltd. (b)
 
32,700,488
593,445,473
HDFC Standard Life Insurance Co. Ltd. (c)
 
19,825,041
129,432,754
Indraprastha Gas Ltd.
 
11,866,994
61,392,126
Indus Towers Ltd.
 
1,964,000
4,401,087
Infosys Ltd.
 
4,421,351
82,127,209
Infosys Ltd. sponsored ADR
 
17,845,425
334,244,810
ITC Ltd.
 
32,040,454
134,966,252
JK Cement Ltd. (a)
 
4,684,331
153,502,664
Larsen & Toubro Ltd.
 
5,757,844
140,718,703
Mahanagar Gas Ltd.
 
4,235,034
44,082,110
Manappuram General Finance & Leasing Ltd.
 
30,717,187
39,073,687
Maruti Suzuki India Ltd.
 
827,245
95,212,122
NTPC Ltd.
 
47,282,145
98,870,975
Oberoi Realty Ltd.
 
1,728,872
19,311,446
Oil & Natural Gas Corp. Ltd.
 
46,102,600
74,656,361
Petronet LNG Ltd.
 
12,081,180
29,998,629
Pine Labs Private Ltd. (b)(e)(f)
 
9,606
4,820,195
Power Grid Corp. of India Ltd.
 
46,144,554
127,179,029
Reliance Industries Ltd.
 
14,370,792
442,616,227
Shree Cement Ltd.
 
370,268
101,716,350
Sun Pharmaceutical Industries Ltd.
 
1,655,800
20,340,457
Tata Motors Ltd. (b)
 
10,911,050
54,628,287
Tata Steel Ltd.
 
120,497,800
147,820,145
Torrent Pharmaceuticals Ltd.
 
1,565,272
31,199,551
Vijaya Diagnostic Centre Pvt Ltd.
 
1,837,200
9,700,895
Voltas Ltd.
 
3,077,381
32,573,100
Zomato Ltd. (b)
 
214,258,017
163,320,619
TOTAL INDIA
 
 
3,750,595,978
Indonesia - 2.5%
 
 
 
PT Astra International Tbk
 
99,511,900
42,426,936
PT Bank Central Asia Tbk
 
386,543,160
218,084,937
PT Bank Rakyat Indonesia (Persero) Tbk
 
780,793,039
232,773,690
PT Dayamitra Telekomunikasi Tbk
 
104,720,900
4,800,477
PT Sumber Alfaria Trijaya Tbk
 
138,845,700
25,103,053
PT United Tractors Tbk
 
17,356,200
35,941,995
TOTAL INDONESIA
 
 
559,131,088
Japan - 0.7%
 
 
 
Capcom Co. Ltd.
 
644,983
17,979,451
JTOWER, Inc. (b)
 
286,780
11,668,308
Money Forward, Inc. (b)
 
537,206
15,318,292
Renesas Electronics Corp. (b)
 
3,446,613
28,833,511
Sumco Corp.
 
1,479,268
18,792,409
Z Holdings Corp.
 
27,822,275
71,802,608
TOTAL JAPAN
 
 
164,394,579
Korea (South) - 11.6%
 
 
 
AMOREPACIFIC Group, Inc.
 
1,924,119
33,297,186
Coway Co. Ltd.
 
1,164,470
45,116,155
Hana Financial Group, Inc.
 
1,113,273
32,173,942
Hanon Systems
 
3,903,700
21,332,890
Hyundai Fire & Marine Insurance Co. Ltd.
 
2,411,330
56,257,384
Jeisys Medical, Inc. (b)
 
638,010
3,169,220
Kakao Corp.
 
2,009,835
71,391,583
Kakao Pay Corp. (b)(d)
 
629,653
15,594,424
KB Financial Group, Inc.
 
4,702,855
157,928,515
Kia Corp.
 
2,087,049
96,944,868
Korea Zinc Co. Ltd.
 
123,716
55,473,363
L&F Co. Ltd. (b)(d)
 
31,000
4,886,781
LG Chemical Ltd.
 
145,176
63,671,900
LG Corp.
 
950,738
52,755,128
LG Electronics, Inc.
 
238,715
13,647,356
LG Innotek Co. Ltd.
 
30,760
6,389,836
NAVER Corp.
 
396,661
47,105,092
NCSOFT Corp.
 
142,684
38,986,885
Netmarble Corp. (c)
 
157,677
4,926,992
POSCO
 
1,105,806
192,344,281
S-Oil Corp.
 
836,750
50,651,010
Samsung Biologics Co. Ltd. (b)(c)
 
158,578
97,436,388
Samsung Electronics Co. Ltd.
 
24,584,198
1,023,107,195
Samsung SDI Co. Ltd.
 
268,863
138,828,035
SK Hynix, Inc.
 
4,407,260
255,359,977
Studio Dragon Corp. (b)
 
251,586
12,056,499
TOTAL KOREA (SOUTH)
 
 
2,590,832,885
Luxembourg - 0.6%
 
 
 
Adecoagro SA (d)
 
629,118
5,448,162
Globant SA (b)
 
291,114
54,927,390
Tenaris SA sponsored ADR
 
2,509,700
78,854,774
TOTAL LUXEMBOURG
 
 
139,230,326
Mauritius - 0.0%
 
 
 
Jumo World Ltd. (b)(f)
 
2,021
8,222,014
Mexico - 3.4%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (b)
 
52,268,900
201,757,954
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
18,182,184
39,515,714
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
4,936,400
76,463,996
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR
 
291,600
68,065,272
Grupo Aeroportuario Norte S.A.B. de CV
 
4,411,100
35,140,969
Grupo Financiero Banorte S.A.B. de CV Series O
 
32,844,278
266,974,763
Wal-Mart de Mexico SA de CV Series V
 
20,491,000
79,148,853
TOTAL MEXICO
 
 
767,067,521
Netherlands - 0.2%
 
 
 
CTP BV (c)
 
237,377
2,463,172
NXP Semiconductors NV
 
95,096
13,891,624
X5 Retail Group NV GDR (Reg. S) (f)
 
6,393,700
1,334,941
Yandex NV Series A (b)(d)(f)
 
6,677,608
22,903,127
TOTAL NETHERLANDS
 
 
40,592,864
Panama - 0.2%
 
 
 
Copa Holdings SA Class A (b)(d)
 
526,559
39,613,034
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
41,226,524
18,240,823
SM Investments Corp.
 
2,563,000
36,418,841
TOTAL PHILIPPINES
 
 
54,659,664
Poland - 0.2%
 
 
 
CD Projekt RED SA (d)
 
1,567,280
41,725,412
Russia - 0.0%
 
 
 
Gazprom OAO sponsored ADR (Reg. S) (b)(f)
 
10,986,900
2,509,847
LSR Group OJSC (b)(f)
 
98,230
148,176
LUKOIL PJSC sponsored ADR (f)
 
2,479,000
701,284
Novatek PJSC GDR (Reg. S) (f)
 
648,900
165,774
Sberbank of Russia (b)(f)
 
12,899,053
118,929
Sberbank of Russia sponsored ADR (b)(f)
 
19,633,994
349,485
Severstal PAO GDR (Reg. S) (f)
 
6,035,400
142,496
TOTAL RUSSIA
 
 
4,135,991
Saudi Arabia - 4.0%
 
 
 
Al Rajhi Bank
 
11,433,615
259,249,777
Alinma Bank
 
14,319,200
142,904,286
Bupa Arabia for Cooperative Insurance Co.
 
2,083,500
107,015,342
Saudi Arabian Oil Co. (c)
 
4,638,810
43,085,114
Saudi Tadawul Group Holding Co.
 
1,904,700
110,098,559
The Saudi National Bank
 
14,350,100
226,848,862
TOTAL SAUDI ARABIA
 
 
889,201,940
Singapore - 0.9%
 
 
 
CapitaLand Investment Ltd.
 
14,888,800
31,658,158
First Resources Ltd.
 
68,074,400
71,652,201
United Overseas Bank Ltd.
 
4,648,400
91,155,400
TOTAL SINGAPORE
 
 
194,465,759
South Africa - 3.0%
 
 
 
Capitec Bank Holdings Ltd. (d)
 
1,295,861
134,079,594
FirstRand Ltd. (d)
 
44,073,061
154,398,175
Impala Platinum Holdings Ltd.
 
20,081,502
205,607,799
Naspers Ltd. Class N
 
551,310
56,830,068
Pick 'n Pay Stores Ltd. (a)(d)
 
37,310,884
119,922,945
TOTAL SOUTH AFRICA
 
 
670,838,581
Taiwan - 7.7%
 
 
 
ECLAT Textile Co. Ltd.
 
3,446,000
45,353,352
eMemory Technology, Inc.
 
580,814
19,358,066
GlobalWafers Co. Ltd.
 
1,112,000
12,359,769
MediaTek, Inc.
 
7,219,875
132,068,154
Taiwan Semiconductor Manufacturing Co. Ltd.
 
113,453,141
1,362,625,315
Uni-President Enterprises Corp.
 
38,668,000
78,525,268
Unimicron Technology Corp.
 
7,120,349
27,484,450
United Microelectronics Corp.
 
3,139,453
3,771,384
Wiwynn Corp.
 
1,510,292
33,901,265
TOTAL TAIWAN
 
 
1,715,447,023
Thailand - 0.5%
 
 
 
Carabao Group PCL (For. Reg.)
 
11,955,400
28,360,490
Land & House PCL (For. Reg.)
 
55,067,500
13,316,362
PTT Global Chemical PCL (For. Reg.)
 
53,000,300
60,599,633
TOTAL THAILAND
 
 
102,276,485
Turkey - 0.5%
 
 
 
Bim Birlesik Magazalar A/S JSC
 
15,120,000
108,845,642
United Kingdom - 0.7%
 
 
 
Helios Towers PLC (b)
 
18,209,900
26,208,307
Prudential PLC
 
13,120,148
121,881,861
TOTAL UNITED KINGDOM
 
 
148,090,168
United States of America - 1.9%
 
 
 
Airbnb, Inc. Class A (b)
 
186,500
19,938,715
Dlocal Ltd. (b)
 
1,784,975
39,804,943
FirstCash Holdings, Inc.
 
1,783,554
175,590,891
Legend Biotech Corp. ADR (b)
 
460,500
22,942,110
Li Auto, Inc. ADR (b)
 
5,040,770
68,655,287
Marvell Technology, Inc.
 
376,585
14,942,893
MercadoLibre, Inc. (b)
 
73,867
66,599,965
NVIDIA Corp.
 
119,592
16,141,332
TOTAL UNITED STATES OF AMERICA
 
 
424,616,136
 
TOTAL COMMON STOCKS
  (Cost $22,970,148,064)
 
 
 
20,303,212,851
 
 
 
 
Preferred Stocks - 3.6%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.5%
 
 
 
Cayman Islands - 0.1%
 
 
 
Creditas Financial Solutions Ltd. Series F (e)(f)
 
70,500
22,952,685
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (b)(e)(f)
 
399,541
62,735,928
dMed Biopharmaceutical Co. Ltd. Series C (b)(e)(f)
 
769,712
6,904,317
 
 
 
69,640,245
India - 0.1%
 
 
 
Meesho Series F (b)(e)(f)
 
431,274
28,351,953
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
120,944,883
Nonconvertible Preferred Stocks - 3.1%
 
 
 
Brazil - 2.7%
 
 
 
Ambev SA sponsored ADR
 
56,071,500
170,457,360
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
8,532,900
40,471,600
Metalurgica Gerdau SA (PN)
 
56,363,022
122,753,654
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
12,223,900
140,697,089
 sponsored ADR
 
9,647,400
123,679,668
 
 
 
598,059,371
India - 0.1%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (b)(e)(f)
 
22,959
11,520,597
 Series A (b)(e)(f)
 
5,737
2,878,769
 Series B (b)(e)(f)
 
6,242
3,132,173
 Series B2 (b)(e)(f)
 
5,049
2,533,538
 Series C (b)(e)(f)
 
9,391
4,712,310
 Series C1 (b)(e)(f)
 
1,978
992,541
 Series D (b)(e)(f)
 
2,116
1,061,788
 
 
 
26,831,716
Korea (South) - 0.3%
 
 
 
Hyundai Motor Co. Series 2
 
991,643
55,441,745
United States of America - 0.0%
 
 
 
Gupshup, Inc. (b)(e)(f)
 
566,129
10,609,257
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
690,942,089
 
TOTAL PREFERRED STOCKS
  (Cost $674,862,087)
 
 
 
811,886,972
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (g)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 2.45% to 3.21% 11/3/22 to 12/29/22 (h)
  (Cost $21,752,132)
 
21,840,000
21,735,926
 
 
 
 
Money Market Funds - 5.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (i)
 
722,864,008
723,008,581
Fidelity Securities Lending Cash Central Fund 3.10% (i)(j)
 
428,998,637
429,041,537
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,152,031,638)
 
 
1,152,050,118
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
  (Cost $24,818,793,921)
 
 
 
22,288,885,867
NET OTHER ASSETS (LIABILITIES) - 0.2%  
41,390,684
NET ASSETS - 100.0%
22,330,276,551
 
 
 
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)
17,223
Dec 2022
735,077,640
(4,775,049)
(4,775,049)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 3.3%
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Affiliated company
 
(b)
Non-income producing
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,087,452,532 or 4.9% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $177,622,180 or 0.8% of net assets.
 
(f)
Level 3 security
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
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 $11,224,990.
 
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(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 3.10%
91,212,294
16,226,924,332
15,595,128,044
7,001,339
-
(1)
723,008,581
1.4%
Fidelity Securities Lending Cash Central Fund 3.10%
671,802,601
4,478,086,330
4,720,847,394
4,755,868
-
-
429,041,537
1.2%
Total
763,014,895
20,705,010,662
20,315,975,438
11,757,207
-
(1)
1,152,050,118
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
First Resources Ltd.
112,766,729
12,593,354
35,000,899
4,650,232
(581,217)
(18,125,766)
-
JK Cement Ltd.
206,550,633
14,708,843
11,114,072
674,043
(3,706,567)
(52,936,173)
153,502,664
LOG Commercial Properties e Participacoes SA
9,222,095
15,152,476
-
900,552
-
605,299
24,979,870
Pick 'n Pay Stores Ltd.
143,251,457
2,204,520
-
4,451,702
-
(25,533,032)
119,922,945
Titan Cement International Trading SA
105,966,764
756,916
3,882,746
3,075,041
(3,202,522)
(34,001,703)
65,636,709
Zai Lab Ltd.
83,860,202
16,314,309
3,259,589
-
(2,988,010)
(67,978,071)
25,948,841
Zai Lab Ltd. ADR
-
1,877,776
-
-
-
(779,372)
1,098,404
Total
661,617,880
63,608,194
53,257,306
13,751,570
(10,478,316)
(198,748,818)
391,089,433
 
 
 
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,562,313,509
774,424,820
764,985,562
22,903,127
Consumer Discretionary
2,680,186,789
1,629,681,099
1,048,627,887
1,877,803
Consumer Staples
1,407,244,635
1,405,909,694
-
1,334,941
Energy
1,126,429,850
1,020,180,867
102,872,078
3,376,905
Financials
4,926,576,718
3,323,570,585
1,551,923,197
51,082,936
Health Care
784,409,455
694,756,322
82,748,816
6,904,317
Industrials
1,288,227,287
1,251,808,446
36,418,841
-
Information Technology
4,259,574,496
2,730,995,237
1,395,230,210
133,349,049
Materials
2,047,895,986
1,649,801,410
397,952,080
142,496
Real Estate
284,772,023
266,383,024
18,240,823
148,176
Utilities
747,469,075
747,469,075
-
-
 Government Obligations
21,735,926
-
21,735,926
-
  Money Market Funds
1,152,050,118
1,152,050,118
-
-
 Total Investments in Securities:
22,288,885,867
16,647,030,697
5,420,735,420
221,119,750
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(4,775,049)
(4,775,049)
-
-
  Total Liabilities
(4,775,049)
(4,775,049)
-
-
 Total Derivative Instruments:
(4,775,049)
(4,775,049)
-
-
 
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:
 
Communication Services
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(24,731,717)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(437,230,467)
 
  Cost of Purchases
 
164,608,675
 
  Proceeds of Sales
 
(38,305,866)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
358,562,502
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
22,903,127
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(437,230,467)
 
Energy
 
 
 
  Beginning Balance
$
-
 
  Net Realized Gain (Loss) on Investment Securities
 
(2,417,385)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(537,578,761)
 
  Cost of Purchases
 
94,374,004
 
  Proceeds of Sales
 
(128,985,355)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
577,984,402
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
3,376,905
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(537,578,761)
 
Financials
 
 
 
  Beginning Balance
$
35,315,704
 
  Net Realized Gain (Loss) on Investment Securities
 
(3,168,018)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(837,130,916)
 
  Cost of Purchases
 
140,256,067
 
  Proceeds of Sales
 
(18,613,983)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
734,424,082
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
51,082,936
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(837,130,916)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
133,369,962
 
  Net Realized Gain (Loss) on Investment Securities
 
(120,009)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(345,325,796)
 
  Cost of Purchases
 
202,443,757
 
  Proceeds of Sales
 
(4,137,630)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
157,526,498
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
143,756,782
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(345,325,796)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
0
(4,775,049)
Total Equity Risk
0
(4,775,049)
Total Value of Derivatives
0
(4,775,049)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $408,859,432) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $23,267,927,095)
 
$20,745,746,316
 
 
Fidelity Central Funds (cost $1,152,031,638)
 
1,152,050,118
 
 
Other affiliated issuers (cost $398,835,188)
 
391,089,433
 
 
 
 
 
 
 
Total Investment in Securities (cost $24,818,793,921)
 
 
$
22,288,885,867
Foreign currency held at value (cost $38,936,421)
 
 
 
35,236,227
Receivable for investments sold
 
 
 
35,155,091
Receivable for fund shares sold
 
 
 
590,350,146
Dividends receivable
 
 
 
19,643,185
Distributions receivable from Fidelity Central Funds
 
 
 
2,434,387
Receivable from investment adviser for expense reductions
 
 
 
452,170
Other receivables
 
 
 
3,076,794
  Total assets
 
 
 
22,975,233,867
Liabilities
 
 
 
 
Payable to custodian bank
 
71,846
 
 
Payable for investments purchased
 
139,108,368
 
 
Payable for fund shares redeemed
 
790,273
 
 
Payable for daily variation margin on futures contracts
 
900,919
 
 
Deferred taxes
 
73,167,360
 
 
Other payables and accrued expenses
 
1,882,108
 
 
Collateral on securities loaned
 
429,036,442
 
 
  Total Liabilities
 
 
 
644,957,316
Net Assets  
 
 
$
22,330,276,551
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
25,917,083,090
Total accumulated earnings (loss)
 
 
 
(3,586,806,539)
Net Assets
 
 
$
22,330,276,551
Net Asset Value , offering price and redemption price per share ($22,330,276,551 ÷ 1,576,343,964 shares)
 
 
$
14.17
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends (including $13,751,570 earned from affiliated issuers)
 
 
$
714,721,284
Non-Cash dividends
 
 
 
47,772,983
Interest  
 
 
171,305
Income from Fidelity Central Funds (including $4,755,868 from security lending)
 
 
 
11,757,207
 Income before foreign taxes withheld
 
 
 
774,422,779
Less foreign taxes withheld
 
 
 
(83,364,184)
 Total Income
 
 
 
691,058,595
Expenses
 
 
 
 
Custodian fees and expenses
 
7,567,432
 
 
Independent trustees' fees and expenses
 
90,736
 
 
 Total expenses before reductions
 
7,658,168
 
 
 Expense reductions
 
(4,184,633)
 
 
 Total expenses after reductions
 
 
 
3,473,535
Net Investment income (loss)
 
 
 
687,585,060
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $17,962,305)
 
(928,970,284)
 
 
   Affiliated issuers
 
(10,478,316)
 
 
 Foreign currency transactions
 
(11,133,371)
 
 
 Futures contracts
 
(119,281,388)
 
 
Total net realized gain (loss)
 
 
 
(1,069,863,359)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $55,650,317)  
 
(10,599,786,389)
 
 
   Fidelity Central Funds
 
(1)
 
 
   Other affiliated issuers
 
(198,748,818)
 
 
 Assets and liabilities in foreign currencies
 
(1,636,707)
 
 
 Futures contracts
 
(1,239,312)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(10,801,411,227)
Net gain (loss)
 
 
 
(11,871,274,586)
Net increase (decrease) in net assets resulting from operations
 
 
$
(11,183,689,526)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
687,585,060
$
563,417,592
Net realized gain (loss)
 
(1,069,863,359)
 
 
2,456,466,938
 
Change in net unrealized appreciation (depreciation)
 
(10,801,411,227)
 
2,113,225,691
 
Net increase (decrease) in net assets resulting from operations
 
(11,183,689,526)
 
 
5,133,110,221
 
Distributions to shareholders
 
(3,331,305,613)
 
 
(909,906,288)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
7,263,042,676
 
5,298,433,914
  Reinvestment of distributions
 
3,331,305,613
 
 
909,906,288
 
Cost of shares redeemed
 
(2,937,614,184)
 
(8,072,789,703)
  Net increase (decrease) in net assets resulting from share transactions
 
7,656,734,105
 
 
(1,864,449,501)
 
Total increase (decrease) in net assets
 
(6,858,261,034)
 
 
2,358,754,432
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
29,188,537,585
 
26,829,783,153
 
End of period
$
22,330,276,551
$
29,188,537,585
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
398,835,244
 
208,064,485
  Issued in reinvestment of distributions
 
156,693,585
 
 
37,646,102
 
Redeemed
 
(161,208,420)
 
(311,910,589)
Net increase (decrease)
 
394,320,409
 
(66,200,002)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Emerging Markets Opportunities Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.69
$
21.49
$
19.39
$
17.66
$
21.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.48
 
.47
 
.35
 
.57 C
 
.45
     Net realized and unrealized gain (loss)
 
(8.30)
 
3.48
 
2.26
 
2.71
 
(3.52)
  Total from investment operations
 
(7.82)  
 
3.95  
 
2.61  
 
3.28  
 
(3.07)
  Distributions from net investment income
 
(.68)
 
(.33)
 
(.50)
 
(.41)
 
(.39)
  Distributions from net realized gain
 
(2.01)
 
(.41)
 
(.02)
 
(1.14)
 
(.23)
     Total distributions
 
(2.70) D
 
(.75) D
 
(.51) D
 
(1.55)
 
(.62)
  Net asset value, end of period
$
14.17
$
24.69
$
21.49
$
19.39
$
17.66
 Total Return   E
 
(35.33)%
 
18.44%
 
13.66%
 
20.13%
 
(14.82)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03%
 
.03%
 
.04%
 
.04%
 
.05%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.64%
 
1.82%
 
1.78%
 
3.12% C
 
2.16%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
22,330,277
$
29,188,538
$
26,829,783
$
18,675,048
$
13,597,809
    Portfolio turnover rate H
 
37%
 
69%
 
42% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series International Growth Fund
-27.31%
4.31%
6.87%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Growth Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Growth Index performed over the same period.
 
Fidelity® Series International Growth Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Jed Weiss:
For the fiscal year ending October 31, 2022, the fund returned -27.31%, outperforming the -29.48% result of the benchmark MSCI EAFE Growth Index. . By region, non-benchmark exposure to the U.S. and security selection in Europe ex U.K., primarily driven by France, contributed most to the fund's relative result this period. Versus the benchmark, security selection was the primary contributor, led by the consumer discretionary sector. Strong investment choices among information technology stocks, especially in the software & services industry, also helped. Further boosting the portfolio's relative result was security selection in materials. A non-benchmark position in Linde was the fund's top individual relative contributor, driven by a result of roughly -6%. This was among the portfolio's biggest holdings on October 31. The portfolio's out-of-benchmark stake in Marsh & McLennan, one of our largest holdings, returned -2%. Avoiding Sea, a benchmark component that returned about -86%, bolstered relative performance as well. an underweighting and stock picks in Japan and Asia Pacific ex Japan - namely Australia - hindered the fund's relative return. By sector, the largest detractor from performance versus the benchmark was an overweighting in information technology. Smaller-than-benchmark exposure and picks among health care firms, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's relative performance. An underweighting in consumer staples, especially within the food, beverage & tobacco industry, pressured performance as well. The portfolio's biggest individual relative detractor was an overweighting in Recruit Holdings, which returned -53% the past year and was among our largest holdings. Another notable relative detractor this period was avoiding Novo-Nordisk, a benchmark component that gained 1%. Further holding back performance was an outsized stake in ASML Holding, which returned approximately -41% and was another of the fund's biggest holdings. Notable geographic changes in positioning include a higher allocation to France and the U.K. By sector, meaningful shifts include greater exposure to consumer discretionary and materials stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Series International Growth Fund
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
5.6
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
4.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
4.6
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
4.6
 
Linde PLC  (Germany, Chemicals)
3.5
 
Marsh & McLennan Companies, Inc.  (United States of America, Insurance)
3.1
 
Keyence Corp.  (Japan, Electronic Equipment & Components)
3.0
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
2.5
 
Amadeus IT Holding SA Class A (Spain, IT Services)
2.4
 
ResMed, Inc.  (United States of America, Health Care Equipment & Supplies)
2.3
 
 
36.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
26.2
 
Information Technology
21.0
 
Financials
12.9
 
Consumer Discretionary
9.7
 
Health Care
9.5
 
Materials
7.0
 
Consumer Staples
6.2
 
Communication Services
2.6
 
Energy
1.0
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 78.3%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Series International Growth Fund
Showing Percentage of Net Assets     
Common Stocks - 96.5%
 
 
Shares
Value ($)
 
Bailiwick of Jersey - 1.6%
 
 
 
Experian PLC
 
6,235,889
198,833,042
Belgium - 0.7%
 
 
 
Azelis Group NV
 
1,757,983
40,236,487
UCB SA
 
553,300
41,731,679
TOTAL BELGIUM
 
 
81,968,166
Canada - 3.3%
 
 
 
CAE, Inc. (a)
 
3,832,300
73,138,180
Canadian Pacific Railway Ltd. (b)
 
3,230,840
240,851,551
Franco-Nevada Corp.
 
791,428
97,787,702
TOTAL CANADA
 
 
411,777,433
Denmark - 0.9%
 
 
 
Vestas Wind Systems A/S
 
5,487,500
108,178,745
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
1,488,400
60,943,734
France - 9.6%
 
 
 
Edenred SA
 
2,664,490
136,820,150
Lectra
 
1,072,788
34,349,921
Legrand SA
 
2,494,744
190,111,231
LVMH Moet Hennessy Louis Vuitton SE
 
897,396
566,252,295
Safran SA
 
2,369,700
263,913,457
TOTAL FRANCE
 
 
1,191,447,054
Germany - 5.6%
 
 
 
Deutsche Borse AG
 
1,128,245
183,474,940
Linde PLC (b)
 
1,460,601
436,856,796
Vonovia SE
 
3,077,062
68,035,738
TOTAL GERMANY
 
 
688,367,474
Hong Kong - 2.5%
 
 
 
AIA Group Ltd.
 
36,019,301
272,838,788
Hong Kong Exchanges and Clearing Ltd.
 
1,442,025
38,276,562
TOTAL HONG KONG
 
 
311,115,350
India - 1.8%
 
 
 
Housing Development Finance Corp. Ltd.
 
3,282,200
97,926,764
Kotak Mahindra Bank Ltd.
 
2,808,100
64,518,794
Reliance Industries Ltd.
 
925,000
28,489,732
Reliance Industries Ltd. sponsored GDR (c)
 
514,400
31,404,120
TOTAL INDIA
 
 
222,339,410
Ireland - 1.7%
 
 
 
CRH PLC sponsored ADR
 
5,752,940
208,313,957
Italy - 1.3%
 
 
 
Interpump Group SpA
 
1,742,620
67,473,611
Prada SpA
 
19,606,100
89,292,908
TOTAL ITALY
 
 
156,766,519
Japan - 12.8%
 
 
 
Azbil Corp.
 
4,952,505
134,724,656
FANUC Corp.
 
677,515
88,653,942
Hoya Corp.
 
2,532,800
236,340,159
Keyence Corp.
 
992,187
375,802,628
Lasertec Corp.
 
1,062,000
149,222,614
Misumi Group, Inc.
 
6,892,406
147,401,399
OSG Corp.
 
2,224,346
28,317,610
Recruit Holdings Co. Ltd.
 
9,031,705
277,916,123
SHO-BOND Holdings Co. Ltd.
 
1,943,000
84,151,585
USS Co. Ltd.
 
4,484,000
67,759,831
TOTAL JAPAN
 
 
1,590,290,547
Kenya - 0.4%
 
 
 
Safaricom Ltd.
 
269,131,800
55,667,146
Netherlands - 7.9%
 
 
 
Aalberts Industries NV
 
598,297
20,800,774
Airbus Group NV
 
2,505,200
271,072,101
ASML Holding NV (Netherlands)
 
1,278,646
599,796,424
IMCD NV
 
700,376
90,878,847
TOTAL NETHERLANDS
 
 
982,548,146
New Zealand - 0.3%
 
 
 
Auckland International Airport Ltd. (a)
 
7,792,862
34,886,929
Norway - 0.5%
 
 
 
Adevinta ASA Class B (a)
 
4,256,302
29,150,089
Schibsted ASA (B Shares)
 
2,529,554
37,543,724
TOTAL NORWAY
 
 
66,693,813
South Africa - 0.3%
 
 
 
Clicks Group Ltd.
 
1,864,622
31,595,160
Spain - 3.0%
 
 
 
Amadeus IT Holding SA Class A (a)
 
5,716,764
298,159,564
Cellnex Telecom SA (c)
 
2,350,642
76,937,124
TOTAL SPAIN
 
 
375,096,688
Sweden - 6.0%
 
 
 
ASSA ABLOY AB (B Shares)
 
12,869,544
259,862,878
Atlas Copco AB (A Shares) (b)
 
28,739,144
306,740,176
Epiroc AB (A Shares)
 
10,768,036
164,842,027
Lagercrantz Group AB (B Shares)
 
1,353,600
11,615,911
TOTAL SWEDEN
 
 
743,060,992
Switzerland - 10.6%
 
 
 
Nestle SA (Reg. S)
 
6,352,950
691,574,530
Roche Holding AG (participation certificate)
 
1,701,914
564,691,982
Schindler Holding AG:
 
 
 
 (participation certificate)
 
177,981
29,016,226
 (Reg.)
 
155,582
24,486,666
TOTAL SWITZERLAND
 
 
1,309,769,404
Taiwan - 1.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
11,306,885
135,800,981
United Kingdom - 5.7%
 
 
 
BAE Systems PLC
 
11,484,700
107,422,945
Compass Group PLC
 
11,992,400
252,581,848
Dechra Pharmaceuticals PLC
 
1,359,600
40,850,759
InterContinental Hotel Group PLC ADR (b)
 
2,031,430
111,403,621
Rightmove PLC
 
13,212,492
74,402,127
Spectris PLC
 
3,306,086
114,500,866
TOTAL UNITED KINGDOM
 
 
701,162,166
United States of America - 18.4%
 
 
 
Alphabet, Inc. Class A (a)
 
710,440
67,143,684
Autoliv, Inc.
 
1,212,734
97,443,177
Lam Research Corp.
 
136,013
55,055,342
Marsh & McLennan Companies, Inc.
 
2,392,231
386,321,384
MasterCard, Inc. Class A
 
629,331
206,533,848
Moody's Corp.
 
628,759
166,539,396
MSCI, Inc.
 
504,627
236,599,415
NICE Ltd. sponsored ADR (a)(b)
 
899,354
170,778,331
NOV, Inc.
 
2,940,700
65,871,680
Otis Worldwide Corp.
 
987,800
69,778,192
PriceSmart, Inc.
 
621,532
39,759,402
ResMed, Inc.
 
1,259,918
281,831,057
S&P Global, Inc.
 
516,580
165,951,325
Sherwin-Williams Co.
 
570,041
128,276,326
Visa, Inc. Class A
 
709,870
147,056,669
TOTAL UNITED STATES OF AMERICA
 
 
2,284,939,228
 
TOTAL COMMON STOCKS
  (Cost $9,323,355,672)
 
 
 
11,951,562,084
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $18,859,141)
 
172,113
27,025,183
 
 
 
 
Money Market Funds - 6.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
350,079,836
350,149,852
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
459,158,584
459,204,500
 
TOTAL MONEY MARKET FUNDS
  (Cost $809,354,352)
 
 
809,354,352
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.2%
  (Cost $10,151,569,165)
 
 
 
12,787,941,619
NET OTHER ASSETS (LIABILITIES) - (3.2)%  
(395,771,085)
NET ASSETS - 100.0%
12,392,170,534
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $108,341,244 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 $27,025,183 or 0.2% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 3.10%
289,691,163
4,567,409,335
4,506,950,646
3,100,901
-
-
350,149,852
0.7%
Fidelity Securities Lending Cash Central Fund 3.10%
40,631,762
2,881,234,696
2,462,661,958
550,966
-
-
459,204,500
1.3%
Total
330,322,925
7,448,644,031
6,969,612,604
3,651,867
-
-
809,354,352
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
340,843,894
189,504,643
151,339,251
-
Consumer Discretionary
1,184,733,680
365,899,537
818,834,143
-
Consumer Staples
762,929,092
71,354,562
691,574,530
-
Energy
125,765,532
125,765,532
-
-
Financials
1,612,447,368
1,117,857,078
494,590,290
-
Health Care
1,165,445,636
600,753,654
564,691,982
-
Industrials
3,249,908,458
951,418,057
2,298,490,401
-
Information Technology
2,597,243,088
1,387,238,322
1,182,979,583
27,025,183
Materials
871,234,781
871,234,781
-
-
Real Estate
68,035,738
-
68,035,738
-
  Money Market Funds
809,354,352
809,354,352
-
-
 Total Investments in Securities:
12,787,941,619
6,490,380,518
6,270,535,918
27,025,183
Fidelity® Series International Growth Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $382,411,814) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $9,342,214,813)
 
$11,978,587,267
 
 
Fidelity Central Funds (cost $809,354,352)
 
809,354,352
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,151,569,165)
 
 
$
12,787,941,619
Cash
 
 
 
80,680
Foreign currency held at value (cost $6,501,675)
 
 
 
6,465,196
Receivable for investments sold
 
 
 
96,601,596
Receivable for fund shares sold
 
 
 
47,665,692
Dividends receivable
 
 
 
10,447,100
Reclaims receivable
 
 
 
38,447,170
Interest receivable
 
 
 
1,095
Distributions receivable from Fidelity Central Funds
 
 
 
842,307
Other receivables
 
 
 
24,381
  Total assets
 
 
 
12,988,516,836
Liabilities
 
 
 
 
Payable for investments purchased
 
34,284,067
 
 
Payable for fund shares redeemed
 
99,915,041
 
 
Other payables and accrued expenses
 
2,942,694
 
 
Collateral on securities loaned
 
459,204,500
 
 
  Total Liabilities
 
 
 
596,346,302
Net Assets  
 
 
$
12,392,170,534
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
9,407,696,304
Total accumulated earnings (loss)
 
 
 
2,984,474,230
Net Assets
 
 
$
12,392,170,534
Net Asset Value , offering price and redemption price per share ($12,392,170,534 ÷ 900,986,800 shares)
 
 
$
13.75
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
198,003,451
Interest  
 
 
9,297
Income from Fidelity Central Funds (including $550,966 from security lending)
 
 
 
3,651,867
 Income before foreign taxes withheld
 
 
 
201,664,615
Less foreign taxes withheld
 
 
 
(17,769,072)
 Total Income
 
 
 
183,895,543
Expenses
 
 
 
 
Custodian fees and expenses
 
911,774
 
 
Independent trustees' fees and expenses
 
47,909
 
 
Interest
 
220
 
 
 Total expenses before reductions
 
959,903
 
 
 Expense reductions
 
(167)
 
 
 Total expenses after reductions
 
 
 
959,736
Net Investment income (loss)
 
 
 
182,935,807
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $726,484)
 
297,823,755
 
 
   Redemptions in-kind with affiliated entities
 
20,221,102
 
 
 Foreign currency transactions
 
(1,577,980)
 
 
Total net realized gain (loss)
 
 
 
316,466,877
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,623,563)  
 
(4,978,985,142)
 
 
 Assets and liabilities in foreign currencies
 
(4,131,896)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(4,983,117,038)
Net gain (loss)
 
 
 
(4,666,650,161)
Net increase (decrease) in net assets resulting from operations
 
 
$
(4,483,714,354)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
182,935,807
$
150,726,737
Net realized gain (loss)
 
316,466,877
 
 
1,036,472,737
 
Change in net unrealized appreciation (depreciation)
 
(4,983,117,038)
 
2,647,507,454
 
Net increase (decrease) in net assets resulting from operations
 
(4,483,714,354)
 
 
3,834,706,928
 
Distributions to shareholders
 
(1,228,456,975)
 
 
(1,893,653,837)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,357,019,808
 
2,688,569,606
  Reinvestment of distributions
 
1,228,456,975
 
 
1,893,653,837
 
Cost of shares redeemed
 
(1,948,259,376)
 
(2,614,147,031)
  Net increase (decrease) in net assets resulting from share transactions
 
2,637,217,407
 
 
1,968,076,412
 
Total increase (decrease) in net assets
 
(3,074,953,922)
 
 
3,909,129,503
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
15,467,124,456
 
11,557,994,953
 
End of period
$
12,392,170,534
$
15,467,124,456
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
205,948,049
 
140,533,087
  Issued in reinvestment of distributions
 
65,032,132
 
 
110,675,268
 
Redeemed
 
(124,061,175)
 
(138,785,466)
Net increase (decrease)
 
146,919,006
 
112,422,889
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Growth Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.51
$
18.01
$
17.07
$
14.96
$
16.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.20
 
.20
 
.37 C
 
.30
     Net realized and unrealized gain (loss)
 
(5.38)
 
5.19
 
1.38
 
2.74
 
(1.05)
  Total from investment operations
 
(5.17)  
 
5.39  
 
1.58  
 
3.11  
 
(.75)
  Distributions from net investment income
 
(.28)
 
(.24)
 
(.37)
 
(.28)
 
(.24)
  Distributions from net realized gain
 
(1.31)
 
(2.65)
 
(.27)
 
(.72)
 
(.27)
     Total distributions
 
(1.59)
 
(2.89)
 
(.64)
 
(1.00)
 
(.51)
  Net asset value, end of period
$
13.75
$
20.51
$
18.01
$
17.07
$
14.96
 Total Return   D
 
(27.31)%
 
33.10%
 
9.39%
 
22.58%
 
(4.82)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
-% G
    Net investment income (loss)
 
1.32%
 
1.06%
 
1.18%
 
2.38% C
 
1.84%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,392,171
$
15,467,124
$
11,557,995
$
16,501,791
$
14,113,600
    Portfolio turnover rate H
 
22% I
 
24%
 
16% I
 
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 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 Amount represents less than .005%.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series International Small Cap Fund
-31.82%
2.37%
7.00%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Small Cap Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
 
Fidelity® Series International Small Cap Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Lead Manager Jed Weiss and Co-Manager s Patrick Drouot and Preeti Sayana:
For the fiscal year ending October 31, 2022, the fund returned -31.82%, trailing the -30.15% result of the benchmark MSCI EAFE Small Cap Index. By region, security selection in Europe ex U.K. and U.K. hurt the fund's relative result most this period. Versus the benchmark, sector positioning was the primary detractor, especially an overweighting within health care. Picks among capital goods stocks within the industrials sector notably hurt as well. Investment choices and an overweighting in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry, also weighed on performance. Investment choices and an overweighting in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry, also weighed on performance. The fund's largest individual relative detractor was an outsized stake in AddLife, which returned -77% the past year. Also hampering performance was our overweighting in Dechra Pharmaceuticals, which returned about -56% and was one of our biggest holdings this period. An outsized stake in Addtech - one of the fund's largest holdings -   returned approximately -45%, proved detrimental as well. In contrast, a non-benchmark allocation to the U.S. and an overweighting in Japan contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark were stock picks in information technology, primarily driven by the software & services industry. Security selection and an underweighting in consumer discretionary also boosted the portfolio's relative performance. Further aiding the fund's relative result were investment choices among consumer staples companies. Lastly, the fund's position in cash was a notable contributor. The fund's largest individual relative contributor was an overweighting in SHO-BOND Holdings, which gained 6% the past 12 months and was among the portfolio's biggest holdings as of October 31. Also lifting performance was our outsized stake in Kongsberg Gruppen, which gained 14%. Another notable relative contributor was an overweighting in Koshidaka Holdings (+24%). Notable changes in positioning include lower allocations to Sweden and the U.K. By sector, meaningful shifts include increased exposure to financials stocks and a lower allocation to health care firms.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Series International Small Cap Fund
Top Holdings (% of Fund's net assets)
 
Spectris PLC  (United Kingdom, Electronic Equipment & Components)
3.0
 
Azbil Corp.  (Japan, Electronic Equipment & Components)
2.9
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment & Components)
2.7
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
2.6
 
Aalberts Industries NV  (Netherlands, Machinery)
2.4
 
OBIC Co. Ltd. (Japan, IT Services)
2.2
 
CTS Eventim AG  (Germany, Entertainment)
2.0
 
Interpump Group SpA  (Italy, Machinery)
1.9
 
SHO-BOND Holdings Co. Ltd.  (Japan, Construction & Engineering)
1.7
 
Morningstar, Inc.  (United States of America, Capital Markets)
1.5
 
 
22.9
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
28.7
 
Information Technology
19.1
 
Health Care
10.9
 
Consumer Discretionary
9.1
 
Communication Services
6.4
 
Financials
6.0
 
Consumer Staples
5.9
 
Materials
3.7
 
Real Estate
3.6
 
Energy
2.3
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 90.9%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Series International Small Cap Fund
Showing Percentage of Net Assets     
Common Stocks - 95.9%
 
 
Shares
Value ($)
 
Australia - 1.1%
 
 
 
Aub Group Ltd.
 
465,000
6,151,002
GUD Holdings Ltd.
 
100,000
514,279
Imdex Ltd.
 
7,612,984
9,934,076
Reliance Worldwide Corp. Ltd.
 
1,000,000
2,053,277
Steadfast Group Ltd.
 
5,266,595
17,046,014
TOTAL AUSTRALIA
 
 
35,698,648
Austria - 0.2%
 
 
 
Mayr-Melnhof Karton AG
 
24,700
3,515,008
Wienerberger AG
 
150,000
3,430,216
TOTAL AUSTRIA
 
 
6,945,224
Bailiwick of Jersey - 0.4%
 
 
 
Integrated Diagnostics Holdings PLC (a)
 
15,716,953
12,102,054
Belgium - 1.4%
 
 
 
Azelis Group NV
 
665,687
15,236,158
Econocom Group SA
 
550,000
1,497,446
Fagron NV
 
497,500
6,194,845
KBC Ancora
 
621,679
22,105,186
TOTAL BELGIUM
 
 
45,033,635
Bermuda - 0.3%
 
 
 
Kerry Properties Ltd.
 
1,300,000
2,056,907
Lancashire Holdings Ltd.
 
1,463,768
8,312,671
TOTAL BERMUDA
 
 
10,369,578
Brazil - 0.1%
 
 
 
LOG Commercial Properties e Participacoes SA
 
927,500
4,086,710
Canada - 3.6%
 
 
 
CAE, Inc. (b)
 
1,044,900
19,941,572
Cogeco Communications, Inc. (c)
 
57,300
2,922,306
ECN Capital Corp.
 
983,550
2,967,219
McCoy Global, Inc. (b)
 
1,107,650
813,044
MTY Food Group, Inc. (c)
 
81,100
3,287,218
North West Co., Inc.
 
60,000
1,561,273
Onex Corp. (sub. vtg.)
 
30,000
1,509,964
Osisko Gold Royalties Ltd.
 
827,300
8,872,062
Parkland Corp.
 
182,500
3,689,250
Pason Systems, Inc.
 
1,227,500
13,037,711
Real Matters, Inc. (b)
 
710,000
2,407,751
Richelieu Hardware Ltd.
 
1,239,205
33,264,379
Summit Industrial Income REIT
 
1,647,500
21,054,043
Total Energy Services, Inc.
 
329,000
1,893,317
TOTAL CANADA
 
 
117,221,109
Cayman Islands - 0.4%
 
 
 
ASMPT Ltd.
 
250,000
1,375,858
Chlitina Holding Ltd.
 
2,026,000
9,265,052
Kindstar Globalgene Technology, Inc. (a)(b)
 
4,000,000
912,143
WH Group Ltd. (a)
 
3,000,000
1,517,265
TOTAL CAYMAN ISLANDS
 
 
13,070,318
Denmark - 0.8%
 
 
 
Cadeler A/S (b)
 
1,000,000
3,206,956
SimCorp A/S
 
47,632
2,844,909
Spar Nord Bank A/S
 
1,723,897
20,867,155
TOTAL DENMARK
 
 
26,919,020
Finland - 0.6%
 
 
 
Huhtamaki Oyj
 
115,489
4,148,698
Musti Group OYJ
 
718,378
13,503,003
Nanoform Finland PLC (b)
 
425,000
1,113,017
Olvi Oyj (A Shares)
 
74,900
2,313,123
TOTAL FINLAND
 
 
21,077,841
France - 3.8%
 
 
 
Altarea SCA
 
21,100
2,810,860
ARGAN SA
 
73,600
5,520,602
Elis SA
 
275,000
3,155,235
Exclusive Networks SA
 
260,000
4,177,926
Groupe Gorge SA (b)
 
114,000
2,235,184
Laurent-Perrier Group SA
 
149,831
14,599,750
Lectra
 
1,005,400
32,192,204
LISI
 
861,095
17,002,523
Maisons du Monde SA (a)
 
400,947
3,930,660
Somfy SA
 
23,000
2,450,267
Stef SA
 
51,700
4,118,058
Thermador Groupe SA
 
33,900
2,824,191
Vallourec SA (b)
 
230,000
2,449,131
Vetoquinol SA
 
272,141
22,618,135
Vicat SA
 
98,900
2,267,520
TOTAL FRANCE
 
 
122,352,246
Germany - 5.4%
 
 
 
Brenntag SE
 
28,000
1,698,938
CTS Eventim AG (b)
 
1,391,838
66,490,892
DIC Asset AG
 
363,800
2,509,487
Nexus AG
 
618,016
33,163,959
NORMA Group AG
 
98,900
1,568,694
Novem Group SA
 
255,000
1,592,664
Rheinmetall AG
 
142,600
23,182,072
Scout24 AG (a)
 
313,500
16,073,274
Shop Apotheke Europe NV (a)(b)
 
31,000
1,285,170
Stabilus Se
 
391,000
21,464,840
Talanx AG
 
80,000
3,005,861
Wacker Chemie AG
 
31,800
3,705,167
TOTAL GERMANY
 
 
175,741,018
Greece - 0.1%
 
 
 
Mytilineos SA
 
234,500
3,935,024
Hong Kong - 0.0%
 
 
 
Chervon Holdings Ltd.
 
420,000
1,415,222
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
352,100
6,952,456
India - 0.8%
 
 
 
Embassy Office Parks (REIT)
 
4,232,200
17,606,729
Indian Energy Exchange Ltd. (a)
 
5,595,208
9,456,023
TOTAL INDIA
 
 
27,062,752
Indonesia - 0.1%
 
 
 
PT Selamat Sempurna Tbk
 
40,916,800
3,934,938
Ireland - 1.0%
 
 
 
Adient PLC (b)
 
47,100
1,647,558
Bank of Ireland Group PLC
 
510,000
3,677,239
Cairn Homes PLC
 
10,811,434
10,427,183
Irish Residential Properties REIT PLC
 
10,887,500
11,770,972
Mincon Group PLC
 
3,865,000
3,781,390
TOTAL IRELAND
 
 
31,304,342
Israel - 1.6%
 
 
 
Ituran Location & Control Ltd.
 
919,635
22,052,847
Maytronics Ltd.
 
945,622
10,206,739
Strauss Group Ltd.
 
314,764
7,881,682
Tel Aviv Stock Exchange Ltd.
 
1,766,857
10,415,483
TOTAL ISRAEL
 
 
50,556,751
Italy - 2.2%
 
 
 
BFF Bank SpA (a)
 
525,000
3,704,455
Intercos SpA (b)
 
269,000
2,677,001
Interpump Group SpA
 
1,615,037
62,533,643
MARR SpA
 
131,400
1,384,266
TOTAL ITALY
 
 
70,299,365
Japan - 33.5%
 
 
 
Ai Holdings Corp.
 
454,692
6,739,575
Aoki Super Co. Ltd.
 
307,387
5,292,113
Arcland Sakamoto Co. Ltd.
 
193,700
1,921,433
Artnature, Inc.
 
1,119,300
5,803,694
ASKUL Corp.
 
355,000
3,712,465
Aucnet, Inc.
 
696,460
10,496,431
Azbil Corp.
 
3,400,825
92,513,784
Bank of Kyoto Ltd.
 
156,153
5,628,838
BayCurrent Consulting, Inc.
 
119,000
3,353,240
Broadleaf Co. Ltd. (d)
 
5,982,673
21,927,817
Central Automotive Products Ltd.
 
183,879
2,774,972
CKD Corp.
 
149,900
1,841,806
Curves Holdings Co. Ltd. (d)
 
5,022,459
29,217,035
Daiichikosho Co. Ltd.
 
1,060,314
30,448,507
Daikokutenbussan Co. Ltd.
 
192,500
5,877,467
Digital Hearts Holdings Co. Ltd. (d)
 
1,335,450
18,366,423
Dip Corp.
 
121,200
3,398,931
Dowa Holdings Co. Ltd.
 
115,000
3,662,026
Food & Life Companies Ltd.
 
164,300
2,772,310
Fujitec Co. Ltd.
 
475,300
9,455,176
Funai Soken Holdings, Inc.
 
1,232,157
21,984,011
GMO Internet, Inc.
 
251,181
4,343,027
Goldcrest Co. Ltd.
 
1,753,600
20,638,219
i-mobile Co. Ltd.
 
220,000
1,757,692
Inaba Denki Sangyo Co. Ltd.
 
386,300
7,217,064
Invincible Investment Corp.
 
5,000
1,570,329
Iwatani Corp.
 
55,000
2,026,968
Iwatsuka Confectionary Co. Ltd.
 
105,800
2,860,325
JEOL Ltd.
 
1,191,900
43,765,924
JINS Holdings, Inc.
 
88,300
2,660,372
JTOWER, Inc. (b)
 
125,000
5,085,914
Kamigumi Co. Ltd.
 
370,800
7,052,170
Kobayashi Pharmaceutical Co. Ltd.
 
381,400
20,263,358
Kobe Bussan Co. Ltd.
 
56,900
1,237,913
Koshidaka Holdings Co. Ltd.
 
3,561,659
26,779,211
Kusuri No Aoki Holdings Co. Ltd.
 
232,658
11,234,301
Kyoritsu Maintenance Co. Ltd.
 
86,500
3,565,991
Kyushu Railway Co.
 
115,000
2,405,259
Lasertec Corp.
 
336,360
47,262,258
Maruwa Ceramic Co. Ltd.
 
58,300
6,865,281
MCJ Co. Ltd.
 
530,000
3,350,483
Mebuki Financial Group, Inc.
 
1,700,000
3,304,079
Medikit Co. Ltd.
 
691,500
11,254,111
Meitec Corp.
 
201,000
3,391,567
Miroku Jyoho Service Co., Ltd.
 
815,891
8,197,593
Misumi Group, Inc.
 
1,471,300
31,465,308
Mitsuboshi Belting Ltd.
 
317,952
6,767,666
Miura Co. Ltd.
 
76,600
1,563,476
Monex Group, Inc.
 
380,000
1,323,784
Nagaileben Co. Ltd.
 
1,513,000
20,777,740
Net One Systems Co. Ltd.
 
399,400
8,219,268
Nihon Parkerizing Co. Ltd.
 
5,732,968
37,321,450
Nitto Kohki Co. Ltd.
 
270,000
2,867,144
NOF Corp.
 
194,800
6,707,529
NS Tool Co. Ltd. (d)
 
1,356,400
10,526,821
NSD Co. Ltd.
 
1,280,480
21,907,536
OBIC Co. Ltd.
 
485,000
72,964,457
Open House Group Co. Ltd.
 
75,700
2,698,208
OSG Corp.
 
2,120,875
27,000,346
PALTAC Corp.
 
122,000
3,470,594
Paramount Bed Holdings Co. Ltd.
 
641,612
11,425,997
ProNexus, Inc.
 
1,245,977
8,035,858
Qol Holdings Co. Ltd.
 
240,000
1,980,430
Raccoon Holdings, Inc.
 
171,500
1,423,256
Relo Group, Inc.
 
273,600
3,867,697
Renesas Electronics Corp. (b)
 
281,200
2,352,450
Roland Corp.
 
63,700
1,812,105
San-Ai Obbli Co. Ltd.
 
1,956,110
16,180,876
Sekisui Jushi Corp.
 
175,000
2,005,447
SHO-BOND Holdings Co. Ltd.
 
1,257,800
54,475,483
Shoei Co. Ltd.
 
1,186,700
43,814,405
SK Kaken Co. Ltd.
 
93,904
23,397,849
Software Service, Inc.
 
181,500
10,045,698
Sumco Corp.
 
415,500
5,278,453
Techno Medica Co. Ltd.
 
283,000
3,109,869
The Monogatari Corp.
 
231,996
10,640,659
TIS, Inc.
 
887,836
23,972,975
Tocalo Co. Ltd.
 
1,435,449
11,487,840
Tsuruha Holdings, Inc.
 
124,635
7,250,363
USS Co. Ltd.
 
1,593,300
24,077,105
Welcia Holdings Co. Ltd.
 
544,670
11,391,935
YAKUODO Holdings Co. Ltd.
 
677,500
12,693,870
Yamato Holdings Co. Ltd.
 
215,000
3,186,792
Zuken, Inc.
 
96,000
2,166,045
TOTAL JAPAN
 
 
1,086,932,247
Korea (South) - 0.5%
 
 
 
BGF Retail Co. Ltd.
 
104,578
13,664,628
Hansol Chemical Co. Ltd.
 
18,660
2,425,125
Soulbrain Co. Ltd.
 
13,000
1,864,403
TOTAL KOREA (SOUTH)
 
 
17,954,156
Luxembourg - 0.2%
 
 
 
B&M European Value Retail SA
 
1,471,031
5,442,192
Mexico - 0.1%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
1,173,400
2,136,793
Netherlands - 4.6%
 
 
 
Aalberts Industries NV
 
2,235,235
77,711,600
AerCap Holdings NV (b)
 
333,400
17,806,894
Arcadis NV
 
107,100
3,638,833
IMCD NV
 
308,353
40,011,030
RHI Magnesita NV
 
119,000
2,527,410
Van Lanschot Kempen NV (Bearer)
 
305,761
6,602,378
TOTAL NETHERLANDS
 
 
148,298,145
New Zealand - 0.1%
 
 
 
EBOS Group Ltd.
 
121,630
2,651,838
Norway - 2.4%
 
 
 
Europris ASA (a)
 
1,254,800
7,471,239
Kongsberg Gruppen ASA
 
1,266,808
45,402,640
Medistim ASA
 
409,945
9,503,205
Selvaag Bolig ASA
 
840,200
2,719,538
TGS ASA
 
390,000
5,326,972
Volue A/S (b)
 
3,374,402
8,763,711
TOTAL NORWAY
 
 
79,187,305
Singapore - 0.2%
 
 
 
Boustead Singapore Ltd.
 
8,000,000
4,436,281
Keppel DC (REIT)
 
1,400,000
1,740,605
TOTAL SINGAPORE
 
 
6,176,886
South Africa - 0.6%
 
 
 
Clicks Group Ltd.
 
1,164,331
19,729,052
Spain - 1.1%
 
 
 
Applus Services SA
 
425,000
2,515,837
Cie Automotive SA
 
264,600
6,730,777
Compania de Distribucion Integral Logista Holdings SA
 
488,400
10,106,928
eDreams ODIGEO SA (b)
 
100,000
415,065
Fluidra SA (c)
 
1,086,218
14,738,536
TOTAL SPAIN
 
 
34,507,143
Sweden - 8.2%
 
 
 
Addlife AB
 
2,119,601
19,811,508
AddTech AB (B Shares)
 
6,926,965
83,817,205
Arjo AB
 
370,000
1,476,488
Betsson AB (B Shares)
 
570,000
4,150,636
BHG Group AB (b)
 
896,000
1,502,909
Dometic Group AB (a)
 
487,400
2,792,534
Hemnet Group AB
 
2,032,500
25,256,222
HEXPOL AB (B Shares)
 
220,700
2,178,776
Instalco AB
 
551,500
2,208,507
INVISIO AB
 
1,219,734
18,117,268
JM AB (B Shares)
 
125,000
1,883,853
John Mattson Fastighetsforetag (b)
 
1,106,779
6,996,810
Lagercrantz Group AB (B Shares)
 
10,294,023
88,338,104
MIPS AB
 
36,600
1,184,730
Stillfront Group AB (b)
 
1,250,000
2,435,197
Teqnion AB
 
431,829
4,888,837
TOTAL SWEDEN
 
 
267,039,584
Switzerland - 1.4%
 
 
 
Kardex AG
 
14,990
2,290,378
PolyPeptide Group AG (a)
 
41,950
1,219,937
Tecan Group AG
 
104,505
38,343,373
VZ Holding AG
 
41,172
2,837,038
TOTAL SWITZERLAND
 
 
44,690,726
Taiwan - 0.5%
 
 
 
Addcn Technology Co. Ltd.
 
1,948,764
10,875,473
eMemory Technology, Inc.
 
63,000
2,099,740
International Games Systems Co. Ltd.
 
248,000
2,702,673
TOTAL TAIWAN
 
 
15,677,886
United Kingdom - 13.4%
 
 
 
Alliance Pharma PLC
 
26,930,070
19,209,477
Avon Protection PLC
 
1,313,872
15,670,183
Baltic Classifieds Group PLC
 
1,000,000
1,596,346
Beazley PLC
 
750,000
5,371,324
Bodycote PLC
 
4,999,161
28,412,935
Clarkson PLC
 
1,043,401
33,085,223
Close Brothers Group PLC
 
1,429
16,093
Computacenter PLC
 
69,400
1,440,541
Dechra Pharmaceuticals PLC
 
1,606,913
48,281,565
Discoverie Group PLC
 
380,100
3,247,445
Domino's Pizza UK & IRL PLC
 
848,400
2,200,802
DP Poland PLC (b)
 
32,210,430
2,788,889
Energean PLC
 
230,000
3,774,463
FDM Group Holdings PLC
 
187,700
1,358,255
Grainger Trust PLC
 
2,028,839
5,281,547
H&T Group PLC
 
580,000
2,840,165
Harbour Energy PLC
 
875,800
3,795,505
Helios Towers PLC (b)
 
5,389,616
7,756,919
Hill & Smith Holdings PLC
 
225,514
2,555,160
Howden Joinery Group PLC
 
3,693,282
21,770,243
J.D. Wetherspoon PLC (b)
 
333,500
1,724,885
Jet2 PLC (b)
 
260,000
2,533,832
John Wood Group PLC (b)
 
1,450,000
2,326,341
Londonmetric Properity PLC
 
808,062
1,731,975
LSL Property Services PLC
 
694,900
1,824,927
Mears Group PLC
 
1,248,458
2,720,290
Mitie Group PLC
 
2,200,000
1,801,393
On The Beach Group PLC (a)(b)
 
1,651,900
1,958,808
Petershill Partners PLC (a)
 
1,150,000
2,613,901
Pets At Home Group PLC
 
2,401,500
7,926,128
Rightmove PLC
 
5,937,770
33,436,745
S4 Capital PLC (b)
 
1,748,700
3,523,504
Sabre Insurance Group PLC (a)
 
2,650,000
2,729,040
Savills PLC
 
100,430
950,754
Softcat PLC
 
222,845
2,862,257
Spectris PLC
 
2,855,028
98,879,207
Spirax-Sarco Engineering PLC
 
355,497
43,826,026
Tate & Lyle PLC
 
806,300
6,481,901
Ten Entertainment Group PLC
 
887,600
2,183,395
Vistry Group PLC
 
240,000
1,659,649
TOTAL UNITED KINGDOM
 
 
434,148,038
United States of America - 5.0%
 
 
 
Autoliv, Inc.
 
390,100
31,344,535
Concentrix Corp.
 
24,600
3,006,858
Morningstar, Inc.
 
212,200
49,268,596
NOV, Inc.
 
908,300
20,345,920
PriceSmart, Inc.
 
339,588
21,723,444
Ramaco Resources, Inc. (c)
 
220,000
2,483,800
ResMed, Inc.
 
158,100
35,365,389
TOTAL UNITED STATES OF AMERICA
 
 
163,538,542
 
TOTAL COMMON STOCKS
  (Cost $2,807,354,633)
 
 
 
3,114,188,784
 
 
 
 
Money Market Funds - 4.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (e)
 
121,267,462
121,291,715
Fidelity Securities Lending Cash Central Fund 3.10% (e)(f)
 
18,449,230
18,451,075
 
TOTAL MONEY MARKET FUNDS
  (Cost $139,741,830)
 
 
139,742,790
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
  (Cost $2,947,096,463)
 
 
 
3,253,931,574
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(7,673,249)
NET ASSETS - 100.0%
3,246,258,325
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $67,766,503 or 2.1% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated company
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
144,309,124
865,961,013
888,978,422
1,262,242
-
-
121,291,715
0.2%
Fidelity Securities Lending Cash Central Fund 3.10%
15,744,442
197,851,210
195,144,577
79,785
-
-
18,451,075
0.1%
Total
160,053,566
1,063,812,223
1,084,122,999
1,342,027
-
-
139,742,790
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Avon Protection PLC
48,128,171
2,156,318
8,755,614
607,577
(13,270,484)
(12,588,208)
-
Broadleaf Co. Ltd.
28,718,099
-
-
207,804
-
(6,790,282)
21,927,817
Curves Holdings Co. Ltd.
33,855,013
3,854,945
-
231,578
-
(8,492,923)
29,217,035
DP Poland PLC
3,295,626
242,908
195,627
-
(1,334,763)
780,745
-
Digital Hearts Holdings Co. Ltd.
13,608,617
7,241,900
-
160,423
-
(2,484,094)
18,366,423
Goldcrest Co. Ltd.
21,877,398
3,651,179
678,970
1,013,420
(646,840)
(3,564,548)
-
Ituran Location & Control Ltd.
28,945,489
-
4,815,398
417,747
1,206,039
(3,283,283)
-
NS Tool Co. Ltd.
17,657,258
303,100
-
205,269
-
(7,433,537)
10,526,821
Shoei Co. Ltd.
67,483,152
1,356,436
13,783,372
1,010,456
9,364,388
(20,606,199)
-
Total
263,568,823
18,806,786
28,228,981
3,854,274
(4,681,660)
(64,462,329)
80,038,096
 
 
 
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
210,361,664
176,924,919
33,436,745
-
Consumer Discretionary
305,657,042
305,657,042
-
-
Consumer Staples
189,969,376
189,969,376
-
-
Energy
75,659,498
75,659,498
-
-
Financials
193,890,301
193,890,301
-
-
Health Care
359,298,728
359,298,728
-
-
Industrials
923,892,150
922,193,212
1,698,938
-
Information Technology
617,317,288
567,702,580
49,614,708
-
Materials
120,996,275
120,996,275
-
-
Real Estate
117,146,462
117,146,462
-
-
  Money Market Funds
139,742,790
139,742,790
-
-
 Total Investments in Securities:
3,253,931,574
3,169,181,183
84,750,391
-
Fidelity® Series International Small Cap Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,857,661) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,718,339,957)
 
$3,034,150,688
 
 
Fidelity Central Funds (cost $139,741,830)
 
139,742,790
 
 
Other affiliated issuers (cost $89,014,676)
 
80,038,096
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,947,096,463)
 
 
$
3,253,931,574
Cash
 
 
 
256,459
Foreign currency held at value (cost $6,355)
 
 
 
6,348
Receivable for investments sold
 
 
 
5,249,384
Receivable for fund shares sold
 
 
 
519,796
Dividends receivable
 
 
 
9,951,857
Reclaims receivable
 
 
 
3,916,154
Distributions receivable from Fidelity Central Funds
 
 
 
239,939
Other receivables
 
 
 
7,782
  Total assets
 
 
 
3,274,079,293
Liabilities
 
 
 
 
Payable for investments purchased
 
5,453,321
 
 
Payable for fund shares redeemed
 
2,436,510
 
 
Other payables and accrued expenses
 
1,480,066
 
 
Collateral on securities loaned
 
18,451,071
 
 
  Total Liabilities
 
 
 
27,820,968
Net Assets  
 
 
$
3,246,258,325
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,752,419,475
Total accumulated earnings (loss)
 
 
 
493,838,850
Net Assets
 
 
$
3,246,258,325
Net Asset Value , offering price and redemption price per share ($3,246,258,325 ÷ 224,146,131 shares)
 
 
$
14.48
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends (including $3,854,274 earned from affiliated issuers)
 
 
$
86,298,126
Interest  
 
 
3,420
Income from Fidelity Central Funds (including $79,785 from security lending)
 
 
 
1,342,027
 Income before foreign taxes withheld
 
 
 
87,643,573
Less foreign taxes withheld
 
 
 
(8,507,766)
 Total Income
 
 
 
79,135,807
Expenses
 
 
 
 
Custodian fees and expenses
 
343,887
 
 
Independent trustees' fees and expenses
 
13,681
 
 
 Total Expenses
 
 
 
357,568
Net Investment income (loss)
 
 
 
78,778,239
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $835,624)
 
176,915,110
 
 
   Affiliated issuers
 
(4,681,660)
 
 
 Foreign currency transactions
 
(1,635,078)
 
 
Total net realized gain (loss)
 
 
 
170,598,372
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,749,678)  
 
(1,706,951,048)
 
 
   Affiliated issuers
 
(64,462,329)
 
 
 Assets and liabilities in foreign currencies
 
(796,798)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,772,210,175)
Net gain (loss)
 
 
 
(1,601,611,803)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,522,833,564)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
78,778,239
$
60,448,635
Net realized gain (loss)
 
170,598,372
 
 
531,151,176
 
Change in net unrealized appreciation (depreciation)
 
(1,772,210,175)
 
803,627,779
 
Net increase (decrease) in net assets resulting from operations
 
(1,522,833,564)
 
 
1,395,227,590
 
Distributions to shareholders
 
(562,935,286)
 
 
(34,455,580)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
318,375,461
 
462,541,841
  Reinvestment of distributions
 
562,935,286
 
 
34,455,580
 
Cost of shares redeemed
 
(397,219,829)
 
(662,874,221)
  Net increase (decrease) in net assets resulting from share transactions
 
484,090,918
 
 
(165,876,800)
 
Total increase (decrease) in net assets
 
(1,601,677,932)
 
 
1,194,895,210
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,847,936,257
 
3,653,041,047
 
End of period
$
3,246,258,325
$
4,847,936,257
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
18,537,989
 
21,517,155
  Issued in reinvestment of distributions
 
27,025,218
 
 
1,762,434
 
Redeemed
 
(22,410,759)
 
(30,467,291)
Net increase (decrease)
 
23,152,448
 
(7,187,702)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Small Cap Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.12
$
17.55
$
16.71
$
16.43
$
18.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.35
 
.29
 
.22
 
.36
 
.38
     Net realized and unrealized gain (loss)
 
(7.16)
 
6.45
 
1.36
 
1.47
 
(.99)
  Total from investment operations
 
(6.81)  
 
6.74  
 
1.58  
 
1.83  
 
(.61)
  Distributions from net investment income
 
(.47)
 
(.17)
 
(.36)
 
(.37)
 
(.29)
  Distributions from net realized gain
 
(2.35)
 
-
 
(.38)
 
(1.18)
 
(.85)
     Total distributions
 
(2.83) C
 
(.17)
 
(.74)
 
(1.55)
 
(1.13) C
  Net asset value, end of period
$
14.48
$
24.12
$
17.55
$
16.71
$
16.43
 Total Return   D
 
(31.82)%
 
38.60%
 
9.60%
 
12.77%
 
(3.72)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.03%
 
1.34%
 
1.36%
 
2.28%
 
2.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,246,258
$
4,847,936
$
3,653,041
$
3,498,064
$
3,225,502
    Portfolio turnover rate G
 
25%
 
32%
 
24% H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series International Value Fund
-16.40%
0.54%
3.83%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Value Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Value Index performed over the same period.
 
Fidelity® Series International Value Fund
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Alex Zavratsky:
For the fiscal year ending October 31, 2022, the fund returned -16.40%, trailing the -16.13% result of the benchmark MSCI EAFE Value Index. By region, stock picks in Japan, along with an overweighting and security selection in Europe ex U.K., hurt the fund's relative result most this period. By sector, the largest detractors from performance versus the benchmark were security selection and an overweighting in industrials. Subpar picks among communication services and real estate stocks hurt as well. The fund's biggest individual relative detractor was an overweighting in Vonovia, which returned -59% the past year. The fund's non-benchmark position in Shin-Etsu Chemical returned about -40% and further weighed on the portfolio's relative return. Also hurting performance was an outsized stake in Porsche, which returned -45%. In contrast, stock picks in the U.K., in addition to an underweighting and security selection in Asia Pacific ex Japan - namely Hong Kong - contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark was an overweighting in energy. Strong picks in the financials sector, especially insurance firms, also proved beneficial. Further aiding the fund's relative return were investment choices in materials. Our non-benchmark stake in RH was the portfolio's largest individual relative contributor, driven by a rise of roughly 71%. Further lifting performance was our overweighting in TotalEnergies, which gained 14% and was among the fund's largest holdings on October 31. Another notable relative contributor was an outsized stake in Glencore (+22%), which was one of our biggest positions at period end as well.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Series International Value Fund
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (United Kingdom, Oil, Gas & Consumable Fuels)
4.2
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.4
 
BHP Group Ltd.  (Australia, Metals & Mining)
3.3
 
Toyota Motor Corp.  (Japan, Automobiles)
3.1
 
BP PLC  (United Kingdom, Oil, Gas & Consumable Fuels)
2.3
 
Sanofi SA  (France, Pharmaceuticals)
2.2
 
Glencore PLC  (Bailiwick of Jersey, Metals & Mining)
2.1
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.0
 
Zurich Insurance Group Ltd.  (Switzerland, Insurance)
2.0
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.0
 
 
26.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
30.2
 
Industrials
13.8
 
Energy
13.4
 
Materials
13.1
 
Health Care
8.3
 
Consumer Discretionary
6.3
 
Information Technology
4.2
 
Utilities
2.3
 
Communication Services
2.1
 
Real Estate
1.6
 
Consumer Staples
1.2
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 96.5%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Fidelity® Series International Value Fund
Showing Percentage of Net Assets     
Common Stocks - 95.5%
 
 
Shares
Value ($)
 
Australia - 6.9%
 
 
 
BHP Group Ltd.
 
17,236,552
411,907,468
Macquarie Group Ltd.
 
1,298,241
140,756,166
National Australia Bank Ltd.
 
7,421,869
154,167,413
Woodside Energy Group Ltd.
 
6,321,603
145,489,209
TOTAL AUSTRALIA
 
 
852,320,256
Austria - 0.4%
 
 
 
Erste Group Bank AG
 
1,935,964
47,711,730
Bailiwick of Jersey - 2.4%
 
 
 
Ferguson PLC
 
372,155
40,587,477
Glencore PLC
 
45,275,027
259,565,068
TOTAL BAILIWICK OF JERSEY
 
 
300,152,545
Belgium - 1.1%
 
 
 
KBC Group NV
 
1,968,987
98,677,278
UCB SA
 
553,800
41,769,390
TOTAL BELGIUM
 
 
140,446,668
Canada - 0.8%
 
 
 
Nutrien Ltd.
 
1,192,100
100,724,947
Denmark - 0.9%
 
 
 
DSV A/S
 
486,800
65,903,402
ORSTED A/S (a)
 
547,211
45,148,055
TOTAL DENMARK
 
 
111,051,457
Finland - 1.4%
 
 
 
Sampo Oyj (A Shares)
 
3,703,387
169,378,886
France - 13.3%
 
 
 
Air Liquide SA
 
1,211,099
158,428,419
ALTEN
 
374,308
43,760,339
AXA SA
 
9,130,779
225,483,742
BNP Paribas SA
 
3,498,770
164,071,044
Capgemini SA
 
554,248
90,836,175
Euroapi SASU (b)
 
148,770
2,603,024
Sanofi SA
 
3,085,906
265,566,478
Teleperformance
 
224,631
60,226,317
TotalEnergies SE (c)
 
7,742,892
422,400,828
VINCI SA
 
1,366,029
125,725,240
Vivendi SA
 
10,054,986
82,299,866
TOTAL FRANCE
 
 
1,641,401,472
Germany - 10.0%
 
 
 
Bayer AG
 
2,875,682
151,206,450
Deutsche Post AG
 
2,642,307
93,405,098
Hannover Reuck SE
 
926,263
150,854,527
Linde PLC (c)
 
554,474
165,839,771
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
396,617
104,697,394
Rheinmetall AG
 
810,441
131,751,064
RWE AG
 
3,769,600
145,249,728
Siemens AG
 
2,068,707
225,921,495
Vonovia SE
 
3,309,341
73,171,570
TOTAL GERMANY
 
 
1,242,097,097
Hong Kong - 0.7%
 
 
 
AIA Group Ltd.
 
11,473,647
86,910,513
India - 0.8%
 
 
 
Reliance Industries Ltd. sponsored GDR (a)
 
1,713,000
104,578,650
Indonesia - 0.5%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
213,689,537
63,706,129
Ireland - 2.4%
 
 
 
Bank of Ireland Group PLC
 
9,294,900
67,018,757
CRH PLC
 
3,968,808
142,947,961
Ryanair Holdings PLC sponsored ADR (b)
 
1,180,700
81,338,423
TOTAL IRELAND
 
 
291,305,141
Italy - 1.5%
 
 
 
Enel SpA
 
20,688,350
92,422,083
Mediobanca SpA (c)
 
10,345,055
93,769,948
TOTAL ITALY
 
 
186,192,031
Japan - 21.9%
 
 
 
DENSO Corp.
 
2,545,096
126,277,297
FUJIFILM Holdings Corp.
 
2,139,300
98,106,101
Fujitsu Ltd.
 
547,000
62,937,017
Hitachi Ltd.
 
5,553,100
252,456,075
Hoya Corp.
 
1,266,842
118,211,324
Ibiden Co. Ltd.
 
1,221,644
41,325,326
Idemitsu Kosan Co. Ltd.
 
2,669,276
58,341,888
Itochu Corp.
 
5,375,153
139,136,917
Minebea Mitsumi, Inc.
 
4,890,951
72,495,081
Mitsubishi Estate Co. Ltd.
 
4,676,233
58,805,028
Mitsubishi UFJ Financial Group, Inc.
 
39,524,624
186,708,428
Mitsui Fudosan Co. Ltd.
 
3,150,496
60,374,178
ORIX Corp.
 
9,603,533
141,119,201
Recruit Holdings Co. Ltd.
 
1,166,816
35,904,293
Renesas Electronics Corp. (b)
 
9,878,000
82,636,902
Shin-Etsu Chemical Co. Ltd.
 
1,403,958
145,913,294
Shiseido Co. Ltd.
 
955,600
33,129,009
SoftBank Group Corp.
 
2,340,337
100,461,825
Sony Group Corp.
 
557,345
37,584,371
Sumitomo Mitsui Financial Group, Inc.
 
5,031,263
141,285,746
Suzuki Motor Corp.
 
3,170,382
107,033,307
TIS, Inc.
 
1,964,356
53,040,717
Tokio Marine Holdings, Inc.
 
9,379,545
169,745,826
Toyota Motor Corp.
 
27,463,520
381,045,675
TOTAL JAPAN
 
 
2,704,074,826
Korea (South) - 0.4%
 
 
 
Samsung Electronics Co. Ltd.
 
1,152,675
47,970,248
Luxembourg - 0.6%
 
 
 
ArcelorMittal SA (Netherlands)
 
3,053,645
68,367,459
Netherlands - 2.2%
 
 
 
Airbus Group NV
 
892,387
96,559,643
NN Group NV
 
3,179,102
134,623,883
Universal Music Group NV
 
2,222,387
43,637,583
TOTAL NETHERLANDS
 
 
274,821,109
Norway - 0.9%
 
 
 
Equinor ASA
 
2,921,900
106,455,694
Singapore - 1.5%
 
 
 
United Overseas Bank Ltd. (c)
 
9,712,989
190,472,291
South Africa - 0.1%
 
 
 
Thungela Resources Ltd.
 
760,674
11,619,581
Spain - 1.9%
 
 
 
Banco Santander SA (Spain) (c)
 
68,913,444
178,567,931
Cellnex Telecom SA (a)
 
981,138
32,112,902
Unicaja Banco SA (a)
 
27,630,531
24,466,062
TOTAL SPAIN
 
 
235,146,895
Sweden - 1.5%
 
 
 
Alleima AB (b)
 
605,100
2,061,720
Investor AB (B Shares)
 
8,350,460
136,406,275
Sandvik AB
 
3,183,500
49,747,753
TOTAL SWEDEN
 
 
188,215,748
Switzerland - 6.1%
 
 
 
Novartis AG
 
1,441,190
116,578,962
Roche Holding AG (participation certificate)
 
242,400
80,427,881
Swiss Life Holding AG
 
189,390
91,711,401
UBS Group AG
 
14,282,091
226,513,963
Zurich Insurance Group Ltd.
 
575,420
245,229,021
TOTAL SWITZERLAND
 
 
760,461,228
United Kingdom - 15.3%
 
 
 
Anglo American PLC (United Kingdom)
 
5,416,108
162,235,272
AstraZeneca PLC (United Kingdom)
 
2,087,799
244,966,033
BAE Systems PLC
 
24,524,186
229,388,690
Beazley PLC
 
10,015,617
71,729,505
BP PLC
 
52,137,852
288,458,307
Imperial Brands PLC
 
4,837,383
117,834,291
Lloyds Banking Group PLC
 
216,019,816
103,747,396
Shell PLC ADR
 
9,235,448
513,767,970
Standard Chartered PLC (United Kingdom)
 
26,114,622
155,790,789
TOTAL UNITED KINGDOM
 
 
1,887,918,253
 
TOTAL COMMON STOCKS
  (Cost $11,213,043,791)
 
 
 
11,813,500,854
 
 
 
 
Nonconvertible Preferred Stocks - 1.0%
 
 
Shares
Value ($)
 
Germany - 1.0%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $136,007,032)
 
2,043,977
114,201,691
 
 
 
 
Money Market Funds - 7.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (d)
 
391,906,018
391,984,399
Fidelity Securities Lending Cash Central Fund 3.10% (d)(e)
 
513,451,567
513,502,912
 
TOTAL MONEY MARKET FUNDS
  (Cost $905,487,311)
 
 
905,487,311
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.8%
  (Cost $12,254,538,134)
 
 
 
12,833,189,856
NET OTHER ASSETS (LIABILITIES) - (3.8)%  
(465,211,598)
NET ASSETS - 100.0%
12,367,978,258
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $206,305,669 or 1.7% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
296,762,755
4,309,696,462
4,214,474,818
4,334,803
-
-
391,984,399
0.8%
Fidelity Securities Lending Cash Central Fund 3.10%
293,807,795
5,288,164,968
5,068,469,851
4,075,393
-
-
513,502,912
1.4%
Total
590,570,550
9,597,861,430
9,282,944,669
8,410,196
-
-
905,487,311
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
258,512,176
-
258,512,176
-
Consumer Discretionary
766,142,341
107,033,307
659,109,034
-
Consumer Staples
150,963,300
33,129,009
117,834,291
-
Energy
1,651,112,127
833,797,298
817,314,829
-
Financials
3,765,321,245
2,206,631,540
1,558,689,705
-
Health Care
1,021,329,542
162,583,738
858,745,804
-
Industrials
1,700,546,968
843,894,756
856,652,212
-
Information Technology
520,612,825
284,202,731
236,410,094
-
Materials
1,617,991,379
748,901,365
869,090,014
-
Real Estate
192,350,776
60,374,178
131,976,598
-
Utilities
282,819,866
145,249,728
137,570,138
-
  Money Market Funds
905,487,311
905,487,311
-
-
 Total Investments in Securities:
12,833,189,856
6,331,284,961
6,501,904,895
-
Fidelity® Series International Value Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $471,025,314) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $11,349,050,823)
 
$11,927,702,545
 
 
Fidelity Central Funds (cost $905,487,311)
 
905,487,311
 
 
 
 
 
 
 
Total Investment in Securities (cost $12,254,538,134)
 
 
$
12,833,189,856
Foreign currency held at value (cost $557,758)
 
 
 
552,950
Receivable for investments sold
 
 
 
136,679,371
Receivable for fund shares sold
 
 
 
3,009,071
Dividends receivable
 
 
 
40,292,681
Reclaims receivable
 
 
 
38,629,821
Interest receivable
 
 
 
105
Distributions receivable from Fidelity Central Funds
 
 
 
1,227,049
  Total assets
 
 
 
13,053,580,904
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
171,928,056
 
 
Other payables and accrued expenses
 
171,678
 
 
Collateral on securities loaned
 
513,502,912
 
 
  Total Liabilities
 
 
 
685,602,646
Net Assets  
 
 
$
12,367,978,258
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
12,650,879,939
Total accumulated earnings (loss)
 
 
 
(282,901,681)
Net Assets
 
 
$
12,367,978,258
Net Asset Value , offering price and redemption price per share ($12,367,978,258 ÷ 1,339,208,137 shares)
 
 
$
9.24
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
549,700,276
Non-Cash dividends
 
 
 
60,632,586
Interest  
 
 
19,540
Income from Fidelity Central Funds (including $4,075,393 from security lending)
 
 
 
8,410,196
 Income before foreign taxes withheld
 
 
 
618,762,598
Less foreign taxes withheld
 
 
 
(46,239,668)
 Total Income
 
 
 
572,522,930
Expenses
 
 
 
 
Custodian fees and expenses
 
763,002
 
 
Independent trustees' fees and expenses
 
48,119
 
 
Interest
 
3,435
 
 
 Total expenses before reductions
 
814,556
 
 
 Expense reductions
 
(240)
 
 
 Total expenses after reductions
 
 
 
814,316
Net Investment income (loss)
 
 
 
571,708,614
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(151,202,404)
 
 
   Redemptions in-kind with affiliated entities
 
9,807,643
 
 
 Foreign currency transactions
 
(6,856,789)
 
 
Total net realized gain (loss)
 
 
 
(148,251,550)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(2,769,482,283)
 
 
 Assets and liabilities in foreign currencies
 
(5,313,051)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(2,774,795,334)
Net gain (loss)
 
 
 
(2,923,046,884)
Net increase (decrease) in net assets resulting from operations
 
 
$
(2,351,338,270)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
571,708,614
$
568,501,292
Net realized gain (loss)
 
(148,251,550)
 
 
711,104,230
 
Change in net unrealized appreciation (depreciation)
 
(2,774,795,334)
 
3,663,836,805
 
Net increase (decrease) in net assets resulting from operations
 
(2,351,338,270)
 
 
4,943,442,327
 
Distributions to shareholders
 
(770,910,384)
 
 
(373,393,666)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,577,499,861
 
2,735,781,749
  Reinvestment of distributions
 
770,910,384
 
 
373,393,666
 
Cost of shares redeemed
 
(3,188,665,043)
 
(3,954,452,072)
  Net increase (decrease) in net assets resulting from share transactions
 
159,745,202
 
 
(845,276,657)
 
Total increase (decrease) in net assets
 
(2,962,503,452)
 
 
3,724,772,004
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
15,330,481,710
 
11,605,709,706
 
End of period
$
12,367,978,258
$
15,330,481,710
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
248,540,462
 
245,691,599
  Issued in reinvestment of distributions
 
70,596,189
 
 
38,062,555
 
Redeemed
 
(298,779,921)
 
(372,495,173)
Net increase (decrease)
 
20,356,730
 
(88,741,019)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Value Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.62
$
8.25
$
9.82
$
9.68
$
10.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.42
 
.43 C
 
.26
 
.39
 
.38
     Net realized and unrealized gain (loss)
 
(2.24)
 
3.23
 
(1.43)
 
.10
 
(1.23)
  Total from investment operations
 
(1.82)  
 
3.66  
 
(1.17)  
 
.49  
 
(.85)
  Distributions from net investment income
 
(.56)
 
(.29)
 
(.36)
 
(.35)
 
(.31)
  Distributions from net realized gain
 
-
 
-
 
(.04)
 
-
 
(.03)
     Total distributions
 
(.56)
 
(.29)
 
(.40)
 
(.35)
 
(.34)
  Net asset value, end of period
$
9.24
$
11.62
$
8.25
$
9.82
$
9.68
 Total Return   D
 
(16.40)%
 
44.95%
 
(12.55)%
 
5.48%
 
(8.11)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
-% G
    Net investment income (loss)
 
4.09%
 
3.97% C
 
2.92%
 
4.23%
 
3.60%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,367,978
$
15,330,482
$
11,605,710
$
15,992,396
$
14,030,676
    Portfolio turnover rate H
 
31% I
 
34%
 
36% I
 
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 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 Amount represents less than .005%.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Series Emerging Markets Fund,   Fidelity Series Emerging Markets Opportunities Fund,   Fidelity Series International Growth Fund,   Fidelity Series International Small Cap Fund and   Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.   Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Value Fund and Fidelity Series International Small Cap Fund have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund and Fidelity Series International Small Cap Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Series Emerging Markets Fund  
$2,873,687,205
$230,369,851
$(649,400,938)
$(419,031,087)
Fidelity Series Emerging Markets Opportunities Fund  
25,386,312,243
3,590,771,195
(6,688,197,571)
(3,097,426,376)
Fidelity Series International Growth Fund  
10,211,557,270
3,709,497,051
(1,133,112,702)
2,576,384,349
Fidelity Series International Small Cap Fund  
2,963,078,900
824,908,792
(534,056,669)
290,852,123
Fidelity Series International Value Fund
12,485,040,648
1,527,981,573
(1,179,832,365)
348,149,208
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Undistributed long-term capital gain
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Series Emerging Markets Fund  
$49,624,281
$-
$(297,426,554)
$(419,139,468)
Fidelity Series Emerging Markets Opportunities Fund  
 
422,953,792
 
-
 
(834,830,045)
 
(3,101,762,927)
Fidelity Series International Growth Fund  
 
151,934,332
 
261,708,278
 
-
 
2,573,584,326
Fidelity Series International Small Cap Fund  
 
41,257,144
 
163,880,557
 
-
 
290,113,311
Fidelity Series International Value Fund
 
381,887,841
 
-
 
(1,007,762,687)
 
342,973,166
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
 
Short-term
 
Long-term
Total capital loss carryforward
Fidelity Series Emerging Markets Fund  
$(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)
 
 
 
The tax character of distributions paid was as follows:
 
October 31, 2022
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Series Emerging Markets Fund  
$   105,313,301
$   -
$   105,313,301
Fidelity Series Emerging Markets Opportunities Fund  
1,355,505,288
1,975,800,325
3,331,305,613
Fidelity Series International Growth Fund  
332,369,715
896,087,260
1,228,456,975
Fidelity Series International Small Cap Fund  
97,971,051
464,964,235
562,935,286
Fidelity Series International Value Fund
770,910,384
-
770,910,384
 
October 31, 2021
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Series Emerging Markets Fund  
$   47,189,249
$   -
$   47,189,249
Fidelity Series Emerging Markets Opportunities Fund  
404,944,890
504,961,398
909,906,288
Fidelity Series International Growth Fund  
174,415,485
1,719,238,352
1,893,653,837
Fidelity Series International Small Cap Fund  
34,455,580
-
34,455,580
Fidelity Series International Value Fund
373,393,666
-
373,393,666
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Emerging Markets Fund
2,322,362,250
1,750,176,871
Fidelity Series Emerging Markets Opportunities Fund
13,957,340,250
9,443,815,008
Fidelity Series International Growth Fund
4,352,506,268
2,944,129,286
Fidelity Series International Small Cap Fund
962,060,115
933,991,857
Fidelity Series International Value Fund
4,136,000,499
4,320,912,703
 
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
$   965
Fidelity Series Emerging Markets Opportunities Fund
130,055
Fidelity Series International Growth Fund
6,761
Fidelity Series International Small Cap Fund
  714
Fidelity Series International Value Fund
5,221
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series International Growth Fund  
  Borrower
$12,576,000
.32%
$    220
Fidelity Series International Value Fund
  Borrower
$   130,860,667
.32%
$   3,435
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Emerging Markets Fund
20,735,155
32,432,512
(1,664,139)
Fidelity Series Emerging Markets Opportunities Fund
284,874,718
142,547,382
(26,520,410)
Fidelity Series International Growth Fund
218,358,370
139,128,081
2,609,219
Fidelity Series International Small Cap Fund
68,679,823
8,092,826
1,256,398
Fidelity Series International Value Fund
82,850,054
104,071,974
5,954,913
 
 
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. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series International Growth Fund
3,489,700
20,221,102
47,323,914
Fidelity Series International Value Fund
5,171,078
9,807,643
46,949,274
 
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
 
Amount ($)
Fidelity Series Emerging Markets Opportunities Fund
41,157
Fidelity Series International Growth Fund
4,126
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series Emerging Markets Fund
$   18,937
$   -
$-
Fidelity Series Emerging Markets Opportunities Fund
$   511,461
$   11
$-
Fidelity Series International Growth Fund
$   60,135
$   -
$   -
Fidelity Series International Small Cap Fund
$   9,020
$   -
$   -
Fidelity Series International Value Fund
$   436,872
$   -
$-
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%
$   624,015
Fidelity Series Emerging Markets Opportunities Fund
.013%
$   4,180,484
 
 
 
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  
$153
Fidelity Series Emerging Markets Opportunities Fund  
4,149
Fidelity Series International Growth Fund  
167
Fidelity Series International Value Fund  
240
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
 
 
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, except for the financial highlights for Fidelity Series Emerging Markets Fund; which are for each of the four years in the period then ended and for the period from August 29, 2018 (commencement of operations) through October 31, 2018; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, except for the financial highlights for Fidelity Series Emerging Markets Fund; which are for each of the four years in the period then ended and for the period from August 29, 2018 (commencement of operations) through October 31, 2018; in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 19, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series International Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 19, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 805.10
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Opportunities Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 822.40
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Growth Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 898.10
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Small Cap Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 876.00
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Value Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 892.80
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2022, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Series International Growth Fund
$324,975,788
Fidelity Series International Small Cap Fund
$174,366,556
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity Series International Growth Fund
 
December, 2021
5%
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Series Emerging Markets Opportunities Fund
 
December, 2021
33%
Fidelity Series International Growth Fund
 
December, 2021
38%
Fidelity Series International Value Fund
 
December, 2021
46%
Fidelity Series International Small Cap Fund
 
December, 2021
51%
Fidelity Series Emerging Markets Fund
 
December, 2021
38%
 
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Series Emerging Markets Fund
Fidelity Series Emerging Markets Opportunities Fund
Fidelity Series International Growth Fund
Fidelity Series International Small Cap Fund
Fidelity Series International Value Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for each fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and the fact that no fee is payable under the management contracts was fair and reasonable.  
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
Investment Performance . The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance, and for Fidelity Series Emerging Markets Fund, considered the fund's underperformance for different time periods ended December 31, 2021. The Board did not consider performance to be a material factor in its decision to renew each fund's Advisory Contracts, as the funds are not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. The Fidelity Series Emerging Markets Fund had a portfolio management change in February 2020, Fidelity Series Emerging Markets Opportunities Fund had portfolio management changes in June 2020, October 2020, December 2020, February 2021, and January 2022 and Fidelity Series International Small Cap Fund had a portfolio management change in June 2020. The Board will continue to monitor closely each fund's performance, taking into account the portfolio management changes.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered that each fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in each fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of each fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that each fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
 
The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2025.  
Based on its review, the Board considered that each fund does not pay a management fee and concluded that the total expense ratio of each fund was reasonable in light of the services that each fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability . The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the
operation of each fund were not relevant to the renewal of the Advisory Contracts because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions.
 
Economies of Scale . The Board concluded that because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew each fund's Advisory Contracts.
 
Additional Information Requested by the Boar d. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 each fund's Advisory Contracts should be renewed.
 
1.907943.112
GSV-S-ANN-1222
Fidelity® International Small Cap Opportunities Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-37.60%
0.18%
6.07%
Class M (incl.3.50% sales charge)    
-36.26%
0.38%
6.02%
Class C    
(incl. contingent deferred sales charge)
 
-34.88%
0.60%
6.04%
Fidelity® International Small Cap Opportunities Fund
-33.62%
1.66%
7.01%
Class I
-33.60%
1.66%
7.00%
Class Z
-33.52%
1.76%
7.05%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Small Cap Opportunities Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
 
Comments from Portfolio Manager Jed Weiss:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -34%, trailing the -30.15% result of the benchmark MSCI EAFE Small Cap Index. By region, security selection in Europe ex U.K. and U.K. hurt the fund's relative result most this period. Versus the benchmark, sector positioning was the primary detractor. Specifically, picks among capital goods stocks within the industrials sector notably hurt. Investment choices and an overweighting in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry, also weighed on performance. Further detracting from the portfolio's result was an overweighting in information technology, especially among software & services firms. The fund's largest individual relative detractor was an outsized stake in AddLife, which returned -77% the past year. Also hampering performance was our overweighting in Dechra Pharmaceuticals, which returned about -56% and was one of our biggest holdings this period. An outsized stake in Addtech - one of the fund's largest holdings -   returned approximately -45%, proved detrimental as well. In contrast, a non-benchmark allocation to the U.S. and an overweighting in Japan contributed most to the fund's relative result. By sector, the top contributor to performance versus the benchmark were stock picks in information technology, primarily driven by the software & services industry. Security selection and an underweighting in consumer discretionary also boosted the portfolio's relative performance. Further aiding the fund's relative result were investment choices among consumer staples companies, especially within the food & staples retailing industry. Lastly, the fund's position in cash was a notable contributor. The fund's largest individual relative contributor was an overweighting in SHO-BOND Holdings, which gained 6% the past 12 months and was among the portfolio's biggest holdings as of October 31. Also lifting performance was our outsized stake in Kongsberg Gruppen, which gained 14%. Another notable relative contributor was an overweighting in Koshidaka Holdings (+25%). Notable changes in positioning include lower allocations to the U.K. and Sweden. By sector, meaningful changes in positioning include increased exposure to consumer discretionary stocks and a lower allocation to health care firms.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Spectris PLC  (United Kingdom, Electronic Equipment & Components)
3.5
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment & Components)
3.3
 
Azbil Corp.  (Japan, Electronic Equipment & Components)
3.3
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
3.2
 
Aalberts Industries NV  (Netherlands, Machinery)
3.0
 
OBIC Co. Ltd. (Japan, IT Services)
2.7
 
Interpump Group SpA  (Italy, Machinery)
2.6
 
CTS Eventim AG  (Germany, Entertainment)
2.4
 
SHO-BOND Holdings Co. Ltd.  (Japan, Construction & Engineering)
2.1
 
Morningstar, Inc.  (United States of America, Capital Markets)
1.9
 
 
28.0
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
29.6
 
Information Technology
20.9
 
Health Care
12.6
 
Consumer Discretionary
8.2
 
Communication Services
7.0
 
Consumer Staples
6.3
 
Financials
4.8
 
Materials
3.1
 
Real Estate
2.7
 
Energy
2.0
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 91.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Australia - 1.1%
 
 
 
Aub Group Ltd.
 
190,000
2,513,313
Imdex Ltd.
 
3,047,752
3,976,969
Steadfast Group Ltd.
 
1,650,000
5,340,438
TOTAL AUSTRALIA
 
 
11,830,720
Bailiwick of Jersey - 0.4%
 
 
 
Integrated Diagnostics Holdings PLC (a)
 
5,996,716
4,617,471
Belgium - 1.4%
 
 
 
Azelis Group NV
 
265,800
6,083,596
KBC Ancora
 
239,989
8,533,345
TOTAL BELGIUM
 
 
14,616,941
Canada - 3.5%
 
 
 
CAE, Inc. (b)
 
411,600
7,855,250
McCoy Global, Inc. (b)
 
630,715
462,961
Osisko Gold Royalties Ltd.
 
335,000
3,592,579
Pason Systems, Inc.
 
495,000
5,257,570
Richelieu Hardware Ltd. (c)
 
442,263
11,871,808
Summit Industrial Income REIT (c)
 
561,500
7,175,627
TOTAL CANADA
 
 
36,215,795
Cayman Islands - 0.4%
 
 
 
Chlitina Holding Ltd.
 
829,500
3,793,367
Denmark - 0.7%
 
 
 
SimCorp A/S
 
18,943
1,131,406
Spar Nord Bank A/S
 
480,455
5,815,736
TOTAL DENMARK
 
 
6,947,142
Finland - 0.5%
 
 
 
Musti Group OYJ
 
289,502
5,441,629
France - 3.4%
 
 
 
Laurent-Perrier Group SA
 
66,632
6,492,719
Lectra
 
412,400
13,204,759
LISI
 
343,264
6,777,828
Vetoquinol SA
 
112,417
9,343,182
TOTAL FRANCE
 
 
35,818,488
Germany - 5.5%
 
 
 
CTS Eventim AG (b)
 
521,054
24,891,794
Nexus AG
 
291,358
15,634,846
Rheinmetall AG
 
32,000
5,202,148
Scout24 AG (a)
 
127,200
6,521,596
Stabilus Se
 
93,636
5,140,362
TOTAL GERMANY
 
 
57,390,746
India - 1.1%
 
 
 
Embassy Office Parks (REIT)
 
1,706,000
7,097,273
Indian Energy Exchange Ltd. (a)
 
2,298,585
3,884,659
TOTAL INDIA
 
 
10,981,932
Ireland - 0.7%
 
 
 
Cairn Homes PLC
 
4,369,500
4,214,203
Irish Residential Properties REIT PLC
 
2,925,000
3,162,351
TOTAL IRELAND
 
 
7,376,554
Israel - 1.9%
 
 
 
Ituran Location & Control Ltd. (c)
 
355,577
8,526,736
Maytronics Ltd.
 
294,515
3,178,900
Strauss Group Ltd.
 
130,984
3,279,836
Tel Aviv Stock Exchange Ltd.
 
734,996
4,332,744
TOTAL ISRAEL
 
 
19,318,216
Italy - 2.6%
 
 
 
Interpump Group SpA
 
686,943
26,598,182
Japan - 35.6%
 
 
 
Ai Holdings Corp.
 
185,800
2,753,981
Aoki Super Co. Ltd.
 
175,000
3,012,879
Artnature, Inc.
 
483,700
2,508,038
Aucnet, Inc.
 
306,977
4,626,487
Azbil Corp.
 
1,255,592
34,156,291
Broadleaf Co. Ltd.
 
2,509,998
9,199,697
Central Automotive Products Ltd.
 
151,500
2,286,331
Curves Holdings Co. Ltd.
 
2,020,026
11,751,051
Daiichikosho Co. Ltd.
 
418,800
12,026,470
Daikokutenbussan Co. Ltd. (c)
 
77,500
2,366,253
Digital Hearts Holdings Co. Ltd.
 
558,714
7,683,985
Fujitec Co. Ltd.
 
203,000
4,038,293
Funai Soken Holdings, Inc.
 
325,650
5,810,212
Goldcrest Co. Ltd.
 
595,530
7,008,827
Iwatsuka Confectionary Co. Ltd.
 
18,900
510,965
JEOL Ltd.
 
413,200
15,172,481
Kobayashi Pharmaceutical Co. Ltd.
 
160,550
8,529,843
Koshidaka Holdings Co. Ltd.
 
1,447,400
10,882,634
Kusuri No Aoki Holdings Co. Ltd.
 
93,500
4,514,812
Lasertec Corp.
 
131,644
18,497,422
Medikit Co. Ltd.
 
294,400
4,791,338
Miroku Jyoho Service Co., Ltd.
 
349,800
3,514,585
Misumi Group, Inc.
 
650,268
13,906,670
Mitsuboshi Belting Ltd.
 
124,780
2,655,965
Nagaileben Co. Ltd.
 
671,327
9,219,205
Nihon Parkerizing Co. Ltd.
 
2,013,600
13,108,476
NS Tool Co. Ltd.
 
594,500
4,613,827
NSD Co. Ltd.
 
432,049
7,391,860
OBIC Co. Ltd.
 
188,600
28,373,395
OSG Corp.
 
849,800
10,818,598
Paramount Bed Holdings Co. Ltd.
 
262,220
4,669,683
ProNexus, Inc.
 
497,100
3,206,018
San-Ai Obbli Co. Ltd.
 
839,700
6,945,970
SHO-BOND Holdings Co. Ltd.
 
507,100
21,962,568
Shoei Co. Ltd.
 
480,352
17,735,179
SK Kaken Co. Ltd.
 
40,900
10,190,961
Software Service, Inc.
 
74,600
4,128,975
Techno Medica Co. Ltd.
 
80,791
887,807
The Monogatari Corp.
 
94,200
4,320,549
TIS, Inc.
 
291,800
7,879,061
Tocalo Co. Ltd.
 
558,336
4,468,340
USS Co. Ltd.
 
647,100
9,778,632
Welcia Holdings Co. Ltd.
 
230,700
4,825,159
YAKUODO Holdings Co. Ltd.
 
235,900
4,419,902
TOTAL JAPAN
 
 
371,149,675
Korea (South) - 0.6%
 
 
 
BGF Retail Co. Ltd.
 
44,596
5,827,112
Netherlands - 5.1%
 
 
 
Aalberts Industries NV
 
904,480
31,445,726
AerCap Holdings NV (b)(c)
 
121,000
6,462,610
IMCD NV
 
113,917
14,781,554
TOTAL NETHERLANDS
 
 
52,689,890
Norway - 2.2%
 
 
 
Kongsberg Gruppen ASA
 
444,181
15,919,532
Medistim ASA
 
175,242
4,062,400
Volue A/S (b)
 
963,944
2,503,474
TOTAL NORWAY
 
 
22,485,406
South Africa - 0.7%
 
 
 
Clicks Group Ltd.
 
461,429
7,818,702
Spain - 0.4%
 
 
 
Fluidra SA (c)
 
335,001
4,545,519
Sweden - 8.9%
 
 
 
Addlife AB
 
821,408
7,677,545
AddTech AB (B Shares)
 
2,734,665
33,089,813
Hemnet Group AB
 
605,600
7,525,298
INVISIO AB
 
395,859
5,879,875
John Mattson Fastighetsforetag (b)(c)
 
435,213
2,751,319
Lagercrantz Group AB (B Shares)
 
4,054,287
34,791,843
Teqnion AB
 
122,243
1,383,942
TOTAL SWEDEN
 
 
93,099,635
Switzerland - 1.3%
 
 
 
Tecan Group AG
 
37,821
13,876,702
Taiwan - 0.5%
 
 
 
Addcn Technology Co. Ltd.
 
855,032
4,771,680
United Kingdom - 12.7%
 
 
 
Alliance Pharma PLC
 
9,107,237
6,496,280
Avon Protection PLC
 
521,507
6,219,868
Bodycote PLC
 
1,851,267
10,521,752
Clarkson PLC
 
346,149
10,976,046
Dechra Pharmaceuticals PLC
 
576,495
17,321,461
DP Poland PLC (b)
 
15,541,591
1,345,644
Helios Towers PLC (b)
 
2,265,833
3,261,064
Howden Joinery Group PLC
 
1,461,900
8,617,246
Rightmove PLC
 
2,399,170
13,510,196
Spectris PLC
 
1,043,878
36,152,997
Spirax-Sarco Engineering PLC
 
143,991
17,751,354
TOTAL UNITED KINGDOM
 
 
132,173,908
United States of America - 6.0%
 
 
 
Autoliv, Inc.
 
156,800
12,598,880
Morningstar, Inc. (c)
 
84,400
19,595,992
NOV, Inc.
 
365,000
8,176,000
PriceSmart, Inc.
 
132,660
8,486,260
ResMed, Inc.
 
63,495
14,203,197
TOTAL UNITED STATES OF AMERICA
 
 
63,060,329
 
TOTAL COMMON STOCKS
  (Cost $874,786,552)
 
 
 
1,012,445,741
 
 
 
 
Money Market Funds - 3.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (d)
 
26,876,072
26,881,448
Fidelity Securities Lending Cash Central Fund 3.10% (d)(e)
 
13,985,059
13,986,458
 
TOTAL MONEY MARKET FUNDS
  (Cost $40,867,905)
 
 
40,867,906
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
  (Cost $915,654,457)
 
 
 
1,053,313,647
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(11,167,858)
NET ASSETS - 100.0%
1,042,145,789
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,023,726 or 1.4% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
36,511,034
205,244,824
214,874,411
187,524
29
(28)
26,881,448
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
7,881,340
323,942,967
317,837,849
26,687
-
-
13,986,458
0.0%
Total
44,392,374
529,187,791
532,712,260
214,211
29
(28)
40,867,906
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
72,508,098
58,997,902
13,510,196
-
Consumer Discretionary
88,160,119
88,160,119
-
-
Consumer Staples
66,385,847
66,385,847
-
-
Energy
20,842,501
20,842,501
-
-
Financials
50,016,227
50,016,227
-
-
Health Care
132,102,573
132,102,573
-
-
Industrials
308,604,502
308,604,502
-
-
Information Technology
215,761,492
197,264,070
18,497,422
-
Materials
30,868,985
30,868,985
-
-
Real Estate
27,195,397
27,195,397
-
-
  Money Market Funds
40,867,906
40,867,906
-
-
 Total Investments in Securities:
1,053,313,647
1,021,306,029
32,007,618
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $13,502,564) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $874,786,552)
 
$1,012,445,741
 
 
Fidelity Central Funds (cost $40,867,905)
 
40,867,906
 
 
 
 
 
 
 
Total Investment in Securities (cost $915,654,457)
 
 
$
1,053,313,647
Foreign currency held at value (cost $99,083)
 
 
 
97,336
Receivable for investments sold
 
 
 
995,410
Receivable for fund shares sold
 
 
 
1,291,388
Dividends receivable
 
 
 
3,530,996
Reclaims receivable
 
 
 
1,421,363
Distributions receivable from Fidelity Central Funds
 
 
 
49,998
Prepaid expenses
 
 
 
1,764
Other receivables
 
 
 
2,578
  Total assets
 
 
 
1,060,704,480
Liabilities
 
 
 
 
Payable for investments purchased
 
$215,291
 
 
Payable for fund shares redeemed
 
2,577,853
 
 
Accrued management fee
 
896,867
 
 
Distribution and service plan fees payable
 
12,128
 
 
Other affiliated payables
 
166,983
 
 
Other payables and accrued expenses
 
699,501
 
 
Collateral on securities loaned
 
13,990,068
 
 
  Total Liabilities
 
 
 
18,558,691
Net Assets  
 
 
$
1,042,145,789
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
844,816,501
Total accumulated earnings (loss)
 
 
 
197,329,288
Net Assets
 
 
$
1,042,145,789
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($26,380,110 ÷ 1,536,586 shares) (a)
 
 
$
17.17
Maximum offering price per share (100/94.25 of $17.17)
 
 
$
18.22
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($10,115,426 ÷ 598,351 shares) (a)
 
 
$
16.91
Maximum offering price per share (100/96.50 of $16.91)
 
 
$
17.52
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,314,414 ÷ 204,382 shares) (a)
 
 
$
16.22
International Small Cap Opportunities :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($700,271,203 ÷ 40,073,833 shares)
 
 
$
17.47
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($82,704,625 ÷ 4,737,796 shares)
 
 
$
17.46
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($219,360,011 ÷ 12,575,596 shares)
 
 
$
17.44
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
26,500,157
Income from Fidelity Central Funds (including $26,687 from security lending)
 
 
 
214,211
 Income before foreign taxes withheld
 
 
 
26,714,368
Less foreign taxes withheld
 
 
 
(2,582,778)
 Total Income
 
 
 
24,131,590
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
11,158,221
 
 
 Performance adjustment
 
1,829,551
 
 
Transfer agent fees
 
1,914,218
 
 
Distribution and service plan fees
 
196,690
 
 
Accounting fees
 
603,200
 
 
Custodian fees and expenses
 
117,639
 
 
Independent trustees' fees and expenses
 
4,809
 
 
Registration fees
 
93,128
 
 
Audit
 
77,455
 
 
Legal
 
2,093
 
 
Miscellaneous
 
6,571
 
 
 Total expenses before reductions
 
16,003,575
 
 
 Expense reductions
 
(44,285)
 
 
 Total expenses after reductions
 
 
 
15,959,290
Net Investment income (loss)
 
 
 
8,172,300
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $368,474)
 
73,059,106
 
 
   Fidelity Central Funds
 
29
 
 
 Foreign currency transactions
 
(733,793)
 
 
Total net realized gain (loss)
 
 
 
72,325,342
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $729,080)  
 
(657,538,973)
 
 
   Fidelity Central Funds
 
(28)
 
 
 Assets and liabilities in foreign currencies
 
(262,199)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(657,801,200)
Net gain (loss)
 
 
 
(585,475,858)
Net increase (decrease) in net assets resulting from operations
 
 
$
(577,303,558)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,172,300
$
628,545
Net realized gain (loss)
 
72,325,342
 
 
178,864,218
 
Change in net unrealized appreciation (depreciation)
 
(657,801,200)
 
315,607,273
 
Net increase (decrease) in net assets resulting from operations
 
(577,303,558)
 
 
495,100,036
 
Distributions to shareholders
 
(145,923,001)
 
 
-
 
Share transactions - net increase (decrease)
 
(23,291,061)
 
 
(112,591,520)
 
Total increase (decrease) in net assets
 
(746,517,620)
 
 
382,508,516
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,788,663,409
 
1,406,154,893
 
End of period
$
1,042,145,789
$
1,788,663,409
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Small Cap Opportunities Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.35
$
20.86
$
19.02
$
17.33
$
18.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
(.06)
 
(.04)
 
.11
 
.12
     Net realized and unrealized gain (loss)
 
(8.93)
 
7.55
 
2.05
 
2.01
 
(.92)
  Total from investment operations
 
(8.87)  
 
7.49  
 
2.01  
 
2.12  
 
(.80)
  Distributions from net investment income
 
-
 
-
 
(.11)
 
(.11)
 
(.09)
  Distributions from net realized gain
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(2.31)
 
-
 
(.17) C
 
(.43) C
 
(.34) C
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
17.17
$
28.35
$
20.86
$
19.02
$
17.33
 Total Return   E,F
 
(33.79)%
 
35.91%
 
10.58%
 
12.61%
 
(4.48)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.49%
 
1.50%
 
1.57%
 
1.49%
 
1.38%
    Expenses net of fee waivers, if any
 
1.48%
 
1.50%
 
1.57%
 
1.49%
 
1.38%
    Expenses net of all reductions
 
1.48%
 
1.50%
 
1.56%
 
1.48%
 
1.37%
    Net investment income (loss)
 
.30%
 
(.25)%
 
(.20)%
 
.64%
 
.65%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,380
$
45,981
$
37,771
$
41,679
$
41,164
    Portfolio turnover rate 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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.02
$
20.67
$
18.85
$
17.17
$
18.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
(.13)
 
(.09)
 
.06
 
.07
     Net realized and unrealized gain (loss)
 
(8.81)
 
7.48
 
2.03
 
1.99
 
(.92)
  Total from investment operations
 
(8.80)  
 
7.35  
 
1.94  
 
2.05  
 
(.85)
  Distributions from net investment income
 
-
 
-
 
(.06)
 
(.06)
 
(.06)
  Distributions from net realized gain
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(2.31)
 
-
 
(.12) C
 
(.37)
 
(.30)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
16.91
$
28.02
$
20.67
$
18.85
$
17.17
 Total Return   E,F
 
(33.95)%
 
35.56%
 
10.29%
 
12.29%
 
(4.74)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.74%
 
1.75%
 
1.84%
 
1.77%
 
1.67%
    Expenses net of fee waivers, if any
 
1.74%
 
1.75%
 
1.84%
 
1.77%
 
1.67%
    Expenses net of all reductions
 
1.74%
 
1.75%
 
1.83%
 
1.77%
 
1.66%
    Net investment income (loss)
 
.05%
 
(.50)%
 
(.47)%
 
.36%
 
.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
10,115
$
16,378
$
13,141
$
13,875
$
13,245
    Portfolio turnover rate 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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.10
$
20.09
$
18.31
$
16.69
$
17.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.09)
 
(.25)
 
(.18)
 
(.02)
 
(.02)
     Net realized and unrealized gain (loss)
 
(8.48)
 
7.26
 
1.96
 
1.93
 
(.89)
  Total from investment operations
 
(8.57)  
 
7.01  
 
1.78  
 
1.91  
 
(.91)
  Distributions from net realized gain
 
(2.31)
 
-
 
-
 
(.29)
 
(.24)
     Total distributions
 
(2.31)
 
-
 
-
 
(.29)
 
(.24)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
16.22
$
27.10
$
20.09
$
18.31
$
16.69
 Total Return   D,E
 
(34.28)%
 
34.89%
 
9.72%
 
11.74%
 
(5.19)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.26%
 
2.26%
 
2.33%
 
2.27%
 
2.15%
    Expenses net of fee waivers, if any
 
2.25%
 
2.26%
 
2.33%
 
2.26%
 
2.15%
    Expenses net of all reductions
 
2.25%
 
2.26%
 
2.33%
 
2.26%
 
2.14%
    Net investment income (loss)
 
(.47)%
 
(1.01)%
 
(.96)%
 
(.13)%
 
(.12)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,314
$
6,770
$
7,253
$
9,424
$
14,461
    Portfolio turnover rate H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® International Small Cap Opportunities Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.77
$
21.10
$
19.24
$
17.53
$
18.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.01
 
.02
 
.17
 
.18
     Net realized and unrealized gain (loss)
 
(9.09)
 
7.66
 
2.07
 
2.02
 
(.95)
  Total from investment operations
 
(8.96)  
 
7.67  
 
2.09  
 
2.19  
 
(.77)
  Distributions from net investment income
 
(.04)
 
-
 
(.17)
 
(.17)
 
(.15)
  Distributions from net realized gain
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(2.34) C
 
-
 
(.23) C
 
(.48)
 
(.39)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
17.47
$
28.77
$
21.10
$
19.24
$
17.53
 Total Return   E
 
(33.62)%
 
36.35%
 
10.90%
 
12.97%
 
(4.25)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.19%
 
1.21%
 
1.26%
 
1.19%
 
1.10%
    Expenses net of fee waivers, if any
 
1.19%
 
1.20%
 
1.26%
 
1.19%
 
1.10%
    Expenses net of all reductions
 
1.19%
 
1.20%
 
1.25%
 
1.19%
 
1.09%
    Net investment income (loss)
 
.60%
 
.05%
 
.11%
 
.94%
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
700,271
$
1,268,421
$
1,152,472
$
1,040,989
$
965,482
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.75
$
21.09
$
19.22
$
17.51
$
18.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.01
 
.02
 
.17
 
.18
     Net realized and unrealized gain (loss)
 
(9.07)
 
7.65
 
2.07
 
2.02
 
(.94)
  Total from investment operations
 
(8.94)  
 
7.66  
 
2.09  
 
2.19  
 
(.76)
  Distributions from net investment income
 
(.04)
 
-
 
(.16)
 
(.16)
 
(.15)
  Distributions from net realized gain
 
(2.31)
 
-
 
(.05)
 
(.31)
 
(.24)
     Total distributions
 
(2.35)
 
-
 
(.22) C
 
(.48) C
 
(.39)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
17.46
$
28.75
$
21.09
$
19.22
$
17.51
 Total Return   E
 
(33.60)%
 
36.32%
 
10.90%
 
12.93%
 
(4.21)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.20%
 
1.22%
 
1.28%
 
1.20%
 
1.12%
    Expenses net of fee waivers, if any
 
1.19%
 
1.22%
 
1.27%
 
1.19%
 
1.12%
    Expenses net of all reductions
 
1.19%
 
1.22%
 
1.27%
 
1.19%
 
1.11%
    Net investment income (loss)
 
.59%
 
.04%
 
.09%
 
.93%
 
.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
82,705
$
141,310
$
113,041
$
142,854
$
159,968
    Portfolio turnover rate H
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.73
$
21.05
$
19.20
$
17.51
$
19.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.04
 
.05
 
.19
 
- D
     Net realized and unrealized gain (loss)
 
(9.05)
 
7.64
 
2.05
 
2.02
 
(1.60)
  Total from investment operations
 
(8.90)  
 
7.68  
 
2.10  
 
2.21  
 
(1.60)
  Distributions from net investment income
 
(.08)
 
-
 
(.20)
 
(.20)
 
-
  Distributions from net realized gain
 
(2.31)
 
-
 
(.05)
 
(.31)
 
-
     Total distributions
 
(2.39)
 
-
 
(.25)
 
(.52) E
 
-
  Net asset value, end of period
$
17.44
$
28.73
$
21.05
$
19.20
$
17.51
 Total Return   F,G
 
(33.52)%
 
36.48%
 
11.03%
 
13.10%
 
(8.37)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07%
 
1.09%
 
1.14%
 
1.05%
 
1.03% J
    Expenses net of fee waivers, if any
 
1.07%
 
1.09%
 
1.13%
 
1.05%
 
1.03% J
    Expenses net of all reductions
 
1.07%
 
1.09%
 
1.13%
 
1.05%
 
1.02% J
    Net investment income (loss)
 
.72%
 
.16%
 
.23%
 
1.08%
 
.16% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
219,360
$
309,803
$
82,476
$
76,527
$
4,617
    Portfolio turnover rate K
 
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 October 31, 2022
 
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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. Effective after the close of business on May 31, 2019, the Fund was closed to new accounts with certain exceptions. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$286,797,676
Gross unrealized depreciation
(153,196,360)
Net unrealized appreciation (depreciation)
$133,601,316
Tax Cost
$919,712,331
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$585,497
Undistributed long-term capital gain
$64,042,521
Net unrealized appreciation (depreciation) on securities and other investments
$133,328,764
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$2,549,889
$-
Long-term Capital Gains
143,373,112
-
Total
$145,923,001
$-
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Small Cap Opportunities Fund
167,270,813
310,844,213
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .96% 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%
$85,731
$259
Class M
.25%
.25%
63,478
71
Class C
.75%
.25%
47,481
1,728
 
 
 
$196,690
$2,058
 
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
$1,357
Class M
427
Class C A
12
 
$1,796
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z.   FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$70,790
.21
Class M
27,307
.22
Class C
10,776
.23
International Small Cap Opportunities
1,526,297
.16
Class I
175,933
.17
Class Z
103,115
.04
 
$1,914,218
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Small Cap Opportunities Fund
.04
 
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
$478
 
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
16,169,457
5,871,127
(554,000)
 
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
$2,423
 
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
$2,849
$-
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $44,285.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity International Small Cap Opportunities Fund
 
 
Distributions to shareholders
 
 
Class A
$3,712,302
$-
Class M
1,347,073
-
Class C
565,280
-
International Small Cap Opportunities
103,110,108
-
Class I
11,507,400
-
Class Z
25,680,838
-
Total   
$145,923,001
$-
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity International Small Cap Opportunities Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
107,181
151,070
$2,213,121
$3,794,092
Reinvestment of distributions
146,450
-
3,629,027
-
Shares redeemed
(339,023)
(340,135)
(7,042,478)
(8,897,910)
Net increase (decrease)
(85,392)
(189,065)
$(1,200,330)
$(5,103,818)
Class M
 
 
 
 
Shares sold
19,908
17,473
$424,699
$451,365
Reinvestment of distributions
54,676
-
1,337,368
-
Shares redeemed
(60,774)
(68,804)
(1,238,854)
(1,743,983)
Net increase (decrease)
13,810
(51,331)
$523,213
$(1,292,618)
Class C
 
 
 
 
Shares sold
9,960
9,328
$199,008
$229,373
Reinvestment of distributions
23,946
-
564,404
-
Shares redeemed
(79,310)
(120,495)
(1,567,463)
(2,950,299)
Net increase (decrease)
(45,404)
(111,167)
$(804,051)
$(2,720,926)
International Small Cap Opportunities
 
 
 
 
Shares sold
2,966,612
2,518,067
$62,249,598
$64,960,834
Reinvestment of distributions
3,165,438
-
79,642,429
-
Shares redeemed
(10,146,566)
(13,038,246)
(202,796,085)
(357,315,392)
Net increase (decrease)
(4,014,516)
(10,520,179)
$(60,904,058)
$(292,354,558)
Class I
 
 
 
 
Shares sold
698,127
614,813
$14,776,475
$16,295,899
Reinvestment of distributions
335,375
-
8,427,973
-
Shares redeemed
(1,211,577)
(1,059,106)
(25,532,337)
(26,919,774)
Net increase (decrease)
(178,075)
(444,293)
$(2,327,889)
$(10,623,875)
Class Z
 
 
 
 
Shares sold
2,588,492
8,684,967
$51,781,304
$244,920,787
Reinvestment of distributions
928,091
-
23,276,518
-
Shares redeemed
(1,722,683)
(1,820,708)
(33,635,768)
(45,416,512)
Net increase (decrease)
1,793,900
6,864,259
$41,422,054
$199,504,275
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Small Cap Opportunities Fund
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.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Small Cap Opportunities Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Opportunities Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® International Small Cap Opportunities Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.47%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 875.60
 
$ 6.95
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.80
 
$ 7.48
Class M
 
 
 
1.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 874.40
 
$ 8.17
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.48
 
$ 8.79
Class C
 
 
 
2.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 872.00
 
$ 10.62
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,013.86
 
$ 11.42
Fidelity® International Small Cap Opportunities Fund
 
 
 
1.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 876.60
 
$ 5.53
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.31
 
$ 5.96
Class I
 
 
 
1.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 876.90
 
$ 5.54
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.31
 
$ 5.96
Class Z
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 877.30
 
$ 4.97
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
t
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2022, $72,707,899, or, if subsequently determined to be different, the net capital gain of such year.
International Small Cap Opportunities designates 8%; Class I designates 7%; and Class Z designates 5%; of the dividend distributed in December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
International Small Cap Opportunities, Class I and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity International Small Cap Opportunities Fund
 
 
 
Class A
12/06/2021
$0.0000
$0.0000
Class M
12/06/2021
$0.0000
$0.0000
Class C
12/06/2021
$0.0000
$0.0000
International Small Cap Opportunities
12/06/2021
$0.0740
$0.0390
Class I
12/06/2021
$0.0760
$0.0390
Class Z
12/06/2021
$0.1160
$0.0390
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity International Small Cap Opportunities Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity International Small Cap Opportunities Fund
 
 
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.  
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
 
Fidelity International Small Cap Opportunities Fund
 
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the total expense ratio of the representative class (retail class), the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board also considered that although the fund is partially closed to new investors, it continues to incur investment management expenses, and marketing and distribution expenses related to the retention of existing shareholders and assets. The Board further noted that the fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.815075.118
ILS-ANN-1222
Fidelity® International Discovery Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-34.56%
-1.13%
3.94%
Class M (incl.3.50% sales charge)    
-33.18%
-0.91%
3.93%
Class C    
(incl. contingent deferred sales charge)
 
-31.76%
-0.75%
3.92%
Fidelity® International Discovery Fund
-30.36%
0.38%
4.91%
Class K
-30.28%
0.49%
5.04%
Class I
-30.37%
0.36%
4.90%
Class Z
-30.29%
0.49%
5.03%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on August 13, 2013. Returns prior to August 13, 2013, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Discovery Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager William Kennedy:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned roughly -31% to -30%, notably underperforming the -22.84% result of the benchmark MSCI EAFE Index. By region, stock picks in Europe ex U.K and in Japan, along with an underweighting and security selection in the U.K., detracted most from the fund's relative result this period. By sector, security selection in financials, health care, industrials and communication services notably hindered the fund's result versus the benchmark. Not owning Shell, a benchmark component that gained about 25%, was the largest individual relative detractor. An outsized investment in Japan-based staffing company Recruit Holdings (-45%) also pressured performance. A non-benchmark stake in OTP Bank in Hungary returned roughly -55%, proving detrimental as well. Recruit and OTP were not held at period end. In contrast, security selection in Canada - a non-benchmark allocation - boosted the fund's relative result. By sector, an overweighting in energy helped most versus the benchmark. An underweighting and stock selection in real estate further aided the portfolio's relative return. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributors were an overweight position in Norway-based exploration & production (e&p) company Equinor (+48%) and non-benchmark stake in e&p company Canadian National Resources (+27%), a position we established this period. Equinor and Canadian National Resources were among the fund's biggest holdings on October 31. Notable changes in positioning include decreased exposure to Germany and higher allocations to India and Canada. By sector, meaningful shifts entailed greater exposure to consumer staples, health care and energy firms.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.9
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
3.5
 
Equinor ASA  (Norway, Oil, Gas & Consumable Fuels)
3.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.9
 
Housing Development Finance Corp. Ltd.  (India, Diversified Financial Services)
1.8
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
1.6
 
Canadian Natural Resources Ltd.  (Canada, Oil, Gas & Consumable Fuels)
1.6
 
Diageo PLC  (United Kingdom, Beverages)
1.6
 
 
24.8
 
 
Market Sectors (% of Fund's net assets)
 
Financials
17.3
 
Health Care
16.5
 
Industrials
13.7
 
Information Technology
13.6
 
Consumer Discretionary
9.5
 
Consumer Staples
8.4
 
Energy
6.8
 
Materials
5.2
 
Real Estate
1.5
 
Communication Services
1.5
 
Utilities
0.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 94.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 93.7%
 
 
Shares
Value ($)
(000s)
 
Australia - 2.2%
 
 
 
Bapcor Ltd.
 
5,665,432
23,990
Flight Centre Travel Group Ltd. (a)(b)
 
3,399,258
36,203
Iperionx Ltd. (a)(c)
 
14,929,158
6,780
Lynas Rare Earths Ltd. (a)
 
5,459,237
29,088
National Storage REIT unit
 
41,083,037
68,588
TOTAL AUSTRALIA
 
 
164,649
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (d)
 
3,272,715
26,235
Belgium - 1.6%
 
 
 
KBC Group NV
 
1,104,794
55,368
UCB SA
 
877,717
66,200
TOTAL BELGIUM
 
 
121,568
Brazil - 0.2%
 
 
 
Rede D'Oregon Sao Luiz SA (d)
 
2,095,900
13,053
Canada - 4.5%
 
 
 
Canadian Natural Resources Ltd. (b)
 
1,942,815
116,525
Constellation Software, Inc.
 
56,664
81,933
Definity Financial Corp.
 
515,094
15,256
Nutrien Ltd.
 
713,133
60,255
The Toronto-Dominion Bank
 
831,181
53,195
Topicus.Com, Inc. (a)
 
103,234
5,357
TOTAL CANADA
 
 
332,521
Cayman Islands - 0.4%
 
 
 
Li Ning Co. Ltd.
 
4,057,483
20,986
Medlive Technology Co. Ltd. (d)
 
2,275,509
1,965
Silergy Corp.
 
501,000
5,809
TOTAL CAYMAN ISLANDS
 
 
28,760
China - 0.1%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (d)
 
248,985
2,664
WuXi AppTec Co. Ltd. (H Shares) (d)
 
954,013
7,645
TOTAL CHINA
 
 
10,309
Cyprus - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (e)
 
619,390
229
Denmark - 1.4%
 
 
 
DSV A/S
 
421,739
57,095
ORSTED A/S (d)
 
587,604
48,481
TOTAL DENMARK
 
 
105,576
Finland - 0.5%
 
 
 
Musti Group OYJ
 
546,401
10,270
Neste OYJ
 
599,343
26,263
TOTAL FINLAND
 
 
36,533
France - 9.8%
 
 
 
Air Liquide SA
 
722,193
94,473
AXA SA
 
4,028,714
99,489
BNP Paribas SA
 
1,010,654
47,394
Capgemini SA
 
620,551
101,703
Edenred SA
 
970,990
49,860
EssilorLuxottica SA
 
330,760
52,414
Exclusive Networks SA
 
1,465,990
23,557
LVMH Moet Hennessy Louis Vuitton SE
 
327,812
206,848
Teleperformance
 
176,581
47,344
TOTAL FRANCE
 
 
723,082
Germany - 6.3%
 
 
 
Brenntag SE
 
843,873
51,203
Deutsche Borse AG
 
481,859
78,360
Deutsche Post AG
 
1,664,317
58,833
Linde PLC
 
158,583
47,431
Merck KGaA
 
382,509
62,336
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
137,717
36,354
Nexus AG
 
562,762
30,199
Rheinmetall AG
 
144,416
23,477
Siemens AG
 
492,598
53,796
Siemens Healthineers AG (d)
 
482,927
22,124
TOTAL GERMANY
 
 
464,113
Hong Kong - 1.8%
 
 
 
AIA Group Ltd.
 
13,079,327
99,073
Chervon Holdings Ltd.
 
1,160,863
3,912
Techtronic Industries Co. Ltd.
 
3,453,082
32,696
TOTAL HONG KONG
 
 
135,681
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
864,578
17,072
India - 7.0%
 
 
 
Avenue Supermarts Ltd. (a)(d)
 
505,358
26,378
Delhivery Private Ltd. (a)(f)
 
1,020,800
4,032
Eicher Motors Ltd.
 
595,700
27,709
HDFC Bank Ltd. (a)
 
3,117,382
56,574
HDFC Bank Ltd. sponsored ADR
 
1,601,665
99,800
Housing Development Finance Corp. Ltd.
 
4,533,815
135,270
ITC Ltd.
 
4,656,000
19,613
Pine Labs Private Ltd. (a)(e)(f)
 
8,672
4,352
PVR Ltd. (a)
 
649,600
13,929
Reliance Industries Ltd.
 
2,618,180
80,639
Reliance Industries Ltd. sponsored GDR (d)
 
402,445
24,569
Star Health & Allied Insurance Co. Ltd.
 
992,200
8,553
Sunteck Realty Ltd.
 
2,762,804
12,995
TOTAL INDIA
 
 
514,413
Ireland - 1.7%
 
 
 
Cairn Homes PLC
 
28,430,122
27,420
CRH PLC
 
1,174,418
42,300
Dalata Hotel Group PLC (a)(c)
 
11,357,745
36,423
ICON PLC (a)
 
109,527
21,669
TOTAL IRELAND
 
 
127,812
Italy - 0.4%
 
 
 
BFF Bank SpA (d)
 
3,207,326
22,631
FinecoBank SpA
 
564,041
7,603
TOTAL ITALY
 
 
30,234
Japan - 18.2%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
1,790,744
57,323
FUJIFILM Holdings Corp.
 
1,739,574
79,775
Fujitsu Ltd.
 
352,420
40,549
Hitachi Ltd.
 
2,651,949
120,563
Hoya Corp.
 
1,127,801
105,237
Itochu Corp.
 
2,883,661
74,644
JEOL Ltd.
 
1,033,111
37,935
Keyence Corp.
 
130,812
49,547
Minebea Mitsumi, Inc.
 
4,322,712
64,072
Misumi Group, Inc.
 
953,236
20,386
Mitsubishi UFJ Financial Group, Inc.
 
9,731,948
45,972
Murata Manufacturing Co. Ltd.
 
759,689
35,963
Olympus Corp.
 
4,722,694
99,729
ORIX Corp.
 
7,788,432
114,447
Persol Holdings Co. Ltd.
 
2,359,950
47,391
Renesas Electronics Corp. (a)
 
7,033,907
58,844
Shin-Etsu Chemical Co. Ltd.
 
716,507
74,467
SMC Corp.
 
72,167
28,968
Sony Group Corp.
 
1,704,591
114,949
TIS, Inc.
 
1,442,195
38,942
ZOZO, Inc.
 
1,377,495
29,320
TOTAL JAPAN
 
 
1,339,023
Luxembourg - 0.9%
 
 
 
Eurofins Scientific SA
 
478,664
30,644
Globant SA (a)
 
102,400
19,321
Samsonite International SA (a)(d)
 
6,432,477
13,832
TOTAL LUXEMBOURG
 
 
63,797
Netherlands - 5.6%
 
 
 
Airbus Group NV
 
523,390
56,633
ASML Holding NV (Netherlands)
 
293,061
137,471
Heineken NV (Bearer)
 
831,294
69,501
IMCD NV
 
228,925
29,705
ING Groep NV (Certificaten Van Aandelen)
 
3,512,991
34,566
Koninklijke KPN NV
 
20,276,280
56,715
RHI Magnesita NV
 
422,437
8,972
Universal Music Group NV
 
966,794
18,983
TOTAL NETHERLANDS
 
 
412,546
New Zealand - 0.9%
 
 
 
EBOS Group Ltd.
 
1,735,648
37,841
Ryman Healthcare Ltd.
 
5,648,395
27,520
TOTAL NEW ZEALAND
 
 
65,361
Norway - 3.4%
 
 
 
Equinor ASA
 
6,785,142
247,208
Volue A/S (a)
 
993,542
2,580
TOTAL NORWAY
 
 
249,788
Singapore - 0.7%
 
 
 
United Overseas Bank Ltd.
 
2,659,400
52,151
Spain - 1.7%
 
 
 
Aena SME SA (a)(d)
 
137,292
16,136
Amadeus IT Holding SA Class A (a)
 
1,322,173
68,958
Cellnex Telecom SA (d)
 
579,798
18,977
Cie Automotive SA
 
838,979
21,342
TOTAL SPAIN
 
 
125,413
Sweden - 2.6%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,466,834
29,618
HEXPOL AB (B Shares)
 
1,993,576
19,681
Indutrade AB
 
1,841,531
32,248
Kry International AB (a)(e)(f)
 
4,183
732
Lagercrantz Group AB (B Shares)
 
2,987,799
25,640
Nibe Industrier AB (B Shares)
 
1,681,987
13,421
Nordnet AB
 
1,922,735
23,857
Svenska Handelsbanken AB (A Shares)
 
4,774,028
44,356
TOTAL SWEDEN
 
 
189,553
Switzerland - 8.7%
 
 
 
Lonza Group AG
 
84,056
43,271
Nestle SA (Reg. S)
 
2,654,163
288,930
Partners Group Holding AG
 
55,229
49,606
Roche Holding AG (participation certificate)
 
772,251
256,231
TOTAL SWITZERLAND
 
 
638,038
Taiwan - 1.0%
 
 
 
MediaTek, Inc.
 
1,624,000
29,707
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,535,000
42,457
TOTAL TAIWAN
 
 
72,164
United Kingdom - 11.1%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,678,104
196,896
BAE Systems PLC
 
6,459,103
60,416
Beazley PLC
 
3,714,955
26,606
Big Yellow Group PLC
 
2,138,254
27,611
Bunzl PLC
 
2,416,177
78,720
Bytes Technology Group PLC
 
867,627
3,574
Compass Group PLC
 
5,195,771
109,432
Dechra Pharmaceuticals PLC
 
593,129
17,821
Diageo PLC
 
2,803,259
115,361
Dr. Martens Ltd.
 
4,294,896
12,254
M&G PLC
 
11,012,942
22,127
Reckitt Benckiser Group PLC
 
1,508,742
100,126
Smart Metering Systems PLC
 
2,899,899
24,343
Starling Bank Ltd. Series D (a)(e)(f)
 
6,223,100
20,125
Zegona Communications PLC (a)(c)
 
327,826
282
TOTAL UNITED KINGDOM
 
 
815,694
United States of America - 0.4%
 
 
 
Mobileye Global, Inc. (a)
 
131,300
3,464
NICE Ltd. sponsored ADR (a)
 
153,070
29,066
TOTAL UNITED STATES OF AMERICA
 
 
32,530
 
TOTAL COMMON STOCKS
  (Cost $6,428,244)
 
 
 
6,907,898
 
 
 
 
Preferred Stocks - 0.9%
 
 
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 0.5%
 
 
 
China - 0.4%
 
 
 
ByteDance Ltd. Series E1 (a)(e)(f)
 
131,235
20,607
dMed Biopharmaceutical Co. Ltd. Series C (a)(e)(f)
 
727,754
6,528
 
 
 
27,135
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (e)(f)
 
87,239
10,658
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
37,793
Nonconvertible Preferred Stocks - 0.4%
 
 
 
India - 0.3%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(e)(f)
 
20,726
10,400
 Series A (a)(e)(f)
 
5,179
2,599
 Series B (a)(e)(f)
 
5,635
2,828
 Series B2 (a)(e)(f)
 
4,558
2,287
 Series C (a)(e)(f)
 
8,478
4,254
 Series C1 (a)(e)(f)
 
1,786
896
 Series D (a)(e)(f)
 
1,910
958
 
 
 
24,222
Sweden - 0.1%
 
 
 
Kry International AB Series E (a)(e)(f)
 
24,162
4,230
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
28,452
 
TOTAL PREFERRED STOCKS
  (Cost $76,424)
 
 
 
66,245
 
 
 
 
Money Market Funds - 5.5%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 3.10% (g)
 
376,616,488
376,692
Fidelity Securities Lending Cash Central Fund 3.10% (g)(h)
 
29,425,752
29,429
 
TOTAL MONEY MARKET FUNDS
  (Cost $406,121)
 
 
406,121
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $6,910,789)
 
 
 
7,380,264
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(9,974)
NET ASSETS - 100.0%
7,370,290
 
 
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $244,690,000 or 3.3% of net assets.
 
(e)
Level 3 security
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $95,486,000 or 1.3% of net assets.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Bolt Technology OU Series E
1/03/22
22,664
 
 
 
ByteDance Ltd. Series E1
11/18/20
14,380
 
 
 
Delhivery Private Ltd.
5/20/21
4,983
 
 
 
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 3.10%
398,277
2,657,184
2,678,769
4,783
-
-
376,692
0.8%
Fidelity Securities Lending Cash Central Fund 3.10%
2,886
1,351,661
1,325,118
1,114
-
-
29,429
0.1%
Total
401,163
4,008,845
4,003,887
5,897
-
-
406,121
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
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
56,215
-
6,788
-
(4,075)
(8,929)
36,423
Iperionx Ltd.
9,332
1,561
229
-
(85)
(3,799)
6,780
Zegona Communications PLC
495
-
12
-
(1)
(200)
282
Total
66,042
1,561
7,029
-
(4,161)
(12,928)
43,485
 
 
 
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
108,886
14,211
94,675
-
Consumer Discretionary
695,119
263,661
431,229
229
Consumer Staples
619,909
115,492
504,417
-
Energy
495,204
247,996
247,208
-
Financials
1,274,968
657,337
597,506
20,125
Health Care
1,214,317
569,608
638,181
6,528
Industrials
1,025,740
633,409
392,331
-
Information Technology
998,878
448,132
485,945
64,801
Materials
383,447
172,207
211,240
-
Real Estate
109,194
109,194
-
-
Utilities
48,481
-
48,481
-
  Money Market Funds
406,121
406,121
-
-
 Total Investments in Securities:
7,380,264
3,637,368
3,651,213
91,683
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
(Amounts in thousands)
 
Investments in Securities:
 
  Beginning Balance
$
78,917
 
  Net Realized Gain (Loss) on Investment Securities
 
(1,955)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(9,882)
 
  Cost of Purchases
 
22,664
 
  Proceeds of Sales
 
(3,246)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
10,041
 
  Transfers out of Level 3
 
(4,856)
 
  Ending Balance
$
91,683
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022
$
(9,882)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $27,909) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,438,559)
 
$6,930,658
 
 
Fidelity Central Funds (cost $406,121)
 
406,121
 
 
Other affiliated issuers (cost $66,109)
 
43,485
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,910,789)
 
 
$
7,380,264
Foreign currency held at value (cost $501)
 
 
 
501
Receivable for fund shares sold
 
 
 
2,489
Dividends receivable
 
 
 
10,680
Reclaims receivable
 
 
 
26,327
Distributions receivable from Fidelity Central Funds
 
 
 
1,170
Prepaid expenses
 
 
 
12
Other receivables
 
 
 
3,394
  Total assets
 
 
 
7,424,837
Liabilities
 
 
 
 
Payable for investments purchased
 
$8,409
 
 
Payable for fund shares redeemed
 
5,410
 
 
Accrued management fee
 
4,685
 
 
Distribution and service plan fees payable
 
38
 
 
Other affiliated payables
 
798
 
 
Other payables and accrued expenses
 
5,778
 
 
Collateral on securities loaned
 
29,429
 
 
  Total Liabilities
 
 
 
54,547
Net Assets  
 
 
$
7,370,290
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,348,313
Total accumulated earnings (loss)
 
 
 
21,977
Net Assets
 
 
$
7,370,290
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($130,702 ÷ 3,564 shares) (a)(b)
 
 
$
36.68
Maximum offering price per share (100/94.25 of $36.68)
 
 
$
38.92
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($16,100 ÷ 443 shares) (a)(b)
 
 
$
36.38
Maximum offering price per share (100/96.50 of $36.38)
 
 
$
37.70
Class C :
 
 
 
 
Net Asset Value and offering price per share ($5,429 ÷ 151 shares) (a)(b)
 
 
$
35.96
International Discovery :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,385,800 ÷ 91,400 shares)
 
 
$
37.04
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($602,552 ÷ 16,315 shares)
 
 
$
36.93
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($509,367 ÷ 13,803 shares)
 
 
$
36.90
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($2,720,340 ÷ 73,754 shares)
 
 
$
36.88
(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 units
Statement of Operations
Amounts in thousands
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
220,586
Non-Cash dividends
 
 
 
35,774
Interest  
 
 
16
Income from Fidelity Central Funds (including $1,114 from security lending)
 
 
 
5,897
 Income before foreign taxes withheld
 
 
 
262,273
Less foreign taxes withheld
 
 
 
(26,452)
 Total Income
 
 
 
235,821
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
59,526
 
 
 Performance adjustment
 
13,310
 
 
Transfer agent fees
 
9,126
 
 
Distribution and service plan fees
 
585
 
 
Accounting fees
 
1,707
 
 
Custodian fees and expenses
 
890
 
 
Independent trustees' fees and expenses
 
32
 
 
Registration fees
 
268
 
 
Audit
 
162
 
 
Legal
 
11
 
 
Miscellaneous
 
43
 
 
 Total expenses before reductions
 
85,660
 
 
 Expense reductions
 
(299)
 
 
 Total expenses after reductions
 
 
 
85,361
Net Investment income (loss)
 
 
 
150,460
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $2)
 
(296,433)
 
 
   Affiliated issuers
 
(4,161)
 
 
 Foreign currency transactions
 
(4,111)
 
 
Total net realized gain (loss)
 
 
 
(304,705)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,997)  
 
(3,188,370)
 
 
   Affiliated issuers
 
(12,928)
 
 
 Assets and liabilities in foreign currencies
 
(3,867)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(3,205,165)
Net gain (loss)
 
 
 
(3,509,870)
Net increase (decrease) in net assets resulting from operations
 
 
$
(3,359,410)
Statement of Changes in Net Assets
 
Amount in thousands
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
150,460
$
70,896
Net realized gain (loss)
 
(304,705)
 
 
1,053,318
 
Change in net unrealized appreciation (depreciation)
 
(3,205,165)
 
1,775,523
 
Net increase (decrease) in net assets resulting from operations
 
(3,359,410)
 
 
2,899,737
 
Distributions to shareholders
 
(1,127,528)
 
 
(373,978)
 
Share transactions - net increase (decrease)
 
588,890
 
 
(89,410)
 
Total increase (decrease) in net assets
 
(3,898,048)
 
 
2,436,349
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
11,268,338
 
8,831,989
 
End of period
$
7,370,290
$
11,268,338
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Discovery Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
58.79
$
45.84
$
43.31
$
39.99
$
46.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.56 C
 
.18
 
.16
 
.63 D
 
.37
     Net realized and unrealized gain (loss)
 
(16.91)
 
14.60
 
3.27
 
3.93
 
(4.87)
  Total from investment operations
 
(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
$
36.68
$
58.79
$
45.84
$
43.31
$
39.99
 Total Return   E,F
 
(30.57)%
 
32.86%
 
8.02%
 
11.90%
 
(10.11)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.31%
 
1.32%
 
1.36%
 
1.12%
 
1.22%
    Expenses net of fee waivers, if any
 
1.30%
 
1.32%
 
1.36%
 
1.12%
 
1.22%
    Expenses net of all reductions
 
1.30%
 
1.32%
 
1.36%
 
1.11%
 
1.21%
    Net investment income (loss)
 
1.27% C
 
.32%
 
.38%
 
1.57% D
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
131  
$
206
$
173
$
185
$
191
    Portfolio turnover rate I
 
43% J
 
41% J
 
34% J
 
70% J
 
45% 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 $.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 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 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 Advisor® International Discovery Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
58.35
$
45.53
$
43.01
$
39.71
$
46.35
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.45 C
 
.04
 
.06
 
.53 D
 
.27
     Net realized and unrealized gain (loss)
 
(16.81)
 
14.51
 
3.24
 
3.91
 
(4.84)
  Total from investment operations
 
(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
$
36.38
$
58.35
$
45.53
$
43.01
$
39.71
 Total Return   F,G
 
(30.76)%
 
32.53%
 
7.77%
 
11.62%
 
(10.31)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.55%
 
1.57%
 
1.61%
 
1.37%
 
1.46%
    Expenses net of fee waivers, if any
 
1.55%
 
1.57%
 
1.61%
 
1.37%
 
1.46%
    Expenses net of all reductions
 
1.55%
 
1.57%
 
1.60%
 
1.35%
 
1.45%
    Net investment income (loss)
 
1.02% C
 
.07%
 
.13%
 
1.32% D
 
.59%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
16  
$
25
$
21
$
24
$
28
    Portfolio turnover rate J
 
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 .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 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 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 C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
57.59
$
45.18
$
42.60
$
39.32
$
45.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21 C
 
(.27)
 
(.18)
 
.31 D
 
.02
     Net realized and unrealized gain (loss)
 
(16.66)
 
14.38
 
3.22
 
3.88
 
(4.79)
  Total from investment operations
 
(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
$
35.96
$
57.59
$
45.18
$
42.60
$
39.32
 Total Return   F,G
 
(31.14)%
 
31.79%
 
7.19%
 
11.02%
 
(10.80)%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.10%
 
2.14%
 
2.16%
 
1.91%
 
2.00%
    Expenses net of fee waivers, if any
 
2.10%
 
2.13%
 
2.15%
 
1.91%
 
2.00%
    Expenses net of all reductions
 
2.10%
 
2.13%
 
2.15%
 
1.90%
 
1.99%
    Net investment income (loss)
 
.48% C
 
(.50)%
 
(.41)%
 
.78% D
 
.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
5  
$
10
$
11
$
12
$
22
    Portfolio turnover rate J
 
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 .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 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 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
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.31
$
46.20
$
43.65
$
40.32
$
47.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.72 C
 
.36
 
.32
 
.78 D
 
.53
     Net realized and unrealized gain (loss)
 
(17.07)
 
14.71
 
3.29
 
3.95
 
(4.92)
  Total from investment operations
 
(16.35)  
 
15.07  
 
3.61  
 
4.73  
 
(4.39)
  Distributions from net investment income
 
(1.54)
 
(.25)
 
(.78)
 
(.49)
 
(.50)
  Distributions from net realized gain
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(5.92)
 
(1.96)
 
(1.06)
 
(1.40)
 
(2.33)
  Net asset value, end of period
$
37.04
$
59.31
$
46.20
$
43.65
$
40.32
 Total Return   E
 
(30.36)%
 
33.29%
 
8.39%
 
12.31%
 
(9.81)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98%
 
.99%
 
1.02%
 
.78%
 
.88%
    Expenses net of fee waivers, if any
 
.97%
 
.99%
 
1.02%
 
.78%
 
.88%
    Expenses net of all reductions
 
.97%
 
.99%
 
1.01%
 
.76%
 
.87%
    Net investment income (loss)
 
1.60% C
 
.65%
 
.72%
 
1.92% D
 
1.17%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
3,386  
$
5,117
$
6,784
$
6,726
$
6,515
    Portfolio turnover rate H
 
43% I
 
41% I
 
34% I
 
70% I
 
45% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® International Discovery Fund Class K
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.18
$
46.10
$
43.55
$
40.25
$
46.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.78 C
 
.41
 
.36
 
.82 D
 
.58
     Net realized and unrealized gain (loss)
 
(17.02)
 
14.67
 
3.29
 
3.93
 
(4.90)
  Total from investment operations
 
(16.24)  
 
15.08  
 
3.65  
 
4.75  
 
(4.32)
  Distributions from net investment income
 
(1.62)
 
(.29)
 
(.82)
 
(.54)
 
(.55)
  Distributions from net realized gain
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(6.01) E
 
(2.00)
 
(1.10)
 
(1.45)
 
(2.39) E
  Net asset value, end of period
$
36.93
$
59.18
$
46.10
$
43.55
$
40.25
 Total Return   F
 
(30.28)%
 
33.40%
 
8.52%
 
12.41%
 
(9.70)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of fee waivers, if any
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of all reductions
 
.87%
 
.90%
 
.91%
 
.65%
 
.76%
    Net investment income (loss)
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 
1.29%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
603  
$
1,371
$
1,401
$
1,566
$
2,064
    Portfolio turnover rate I
 
43% J
 
41% J
 
34% J
 
70% J
 
45% 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 $.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 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 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 Advisor® International Discovery Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.15
$
46.08
$
43.53
$
40.22
$
46.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.69 C
 
.35
 
.31
 
.77 D
 
.52
     Net realized and unrealized gain (loss)
 
(16.99)
 
14.67
 
3.28
 
3.93
 
(4.90)
  Total from investment operations
 
(16.30)  
 
15.02  
 
3.59  
 
4.70  
 
(4.38)
  Distributions from net investment income
 
(1.57)
 
(.24)
 
(.76)
 
(.48)
 
(.49)
  Distributions from net realized gain
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(5.95)
 
(1.95)
 
(1.04)
 
(1.39)
 
(2.32)
  Net asset value, end of period
$
36.90
$
59.15
$
46.08
$
43.53
$
40.22
 Total Return   E
 
(30.37)%
 
33.26%
 
8.37%
 
12.26%
 
(9.81)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.99%
 
1.02%
 
1.04%
 
.80%
 
.91%
    Expenses net of fee waivers, if any
 
.99%
 
1.02%
 
1.04%
 
.80%
 
.91%
    Expenses net of all reductions
 
.99%
 
1.02%
 
1.03%
 
.79%
 
.90%
    Net investment income (loss)
 
1.59% C
 
.62%
 
.70%
 
1.89% D
 
1.15%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
509  
$
566
$
388
$
463
$
579
    Portfolio turnover rate H
 
43% I
 
41% I
 
34% I
 
70% I
 
45% I
 
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.14
$
46.07
$
43.52
$
40.22
$
46.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.76 C
 
.43
 
.36
 
.82 D
 
.58
     Net realized and unrealized gain (loss)
 
(16.99)
 
14.64
 
3.29
 
3.94
 
(4.89)
  Total from investment operations
 
(16.23)  
 
15.07  
 
3.65  
 
4.76  
 
(4.31)
  Distributions from net investment income
 
(1.65)
 
(.29)
 
(.82)
 
(.54)
 
(.56)
  Distributions from net realized gain
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
 
(1.83)
     Total distributions
 
(6.03)
 
(2.00)
 
(1.10)
 
(1.46) E
 
(2.39)
  Net asset value, end of period
$
36.88
$
59.14
$
46.07
$
43.52
$
40.22
 Total Return   F
 
(30.29)%
 
33.40%
 
8.53%
 
12.42%
 
(9.68)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of fee waivers, if any
 
.87%
 
.90%
 
.91%
 
.66%
 
.77%
    Expenses net of all reductions
 
.87%
 
.90%
 
.91%
 
.65%
 
.76%
    Net investment income (loss)
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 
1.29%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
2,720  
$
3,972
$
54
$
82
$
118
    Portfolio turnover rate I
 
43% J
 
41% J
 
34% J
 
70% J
 
45% 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 $.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 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 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 October 31, 2022
( Amounts in thousands except percentages)
 
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity International Discovery Fund, Class K, Class I, and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
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. 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
$91,683
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.0 - 19.0 / 10.3
Increase
 
 
 
Enterprise value/Net income multiple (EV/NI)
14.0
Increase
 
 
Market approach
Discount rate
49.5% - 50.0% / 49.5%
Decrease
 
 
 
Transaction price
$17.75
Increase
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation.   Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in   foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
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
$356
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred 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
$1,228,182
Gross unrealized depreciation
(833,219)
Net unrealized appreciation (depreciation)
$394,963
Tax Cost
$6,985,301
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$26,681
Capital loss carryforward
$(389,025)
Net unrealized appreciation (depreciation) on securities and other investments
$389,769
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(389,025)
 
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2022
Ordinary Income
$382,080
$49,750
Long-term Capital Gains
745,448
324,228
Total
$1,127,528
$373,978
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Discovery Fund
3,786,372
3,865,224
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity International Discovery Fund
5,635
85,105
263,151
International Discovery and Class K
 
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity International Discovery Fund
5,142
121,741
296,500
International Discovery and Class K
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- 20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the   relative investment performance of International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .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%
$410
$1
Class M
.25%
.25%
100
-
Class C
.75%
.25%
75
5
 
 
 
$585
$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
$10
Class M
1
 
$11
 
A   When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$371
.23
Class M
45
.22
Class C
20
.27
International Discovery
6,047
.15
Class K
363
.04
Class I
922
.16
Class Z
1,358
.04
 
$9,126
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Discovery Fund
.02
 
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
68,209
102,201
(30,159)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
Amount ($)
Fidelity International Discovery Fund
21
 
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
$16
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
$114
$-
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $299.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2022
Year ended
October 31, 2021
Fidelity International Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$20,037
$6,843
Class M
2,384
802
Class C
909
398
International Discovery
509,968
286,406
Class K
134,333
61,075
Class I
53,775
16,153
Class Z
406,122
2,301
Total   
$1,127,528
$373,978
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended October 31, 2022
Year ended October 31, 2021
Year ended October 31, 2022
Year ended October 31, 2021
Fidelity International Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
268
238
$11,889
$13,197
Reinvestment of distributions
387
133
19,790
6,770
Shares redeemed
(597)
(634)
(26,398)
(35,444)
Net increase (decrease)
58
(263)
$5,281
$(15,477)
Class M
 
 
 
 
Shares sold
22
17
$962
$947
Reinvestment of distributions
47
16
2,368
797
Shares redeemed
(58)
(70)
(2,608)
(3,858)
Net increase (decrease)
11
(37)
$722
$(2,114)
Class C
 
 
 
 
Shares sold
12
29
$599
$1,540
Reinvestment of distributions
18
8
888
392
Shares redeemed
(57)
(96)
(2,536)
(5,269)
Net increase (decrease)
(27)
(59)
$(1,049)
$(3,337)
International Discovery
 
 
 
 
Shares sold
7,204
12,516
$327,014
$714,365
Reinvestment of distributions
9,116
5,339
469,882
273,648
Shares redeemed
(11,205)
(78,418)
(499,877)
(4,595,438)
Net increase (decrease)
5,115
(60,563)
$297,019
$(3,607,425)
Class K
 
 
 
 
Shares sold
2,511
5,378
$114,979
$296,062
Reinvestment of distributions
2,616
1,195
134,333
61,075
Shares redeemed
(11,983)
(13,782)
(555,470)
(776,307)
Net increase (decrease)
(6,856)
(7,209)
$(306,158)
$(419,170)
Class I
 
 
 
 
Shares sold
34,479
2,483
$1,453,949
$143,258
Reinvestment of distributions
298
94
15,297
4,805
Shares redeemed
(30,537)
(1,442)
(1,266,702)
(80,483)
Net increase (decrease)
4,240
1,135
$202,544
$67,580
Class Z
 
 
 
 
Shares sold
3,672
66,388
$187,806
$3,911,924
Reinvestment of distributions
7,866
36
403,304
1,857
Shares redeemed
(4,955)
(424)
(200,579)
(23,248)
Net increase (decrease)
6,583
66,000
$390,531
$3,890,533
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity International Discovery Fund
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.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Discovery Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity International Discovery Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
Fidelity® International Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.27%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 864.30
 
$ 5.97
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.80
 
$ 6.46
Class M
 
 
 
1.52%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 863.10
 
$ 7.14
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.54
 
$ 7.73
Class C
 
 
 
2.03%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 860.70
 
$ 9.52
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,014.97
 
$ 10.31
Fidelity® International Discovery Fund
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 865.60
 
$ 4.37
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.52
 
$ 4.74
Class K
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 866.10
 
$ 3.81
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.12
 
$ 4.13
Class I
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 865.60
 
$ 4.47
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.42
 
$ 4.84
Class Z
 
 
 
.82%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 865.90
 
$ 3.86
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.07
 
$ 4.18
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
Class A designates 49% and 100%; Class M designates 53% and 100%; Class C designates 72% and 100%; International Discovery designates 45% and 100%; Class K designates 43% and 100%; Class I designates 44% and 100% and Class Z designates 42% and 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity International Discovery Fund
 
 
 
Class A
12/06/2021
1.5870
0.1105
Class M
12/06/2021
1.4547
0.1105
Class C
12/06/2021
1.0696
0.1105
International Discovery
12/06/2021
1.7301
0.1105
Class K
12/06/2021
1.8093
0.1105
Class I
12/06/2021
1.7607
0.1105
Class Z
12/06/2021
1.8300
0.1105
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity International Discovery Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the representative class, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity International Discovery Fund
 
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.  
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
 
Fidelity International Discovery Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the total expense ratio of the representative class (retail class) the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the total net expense ratio of the retail class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.  
 
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 renewed.
 
1.807258.118
IGI-ANN-1222
Fidelity® Series Overseas Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® Series Overseas Fund
-28.66%
1.64%
 
A     From June 21, 2019
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Overseas Fund, on June 21, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Vincent Montemaggiore:
For the fiscal year ending October 31, 2022, the fund returned -28.66%, underperforming the -22.84% result of the benchmark MSCI EAFE Index (Net MA). By region, stock picks and an overweighting in Europe ex U.K. and positioning in Japan and the U.K. detracted from the fund's relative result. By sector, the primary detractor from performance versus the benchmark was our security selection in health care, especially within the pharmaceuticals, biotechnology & life sciences industry. Stock selection and an overweighting in industrials and an overweighting in information technology also hurt. The biggest individual relative detractor was our decision to avoid Shell, a benchmark component that gained roughly 25%. Another notable relative detractor was an outsized stake in Kingspan Group (-56%). Further weighing on our relative result was an overweighting in DSV, which returned about -41%. Conversely, stock picks and an underweighting in Germany contributed to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our stock picks in information technology. An underweighting and stock selection in consumer discretionary and an underweighting in real estate also moderately bolstered the fund's relative result. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributor was an overweight position in Wolters Kluwer (+3%). Wolters Kluwer was among our largest holdings. Also bolstering performance was our overweighting in TotalEnergies, which gained about 14%. TotalEnergies was among the fund's biggest holdings. Another top relative contributor was an out-of-benchmark investment in Marsh & McLennan (-2%). Notable changes in positioning include increased exposure to Switzerland and a lower allocation to Sweden. By sector, meaningful changes in positioning include decreased exposure to information technology and a higher allocation to financials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.7
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
3.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.9
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.7
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
2.6
 
Diageo PLC  (United Kingdom, Beverages)
2.2
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.9
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.8
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
1.7
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.7
 
 
24.2
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.0
 
Financials
20.9
 
Health Care
15.1
 
Information Technology
14.0
 
Consumer Discretionary
9.7
 
Consumer Staples
7.4
 
Materials
4.4
 
Energy
2.6
 
Real Estate
1.3
 
Communication Services
0.4
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 89.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.7%
 
 
Shares
Value ($)
 
Bailiwick of Jersey - 2.2%
 
 
 
Experian PLC
 
3,852,500
122,838,026
Ferguson PLC
 
1,339,200
146,054,062
TOTAL BAILIWICK OF JERSEY
 
 
268,892,088
Belgium - 0.9%
 
 
 
Azelis Group NV
 
1,088,943
24,923,586
KBC Group NV
 
1,647,365
82,558,947
TOTAL BELGIUM
 
 
107,482,533
Bermuda - 0.4%
 
 
 
Hiscox Ltd.
 
4,769,572
49,183,949
Canada - 1.6%
 
 
 
Constellation Software, Inc.
 
127,970
185,038,223
Topicus.Com, Inc. (a)
 
193,877
10,061,367
TOTAL CANADA
 
 
195,099,590
Denmark - 1.5%
 
 
 
DSV A/S
 
1,401,631
189,754,008
Finland - 1.0%
 
 
 
Nordea Bank ABP
 
13,444,800
128,491,042
France - 17.7%
 
 
 
Air Liquide SA
 
1,255,660
164,257,611
ALTEN
 
959,300
112,151,739
Antin Infrastructure Partners SA
 
354,600
7,716,545
BNP Paribas SA
 
2,650,500
124,292,337
Capgemini SA
 
1,125,162
184,403,756
Edenred SA
 
3,737,227
191,904,626
EssilorLuxottica SA (b)
 
1,161,316
184,028,971
LVMH Moet Hennessy Louis Vuitton SE
 
575,739
363,288,370
Pernod Ricard SA
 
1,025,800
180,142,816
Safran SA
 
1,520,600
169,349,201
Teleperformance
 
676,028
181,251,372
TotalEnergies SE (b)
 
5,826,479
317,854,047
TOTAL FRANCE
 
 
2,180,641,391
Germany - 7.1%
 
 
 
Allianz SE
 
831,633
149,614,532
Brenntag SE
 
1,450,800
88,029,256
Deutsche Borse AG
 
1,042,160
169,475,817
Hannover Reuck SE
 
902,116
146,921,860
Merck KGaA
 
1,148,600
187,181,763
Siemens Healthineers AG (c)
 
2,864,300
131,220,973
TOTAL GERMANY
 
 
872,444,201
Hong Kong - 1.7%
 
 
 
AIA Group Ltd.
 
27,329,788
207,017,516
Chervon Holdings Ltd.
 
1,030,100
3,471,001
TOTAL HONG KONG
 
 
210,488,517
India - 1.2%
 
 
 
HDFC Bank Ltd. (a)
 
8,075,800
146,558,882
Ireland - 4.0%
 
 
 
Flutter Entertainment PLC (a)
 
575,402
76,413,063
ICON PLC (a)
 
604,200
119,534,928
Kingspan Group PLC (Ireland)
 
2,008,300
101,418,297
Linde PLC
 
656,500
195,210,275
TOTAL IRELAND
 
 
492,576,563
Italy - 2.5%
 
 
 
FinecoBank SpA
 
8,807,985
118,729,260
GVS SpA (a)(c)
 
884,038
4,534,246
Moncler SpA
 
1,675,300
72,333,829
Recordati SpA
 
3,120,839
117,290,953
TOTAL ITALY
 
 
312,888,288
Japan - 10.2%
 
 
 
BayCurrent Consulting, Inc.
 
1,119,400
31,542,997
Capcom Co. Ltd.
 
1,835,600
51,168,916
FUJIFILM Holdings Corp.
 
2,067,100
94,795,083
Hoya Corp.
 
1,948,107
181,781,396
Misumi Group, Inc.
 
2,712,161
58,002,434
Olympus Corp.
 
7,342,192
155,045,448
Persol Holdings Co. Ltd.
 
4,040,153
81,131,826
Relo Group, Inc.
 
3,292,628
46,545,641
SMC Corp.
 
268,421
107,744,799
Sony Group Corp.
 
2,738,100
184,642,845
Suzuki Motor Corp.
 
2,722,245
91,904,031
TIS, Inc.
 
2,921,700
78,890,518
Tokyo Electron Ltd.
 
351,400
92,452,151
TOTAL JAPAN
 
 
1,255,648,085
Luxembourg - 0.9%
 
 
 
Eurofins Scientific SA
 
1,723,100
110,310,855
Netherlands - 7.2%
 
 
 
ASM International NV (Netherlands)
 
423,100
93,995,304
ASML Holding NV (Netherlands)
 
706,228
331,282,489
Euronext NV (c)
 
1,197,860
76,117,385
IMCD NV
 
1,118,851
145,179,002
Wolters Kluwer NV
 
2,266,851
240,935,178
TOTAL NETHERLANDS
 
 
887,509,358
Norway - 0.0%
 
 
 
Equinor ASA
 
400
14,573
Spain - 1.2%
 
 
 
Amadeus IT Holding SA Class A (a)
 
2,912,070
151,879,896
Sweden - 4.2%
 
 
 
AddTech AB (B Shares)
 
4,728,719
57,218,134
Atlas Copco AB (A Shares) (b)
 
13,632,200
145,499,930
Hexagon AB (B Shares)
 
15,270,316
150,960,762
Indutrade AB
 
7,221,875
126,467,189
Kry International AB (a)(d)(e)
 
4,451
779,230
Nordnet AB
 
2,646,909
32,843,036
TOTAL SWEDEN
 
 
513,768,281
Switzerland - 14.1%
 
 
 
Compagnie Financiere Richemont SA Series A
 
1,845,070
180,325,254
Julius Baer Group Ltd.
 
2,350,888
112,792,955
Nestle SA (Reg. S)
 
4,143,731
451,081,593
Partners Group Holding AG
 
129,520
116,333,238
Roche Holding AG (participation certificate)
 
1,097,392
364,112,677
Sika AG
 
815,811
183,945,660
Sonova Holding AG
 
566,683
133,953,030
Zurich Insurance Group Ltd.
 
449,380
191,514,055
TOTAL SWITZERLAND
 
 
1,734,058,462
Taiwan - 0.4%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
4,348,684
52,229,730
United Kingdom - 9.5%
 
 
 
BAE Systems PLC
 
11,700,200
109,438,639
Beazley PLC
 
8,064,556
57,756,463
Compass Group PLC
 
10,304,587
217,033,424
Dechra Pharmaceuticals PLC
 
1,831,363
55,025,426
Diageo PLC
 
6,635,347
273,061,223
Diploma PLC
 
1,533,631
43,722,973
RELX PLC (London Stock Exchange)
 
7,745,155
208,038,693
Rentokil Initial PLC
 
23,418,622
146,134,793
St. James's Place PLC
 
5,096,700
62,248,138
TOTAL UNITED KINGDOM
 
 
1,172,459,772
United States of America - 7.2%
 
 
 
Ares Management Corp.
 
365,800
27,738,614
CBRE Group, Inc. (a)
 
1,494,400
106,012,736
Equifax, Inc.
 
324,100
54,947,914
Intercontinental Exchange, Inc.
 
1,149,700
109,876,829
Marsh & McLennan Companies, Inc.
 
1,247,928
201,527,893
Moody's Corp.
 
398,700
105,603,669
Pool Corp.
 
51,500
15,667,845
S&P Global, Inc.
 
476,851
153,188,384
Thermo Fisher Scientific, Inc.
 
204,900
105,312,453
TOTAL UNITED STATES OF AMERICA
 
 
879,876,337
 
TOTAL COMMON STOCKS
  (Cost $11,697,547,095)
 
 
 
11,912,256,401
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Sweden - 0.1%
 
 
 
Kry International AB Series E (a)(d)(e)
  (Cost $11,754,376)
 
25,711
4,501,186
 
 
 
 
Money Market Funds - 5.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
433,136,242
433,222,869
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
246,447,730
246,472,375
 
TOTAL MONEY MARKET FUNDS
  (Cost $679,695,244)
 
 
679,695,244
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.3%
  (Cost $12,388,996,715)
 
 
 
12,596,452,831
NET OTHER ASSETS (LIABILITIES) - (2.3)%  
(279,208,444)
NET ASSETS - 100.0%
12,317,244,387
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $211,872,604 or 1.7% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,280,416 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 3.10%
344,150,559
4,469,653,538
4,380,581,228
3,791,368
-
-
433,222,869
0.9%
Fidelity Securities Lending Cash Central Fund 3.10%
-
1,942,762,009
1,696,289,634
932,233
-
-
246,472,375
0.7%
Total
344,150,559
6,412,415,547
6,076,870,862
4,723,601
-
-
679,695,244
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
51,168,916
51,168,916
-
-
Consumer Discretionary
1,205,079,662
259,789,769
945,289,893
-
Consumer Staples
904,285,632
180,142,816
724,142,816
-
Energy
317,868,620
-
317,868,620
-
Financials
2,578,101,346
1,394,276,305
1,183,825,041
-
Health Care
1,844,798,873
1,162,283,460
682,515,413
-
Industrials
2,584,156,555
1,487,083,218
1,097,073,337
-
Information Technology
1,735,326,060
766,836,860
963,208,784
5,280,416
Materials
543,413,546
195,210,275
348,203,271
-
Real Estate
152,558,377
152,558,377
-
-
  Money Market Funds
679,695,244
679,695,244
-
-
 Total Investments in Securities:
12,596,452,831
6,329,045,240
6,262,127,175
5,280,416
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $231,570,513) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $11,709,301,471)
 
$11,916,757,587
 
 
Fidelity Central Funds (cost $679,695,244)
 
679,695,244
 
 
 
 
 
 
 
Total Investment in Securities (cost $12,388,996,715)
 
 
$
12,596,452,831
Foreign currency held at value (cost $101,708)
 
 
 
101,750
Receivable for investments sold
 
 
 
24,594,331
Receivable for fund shares sold
 
 
 
26,642,905
Dividends receivable
 
 
 
11,852,994
Reclaims receivable
 
 
 
35,621,747
Distributions receivable from Fidelity Central Funds
 
 
 
1,058,607
  Total assets
 
 
 
12,696,325,165
Liabilities
 
 
 
 
Payable for investments purchased
 
$8,370,243
 
 
Payable for fund shares redeemed
 
120,521,603
 
 
Other payables and accrued expenses
 
3,716,557
 
 
Collateral on securities loaned
 
246,472,375
 
 
  Total Liabilities
 
 
 
379,080,778
Net Assets  
 
 
$
12,317,244,387
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
12,508,221,053
Total accumulated earnings (loss)
 
 
 
(190,976,666)
Net Assets
 
 
$
12,317,244,387
Net Asset Value , offering price and redemption price per share ($12,317,244,387 ÷ 1,219,001,399 shares)
 
 
$
10.10
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
275,370,717
Foreign Tax Reclaims
 
 
 
21,770,886
Income from Fidelity Central Funds (including $932,233 from security lending)
 
 
 
4,723,601
 Income before foreign taxes withheld
 
 
 
301,865,204
Less foreign taxes withheld
 
 
 
(51,938,028)
 Total Income
 
 
 
249,927,176
Expenses
 
 
 
 
Custodian fees and expenses
 
994,933
 
 
Independent trustees' fees and expenses
 
47,851
 
 
 Total Expenses
 
 
 
1,042,784
Net Investment income (loss)
 
 
 
248,884,392
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $7,275,584)
 
(589,233,851)
 
 
   Redemptions in-kind with affiliated entities
 
10,846,765
 
 
 Foreign currency transactions
 
(1,896,506)
 
 
Total net realized gain (loss)
 
 
 
(580,283,592)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $8,706,333)  
 
(4,367,411,163)
 
 
 Assets and liabilities in foreign currencies
 
(4,014,232)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(4,371,425,395)
Net gain (loss)
 
 
 
(4,951,708,987)
Net increase (decrease) in net assets resulting from operations
 
 
$
(4,702,824,595)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
248,884,392
$
183,300,410
Net realized gain (loss)
 
(580,283,592)
 
 
622,896,208
 
Change in net unrealized appreciation (depreciation)
 
(4,371,425,395)
 
3,619,908,617
 
Net increase (decrease) in net assets resulting from operations
 
(4,702,824,595)
 
 
4,426,105,235
 
Distributions to shareholders
 
(454,822,647)
 
 
(148,790,299)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,241,589,484
 
2,149,702,200
  Reinvestment of distributions
 
454,822,647
 
 
148,790,299
 
Cost of shares redeemed
 
(1,640,720,377)
 
(2,664,983,793)
  Net increase (decrease) in net assets resulting from share transactions
 
2,055,691,754
 
 
(366,491,294)
 
Total increase (decrease) in net assets
 
(3,101,955,488)
 
 
3,910,823,642
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
15,419,199,875
 
11,508,376,233
 
End of period
$
12,317,244,387
$
15,419,199,875
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
267,011,806
 
162,065,989
  Issued in reinvestment of distributions
 
32,302,745
 
 
12,451,071
 
Redeemed
 
(137,519,813)
 
(201,460,713)
Net increase (decrease)
 
161,794,738
 
(26,943,653)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Overseas Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.58
$
10.62
$
10.20
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.21
 
.17
 
.14
 
.06 D
     Net realized and unrealized gain (loss)
 
(4.27)
 
3.93
 
.32
 
.14
  Total from investment operations
 
(4.06)  
 
4.10  
 
.46  
 
.20  
  Distributions from net investment income
 
(.17)
 
(.14)
 
(.04)
 
-
  Distributions from net realized gain
 
(.25)
 
-
 
-
 
-
     Total distributions
 
(.42)
 
(.14)
 
(.04)
 
-
  Net asset value, end of period
$
10.10
$
14.58
$
10.62
$
10.20
 Total Return   E
 
(28.66)%
 
38.89%
 
4.51%
 
2.00%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01% H
    Net investment income (loss)
 
1.79%
 
1.29%
 
1.35%
 
1.69% D,H
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,317,244
$
15,419,200
$
11,508,376
$
6,226,806
    Portfolio turnover rate I
 
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 October 31, 2022
 
1. Organization.
Fidelity Series Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, 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
$1,364,302,779
Gross unrealized depreciation
(1,190,233,224)
Net unrealized appreciation (depreciation)
$174,069,555
Tax Cost
$12,422,383,276
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$    207,105,817
Capital loss carryforward
$(564,531,807)
Net unrealized appreciation (depreciation) on securities and other investments
$169,944,548
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(373,833,934)
  Long-term
(190,697,873)
Total capital loss carryforward
$(564,531,807)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$   186,260,703
$148,790,299
Long-term Capital Gains
268,561,944
-
Total
$454,822,647
$148,790,299
 
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
5,561,736,198
3,746,376,625
 
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
$4,471
 
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
328,062,412
68,762,267
(4,002,709)
 
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. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Overseas Fund
4,714,174
10,846,765
47,182,852
 
 
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
$98,295
$-
$-
 
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.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Overseas Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Overseas Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from June 21, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from June 21, 2019 (commencement of operations) through October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 19, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Overseas Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 870.70
 
$ .05
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The fund designates 4% of the dividend distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 89% of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Series Overseas Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2025.  
 
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
 
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9894003.103
SOV-ANN-1222
Fidelity® Series Canada Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Series Canada Fund
-7.45%
6.76%
7.79%
 
A     From August 15, 2017
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Canada Fund, on August 15, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Canada Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Ryan Oldham:
For the fiscal year ending October 31, 2022, the fund returned -7.45%, outperforming the -13.67% result of the benchmark MSCI Canada Index (Net MA). Versus the benchmark, stock picks in the Canadian market contributed most to the fund's relative result. By sector, the primary contributors to relative performance were strong stock selection and timely positioning in information technology. Stock selection and an overweighting in consumer discretionary, and stock selection in energy, also helped. The biggest individual relative contributor was an underweight position in Shopify (-77%). Also lifting performance was our overweighting in Canadian National Resources, which gained roughly 49% and was among our biggest holdings. Another notable relative contributor was an outsized stake in Alimentation Couche-Tard (+20%), also one of the fund's largest holdings. By sector, the primary detractors from performance versus the benchmark were an overweighting in health care and weak picks in the communication services sector, especially within the media & entertainment industry. Also hurting the fund's relative result was a notable underweighting in utilities. Not owning Cenovus Energy, a benchmark component that gained 71%, was the biggest individual relative detractor. Another notable detractor was an out-of-benchmark position in Dye & Durham (-64%). Avoiding Tourmaline Oil, a benchmark component that gained 86%, also hurt relative performance. During the period, we reduced our allocation to the information technology sector and increased our holdings in energy.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
The Toronto-Dominion Bank  (Banks)
8.2
 
Canadian Pacific Railway Ltd.  (Road & Rail)
7.0
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
6.2
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Food & Staples Retailing)
5.4
 
Royal Bank of Canada  (Banks)
4.9
 
Bank of Montreal  (Banks)
4.9
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
4.9
 
Brookfield Asset Management, Inc. (Canada) Class A (Capital Markets)
4.1
 
Nutrien Ltd.  (Chemicals)
3.6
 
Canadian National Railway Co.  (Road & Rail)
3.6
 
 
52.8
 
 
Market Sectors (% of Fund's net assets)
 
Financials
31.7
 
Energy
19.6
 
Industrials
14.6
 
Materials
11.2
 
Consumer Staples
6.4
 
Information Technology
6.0
 
Consumer Discretionary
5.7
 
Communication Services
3.1
 
Health Care
0.7
 
Real Estate
0.3
 
 
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 Canadian market. As of October 31, 2022, 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 based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.9%
 
 
 
Diversified Telecommunication Services - 1.3%
 
 
 
TELUS Corp.
 
3,334,200
69,628,209
Interactive Media & Services - 0.1%
 
 
 
VerticalScope Holdings, Inc. (a)
 
514,000
2,735,347
Media - 0.1%
 
 
 
Quebecor, Inc. Class A
 
354,900
6,718,443
Wireless Telecommunication Services - 1.4%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.) (b)
 
1,871,800
77,916,672
TOTAL COMMUNICATION SERVICES
 
 
156,998,671
CONSUMER DISCRETIONARY - 5.7%
 
 
 
Auto Components - 0.9%
 
 
 
Magna International, Inc. Class A (sub. vtg.)
 
913,900
50,929,121
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Restaurant Brands International, Inc.
 
1,779,100
105,713,029
Multiline Retail - 2.7%
 
 
 
Dollarama, Inc. (b)
 
2,446,300
145,357,643
Specialty Retail - 0.0%
 
 
 
Diversified Royalty Corp. (b)
 
1,087,300
2,394,319
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Canada Goose Holdings, Inc. (a)
 
410,683
6,719,363
TOTAL CONSUMER DISCRETIONARY
 
 
311,113,475
CONSUMER STAPLES - 6.4%
 
 
 
Beverages - 0.1%
 
 
 
GURU Organic Energy Corp. (a)(c)
 
1,884,596
5,007,698
Food & Staples Retailing - 6.1%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (b)
 
6,543,000
292,966,565
Neighbourly Pharmacy, Inc.
 
512,575
8,732,606
North West Co., Inc.
 
1,198,600
31,189,026
 
 
 
332,888,197
Personal Products - 0.2%
 
 
 
Jamieson Wellness, Inc. (d)
 
432,000
10,568,914
TOTAL CONSUMER STAPLES
 
 
348,464,809
ENERGY - 19.6%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Computer Modelling Group Ltd.
 
2,632,500
10,434,543
Pason Systems, Inc.
 
2,967,182
31,515,487
 
 
 
41,950,030
Oil, Gas & Consumable Fuels - 18.8%
 
 
 
Cameco Corp.
 
1,435,300
34,040,109
Canadian Natural Resources Ltd. (b)
 
5,613,300
336,670,270
Enbridge, Inc. (b)
 
4,036,000
157,250,985
Parkland Corp. (b)
 
3,128,500
63,242,845
PrairieSky Royalty Ltd. (b)
 
10,550,380
163,868,346
Suncor Energy, Inc.
 
7,601,300
261,457,715
 
 
 
1,016,530,270
TOTAL ENERGY
 
 
1,058,480,300
FINANCIALS - 31.7%
 
 
 
Banks - 19.6%
 
 
 
Bank of Montreal (b)
 
2,849,900
262,512,534
Bank of Nova Scotia
 
1,811,500
87,559,933
Royal Bank of Canada (b)
 
2,861,300
264,738,771
The Toronto-Dominion Bank
 
6,926,330
443,283,090
 
 
 
1,058,094,328
Capital Markets - 5.5%
 
 
 
Brookfield Asset Management, Inc. (Canada) Class A
 
5,625,188
222,761,326
TMX Group Ltd.
 
757,900
72,866,548
 
 
 
295,627,874
Insurance - 6.6%
 
 
 
Definity Financial Corp. (b)
 
2,592,824
76,794,105
Intact Financial Corp. (b)
 
815,500
123,915,774
Sun Life Financial, Inc. (b)
 
3,714,600
157,761,776
 
 
 
358,471,655
TOTAL FINANCIALS
 
 
1,712,193,857
HEALTH CARE - 0.7%
 
 
 
Health Care Providers & Services - 0.7%
 
 
 
Andlauer Healthcare Group, Inc.
 
856,570
32,833,035
dentalcorp Holdings Ltd. (a)
 
1,201,300
6,692,749
 
 
 
39,525,784
INDUSTRIALS - 14.6%
 
 
 
Commercial Services & Supplies - 1.9%
 
 
 
GFL Environmental, Inc. (b)
 
3,874,414
104,570,927
Professional Services - 2.1%
 
 
 
Thomson Reuters Corp.
 
1,050,800
111,755,725
Road & Rail - 10.6%
 
 
 
Canadian National Railway Co.
 
1,643,700
194,732,029
Canadian Pacific Railway Ltd. (b)
 
5,048,921
376,385,229
 
 
 
571,117,258
TOTAL INDUSTRIALS
 
 
787,443,910
INFORMATION TECHNOLOGY - 6.0%
 
 
 
IT Services - 1.1%
 
 
 
Shopify, Inc. Class A (a)
 
1,655,400
56,757,613
Software - 4.9%
 
 
 
ApplyBoard, Inc. (a)(e)(f)
 
10,248
705,882
ApplyBoard, Inc. (non-vtg.) (a)(e)(f)
 
2,527
174,060
Constellation Software, Inc.
 
118,400
171,200,482
Dye & Durham Ltd.
 
2,789,800
30,860,121
Open Text Corp.
 
2,178,100
63,087,919
 
 
 
266,028,464
TOTAL INFORMATION TECHNOLOGY
 
 
322,786,077
MATERIALS - 11.2%
 
 
 
Chemicals - 3.6%
 
 
 
Nutrien Ltd.
 
2,327,678
196,674,140
Containers & Packaging - 1.3%
 
 
 
CCL Industries, Inc. Class B (b)
 
1,441,400
67,713,583
Metals & Mining - 5.9%
 
 
 
Franco-Nevada Corp.
 
1,350,597
166,877,816
Lundin Mining Corp.
 
6,427,100
33,684,071
Wheaton Precious Metals Corp.
 
3,628,000
118,691,937
 
 
 
319,253,824
Paper & Forest Products - 0.4%
 
 
 
Stella-Jones, Inc.
 
594,300
17,898,579
Western Forest Products, Inc.
 
5,978,100
5,397,338
 
 
 
23,295,917
TOTAL MATERIALS
 
 
606,937,464
REAL ESTATE - 0.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.3%
 
 
 
Allied Properties (REIT) (b)
 
646,600
12,525,250
Real Estate Management & Development - 0.0%
 
 
 
Information Services Corp.
 
81,900
1,405,529
TOTAL REAL ESTATE
 
 
13,930,779
 
TOTAL COMMON STOCKS
  (Cost $4,260,953,591)
 
 
 
5,357,875,126
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.0%
 
 
 
Software - 0.0%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(e)(f)
 
12,606
868,301
 Series A2 (a)(e)(f)
 
9,868
679,708
 Series A3 (a)(e)(f)
 
563
38,779
 Series D (a)(e)(f)
 
27,521
1,895,646
 Series Seed (a)(e)(f)
 
3,768
259,540
(Cost $4,705,692)
 
 
3,741,974
 
 
 
 
Convertible Bonds - 0.2%
 
 
Principal
Amount (g)
 
Value ($)
 
COMMUNICATION SERVICES - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Cineplex, Inc. 5.75% 9/30/25 (d)
 
  (Cost $9,716,997)
 
CAD
14,075,000
10,615,526
 
 
 
 
Money Market Funds - 14.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (h)
 
4,118,597
4,119,421
Fidelity Securities Lending Cash Central Fund 3.10% (h)(i)
 
772,892,655
772,969,944
 
TOTAL MONEY MARKET FUNDS
  (Cost $777,089,365)
 
 
777,089,365
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 113.7%
  (Cost $5,052,465,645)
 
 
 
6,149,321,991
NET OTHER ASSETS (LIABILITIES) - (13.7)%  
(742,124,981)
NET ASSETS - 100.0%
5,407,197,010
 
 
 
 
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 $21,184,440 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 $4,621,916 or 0.1% of net assets.
 
(f)
Level 3 security
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ApplyBoard, Inc.
6/04/21 - 6/30/21
524,312
 
 
 
ApplyBoard, Inc. (non-vtg.)
6/30/21
269,861
 
 
 
ApplyBoard, Inc. Series A1
6/04/21
816,255
 
 
 
ApplyBoard, Inc. Series A2
6/04/21
638,966
 
 
 
ApplyBoard, Inc. Series A3
6/04/21
36,455
 
 
 
ApplyBoard, Inc. Series D
6/04/21
2,970,033
 
 
 
ApplyBoard, Inc. Series Seed
6/04/21
243,983
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
3,421,935
685,084,306
684,386,820
96,369
-
-
4,119,421
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
1,018,238,194
7,535,650,389
7,780,918,639
1,585,189
-
-
772,969,944
2.2%
Total
1,021,660,129
8,220,734,695
8,465,305,459
1,681,558
-
-
777,089,365
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
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.
15,921,138
-
19,238
-
(10,890)
(19,585,858)
5,007,698
GURU Organic Energy Corp.
7,685,151
-
-
-
-
1,017,395
-
Total
23,606,289
-
19,238
-
(10,890)
(18,568,463)
5,007,698
 
 
 
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
156,998,671
156,998,671
-
-
Consumer Discretionary
311,113,475
311,113,475
-
-
Consumer Staples
348,464,809
348,464,809
-
-
Energy
1,058,480,300
1,058,480,300
-
-
Financials
1,712,193,857
1,712,193,857
-
-
Health Care
39,525,784
39,525,784
-
-
Industrials
787,443,910
787,443,910
-
-
Information Technology
326,528,051
321,906,135
-
4,621,916
Materials
606,937,464
606,937,464
-
-
Real Estate
13,930,779
13,930,779
-
-
 Corporate Bonds
10,615,526
-
10,615,526
-
  Money Market Funds
777,089,365
777,089,365
-
-
 Total Investments in Securities:
6,149,321,991
6,134,084,549
10,615,526
4,621,916
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $727,459,514) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,261,679,951)
 
$5,367,224,928
 
 
Fidelity Central Funds (cost $777,089,365)
 
777,089,365
 
 
Other affiliated issuers (cost $13,696,329)
 
5,007,698
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,052,465,645)
 
 
$
6,149,321,991
Cash
 
 
 
459,002
Foreign currency held at value (cost $32,880,861)
 
 
 
32,859,154
Receivable for investments sold
 
 
 
75,698,763
Receivable for fund shares sold
 
 
 
3,776,315
Dividends receivable
 
 
 
10,913,173
Interest receivable
 
 
 
52,082
Distributions receivable from Fidelity Central Funds
 
 
 
179,212
  Total assets
 
 
 
6,273,259,692
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$93,083,043
 
 
Other payables and accrued expenses
 
11,466
 
 
Collateral on securities loaned
 
772,968,173
 
 
  Total Liabilities
 
 
 
866,062,682
Net Assets  
 
 
$
5,407,197,010
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,232,686,518
Total accumulated earnings (loss)
 
 
 
1,174,510,492
Net Assets
 
 
$
5,407,197,010
Net Asset Value , offering price and redemption price per share ($5,407,197,010 ÷ 404,404,871 shares)
 
 
$
13.37
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
154,357,341
Interest  
 
 
1,005,950
Income from Fidelity Central Funds (including $1,585,189 from security lending)
 
 
 
1,681,558
 Income before foreign taxes withheld
 
 
 
157,044,849
Less foreign taxes withheld
 
 
 
(23,222,765)
 Total Income
 
 
 
133,822,084
Expenses
 
 
 
 
Custodian fees and expenses
 
50,841
 
 
Independent trustees' fees and expenses
 
19,809
 
 
Interest
 
30,761
 
 
 Total Expenses
 
 
 
101,411
Net Investment income (loss)
 
 
 
133,720,673
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
46,126,746
 
 
   Redemptions in-kind with affiliated entities
 
9,969,579
 
 
   Affiliated issuers
 
(10,890)
 
 
 Foreign currency transactions
 
(5,684,930)
 
 
Total net realized gain (loss)
 
 
 
50,400,505
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(606,427,743)
 
 
   Affiliated issuers
 
(18,568,463)
 
 
 Assets and liabilities in foreign currencies
 
9,995
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(624,986,211)
Net gain (loss)
 
 
 
(574,585,706)
Net increase (decrease) in net assets resulting from operations
 
 
$
(440,865,033)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
133,720,673
$
108,709,412
Net realized gain (loss)
 
50,400,505
 
 
22,443,969
 
Change in net unrealized appreciation (depreciation)
 
(624,986,211)
 
1,915,956,394
 
Net increase (decrease) in net assets resulting from operations
 
(440,865,033)
 
 
2,047,109,775
 
Distributions to shareholders
 
(132,881,856)
 
 
(93,451,768)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
958,291,641
 
1,111,955,563
  Reinvestment of distributions
 
132,881,856
 
 
93,451,768
 
Cost of shares redeemed
 
(1,175,374,764)
 
(1,008,336,876)
  Net increase (decrease) in net assets resulting from share transactions
 
(84,201,267)
 
 
197,070,455
 
Total increase (decrease) in net assets
 
(657,948,156)
 
 
2,150,728,462
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,065,145,166
 
3,914,416,704
 
End of period
$
5,407,197,010
$
6,065,145,166
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
67,737,438
 
82,470,040
  Issued in reinvestment of distributions
 
9,351,292
 
 
8,063,138
 
Redeemed
 
(83,298,959)
 
(80,373,626)
Net increase (decrease)
 
(6,210,229)
 
10,159,552
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Canada Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.77
$
9.77
$
10.89
$
9.99
$
10.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.28
 
.27
 
.27
 
.26
     Net realized and unrealized gain (loss)
 
(1.40)
 
4.97
 
(1.14)
 
.86
 
(.81)
  Total from investment operations
 
(1.08)  
 
5.25  
 
(.87)  
 
1.13  
 
(.55)
  Distributions from net investment income
 
(.32)
 
(.25)
 
(.25)
 
(.23)
 
(.10)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.32)
 
(.25)
 
(.25)
 
(.23)
 
(.12)
  Net asset value, end of period
$
13.37
$
14.77
$
9.77
$
10.89
$
9.99
 Total Return   C
 
(7.45)%
 
54.40%
 
(8.22)%
 
11.62%
 
(5.26)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions F
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any F
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions F
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
2.29%
 
2.13%
 
2.70%
 
2.63%
 
2.42%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,407,197
$
6,065,145
$
3,914,417
$
1,916,409
$
1,385,499
    Portfolio turnover rate G
 
19% H
 
19%
 
14%
 
12% H
 
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 Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
F Amount represents less than .005%.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Series Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, 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
$1,333,506,795
Gross unrealized depreciation
(295,105,431)
Net unrealized appreciation (depreciation)
$1,038,401,364
Tax Cost
$5,110,920,627
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$133,513,424
Undistributed long-term capital gain
$2,623,110
Net unrealized appreciation (depreciation) on securities and other investments
$1,038,373,958
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$132,881,856
$93,451,768
 
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
1,123,746,434
1,138,392,198
 
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
$47,787,250
1.15%
$30,524
 
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
78,993,502
52,431,301
(2,066,200)
 
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. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity 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
$   171,432
$-
$-
 
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 Series Canada Fund
$4,105,000
2.08%
$237
 
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series Canada Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Canada Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 19, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Canada Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 922.10
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$- E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2022, $12,488,747, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $1,231,009 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 43% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Series Canada Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.  
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2025.
 
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability . The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
 
Economies of Scale . The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9883882.105
SAD-ANN-1222
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity SAI Sustainable Emerging Markets Equity Fund will be reported once the fund is a year old.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity SAI Sustainable Emerging Markets Equity Fund, on April 14, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager John Chow:
From the fund's inception on April 14, 2022, through October 31, 2022, the fund returned -24.00%, topping the -25.84% result of the MSCI Emerging Markets ESG Leaders Index (Net Mass.). By region, an overweighting in Latin America - especially, Mexico - notably bolstered the fund's performance versus the benchmark. Within Emerging Asia, an overweighting and stock picking in Indonesia lifted our relative result. Among sectors, security selection in financials stood out as a positive, along with picks in industrials, an underweighting in communication services and out-of-benchmark exposure to the multi sector group. A cash position averaging roughly 5% of assets also added value versus the benchmark. The top individual relative contributor was an out-of-benchmark stake in HDFC Bank (+7%), one of the fund's core holdings as of October 31. Non-benchmark exposure to iShares MSCI India Index Fund (-5%) also worked in the fund's favor versus the benchmark. This was one of the portfolio's largest holdings at period end. Underweighting benchmark heavyweight Tencent Holdings (-45%) - which was nevertheless another core holding in the portfolio at period end - helped as well. Conversely, security selection in Emerging Asia - notably, China - detracted from relative performance. Positioning in Thailand and Malaysia were lesser negatives for our relative result. Consumer staples, health care and information technology were the largest detractors among sectors - mainly due to subpar stock selection. An out-of-benchmark stake in Zai Lab Limited (-50%) detracted more than any other holding. Silergy (-51%), also not part of the benchmark, was a sizable detractor. Lack of exposure to Housing Development Finance Corporation Limited (-3%) further detracted on a relative basis.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
8.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.0
 
iShares MSCI India ETF (United States of America, Investment Companies)
4.3
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
3.6
 
Tencent Holdings Ltd.  (Cayman Islands, Interactive Media & Services)
3.2
 
Wal-Mart de Mexico SA de CV Series V  (Mexico, Food & Staples Retailing)
2.7
 
China Construction Bank Corp. (H Shares)  (China, Banks)
2.4
 
Alibaba Group Holding Ltd. sponsored ADR  (Cayman Islands, Internet & Direct Marketing Retail)
2.3
 
Reliance Industries Ltd. sponsored GDR  (India, Oil, Gas & Consumable Fuels)
2.3
 
LG Chemical Ltd.  (Korea (South), Chemicals)
2.1
 
 
35.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.8
 
Information Technology
22.3
 
Consumer Discretionary
12.2
 
Communication Services
8.2
 
Consumer Staples
6.8
 
Materials
6.3
 
Health Care
5.4
 
Industrials
3.5
 
Energy
2.3
 
Utilities
0.3
 
Real Estate
0.3
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 90.7%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 89.4%
 
 
Shares
Value ($)
 
Bermuda - 1.1%
 
 
 
Credicorp Ltd. (United States)
 
96
14,051
Kunlun Energy Co. Ltd.
 
10,414
6,222
TOTAL BERMUDA
 
 
20,273
Brazil - 4.6%
 
 
 
Banco do Brasil SA
 
1,219
8,736
Hypera SA
 
1,939
19,073
Localiza Rent a Car SA
 
2,701
36,885
Localiza Rent a Car SA
 
6
82
Natura & Co. Holding SA (a)
 
1,602
4,637
Suzano Papel e Celulose SA
 
1,251
12,884
TOTAL BRAZIL
 
 
82,297
Cayman Islands - 17.5%
 
 
 
Alibaba Group Holding Ltd. sponsored ADR (a)
 
635
40,373
Bilibili, Inc. ADR (a)
 
335
2,988
Chailease Holding Co. Ltd.
 
1,196
5,525
JD.com, Inc. sponsored ADR
 
676
25,208
Li Ning Co. Ltd.
 
956
4,945
Meituan Class B (a)(b)
 
1,937
31,012
NetEase, Inc. ADR
 
318
17,687
Pinduoduo, Inc. ADR (a)
 
386
21,164
Sea Ltd. ADR (a)
 
273
13,563
Shenzhou International Group Holdings Ltd.
 
648
4,499
Silergy Corp.
 
1,236
14,332
Sunny Optical Technology Group Co. Ltd.
 
414
3,589
Tencent Holdings Ltd.
 
2,153
56,574
Trip.com Group Ltd. ADR (a)
 
1,570
35,529
Wuxi Biologics (Cayman), Inc. (a)(b)
 
3,364
15,137
XP, Inc. Class A (a)
 
251
4,601
XPeng, Inc. ADR (a)
 
449
2,972
Zai Lab Ltd. ADR (a)
 
444
9,892
TOTAL CAYMAN ISLANDS
 
 
309,590
China - 7.5%
 
 
 
China Construction Bank Corp. (H Shares)
 
81,577
43,292
China Merchants Bank Co. Ltd. (H Shares)
 
1,255
4,125
China Tourism Group Duty Free Corp. Ltd. (H Shares) (a)(b)
 
234
4,630
Haier Smart Home Co. Ltd.
 
3,131
7,834
Kweichow Moutai Co. Ltd. (A Shares)
 
43
7,912
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
4,959
19,853
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
674
30,036
Wuliangye Yibin Co. Ltd. (A Shares)
 
839
15,337
TOTAL CHINA
 
 
133,019
Hong Kong - 0.8%
 
 
 
China Resources Beer Holdings Co. Ltd.
 
2,856
13,462
Hungary - 0.7%
 
 
 
Richter Gedeon PLC
 
628
12,400
India - 9.8%
 
 
 
Axis Bank Ltd. GDR (Reg. S)
 
175
9,450
HDFC Bank Ltd. sponsored ADR
 
1,033
64,366
ICICI Bank Ltd. sponsored ADR
 
1,089
24,002
Infosys Ltd. sponsored ADR
 
1,868
34,988
Reliance Industries Ltd. sponsored GDR (b)
 
658
40,171
TOTAL INDIA
 
 
172,977
Indonesia - 5.6%
 
 
 
PT Avia Avian Tbk
 
124,153
6,248
PT Bank Central Asia Tbk
 
57,718
32,564
PT Bank Mandiri (Persero) Tbk
 
44,291
29,958
PT Bank Rakyat Indonesia (Persero) Tbk
 
42,149
12,566
PT Telkom Indonesia Persero Tbk
 
63,271
17,770
TOTAL INDONESIA
 
 
99,106
Korea (South) - 14.4%
 
 
 
Db Insurance Co. Ltd.
 
136
5,364
Hansol Chemical Co. Ltd.
 
57
7,408
Hyundai Fire & Marine Insurance Co. Ltd.
 
377
8,796
Hyundai Motor Co.
 
40
4,610
LG Chemical Ltd.
 
86
37,718
LG Energy Solution (a)
 
17
6,289
NAVER Corp.
 
98
11,638
POSCO
 
195
33,918
Samsung Electronics Co. Ltd.
 
2,126
88,477
Shinhan Financial Group Co. Ltd.
 
219
5,555
SK Hynix, Inc.
 
548
31,752
Woori Financial Group, Inc. ADR
 
550
13,695
TOTAL KOREA (SOUTH)
 
 
255,220
Mexico - 5.2%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
823
3,177
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
221
5,172
Grupo Aeroportuario Norte S.A.B. de CV
 
1,910
15,216
Grupo Financiero Banorte S.A.B. de CV Series O
 
2,634
21,410
Wal-Mart de Mexico SA de CV Series V
 
12,326
47,611
TOTAL MEXICO
 
 
92,586
Philippines - 0.3%
 
 
 
Ayala Land, Inc.
 
13,180
5,832
Saudi Arabia - 0.5%
 
 
 
Dr Sulaiman Al Habib Medical Services Group Co.
 
142
8,563
South Africa - 4.4%
 
 
 
Absa Group Ltd.
 
1,772
19,269
Capitec Bank Holdings Ltd.
 
31
3,207
Impala Platinum Holdings Ltd.
 
1,091
11,170
MTN Group Ltd.
 
3,352
23,694
Naspers Ltd. Class N
 
196
20,204
TOTAL SOUTH AFRICA
 
 
77,544
Taiwan - 13.8%
 
 
 
E.SUN Financial Holdings Co. Ltd.
 
33,275
23,934
eMemory Technology, Inc.
 
527
17,564
Hon Hai Precision Industry Co. Ltd. (Foxconn) GDR (Reg. S)
 
4,106
25,539
MediaTek, Inc.
 
1,608
29,414
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
2,295
141,257
Unimicron Technology Corp.
 
1,789
6,906
TOTAL TAIWAN
 
 
244,614
Thailand - 1.9%
 
 
 
CP ALL PCL (For. Reg.)
 
15,603
24,607
SCB X PCL (For. Reg.)
 
1,400
3,901
Thai Beverage PCL
 
14,467
5,876
TOTAL THAILAND
 
 
34,384
United Arab Emirates - 0.6%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
4,151
10,680
United States of America - 0.7%
 
 
 
Li Auto, Inc. ADR (a)
 
894
12,176
 
TOTAL COMMON STOCKS
  (Cost $1,958,916)
 
 
 
1,584,723
 
 
 
 
Nonconvertible Preferred Stocks - 2.0%
 
 
Shares
Value ($)
 
Brazil - 2.0%
 
 
 
Itau Unibanco Holding SA
  (Cost $33,879)
 
6,094
35,864
 
 
 
 
Investment Companies - 6.0%
 
 
Shares
Value ($)
 
United States of America - 6.0%
 
 
 
iShares MSCI Emerging Markets Index ETF
 
893
30,532
iShares MSCI India ETF
 
1,786
75,369
 
 
 
 
 
TOTAL INVESTMENT COMPANIES
  (Cost $115,039)
 
 
 
105,901
 
 
 
 
Government Obligations - 0.6%
 
 
Principal
Amount (c)
 
Value ($)
 
United States of America - 0.6%
 
 
 
U.S. Treasury Bills, yield at date of purchase 2.5% 11/10/22
  (Cost $9,994)
 
10,000
9,993
 
 
 
 
Money Market Funds - 3.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (d)
 
  (Cost $56,344)
 
 
56,333
56,344
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
  (Cost $2,174,172)
 
 
 
1,792,825
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(20,554)
NET ASSETS - 100.0%
1,772,271
 
 
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $90,950 or 5.1% of net assets.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
2,356,796
2,300,452
1,314
-
-
56,344
0.0%
Total
-
2,356,796
2,300,452
1,314
-
-
56,344
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
143,914
69,570
74,344
-
Consumer Discretionary
215,156
159,441
55,715
-
Consumer Staples
119,442
119,442
-
-
Energy
40,171
40,171
-
-
Financials
424,764
356,064
68,700
-
Health Care
95,101
79,964
15,137
-
Industrials
63,644
63,644
-
-
Information Technology
393,818
393,818
-
-
Materials
112,523
67,435
45,088
-
Real Estate
5,832
-
5,832
-
Utilities
6,222
6,222
-
-
 Investment Companies
105,901
105,901
-
-
 Government Obligations
9,993
-
9,993
-
  Money Market Funds
56,344
56,344
-
-
 Total Investments in Securities:
1,792,825
1,518,016
274,809
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,117,828)
 
$1,736,481
 
 
Fidelity Central Funds (cost $56,344)
 
56,344
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,174,172)
 
 
$
1,792,825
Foreign currency held at value (cost $236)
 
 
 
236
Receivable for investments sold
 
 
 
23,837
Receivable for fund shares sold
 
 
 
2,402
Dividends receivable
 
 
 
1,689
Distributions receivable from Fidelity Central Funds
 
 
 
385
Prepaid expenses
 
 
 
11,369
Receivable from investment adviser for expense reductions
 
 
 
17,687
  Total assets
 
 
 
1,850,430
Liabilities
 
 
 
 
Payable to custodian bank
 
$3,560
 
 
Payable for investments purchased
 
23,911
 
 
Accrued management fee
 
1,144
 
 
Audit fee payable
 
42,503
 
 
Custody fee payable
 
5,264
 
 
Other payables and accrued expenses
 
1,777
 
 
  Total Liabilities
 
 
 
78,159
Net Assets  
 
 
$
1,772,271
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,272,615
Total accumulated earnings (loss)
 
 
 
(500,344)
Net Assets
 
 
$
1,772,271
Net Asset Value , offering price and redemption price per share ($1,772,271 ÷ 233,048 shares)
 
 
$
7.60
 
 
 
 
 
Statement of Operations
 
 
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
23,856
Income from Fidelity Central Funds  
 
 
 
1,314
 Income before foreign taxes withheld
 
 
 
25,170
Less foreign taxes withheld
 
 
 
(2,835)
 Total Income
 
 
 
22,335
Expenses
 
 
 
 
Management fee
$
7,779
 
 
Custodian fees and expenses
 
13,798
 
 
Independent trustees' fees and expenses
 
3
 
 
Registration fees
 
18,080
 
 
Audit
 
44,374
 
 
Miscellaneous
 
29
 
 
 Total expenses before reductions
 
84,063
 
 
 Expense reductions
 
(74,474)
 
 
 Total expenses after reductions
 
 
 
9,589
Net Investment income (loss)
 
 
 
12,746
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(116,769)
 
 
 Foreign currency transactions
 
(2,458)
 
 
 Futures contracts
 
(12,526)
 
 
Total net realized gain (loss)
 
 
 
(131,753)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(381,347)
 
 
 Assets and liabilities in foreign currencies
 
10
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(381,337)
Net gain (loss)
 
 
 
(513,090)
Net increase (decrease) in net assets resulting from operations
 
 
$
(500,344)
Statement of Changes in Net Assets
 
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
12,746
Net realized gain (loss)
 
(131,753)
 
Change in net unrealized appreciation (depreciation)
 
(381,337)
Net increase (decrease) in net assets resulting from operations
 
(500,344)
 
Share transactions
 
 
Proceeds from sales of shares
 
2,279,784
Cost of shares redeemed
 
(7,169)
  Net increase (decrease) in net assets resulting from share transactions
 
2,272,615
 
Total increase (decrease) in net assets
 
1,772,271
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
1,772,271
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
233,926
Redeemed
 
(878)
Net increase (decrease)
 
233,048
 
 
 
 
 
Financial Highlights
Fidelity SAI Sustainable Emerging Markets Equity Fund
 
Years ended October 31,
 
2022 A  
  Selected Per-Share Data  
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.06
     Net realized and unrealized gain (loss)
 
(2.46)
  Total from investment operations
 
(2.40)  
  Net asset value, end of period
$
7.60
 Total Return   D,E
 
(24.00)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
6.38% H,I
    Expenses net of fee waivers, if any
 
.96% I
    Expenses net of all reductions
 
.96% I
    Net investment income (loss)
 
1.27% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
1,772
    Portfolio turnover rate J
 
74% I
 
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 Audit fees are not annualized.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity SAI Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.  
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, futures contracts, 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
$34,750
Gross unrealized depreciation
(452,532)
Net unrealized appreciation (depreciation)
$(417,782)
Tax Cost
$2,210,607
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$10,316
Capital loss carryforward
$(92,888)
Net unrealized appreciation (depreciation) on securities and other investments
$(417,772)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(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 and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Sustainable Emerging Markets Equity Fund
2,914,962
690,138
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
$7
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity SAI Sustainable Emerging Markets Equity Fund
17,081
3,047
(2,071)
7. Expense Reductions.
Effective June 1, 2022, the investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. The expense limitation prior to June 1, 2022 was 1.00%. 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 $74,383.
 
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 $69.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $22.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity SAI Sustainable Emerging Markets Equity Fund  
86%
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.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI Sustainable Emerging Markets Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI Sustainable Emerging Markets Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from April 14, 2022 (commencement of operations) through October 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations, the changes in its net assets and the financial highlights for the period from April 14, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 16, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
 
.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 796.60
 
$ 4.35
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.37
 
$ 4.89
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
1.9905647.100
ESP-ANN-1222
Fidelity® International Discovery K6 Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® International Discovery K6 Fund
-30.35%
1.67%
 
A     From June 13, 2019
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Discovery K6 Fund, on June 13, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
 
Comments from Portfolio Manager William Kennedy:
For the fiscal year ending October 31, 2022, the fund returned -30.35%, underperforming the -22.84% result of the benchmark MSCI EAFE Index. By region, stock picks in Europe ex U.K and in Japan, along with security selection and an underweighting in the U.K., detracted most from the fund's relative result this period. By sector, security selection in financials, health care, industrials and communication services notably hindered the fund's result versus the benchmark. Not owning U.K.-headquartered energy giant Shell, a benchmark component that gained about 25%, was the largest individual relative detractor. An outsized investment in Japan-based staffing company Recruit Holdings (-45%) also pressured performance. A non-benchmark stake in OTP Bank in Hungary returned roughly -55%, proving detrimental as well. Recruit and OTP were not held at period end. In contrast, security and currency selection in Canada - a non-benchmark allocation - boosted the fund's relative result. By sector, an overweighting in energy helped most versus the benchmark. An underweighting and stock selection in real estate further aided the portfolio's relative return. Lastly, the fund's position in cash was a notable contributor. The biggest individual relative contributors were an overweight position in Norway-based exploration & production (e&p) company Equinor (+48%) and a non-benchmark stake in e&p company Canadian National Resources (+27%), a position we established this period. Equinor and Canadian National Resources were among the fund's biggest holdings on October 31. Notable changes in positioning included increased exposure to India and a lower allocation to Germany. By sector, meaningful shifts entailed greater exposure to consumer staples, health care and energy firms.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
4.0
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
3.5
 
Equinor ASA  (Norway, Oil, Gas & Consumable Fuels)
3.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.7
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
2.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.9
 
Housing Development Finance Corp. Ltd.  (India, Diversified Financial Services)
1.8
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
1.6
 
Canadian Natural Resources Ltd.  (Canada, Oil, Gas & Consumable Fuels)
1.6
 
 
25.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
17.4
 
Health Care
16.3
 
Industrials
13.8
 
Information Technology
13.0
 
Consumer Discretionary
9.5
 
Consumer Staples
8.5
 
Energy
6.8
 
Materials
5.4
 
Real Estate
1.5
 
Communication Services
1.5
 
Utilities
0.7
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 94.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.3%
 
 
Shares
Value ($)
 
Australia - 2.2%
 
 
 
Bapcor Ltd.
 
356,075
1,507,794
Flight Centre Travel Group Ltd. (a)(b)
 
215,424
2,294,303
Iperionx Ltd. (a)
 
938,256
426,110
Lynas Rare Earths Ltd. (a)
 
341,169
1,817,845
National Storage REIT unit
 
2,659,570
4,440,116
TOTAL AUSTRALIA
 
 
10,486,168
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (c)
 
212,047
1,699,797
Belgium - 1.7%
 
 
 
KBC Group NV
 
70,614
3,538,874
UCB SA
 
56,877
4,289,848
TOTAL BELGIUM
 
 
7,828,722
Brazil - 0.2%
 
 
 
Rede D'Oregon Sao Luiz SA (c)
 
140,618
875,749
Canada - 4.6%
 
 
 
Canadian Natural Resources Ltd.
 
124,742
7,481,682
Constellation Software, Inc.
 
3,656
5,286,393
Definity Financial Corp.
 
32,211
954,023
Nutrien Ltd.
 
46,332
3,914,762
The Toronto-Dominion Bank
 
53,771
3,441,328
Topicus.Com, Inc. (a)
 
6,643
344,743
TOTAL CANADA
 
 
21,422,931
Cayman Islands - 0.4%
 
 
 
Li Ning Co. Ltd.
 
263,362
1,362,162
Medlive Technology Co. Ltd. (c)
 
137,869
119,082
Silergy Corp.
 
37,733
437,532
TOTAL CAYMAN ISLANDS
 
 
1,918,776
China - 0.1%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c)
 
16,838
180,185
WuXi AppTec Co. Ltd. (H Shares) (c)
 
60,463
484,496
TOTAL CHINA
 
 
664,681
Cyprus - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (d)
 
38,476
14,210
Denmark - 1.5%
 
 
 
DSV A/S
 
27,012
3,656,908
ORSTED A/S (c)
 
38,374
3,166,076
TOTAL DENMARK
 
 
6,822,984
Finland - 0.5%
 
 
 
Musti Group OYJ
 
35,727
671,543
Neste OYJ
 
38,287
1,677,698
TOTAL FINLAND
 
 
2,349,241
France - 9.9%
 
 
 
Air Liquide SA
 
46,427
6,073,291
AXA SA
 
259,149
6,399,661
BNP Paribas SA
 
65,277
3,061,094
Capgemini SA
 
39,909
6,540,720
Edenred SA
 
63,235
3,247,084
EssilorLuxottica SA
 
21,185
3,357,100
Exclusive Networks SA
 
92,726
1,490,009
LVMH Moet Hennessy Louis Vuitton SE
 
21,143
13,341,125
Teleperformance
 
11,538
3,093,479
TOTAL FRANCE
 
 
46,603,563
Germany - 6.3%
 
 
 
Brenntag SE
 
55,027
3,338,838
Deutsche Borse AG
 
30,863
5,018,934
Deutsche Post AG
 
106,599
3,768,256
Linde PLC
 
10,367
3,100,706
Merck KGaA
 
24,855
4,050,499
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
8,914
2,353,083
Nexus AG
 
22,732
1,219,844
Rheinmetall AG
 
9,198
1,495,292
Siemens AG
 
31,801
3,472,957
Siemens Healthineers AG (c)
 
32,107
1,470,905
Talanx AG
 
82
3,081
TOTAL GERMANY
 
 
29,292,395
Hong Kong - 1.8%
 
 
 
AIA Group Ltd.
 
838,996
6,355,222
Techtronic Industries Co. Ltd.
 
218,834
2,072,089
TOTAL HONG KONG
 
 
8,427,311
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
55,480
1,095,491
India - 6.9%
 
 
 
Avenue Supermarts Ltd. (a)(c)
 
31,656
1,652,361
Delhivery Private Ltd. (a)(e)
 
17,300
68,337
Eicher Motors Ltd.
 
38,046
1,769,681
HDFC Bank Ltd. sponsored ADR
 
162,078
10,099,080
Housing Development Finance Corp. Ltd.
 
283,976
8,472,625
ITC Ltd.
 
285,396
1,202,194
PVR Ltd. (a)
 
42,827
918,313
Reliance Industries Ltd.
 
164,145
5,055,618
Reliance Industries Ltd. sponsored GDR (c)
 
25,699
1,568,924
Star Health & Allied Insurance Co. Ltd.
 
62,392
537,809
Sunteck Realty Ltd.
 
181,105
851,815
TOTAL INDIA
 
 
32,196,757
Ireland - 1.8%
 
 
 
Cairn Homes PLC
 
1,843,813
1,778,282
CRH PLC
 
75,032
2,702,492
Dalata Hotel Group PLC (a)
 
719,781
2,308,245
DCC PLC (United Kingdom)
 
253
14,043
ICON PLC (a)
 
7,125
1,409,610
Ryanair Holdings PLC (a)
 
3,200
38,865
TOTAL IRELAND
 
 
8,251,537
Italy - 0.4%
 
 
 
BFF Bank SpA (c)
 
209,163
1,475,876
FinecoBank SpA
 
35,900
483,922
TOTAL ITALY
 
 
1,959,798
Japan - 18.3%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
115,367
3,692,986
FUJIFILM Holdings Corp.
 
112,363
5,152,852
Fujitsu Ltd.
 
22,523
2,591,463
Hitachi Ltd.
 
169,924
7,725,117
Hoya Corp.
 
72,402
6,755,962
Itochu Corp.
 
186,238
4,820,808
JEOL Ltd.
 
65,880
2,419,078
Keyence Corp.
 
8,363
3,167,586
Minebea Mitsumi, Inc.
 
279,413
4,141,540
Misumi Group, Inc.
 
59,653
1,275,743
Mitsubishi UFJ Financial Group, Inc.
 
616,748
2,913,426
Murata Manufacturing Co. Ltd.
 
48,309
2,286,921
Olympus Corp.
 
302,487
6,387,634
ORIX Corp.
 
499,219
7,335,778
Persol Holdings Co. Ltd.
 
147,852
2,969,071
Renesas Electronics Corp. (a)
 
445,763
3,729,143
Shin-Etsu Chemical Co. Ltd.
 
46,257
4,807,488
SMC Corp.
 
4,724
1,896,224
Sony Group Corp.
 
109,179
7,362,449
TIS, Inc.
 
91,840
2,479,825
ZOZO, Inc.
 
89,197
1,898,574
TOTAL JAPAN
 
 
85,809,668
Luxembourg - 0.9%
 
 
 
Eurofins Scientific SA
 
30,692
1,964,866
Globant SA (a)
 
7,047
1,329,628
Samsonite International SA (a)(c)
 
405,378
871,731
TOTAL LUXEMBOURG
 
 
4,166,225
Netherlands - 5.7%
 
 
 
Airbus Group NV
 
34,142
3,694,293
ASML Holding NV (Netherlands)
 
18,792
8,815,086
Heineken NV (Bearer)
 
53,112
4,440,479
IMCD NV
 
14,327
1,859,032
ING Groep NV (Certificaten Van Aandelen)
 
224,615
2,210,120
Koninklijke KPN NV
 
1,310,789
3,666,416
RHI Magnesita NV
 
27,394
581,814
Universal Music Group NV
 
62,867
1,234,422
TOTAL NETHERLANDS
 
 
26,501,662
New Zealand - 0.9%
 
 
 
EBOS Group Ltd.
 
112,376
2,450,078
Ryman Healthcare Ltd.
 
360,432
1,756,072
TOTAL NEW ZEALAND
 
 
4,206,150
Norway - 3.4%
 
 
 
Equinor ASA
 
437,161
15,927,403
Volue A/S (a)
 
64,986
168,776
TOTAL NORWAY
 
 
16,096,179
Singapore - 0.7%
 
 
 
United Overseas Bank Ltd.
 
172,420
3,381,166
Spain - 1.7%
 
 
 
Aena SME SA (a)(c)
 
8,621
1,013,239
Amadeus IT Holding SA Class A (a)
 
85,597
4,464,338
Cellnex Telecom SA (c)
 
36,501
1,194,687
Cie Automotive SA
 
54,999
1,399,040
TOTAL SPAIN
 
 
8,071,304
Sweden - 2.6%
 
 
 
ASSA ABLOY AB (B Shares)
 
93,762
1,893,250
HEXPOL AB (B Shares)
 
127,663
1,260,304
Indutrade AB
 
116,390
2,038,185
Kry International AB (a)(d)(e)
 
71
12,430
Lagercrantz Group AB (B Shares)
 
185,223
1,589,490
Nibe Industrier AB (B Shares)
 
108,245
863,709
Nordnet AB
 
124,094
1,539,767
Svenska Handelsbanken AB (A Shares)
 
306,900
2,851,419
TOTAL SWEDEN
 
 
12,048,554
Switzerland - 8.8%
 
 
 
Lonza Group AG
 
5,467
2,814,325
Nestle SA (Reg. S)
 
170,805
18,593,623
Partners Group Holding AG
 
3,531
3,171,500
Roche Holding AG (participation certificate)
 
49,747
16,505,964
TOTAL SWITZERLAND
 
 
41,085,412
Taiwan - 1.0%
 
 
 
MediaTek, Inc.
 
101,732
1,860,913
Taiwan Semiconductor Manufacturing Co. Ltd.
 
221,415
2,659,298
TOTAL TAIWAN
 
 
4,520,211
United Kingdom - 11.0%
 
 
 
AstraZeneca PLC (United Kingdom)
 
108,288
12,705,668
BAE Systems PLC
 
413,702
3,869,591
Beazley PLC
 
241,765
1,731,464
Big Yellow Group PLC
 
140,969
1,820,328
Bunzl PLC
 
154,755
5,042,009
Bytes Technology Group PLC
 
60,071
247,451
Compass Group PLC
 
333,343
7,020,812
Dechra Pharmaceuticals PLC
 
36,839
1,106,870
Diageo PLC
 
179,462
7,385,313
Dr. Martens Ltd.
 
273,351
779,936
M&G PLC
 
756,491
1,519,937
Reckitt Benckiser Group PLC
 
96,634
6,413,021
Smart Metering Systems PLC
 
184,164
1,545,979
Starling Bank Ltd. Series D (a)(d)(e)
 
137,500
444,672
Zegona Communications PLC (a)
 
19,285
16,587
TOTAL UNITED KINGDOM
 
 
51,649,638
United States of America - 0.4%
 
 
 
Mobileye Global, Inc. (a)
 
8,300
218,954
NICE Ltd. sponsored ADR (a)
 
9,919
1,883,519
TOTAL UNITED STATES OF AMERICA
 
 
2,102,473
 
TOTAL COMMON STOCKS
  (Cost $507,049,567)
 
 
 
441,548,753
 
 
 
 
Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.1%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
1,533
240,712
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
8,434
75,653
 
 
 
316,365
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (d)(e)
 
3,347
408,895
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
725,260
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
413
72,303
 
TOTAL PREFERRED STOCKS
  (Cost $1,346,117)
 
 
 
797,563
 
 
 
 
Money Market Funds - 6.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
27,101,106
27,106,527
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
1,938,597
1,938,791
 
TOTAL MONEY MARKET FUNDS
  (Cost $29,045,318)
 
 
29,045,318
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
  (Cost $537,441,002)
 
 
 
471,391,634
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(3,339,228)
NET ASSETS - 100.0%
468,052,406
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,773,108 or 3.4% 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 $1,323,002 or 0.3% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
869,539
 
 
 
ByteDance Ltd. Series E1
11/18/20
167,977
 
 
 
Delhivery Private Ltd.
5/20/21
84,445
 
 
 
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 3.10%
12,924,183
177,857,021
163,674,677
306,191
-
-
27,106,527
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
56,848
50,596,093
48,714,150
70,255
-
-
1,938,791
0.0%
Total
12,981,031
228,453,114
212,388,827
376,446
-
-
29,045,318
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
7,030,425
934,900
6,095,525
-
Consumer Discretionary
44,379,887
16,641,291
27,724,386
14,210
Consumer Staples
39,686,991
7,295,034
32,391,957
-
Energy
31,711,325
15,783,922
15,927,403
-
Financials
80,993,658
45,847,153
34,701,833
444,672
Health Care
77,187,965
35,871,965
41,240,347
75,653
Industrials
65,666,854
40,540,915
25,125,939
-
Information Technology
60,726,064
28,904,755
31,086,969
734,340
Materials
24,684,812
11,101,541
13,583,271
-
Real Estate
7,112,259
7,112,259
-
-
Utilities
3,166,076
-
3,166,076
-
  Money Market Funds
29,045,318
29,045,318
-
-
 Total Investments in Securities:
471,391,634
239,079,053
231,043,706
1,268,875
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,838,575) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $508,395,684)
 
$442,346,316
 
 
Fidelity Central Funds (cost $29,045,318)
 
29,045,318
 
 
 
 
 
 
 
Total Investment in Securities (cost $537,441,002)
 
 
$
471,391,634
Cash
 
 
 
3
Foreign currency held at value (cost $29,860)
 
 
 
29,855
Receivable for fund shares sold
 
 
 
466,328
Dividends receivable
 
 
 
669,896
Reclaims receivable
 
 
 
683,558
Distributions receivable from Fidelity Central Funds
 
 
 
79,358
Other receivables
 
 
 
214
  Total assets
 
 
 
473,320,846
Liabilities
 
 
 
 
Payable for investments purchased
 
$2,520,394
 
 
Payable for fund shares redeemed
 
423,114
 
 
Accrued management fee
 
225,270
 
 
Other payables and accrued expenses
 
160,871
 
 
Collateral on securities loaned
 
1,938,791
 
 
  Total Liabilities
 
 
 
5,268,440
Net Assets  
 
 
$
468,052,406
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
593,989,112
Total accumulated earnings (loss)
 
 
 
(125,936,706)
Net Assets
 
 
$
468,052,406
Net Asset Value , offering price and redemption price per share ($468,052,406 ÷ 45,736,181 shares)
 
 
$
10.23
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
11,832,018
Non-Cash dividends
 
 
 
1,314,280
Interest  
 
 
234
Income from Fidelity Central Funds (including $70,255 from security lending)
 
 
 
376,446
 Income before foreign taxes withheld
 
 
 
13,522,978
Less foreign taxes withheld
 
 
 
(1,383,852)
 Total Income
 
 
 
12,139,126
Expenses
 
 
 
 
Management fee
$
2,819,601
 
 
Independent trustees' fees and expenses
 
1,547
 
 
 Total expenses before reductions
 
2,821,148
 
 
 Expense reductions
 
(22)
 
 
 Total expenses after reductions
 
 
 
2,821,126
Net Investment income (loss)
 
 
 
9,318,000
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $601)
 
(61,649,459)
 
 
 Foreign currency transactions
 
(212,876)
 
 
Total net realized gain (loss)
 
 
 
(61,862,335)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $169,401)  
 
(118,346,811)
 
 
 Assets and liabilities in foreign currencies
 
(71,347)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(118,418,158)
Net gain (loss)
 
 
 
(180,280,493)
Net increase (decrease) in net assets resulting from operations
 
 
$
(170,962,493)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,318,000
$
2,727,816
Net realized gain (loss)
 
(61,862,335)
 
 
(664,469)
 
Change in net unrealized appreciation (depreciation)
 
(118,418,158)
 
43,685,166
 
Net increase (decrease) in net assets resulting from operations
 
(170,962,493)
 
 
45,748,513
 
Distributions to shareholders
 
(8,038,015)
 
 
(779,078)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
304,547,005
 
350,979,730
  Reinvestment of distributions
 
8,038,015
 
 
779,078
 
Cost of shares redeemed
 
(96,424,320)
 
(69,009,150)
  Net increase (decrease) in net assets resulting from share transactions
 
216,160,700
 
 
282,749,658
 
Total increase (decrease) in net assets
 
37,160,192
 
 
327,719,093
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
430,892,214
 
103,173,121
 
End of period
$
468,052,406
$
430,892,214
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
24,327,055
 
24,312,789
  Issued in reinvestment of distributions
 
555,879
 
 
60,865
 
Redeemed
 
(7,923,935)
 
(4,731,209)
Net increase (decrease)
 
16,958,999
 
19,642,445
 
 
 
 
 
 
 
Financial Highlights
Fidelity® International Discovery K6 Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.97
$
11.29
$
10.49
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.24
 
.16
 
.12
 
.06 D
     Net realized and unrealized gain (loss)
 
(4.70)
 
3.60
 
.77
 
.43
  Total from investment operations
 
(4.46)  
 
3.76  
 
.89  
 
.49  
  Distributions from net investment income
 
(.28)
 
(.08)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
-
 
(.05)
 
-
     Total distributions
 
(.28)
 
(.08)
 
(.09)
 
-
  Net asset value, end of period
$
10.23
$
14.97
$
11.29
$
10.49
 Total Return   E,F
 
(30.35)%
 
33.43%
 
8.51%
 
4.90%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of fee waivers, if any
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of all reductions
 
.60%
 
.60%
 
.60%
 
.60% I
    Net investment income (loss)
 
1.98%
 
1.11%
 
1.16%
 
1.67% D,I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
468,052
$
430,892
$
103,173
$
61,421
    Portfolio turnover rate J
 
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 October 31, 2022
 
1. Organization.
Fidelity International Discovery K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$19,029,918
Gross unrealized depreciation
(86,775,072)
Net unrealized appreciation (depreciation)
$(67,745,154)
Tax Cost
$539,136,788
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$4,831,606
Capital loss carryforward
$(62,786,514)
Net unrealized appreciation (depreciation) on securities and other investments
$(67,820,930)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(55,440,972)
Long-term
(7,345,542)
Total capital loss carryforward
$(62,786,514)
 
Due to large subscriptions in the period, approximately $52,335,987 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $11,985,573 of those capital losses per year to offset capital gains.   Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$   8,038,015
$779,078
 
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
228,723,368
212,541,160
 
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
 
Prior Year Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity International Discovery K6 Fund
18,759,599
272,598,908
 
5. Fees and Other Transactions with Affiliates.
Management Fee.   Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Discovery K6 Fund
$166
 
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
4,590,055
6,794,531
(2,547,798)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Discovery K6 Fund
$7,547
$-
$-
 
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 $22.
 
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.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Discovery K6 Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Discovery K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of three years in the period then ended and for the period from June 13, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from June 13, 2019 (commencement of operations) through October 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® International Discovery K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 868.40
 
$ 2.83
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.18
 
$ 3.06
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 77% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2217 and $0.0164 for the dividend paid December 13, 2021.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity International Discovery K6 Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity International Discovery K6 Fund
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended September 30 (June 30 for the period ended 2019) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Fidelity International Discovery K6 Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.  
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9893917.103
IGI-K6-ANN-1222
Fidelity® International Capital Appreciation K6 Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® International Capital Appreciation K6 Fund
-30.83%
2.77%
4.38%
 
A     From May 25, 2017
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Capital Appreciation K6 Fund, on May 25, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Sammy Simnegar:
For the fiscal year ending October 31, 2022, the fund returned -30.83%, trailing the -24.61% result of the benchmark MSCI All Country World ex US Index (Net MA). By region, security selection in Europe ex U.K., the U.K. and Japan hurt the fund's relative result most this period. By sector, the largest detractors from performance versus the benchmark were an overweighting and picks in information technology, primarily within the semiconductors & semiconductor equipment industry. Investment choices and an underweighting in financials, along with smaller-than-benchmark exposure to energy stocks, hampered the portfolio's relative result as well. The fund's biggest individual relative detractor was an outsized stake in Kingspan Group, which returned -56% the past 12 months. We added to our investment in this company. An outsized stake in Evolution, which returned roughly -45% and was no longer held at period end, also hurt. Further weighing on performance was our overweighting in Recruit Holdings, which returned about -48%. In contrast, an underweighting in emerging markets, especially China, and an overweighting in France contributed most to the fund's relative return. By sector, the top contributors to performance versus the benchmark were an underweighting and stock picks in consumer discretionary. Smaller-than-benchmark exposure to communication services companies, primarily in the media & entertainment industry, helped as well. Further lifting the portfolio's relative performance was an overweighting in health care, particularly within the pharmaceuticals, biotechnology & life sciences industry. Lastly, the fund's position in cash was a notable contributor. Not owning Alibaba Group Holding, a benchmark component that returned about -63%, was the largest individual relative contributor the past 12 months. Our second-largest relative contributor was avoiding Tencent Holdings, a benchmark component that returned -56%. The portfolio's outsized stake in Wolters Kluwer (+3%) also proved beneficial. Notable changes in positioning include a higher allocation to the U.K. and Switzerland. By sector, meaningful shifts include greater exposure to health care and consumer discretionary firms.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.7
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.5
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.5
 
L'Oreal SA  (France, Personal Products)
2.2
 
Keyence Corp.  (Japan, Electronic Equipment & Components)
2.2
 
Canadian Pacific Railway Ltd.  (Canada, Road & Rail)
2.1
 
Hermes International SCA  (France, Textiles, Apparel & Luxury Goods)
2.0
 
 
24.5
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
28.7
 
Industrials
20.9
 
Health Care
14.5
 
Consumer Discretionary
11.7
 
Financials
10.5
 
Consumer Staples
7.1
 
Materials
5.3
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 84.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
Canada - 9.1%
 
 
 
Canadian National Railway Co.
 
122,174
14,474,169
Canadian Pacific Railway Ltd.
 
216,886
16,168,343
Constellation Software, Inc.
 
9,521
13,766,890
Thomson Reuters Corp.
 
128,441
13,660,085
Waste Connections, Inc. (Canada)
 
87,088
11,494,325
TOTAL CANADA
 
 
69,563,812
Denmark - 4.3%
 
 
 
DSV A/S
 
101,679
13,765,390
Novo Nordisk A/S Series B
 
173,177
18,829,754
TOTAL DENMARK
 
 
32,595,144
France - 15.0%
 
 
 
Capgemini SA
 
77,900
12,767,097
Dassault Systemes SA
 
382,298
12,814,162
Hermes International SCA
 
12,029
15,578,778
Kering SA
 
26,820
12,282,523
L'Oreal SA
 
52,412
16,457,598
LVMH Moet Hennessy Louis Vuitton SE
 
32,863
20,736,385
Sartorius Stedim Biotech
 
37,377
11,864,428
Teleperformance
 
44,197
11,849,756
TOTAL FRANCE
 
 
114,350,727
Germany - 1.5%
 
 
 
Nemetschek SE
 
240,100
11,474,804
India - 3.7%
 
 
 
HDFC Bank Ltd. (a)
 
803,714
14,585,728
Infosys Ltd. sponsored ADR
 
715,600
13,403,188
TOTAL INDIA
 
 
27,988,916
Ireland - 4.9%
 
 
 
Accenture PLC Class A
 
44,240
12,559,736
Kingspan Group PLC (Ireland)
 
231,105
11,670,704
Linde PLC
 
44,268
13,163,090
TOTAL IRELAND
 
 
37,393,530
Japan - 6.9%
 
 
 
Hoya Corp.
 
140,363
13,097,526
Keyence Corp.
 
43,398
16,437,509
Recruit Holdings Co. Ltd.
 
371,100
11,419,181
Tokyo Electron Ltd.
 
43,612
11,474,170
TOTAL JAPAN
 
 
52,428,386
Luxembourg - 1.5%
 
 
 
Eurofins Scientific SA
 
181,403
11,613,209
Netherlands - 7.7%
 
 
 
ASM International NV (Netherlands)
 
49,271
10,945,976
ASML Holding NV (Netherlands)
 
41,759
19,588,611
Ferrari NV (Italy)
 
72,356
14,265,411
Wolters Kluwer NV
 
132,859
14,121,090
TOTAL NETHERLANDS
 
 
58,921,088
Sweden - 3.6%
 
 
 
Atlas Copco AB (A Shares) (b)
 
1,387,145
14,805,351
Hexagon AB (B Shares)
 
1,275,609
12,610,538
TOTAL SWEDEN
 
 
27,415,889
Switzerland - 10.2%
 
 
 
Compagnie Financiere Richemont SA Series A
 
139,360
13,620,148
Givaudan SA
 
4,148
12,385,799
Nestle SA (Reg. S)
 
211,770
23,053,026
Partners Group Holding AG
 
15,498
13,920,109
Sika AG
 
65,698
14,813,311
TOTAL SWITZERLAND
 
 
77,792,393
Taiwan - 2.7%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
1,702,640
20,449,503
United Kingdom - 13.0%
 
 
 
AstraZeneca PLC (United Kingdom)
 
159,900
18,761,417
Compass Group PLC
 
625,033
13,164,337
Diageo PLC
 
362,783
14,929,433
Halma PLC
 
502,200
12,180,771
London Stock Exchange Group PLC
 
151,400
13,123,662
RELX PLC (London Stock Exchange)
 
500,484
13,443,248
Rentokil Initial PLC
 
2,182,633
13,619,871
TOTAL UNITED KINGDOM
 
 
99,222,739
United States of America - 14.6%
 
 
 
Danaher Corp.
 
48,772
12,274,449
Marsh & McLennan Companies, Inc.
 
83,878
13,545,458
Moody's Corp.
 
48,047
12,726,209
NICE Ltd. sponsored ADR (a)(b)
 
66,703
12,666,233
NVIDIA Corp.
 
88,950
12,005,582
S&P Global, Inc.
 
38,386
12,331,503
Thermo Fisher Scientific, Inc.
 
24,180
12,427,795
Visa, Inc. Class A
 
58,540
12,127,146
Zoetis, Inc. Class A
 
78,362
11,815,422
TOTAL UNITED STATES OF AMERICA
 
 
111,919,797
 
TOTAL COMMON STOCKS
  (Cost $716,171,863)
 
 
 
753,129,937
 
 
 
 
Money Market Funds - 3.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
9,864,119
9,866,092
Fidelity Securities Lending Cash Central Fund 3.10% (c)(d)
 
13,241,943
13,243,268
 
TOTAL MONEY MARKET FUNDS
  (Cost $23,109,360)
 
 
23,109,360
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.7%
  (Cost $739,281,223)
 
 
 
776,239,297
NET OTHER ASSETS (LIABILITIES) - (1.7)%  
(13,121,565)
NET ASSETS - 100.0%
763,117,732
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
17,246,777
424,938,808
432,319,493
90,278
-
-
9,866,092
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
-
182,101,238
168,857,970
35,581
-
-
13,243,268
0.0%
Total
17,246,777
607,040,046
601,177,463
125,859
-
-
23,109,360
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
89,647,582
29,844,189
59,803,393
-
Consumer Staples
54,440,057
-
54,440,057
-
Financials
80,232,669
52,523,279
27,709,390
-
Health Care
110,684,000
73,092,829
37,591,171
-
Industrials
160,491,513
107,203,862
53,287,651
-
Information Technology
217,271,916
127,567,835
89,704,081
-
Materials
40,362,200
25,548,889
14,813,311
-
  Money Market Funds
23,109,360
23,109,360
-
-
 Total Investments in Securities:
776,239,297
438,890,243
337,349,054
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,807,383) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $716,171,863)
 
$753,129,937
 
 
Fidelity Central Funds (cost $23,109,360)
 
23,109,360
 
 
 
 
 
 
 
Total Investment in Securities (cost $739,281,223)
 
 
$
776,239,297
Foreign currency held at value (cost $132,164)
 
 
 
131,123
Receivable for investments sold
 
 
 
38,195
Receivable for fund shares sold
 
 
 
731,332
Dividends receivable
 
 
 
557,320
Reclaims receivable
 
 
 
1,069,450
Distributions receivable from Fidelity Central Funds
 
 
 
24,249
Other receivables
 
 
 
162,754
  Total assets
 
 
 
778,953,720
Liabilities
 
 
 
 
Payable for investments purchased
 
$1,664,353
 
 
Payable for fund shares redeemed
 
313,757
 
 
Accrued management fee
 
403,596
 
 
Other payables and accrued expenses
 
211,014
 
 
Collateral on securities loaned
 
13,243,268
 
 
  Total Liabilities
 
 
 
15,835,988
Net Assets  
 
 
$
763,117,732
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
797,073,028
Total accumulated earnings (loss)
 
 
 
(33,955,296)
Net Assets
 
 
$
763,117,732
Net Asset Value , offering price and redemption price per share ($763,117,732 ÷ 67,580,795 shares)
 
 
$
11.29
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
9,998,380
Foreign Tax Reclaims
 
 
 
541,027
Income from Fidelity Central Funds (including $35,581 from security lending)
 
 
 
125,859
 Income before foreign taxes withheld
 
 
 
10,665,266
Less foreign taxes withheld
 
 
 
(1,583,988)
 Total Income
 
 
 
9,081,278
Expenses
 
 
 
 
Management fee
$
5,421,271
 
 
Independent trustees' fees and expenses
 
2,888
 
 
Interest
 
8,271
 
 
 Total expenses before reductions
 
5,432,430
 
 
 Expense reductions
 
(41)
 
 
 Total expenses after reductions
 
 
 
5,432,389
Net Investment income (loss)
 
 
 
3,648,889
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $399,427)
 
(72,379,946)
 
 
 Foreign currency transactions
 
4,973
 
 
Total net realized gain (loss)
 
 
 
(72,374,973)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $825,626)  
 
(233,694,303)
 
 
 Assets and liabilities in foreign currencies
 
(143,941)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(233,838,244)
Net gain (loss)
 
 
 
(306,213,217)
Net increase (decrease) in net assets resulting from operations
 
 
$
(302,564,328)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,648,889
$
2,730,324
Net realized gain (loss)
 
(72,374,973)
 
 
87,802,527
 
Change in net unrealized appreciation (depreciation)
 
(233,838,244)
 
124,225,329
 
Net increase (decrease) in net assets resulting from operations
 
(302,564,328)
 
 
214,758,180
 
Distributions to shareholders
 
(75,709,685)
 
 
(3,677,736)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
376,598,093
 
357,797,473
  Reinvestment of distributions
 
75,709,685
 
 
3,677,736
 
Cost of shares redeemed
 
(234,149,001)
 
(410,282,639)
  Net increase (decrease) in net assets resulting from share transactions
 
218,158,777
 
 
(48,807,430)
 
Total increase (decrease) in net assets
 
(160,115,236)
 
 
162,273,014
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
923,232,968
 
760,959,954
 
End of period
$
763,117,732
$
923,232,968
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
28,863,775
 
22,114,523
  Issued in reinvestment of distributions
 
4,794,787
 
 
240,061
 
Redeemed
 
(17,893,097)
 
(24,934,580)
Net increase (decrease)
 
15,765,465
 
(2,579,996)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® International Capital Appreciation K6 Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.82
$
13.99
$
12.40
$
10.17
$
11.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.05
 
.08
 
.13 C
 
.11
     Net realized and unrealized gain (loss)
 
(5.14)
 
3.85
 
1.62
 
2.18
 
(.92)
  Total from investment operations
 
(5.08)  
 
3.90  
 
1.70  
 
2.31  
 
(.81)
  Distributions from net investment income
 
(.04)
 
(.07)
 
(.11)
 
(.08)
 
(.02)
  Distributions from net realized gain
 
(1.41)
 
-
 
-
 
-
 
(.01)
     Total distributions
 
(1.45)
 
(.07)
 
(.11)
 
(.08)
 
(.03)
  Net asset value, end of period
$
11.29
$
17.82
$
13.99
$
12.40
$
10.17
 Total Return   D
 
(30.83)%
 
27.93%
 
13.82%
 
22.90%
 
(7.36)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of fee waivers, if any
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of all reductions
 
.65%
 
.65%
 
.61%
 
.63%
 
.58%
    Net investment income (loss)
 
.44%
 
.29%
 
.62%
 
1.16% C
 
.99%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
763,118
$
923,233
$
760,960
$
524,353
$
360,963
    Portfolio turnover rate G
 
119% H
 
149%
 
138%
 
144% H
 
158% H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity International Capital Appreciation K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, 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
$90,873,223
Gross unrealized depreciation
(66,385,280)
Net unrealized appreciation (depreciation)
$24,487,943
Tax Cost
$751,751,354
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$3,186,271
Capital loss carryforward
$(61,308,944)
Net unrealized appreciation (depreciation) on securities and other investments
$24,370,770
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(61,308,944)
Total capital loss carryforward
$(61,308,944)
 
The tax character of distributions paid was as follows:
 
 
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$25,306,280
$3,677,736
Long-term Capital Gains
50,403,405
-
Total
$75,709,685
$3,677,736
 
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
1,034,841,338
977,446,813
 
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
$2,228
 
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
$9,663,400
1.48%
$7,960
 
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
85,170,790
57,076,628
(4,511,009)
 
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
$3,862
$-
$-
 
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Capital Appreciation K6 Fund
$3,064,000
.73%
$311
 
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $41.
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Capital Appreciation K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Capital Appreciation K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation K6 Fund
 
 
 
.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 870.50
 
$ 3.06
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.93
 
$ 3.31
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The fund designates 99.87% of the short-term capital gain dividends distributed in December 2021 as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
 
The fund designates 1% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 30% of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.1795 and $.0238 for the dividend paid December 6, 2021.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity International Capital Appreciation K6 Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one- and three-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity International Capital Appreciation K6 Fund
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Fidelity International Capital Appreciation K6 Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.  
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.  
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9883991.105
IVFK6-ANN-1222
Fidelity® Diversified International K6 Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Diversified International K6 Fund
-28.81%
1.41%
2.48%
 
A     From May 25, 2017
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International K6 Fund, on May 25, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
Comments from Portfolio Manager Bill Bower:
For the fiscal year ending October 31, 2022, the fund returned -28.81%, trailing the -22.84% result of the benchmark MSCI EAFE Index (Net MA). By region, stock picks in Europe ex U.K. and Japan hindered the fund's performance versus the benchmark. By sector, security selection in health care notably detracted, as did choices in communication services and industrials, and an overweighting in information technology. Not owning Shell, a benchmark component that gained roughly 25%, was one of the biggest individual relative detractors. Also hampering performance was our overweighting in Schibsted, which returned about -69%. Schibsted was not held at period end. Avoiding TotalEnergies, a benchmark component that gained roughly 15%, also hurt relative performance. In contrast, non-benchmark allocations to the U.S. and Canada contributed meaningfully to the fund's relative result. By sector, the top contributor to performance versus the benchmark was an underweighting in consumer discretionary. Stock picks and an overweighting in energy and an underweighting in real estate also helped. Lastly, the fund's position in cash was a notable contributor. Canadian National Resources, the fund's top individual contributor, increased about 49% this period. This was among the fund's largest holdings. Our second-largest contributor was Schlumberger, which gained roughly 64% the past year. Both of these individual stock contributors were non-benchmark positions.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
3.3
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
3.1
 
ASML Holding NV  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
Hoya Corp.  (Japan, Health Care Equipment & Supplies)
2.0
 
Canadian Natural Resources Ltd.  (Canada, Oil, Gas & Consumable Fuels)
1.8
 
AIA Group Ltd.  (Hong Kong, Insurance)
1.7
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.6
 
Linde PLC  (Germany, Chemicals)
1.6
 
HDFC Bank Ltd.  (India, Banks)
1.3
 
 
21.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
19.9
 
Financials
19.4
 
Information Technology
14.7
 
Health Care
13.3
 
Consumer Discretionary
7.9
 
Consumer Staples
6.6
 
Materials
6.0
 
Energy
5.6
 
Communication Services
1.1
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 89.8%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.6%
 
 
Shares
Value ($)
 
Australia - 0.5%
 
 
 
Aristocrat Leisure Ltd.
 
381,471
9,045,374
Lynas Rare Earths Ltd. (a)
 
1,550,524
8,261,633
TOTAL AUSTRALIA
 
 
17,307,007
Bailiwick of Jersey - 2.8%
 
 
 
Experian PLC
 
520,283
16,589,367
Ferguson PLC
 
276,142
30,116,234
Glencore PLC
 
5,885,795
33,743,697
WPP PLC
 
1,832,723
16,128,239
TOTAL BAILIWICK OF JERSEY
 
 
96,577,537
Belgium - 0.9%
 
 
 
KBC Group NV
 
643,702
32,259,614
Bermuda - 0.5%
 
 
 
Hiscox Ltd.
 
1,659,508
17,112,889
Canada - 6.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
204,369
9,150,739
Canadian Natural Resources Ltd.
 
1,032,664
61,936,342
Canadian Pacific Railway Ltd.
 
151,284
11,269,145
Constellation Software, Inc.
 
21,109
30,522,559
Fairfax India Holdings Corp. (a)(b)
 
596,680
5,584,925
First Quantum Minerals Ltd.
 
888,252
15,667,556
Franco-Nevada Corp.
 
160,153
19,788,274
GFL Environmental, Inc. (c)
 
505,037
13,630,949
Imperial Oil Ltd.
 
292,266
15,898,876
Thomson Reuters Corp.
 
138,212
14,699,260
Tourmaline Oil Corp.
 
627,242
35,341,209
TOTAL CANADA
 
 
233,489,834
Cayman Islands - 0.9%
 
 
 
Anta Sports Products Ltd.
 
1,225,722
10,774,343
GlobalFoundries, Inc.
 
203,764
11,553,419
Li Ning Co. Ltd.
 
1,826,889
9,449,045
TOTAL CAYMAN ISLANDS
 
 
31,776,807
China - 0.3%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
62,031
11,413,481
Curacao - 1.2%
 
 
 
Schlumberger Ltd.
 
774,757
40,310,607
Cyprus - 0.0%
 
 
 
Sunrisemezz Ltd. (a)
 
275,648
22,310
Denmark - 1.6%
 
 
 
Carlsberg A/S Series B
 
30,015
3,534,137
DSV A/S
 
261,619
35,418,205
Novo Nordisk A/S Series B
 
167,566
18,219,662
TOTAL DENMARK
 
 
57,172,004
France - 9.7%
 
 
 
Air Liquide SA
 
56,864
7,438,594
AXA SA
 
714,117
17,635,053
BNP Paribas SA
 
808,343
37,906,373
Capgemini SA
 
266,368
43,655,278
Dassault Systemes SA
 
304,422
10,203,853
Edenred SA
 
149,620
7,682,908
EssilorLuxottica SA
 
206,340
32,697,851
Legrand SA
 
286,413
21,826,018
LVMH Moet Hennessy Louis Vuitton SE
 
127,036
80,159,067
Pernod Ricard SA
 
222,137
39,009,929
Sartorius Stedim Biotech
 
33,933
10,771,213
Teleperformance
 
109,317
29,309,224
TOTAL FRANCE
 
 
338,295,361
Germany - 7.3%
 
 
 
Allianz SE
 
220,557
39,679,200
Bayer AG
 
253,076
13,307,008
Brenntag SE
 
153,320
9,302,899
Deutsche Borse AG
 
182,150
29,621,191
Deutsche Post AG
 
765,208
27,049,971
Hannover Reuck SE
 
127,814
20,816,248
Linde PLC
 
189,371
56,639,704
Merck KGaA
 
153,610
25,033,076
SAP SE
 
43,446
4,181,803
Siemens Healthineers AG (b)
 
359,360
16,463,209
Symrise AG
 
109,224
11,148,773
Synlab AG
 
148,166
1,907,918
TOTAL GERMANY
 
 
255,151,000
Greece - 0.1%
 
 
 
Piraeus Financial Holdings SA (a)
 
1,929,538
2,379,769
Hong Kong - 2.3%
 
 
 
AIA Group Ltd.
 
7,604,278
57,600,840
Chervon Holdings Ltd.
 
1,071,658
3,611,034
Hong Kong Exchanges and Clearing Ltd.
 
166,261
4,413,169
Techtronic Industries Co. Ltd.
 
1,460,738
13,831,390
TOTAL HONG KONG
 
 
79,456,433
India - 4.0%
 
 
 
Axis Bank Ltd.
 
1,447,673
15,844,307
HDFC Bank Ltd. (a)
 
2,549,994
46,277,058
Housing Development Finance Corp. Ltd.
 
1,030,263
30,738,627
Kotak Mahindra Bank Ltd.
 
550,670
12,652,172
Reliance Industries Ltd.
 
1,114,281
34,319,532
TOTAL INDIA
 
 
139,831,696
Indonesia - 1.0%
 
 
 
PT Bank Central Asia Tbk
 
30,722,709
17,333,537
PT Bank Rakyat Indonesia (Persero) Tbk
 
59,358,863
17,696,343
TOTAL INDONESIA
 
 
35,029,880
Ireland - 2.2%
 
 
 
Aon PLC
 
105,208
29,615,000
Flutter Entertainment PLC (a)
 
37,062
4,921,813
ICON PLC (a)
 
93,222
18,443,040
Kingspan Group PLC (Ireland)
 
298,633
15,080,840
Ryanair Holdings PLC sponsored ADR (a)
 
112,488
7,749,298
TOTAL IRELAND
 
 
75,809,991
Isle of Man - 0.2%
 
 
 
Entain PLC
 
580,521
8,398,155
Italy - 0.7%
 
 
 
FinecoBank SpA
 
1,416,619
19,095,642
Reply SpA
 
44,111
4,799,556
TOTAL ITALY
 
 
23,895,198
Japan - 15.7%
 
 
 
Daikin Industries Ltd.
 
105,789
15,845,836
FUJIFILM Holdings Corp.
 
544,786
24,983,327
Fujitsu Ltd.
 
64,925
7,470,175
Hitachi Ltd.
 
959,354
43,614,332
Hoya Corp.
 
731,289
68,237,902
Itochu Corp.
 
1,200,856
31,084,399
Keyence Corp.
 
102,494
38,820,822
Minebea Mitsumi, Inc.
 
1,840,077
27,274,150
Misumi Group, Inc.
 
709,637
15,176,339
Nomura Research Institute Ltd.
 
497,772
11,063,832
Olympus Corp.
 
787,052
16,620,218
ORIX Corp.
 
2,263,115
33,255,364
Persol Holdings Co. Ltd.
 
951,596
19,109,356
Recruit Holdings Co. Ltd.
 
352,339
10,841,883
Relo Group, Inc.
 
728,737
10,301,659
Seven & i Holdings Co. Ltd.
 
435,754
16,265,988
Shin-Etsu Chemical Co. Ltd.
 
351,425
36,523,585
SMC Corp.
 
69,617
27,944,422
Sony Group Corp.
 
591,577
39,892,794
Suzuki Motor Corp.
 
213,699
7,214,560
TIS, Inc.
 
882,024
23,816,042
Tokyo Electron Ltd.
 
83,513
21,971,988
TOTAL JAPAN
 
 
547,328,973
Korea (South) - 0.7%
 
 
 
Samsung Electronics Co. Ltd.
 
590,685
24,582,216
Luxembourg - 0.9%
 
 
 
B&M European Value Retail SA
 
4,852,132
17,950,835
Eurofins Scientific SA
 
230,889
14,781,245
TOTAL LUXEMBOURG
 
 
32,732,080
Netherlands - 7.1%
 
 
 
Adyen BV (a)(b)
 
8,044
11,483,610
Airbus Group NV
 
319,027
34,519,926
Argenx SE (a)
 
37,503
14,560,562
ASML Holding NV
 
190,808
90,141,515
IMCD NV
 
209,861
27,230,981
NXP Semiconductors NV
 
163,267
23,850,043
Wolters Kluwer NV
 
423,165
44,976,637
TOTAL NETHERLANDS
 
 
246,763,274
Spain - 1.6%
 
 
 
Amadeus IT Holding SA Class A (a)
 
73,652
3,841,342
Banco Santander SA (Spain) (c)
 
3,018,870
7,822,470
CaixaBank SA
 
4,185,349
13,878,806
Cellnex Telecom SA (b)
 
375,267
12,282,587
Industria de Diseno Textil SA (c)
 
860,314
19,503,710
TOTAL SPAIN
 
 
57,328,915
Sweden - 2.4%
 
 
 
Hexagon AB (B Shares)
 
2,325,175
22,986,439
Indutrade AB
 
1,459,428
25,557,041
Investor AB (B Shares)
 
1,733,406
28,315,501
Kry International AB (a)(d)(e)
 
663
116,070
Nibe Industrier AB (B Shares)
 
226,484
1,807,162
Nordnet AB
 
310,888
3,857,521
TOTAL SWEDEN
 
 
82,639,734
Switzerland - 8.5%
 
 
 
Julius Baer Group Ltd.
 
116,613
5,594,960
Lonza Group AG
 
10,576
5,444,358
Nestle SA (Reg. S)
 
993,224
108,121,175
Roche Holding AG (participation certificate)
 
351,463
116,614,785
Sika AG
 
113,019
25,483,053
Sonova Holding AG
 
83,962
19,847,012
Zurich Insurance Group Ltd.
 
33,511
14,281,516
TOTAL SWITZERLAND
 
 
295,386,859
Taiwan - 0.9%
 
 
 
ECLAT Textile Co. Ltd.
 
254,000
3,342,934
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
452,500
27,851,375
TOTAL TAIWAN
 
 
31,194,309
United Kingdom - 9.0%
 
 
 
AstraZeneca PLC (United Kingdom)
 
302,990
35,550,481
BAE Systems PLC
 
3,663,279
34,264,736
Beazley PLC
 
1,325,136
9,490,314
Big Yellow Group PLC
 
704,668
9,099,355
Compass Group PLC
 
1,246,366
26,250,744
Diageo PLC
 
988,119
40,663,583
Harbour Energy PLC
 
1,665,464
7,217,717
JD Sports Fashion PLC
 
7,904,582
8,832,911
Lloyds Banking Group PLC
 
37,983,748
18,242,377
Prudential PLC
 
1,085,073
10,079,971
RELX PLC (Euronext N.V.)
 
2,119,887
57,046,260
Rentokil Initial PLC
 
4,495,228
28,050,720
S4 Capital PLC (a)
 
2,239,222
4,511,870
Smith & Nephew PLC
 
836,685
9,887,035
Standard Chartered PLC (United Kingdom)
 
1,079,522
6,440,054
Starling Bank Ltd. Series D (a)(d)(e)
 
2,406,800
7,783,533
TOTAL UNITED KINGDOM
 
 
313,411,661
United States of America - 4.9%
 
 
 
Alphabet, Inc. Class C (a)
 
124,148
11,751,850
Booking Holdings, Inc. (a)
 
5,152
9,631,561
IQVIA Holdings, Inc. (a)
 
85,322
17,889,464
Kosmos Energy Ltd. (a)
 
256,889
1,667,210
Marsh & McLennan Companies, Inc.
 
191,055
30,853,472
Marvell Technology, Inc.
 
512,176
20,323,144
MasterCard, Inc. Class A
 
65,769
21,584,070
NICE Ltd. sponsored ADR (a)
 
127,667
24,242,687
ResMed, Inc.
 
24,867
5,562,499
S&P Global, Inc.
 
83,797
26,919,786
TOTAL UNITED STATES OF AMERICA
 
 
170,425,743
 
TOTAL COMMON STOCKS
  (Cost $3,184,932,366)
 
 
 
3,297,483,337
 
 
 
 
Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.5%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (d)(e)
 
21,668
2,647,125
United States of America - 0.4%
 
 
 
Wasabi Holdings, Inc.:
 
 
 
 Series C (a)(d)(e)
 
743,562
8,588,141
 Series D (d)(e)
 
304,085
4,257,190
 
 
 
12,845,331
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
15,492,456
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
3,828
670,162
 
TOTAL PREFERRED STOCKS
  (Cost $19,777,817)
 
 
 
16,162,618
 
 
 
 
Money Market Funds - 5.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (f)
 
165,385,776
165,418,854
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g)
 
39,186,948
39,190,867
 
TOTAL MONEY MARKET FUNDS
  (Cost $204,609,098)
 
 
204,609,721
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
  (Cost $3,409,319,281)
 
 
 
3,518,255,676
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(34,838,428)
NET ASSETS - 100.0%
3,483,417,248
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $45,814,331 or 1.3% 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 $24,062,221 or 0.7% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
5,629,271
 
 
 
Kry International AB
5/14/21
287,945
 
 
 
Kry International AB Series E
5/14/21
1,750,058
 
 
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
4,642,638
 
 
 
Wasabi Holdings, Inc. Series C
3/31/21
8,078,504
 
 
 
Wasabi Holdings, Inc. Series D
9/09/22
4,319,984
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
161,131,920
854,189,824
849,902,891
1,563,976
-
1
165,418,854
0.3%
Fidelity Securities Lending Cash Central Fund 3.10%
33,872,696
485,775,260
480,457,089
282,508
-
-
39,190,867
0.1%
Total
195,004,616
1,339,965,084
1,330,359,980
1,846,484
-
1
204,609,721
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
44,674,546
16,263,720
28,410,826
-
Consumer Discretionary
271,824,211
104,278,120
154,700,760
12,845,331
Consumer Staples
228,159,032
59,574,149
168,584,883
-
Energy
196,691,493
196,691,493
-
-
Financials
671,099,912
335,846,251
327,470,128
7,783,533
Health Care
461,838,538
206,758,362
255,080,176
-
Industrials
690,216,980
450,149,812
240,067,168
-
Information Technology
515,045,360
385,817,515
125,794,488
3,433,357
Materials
214,694,869
100,357,167
114,337,702
-
Real Estate
19,401,014
19,401,014
-
-
  Money Market Funds
204,609,721
204,609,721
-
-
 Total Investments in Securities:
3,518,255,676
2,079,747,324
1,414,446,131
24,062,221
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $36,129,479) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,204,710,183)
 
$3,313,645,955
 
 
Fidelity Central Funds (cost $204,609,098)
 
204,609,721
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,409,319,281)
 
 
$
3,518,255,676
Foreign currency held at value (cost $1,852)
 
 
 
1,836
Receivable for investments sold
 
 
 
5,843,958
Receivable for fund shares sold
 
 
 
1,407,784
Dividends receivable
 
 
 
6,003,446
Reclaims receivable
 
 
 
8,299,488
Distributions receivable from Fidelity Central Funds
 
 
 
421,387
  Total assets
 
 
 
3,540,233,575
Liabilities
 
 
 
 
Payable to custodian bank
 
$6,499
 
 
Payable for investments purchased
 
11,239,789
 
 
Payable for fund shares redeemed
 
1,690,139
 
 
Accrued management fee
 
1,697,347
 
 
Deferred taxes
 
2,991,686
 
 
Collateral on securities loaned
 
39,190,867
 
 
  Total Liabilities
 
 
 
56,816,327
Net Assets  
 
 
$
3,483,417,248
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,632,335,116
Total accumulated earnings (loss)
 
 
 
(148,917,868)
Net Assets
 
 
$
3,483,417,248
Net Asset Value , offering price and redemption price per share ($3,483,417,248 ÷ 319,950,339 shares)
 
 
$
10.89
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
75,740,285
Foreign Tax Reclaims
 
 
 
4,625,557
Income from Fidelity Central Funds (including $282,508 from security lending)
 
 
 
1,846,484
 Income before foreign taxes withheld
 
 
 
82,212,326
Less foreign taxes withheld
 
 
 
(12,981,506)
 Total Income
 
 
 
69,230,820
Expenses
 
 
 
 
Management fee
$
22,994,046
 
 
Independent trustees' fees and expenses
 
13,056
 
 
 Total expenses before reductions
 
23,007,102
 
 
 Expense reductions
 
(210)
 
 
 Total expenses after reductions
 
 
 
23,006,892
Net Investment income (loss)
 
 
 
46,223,928
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $2,339,325)
 
(174,542,221)
 
 
 Foreign currency transactions
 
(1,338,096)
 
 
Total net realized gain (loss)
 
 
 
(175,880,317)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,728,229)  
 
(1,164,175,989)
 
 
   Fidelity Central Funds
 
1
 
 
 Assets and liabilities in foreign currencies
 
(1,031,783)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,165,207,771)
Net gain (loss)
 
 
 
(1,341,088,088)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,294,864,160)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
46,223,928
$
26,974,857
Net realized gain (loss)
 
(175,880,317)
 
 
291,669,537
 
Change in net unrealized appreciation (depreciation)
 
(1,165,207,771)
 
602,926,094
 
Net increase (decrease) in net assets resulting from operations
 
(1,294,864,160)
 
 
921,570,488
 
Distributions to shareholders
 
(40,087,762)
 
 
(22,064,152)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,845,177,962
 
1,357,060,441
  Reinvestment of distributions
 
40,087,762
 
 
22,064,152
 
Cost of shares redeemed
 
(1,028,832,082)
 
(1,418,989,092)
  Net increase (decrease) in net assets resulting from share transactions
 
856,433,642
 
 
(39,864,499)
 
Total increase (decrease) in net assets
 
(478,518,280)
 
 
859,641,837
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,961,935,528
 
3,102,293,691
 
End of period
$
3,483,417,248
$
3,961,935,528
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
141,560,986
 
93,633,650
  Issued in reinvestment of distributions
 
2,683,250
 
 
1,661,457
 
Redeemed
 
(80,800,526)
 
(98,214,817)
Net increase (decrease)
 
63,443,710
 
(2,919,710)
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Diversified International K6 Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.45
$
11.96
$
11.08
$
9.69
$
10.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.10
 
.08
 
.16
 
.18
     Net realized and unrealized gain (loss)
 
(4.56)
 
3.47
 
.98
 
1.36
 
(1.12)
  Total from investment operations
 
(4.41)  
 
3.57  
 
1.06  
 
1.52  
 
(.94)
  Distributions from net investment income
 
(.15)
 
(.08)
 
(.15)
 
(.13)
 
(.02)
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.15)
 
(.08)
 
(.18)
 
(.13)
 
(.02) C
  Net asset value, end of period
$
10.89
$
15.45
$
11.96
$
11.08
$
9.69
 Total Return   D
 
(28.81)%
 
30.00%
 
9.70%
 
15.89%
 
(8.83)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions
 
.60%
 
.60%
 
.59%
 
.59%
 
.58%
    Net investment income (loss)
 
1.21%
 
.73%
 
.73%
 
1.59%
 
1.67%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,483,417
$
3,961,936
$
3,102,294
$
2,977,388
$
2,207,355
    Portfolio turnover rate G
 
31% H
 
30% H
 
34%
 
48% H
 
48% H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Diversified International K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards, and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$478,822,033
Gross unrealized depreciation
(377,639,633)
Net unrealized appreciation (depreciation)
$101,182,400
Tax Cost
$3,417,073,276
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$30,481,749
Capital loss carryforward
$(276,639,443)
Net unrealized appreciation (depreciation) on securities and other investments
$100,231,513
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(264,515,026)
  Long-term
(12,124,417)
Total capital loss carryforward
$ (276,639,443)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$       40,087,762
$       22,064,152
 
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
1,103,017,967
1,112,866,182
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Diversified International K6 Fund
4,786,586
30,753,342
72,038,115
 
Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Diversified International K6 Fund
75,623,497
961,127,384
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Diversified International K6 Fund
8,576,678
54,044,218
128,650,169
 
Prior Year Unaffiliated Exchanges In-Kind.   Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Diversified International K6 Fund
29,580,433
434,308,676
 
5. Fees and Other Transactions with Affiliates.
Management Fee.   Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Diversified International K6 Fund
$2,298
 
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
32,637,153
44,363,138
(10,293,574)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Diversified International K6 Fund
1,043
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7.Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Diversified International K6 Fund
$30,688
$1
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $210.
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.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Diversified International K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 871.90
 
$ 2.83
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.18
 
$ 3.06
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund designates 1% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 100% of the dividend distributed during the fiscal year as amounts which may be considered as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1749 and $0.0249 for the dividend paid 12/06/2021.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Diversified International K6 Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.  
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
I nvestment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.  
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.  
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, and three-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, and three-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
 
Fidelity Diversified International K6 Fund  
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio.   The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Fidelity Diversified International K6 Fund  
    
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.  
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability.   The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.  
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board.   In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9883987.105
DIFK6-ANN-1222
Fidelity® Enduring Opportunities Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® Enduring Opportunities Fund
-32.65%
4.02%
 
A     From November 05, 2019
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Enduring Opportunities Fund, on November 05, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
 
 
Market Recap:
Global equities returned -19.69% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index). After gaining 18.90% in 2021, global stocks retreated to begin the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -20.91% year to date through October. For the full 12 months, emerging markets (-31%) lagged most, followed by Europe ex U.K. (-25%) and Japan (-24%). In contrast, the U.K. (-12%), Canada (-13%) and the U.S. (-17%) all outperformed. By sector, communication services (-39%) and consumer discretionary (-33%) fared worst, whereas energy (+30%) rode a surge in commodity prices and topped the market by a wide margin.
Comments from Co-Manager Michael Kim:
For the fiscal year ending October 31, 2022, the fund returned -32.65%, underperforming the -19.69% result of the benchmark MSCI ACWI (All Country World Index). Versus the benchmark, stock selection in the U.S. and Europe ex U.K. was the primary detractor, with our picks in information technology hurting most. Stock picking and an underweighting in the health care sector, especially within the pharmaceuticals, biotechnology & life sciences industry, also detracted. Further hampering performance was security selection in industrials. Not owning Apple, a sizable benchmark component that gained 3%, was the biggest individual relative detractor. Another notable relative detractor was an outsized stake in Carvana (-96%). Avoiding Exxon Mobil, a benchmark component that gained roughly 80%, also hurt relative performance. Conversely, an underweighting in emerging markets and an overweighting in Japan contributed most to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was an underweighting in information technology. Stock selection in utilities and an overweighting in industrials also lifted the fund's relative performance. Lastly, the fund's small position in cash contributed. Not owning Nvidia, a benchmark component that returned -47%, was the biggest individual relative contributor. Also boosting value were our overweight positions in energy names Hess (+72%) and Cheniere Energy (+74%). This period we reduced our position in Cheniere but maintained a good-sized stake.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
3.5
 
Amazon.com, Inc.
2.0
 
Alphabet, Inc. Class A
1.4
 
Tesla, Inc.
1.4
 
Alphabet, Inc. Class C
1.4
 
UnitedHealth Group, Inc.
1.3
 
JPMorgan Chase & Co.
1.1
 
The Home Depot, Inc.
1.0
 
Bank of America Corp.
0.9
 
Costco Wholesale Corp.
0.9
 
 
14.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
21.2
 
Consumer Discretionary
18.8
 
Industrials
13.8
 
Financials
11.3
 
Health Care
9.0
 
Communication Services
7.3
 
Consumer Staples
6.8
 
Real Estate
4.5
 
Materials
4.1
 
Energy
2.1
 
Utilities
1.2
 
 
Asset Allocation (% of Fund's net assets)
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%*
Foreign investments - 38.6%
*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.3%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Elisa Corp. (A Shares)
 
443
21,413
Entertainment - 1.6%
 
 
 
Netflix, Inc. (a)
 
256
74,721
Sea Ltd. ADR (a)
 
288
14,308
The Walt Disney Co. (a)
 
608
64,776
Universal Music Group NV
 
1,045
20,519
 
 
 
174,324
Interactive Media & Services - 4.7%
 
 
 
Adevinta ASA Class B (a)
 
2,741
18,772
Alphabet, Inc.:
 
 
 
 Class A (a)
 
1,635
154,524
 Class C (a)
 
1,603
151,740
Hemnet Group AB
 
1,213
15,073
Kakao Corp.
 
398
14,137
Match Group, Inc. (a)
 
623
26,914
Meta Platforms, Inc. Class A (a)
 
671
62,510
NAVER Corp.
 
101
11,994
Rightmove PLC
 
2,316
13,042
Tencent Holdings Ltd.
 
1,684
44,250
Yandex NV Series A (a)(b)
 
472
1,619
Z Holdings Corp.
 
5,179
13,366
 
 
 
527,941
Media - 0.8%
 
 
 
Cable One, Inc.
 
21
18,048
Liberty Media Corp. Liberty Media Class A (a)
 
717
37,298
S4 Capital PLC (a)
 
11,815
23,806
Schibsted ASA (A Shares)
 
957
14,738
 
 
 
93,890
TOTAL COMMUNICATION SERVICES
 
 
817,568
CONSUMER DISCRETIONARY - 18.8%
 
 
 
Auto Components - 0.6%
 
 
 
Aptiv PLC (a)
 
367
33,423
DENSO Corp.
 
537
26,644
 
 
 
60,067
Automobiles - 2.4%
 
 
 
Ferrari NV (Italy)
 
151
29,771
Maruti Suzuki India Ltd.
 
299
34,414
Tesla, Inc. (a)
 
668
151,997
Toyota Motor Corp.
 
3,892
54,000
 
 
 
270,182
Hotels, Restaurants & Leisure - 3.6%
 
 
 
Chipotle Mexican Grill, Inc. (a)
 
32
47,947
Churchill Downs, Inc.
 
222
46,156
Compass Group PLC
 
1,236
26,032
Domino's Pizza, Inc.
 
103
34,221
Evolution AB (c)
 
184
17,164
Hilton Worldwide Holdings, Inc.
 
397
53,698
Jubilant Foodworks Ltd.
 
2,564
18,892
Oriental Land Co. Ltd.
 
202
27,102
Restaurant Brands Asia Ltd. (a)
 
12,252
17,998
Vail Resorts, Inc.
 
141
30,897
Wingstop, Inc.
 
270
42,765
Yum! Brands, Inc.
 
356
42,097
 
 
 
404,969
Household Durables - 0.6%
 
 
 
Berkeley Group Holdings PLC
 
397
15,803
Maytronics Ltd.
 
1,154
12,456
NVR, Inc. (a)
 
10
42,378
 
 
 
70,637
Internet & Direct Marketing Retail - 3.3%
 
 
 
Amazon.com, Inc. (a)
 
2,239
229,363
Doordash, Inc. (a)
 
544
23,680
Meituan Class B (a)(c)
 
1,961
31,397
MercadoLibre, Inc. (a)
 
29
26,147
Prosus NV
 
295
12,763
Wayfair LLC Class A (a)
 
605
22,942
Zomato Ltd. (a)
 
32,462
24,745
 
 
 
371,037
Leisure Products - 0.4%
 
 
 
Roland Corp.
 
647
18,406
SHIMANO, Inc.
 
129
19,962
 
 
 
38,368
Multiline Retail - 0.9%
 
 
 
B&M European Value Retail SA
 
4,042
14,954
Dollarama, Inc.
 
393
23,352
Next PLC
 
328
18,540
Target Corp.
 
268
44,019
 
 
 
100,865
Specialty Retail - 4.6%
 
 
 
Carvana Co. Class A (a)
 
893
12,082
Fast Retailing Co. Ltd.
 
49
27,348
Five Below, Inc. (a)
 
243
35,563
Floor & Decor Holdings, Inc. Class A (a)
 
460
33,750
JD Sports Fashion PLC
 
10,731
11,991
Lowe's Companies, Inc.
 
354
69,012
National Vision Holdings, Inc. (a)
 
773
28,632
Nitori Holdings Co. Ltd.
 
184
16,674
The Home Depot, Inc.
 
381
112,826
TJX Companies, Inc.
 
702
50,614
Ulta Beauty, Inc. (a)
 
114
47,808
Warby Parker, Inc. (a)
 
2,721
43,672
WH Smith PLC (a)
 
1,154
15,577
Workman Co. Ltd.
 
350
11,981
 
 
 
517,530
Textiles, Apparel & Luxury Goods - 2.4%
 
 
 
adidas AG
 
108
10,542
Hermes International SCA
 
25
32,378
lululemon athletica, Inc. (a)
 
192
63,176
LVMH Moet Hennessy Louis Vuitton SE
 
94
59,314
Moncler SpA
 
590
25,474
NIKE, Inc. Class B
 
557
51,623
PVH Corp.
 
349
17,911
Shenzhou International Group Holdings Ltd.
 
1,715
11,907
 
 
 
272,325
TOTAL CONSUMER DISCRETIONARY
 
 
2,105,980
CONSUMER STAPLES - 6.8%
 
 
 
Beverages - 1.5%
 
 
 
Ambev SA
 
10,110
31,315
China Resources Beer Holdings Co. Ltd.
 
3,609
17,011
Davide Campari Milano NV
 
2,686
24,139
Kweichow Moutai Co. Ltd. (A Shares)
 
115
21,160
Monster Beverage Corp. (a)
 
458
42,924
Pernod Ricard SA
 
178
31,259
 
 
 
167,808
Food & Staples Retailing - 3.6%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
809
36,223
Avenue Supermarts Ltd. (a)(c)
 
498
25,994
Casey's General Stores, Inc.
 
191
44,448
Clicks Group Ltd.
 
1,652
27,992
Cosmos Pharmaceutical Corp.
 
150
14,526
Costco Wholesale Corp.
 
190
95,285
Ocado Group PLC (a)
 
1,951
10,577
Wal-Mart de Mexico SA de CV Series V
 
9,745
37,641
Walmart, Inc.
 
665
94,649
Welcia Holdings Co. Ltd.
 
782
16,356
 
 
 
403,691
Food Products - 0.8%
 
 
 
Barry Callebaut AG
 
12
22,697
Freshpet, Inc. (a)
 
503
29,652
McCormick & Co., Inc. (non-vtg.)
 
426
33,501
 
 
 
85,850
Household Products - 0.2%
 
 
 
Unicharm Corp.
 
693
21,061
Personal Products - 0.7%
 
 
 
Hindustan Unilever Ltd.
 
924
28,471
L'Oreal SA
 
113
35,482
Shiseido Co. Ltd.
 
471
16,329
 
 
 
80,282
TOTAL CONSUMER STAPLES
 
 
758,692
ENERGY - 2.1%
 
 
 
Oil, Gas & Consumable Fuels - 2.1%
 
 
 
Cheniere Energy, Inc.
 
307
54,158
Hess Corp.
 
510
71,951
Parkland Corp.
 
761
15,384
PrairieSky Royalty Ltd.
 
3,064
47,590
Reliance Industries Ltd.
 
1,450
44,660
 
 
 
233,743
FINANCIALS - 11.3%
 
 
 
Banks - 3.9%
 
 
 
Bank of America Corp.
 
2,719
97,993
Credicorp Ltd. (United States)
 
270
39,517
FinecoBank SpA
 
1,536
20,705
First Republic Bank
 
271
32,547
JPMorgan Chase & Co.
 
1,013
127,516
KBC Group NV
 
431
21,600
PNC Financial Services Group, Inc.
 
293
47,416
PT Bank Central Asia Tbk
 
55,143
31,111
SVB Financial Group (a)
 
96
22,172
 
 
 
440,577
Capital Markets - 4.5%
 
 
 
Avanza Bank Holding AB
 
742
14,818
Banca Generali SpA
 
585
17,494
Bolsa Mexicana de Valores S.A.B. de CV
 
13,232
24,096
Brookfield Asset Management, Inc. (Canada) Class A
 
823
32,591
Charles Schwab Corp.
 
916
72,978
CME Group, Inc.
 
243
42,112
Houlihan Lokey
 
442
39,479
HUB24 Ltd.
 
1,140
18,478
Moody's Corp.
 
141
37,347
Morningstar, Inc.
 
159
36,917
MSCI, Inc.
 
97
45,479
Netwealth Group Ltd.
 
1,886
14,670
Partners Group Holding AG
 
19
17,066
S&P Global, Inc.
 
175
56,219
St. James's Place PLC
 
1,319
16,110
VZ Holding AG
 
239
16,469
 
 
 
502,323
Consumer Finance - 0.3%
 
 
 
Bajaj Finance Ltd.
 
341
29,429
Diversified Financial Services - 0.2%
 
 
 
Zenkoku Hosho Co. Ltd.
 
657
21,695
Insurance - 2.4%
 
 
 
Arthur J. Gallagher & Co.
 
321
60,053
Assurant, Inc.
 
249
33,829
Chubb Ltd.
 
397
85,311
Hannover Reuck SE
 
148
24,104
Lifenet Insurance Co. (a)
 
3,090
20,656
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros
 
11,333
10,623
Qualitas Controladora S.A.B. de CV
 
5,626
22,106
Steadfast Group Ltd.
 
5,820
18,837
 
 
 
275,519
TOTAL FINANCIALS
 
 
1,269,543
HEALTH CARE - 8.8%
 
 
 
Biotechnology - 0.5%
 
 
 
Abcam PLC (a)
 
1,158
17,925
Repligen Corp. (a)
 
159
29,016
Zai Lab Ltd. (a)
 
4,853
11,178
 
 
 
58,119
Health Care Equipment & Supplies - 3.7%
 
 
 
Align Technology, Inc. (a)
 
146
28,368
Boston Scientific Corp. (a)
 
1,214
52,336
Coloplast A/S Series B
 
165
18,393
Fisher & Paykel Healthcare Corp.
 
1,258
14,321
Hoya Corp.
 
287
26,780
IDEXX Laboratories, Inc. (a)
 
92
33,091
Inspire Medical Systems, Inc. (a)
 
177
34,506
Intuitive Surgical, Inc. (a)
 
197
48,555
Masimo Corp. (a)
 
285
37,506
ResMed, Inc.
 
195
43,620
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
486
21,658
Straumann Holding AG
 
192
18,273
The Cooper Companies, Inc.
 
117
31,987
 
 
 
409,394
Health Care Providers & Services - 2.5%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
437
23,848
Chemed Corp.
 
85
39,684
Humana, Inc.
 
118
65,853
UnitedHealth Group, Inc.
 
271
150,446
 
 
 
279,831
Health Care Technology - 0.2%
 
 
 
Veeva Systems, Inc. Class A (a)
 
159
26,702
Life Sciences Tools & Services - 1.7%
 
 
 
10X Genomics, Inc. (a)
 
568
15,438
Danaher Corp.
 
268
67,448
Lonza Group AG
 
47
24,195
Maravai LifeSciences Holdings, Inc. (a)
 
1,081
17,945
Sartorius Stedim Biotech
 
66
20,950
West Pharmaceutical Services, Inc.
 
148
34,055
Wuxi Biologics (Cayman), Inc. (a)(c)
 
3,155
14,196
 
 
 
194,227
Pharmaceuticals - 0.2%
 
 
 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares)
 
3,959
21,793
TOTAL HEALTH CARE
 
 
990,066
INDUSTRIALS - 13.8%
 
 
 
Aerospace & Defense - 1.1%
 
 
 
HEICO Corp.
 
248
40,335
INVISIO AB
 
1,159
17,215
Northrop Grumman Corp.
 
130
71,371
 
 
 
128,921
Air Freight & Logistics - 1.3%
 
 
 
C.H. Robinson Worldwide, Inc.
 
506
49,446
Deutsche Post AG
 
779
27,538
DSV A/S
 
145
19,630
Expeditors International of Washington, Inc.
 
381
37,281
ZTO Express, Inc. sponsored ADR
 
960
16,214
 
 
 
150,109
Airlines - 0.1%
 
 
 
Ryanair Holdings PLC sponsored ADR (a)
 
221
15,225
Building Products - 0.6%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,297
26,189
Belimo Holding AG (Reg.)
 
49
19,965
Kingspan Group PLC (Ireland)
 
315
15,907
 
 
 
62,061
Commercial Services & Supplies - 1.5%
 
 
 
Casella Waste Systems, Inc. Class A (a)
 
525
42,950
Cintas Corp.
 
87
37,197
Copart, Inc. (a)
 
345
39,682
GFL Environmental, Inc.
 
625
16,869
Sunny Friend Environmental Technology Co. Ltd.
 
3,528
14,712
Waste Connections, Inc. (Canada)
 
135
17,818
 
 
 
169,228
Construction & Engineering - 0.1%
 
 
 
Sweco AB (B Shares)
 
1,610
12,103
Electrical Equipment - 1.1%
 
 
 
AMETEK, Inc.
 
325
42,140
Eaton Corp. PLC
 
312
46,822
Generac Holdings, Inc. (a)
 
123
14,257
Nidec Corp.
 
346
19,024
 
 
 
122,243
Industrial Conglomerates - 0.6%
 
 
 
Honeywell International, Inc.
 
327
66,715
Machinery - 2.8%
 
 
 
Atlas Copco AB (A Shares)
 
2,383
25,434
Fortive Corp.
 
645
41,216
Haitian International Holdings Ltd.
 
8,136
16,293
IDEX Corp.
 
200
44,462
Indutrade AB
 
942
16,496
Kone OYJ (B Shares)
 
371
15,191
Minebea Mitsumi, Inc.
 
935
13,859
Misumi Group, Inc.
 
855
18,285
Rational AG
 
22
12,414
Schindler Holding AG (participation certificate)
 
87
14,184
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
3,413
31,172
SMC Corp.
 
48
19,267
Spirax-Sarco Engineering PLC
 
136
16,766
Tocalo Co. Ltd.
 
1,606
12,853
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
4,467
12,998
 
 
 
310,890
Professional Services - 3.1%
 
 
 
BayCurrent Consulting, Inc.
 
540
15,216
Centre Testing International Group Co. Ltd. (A Shares)
 
4,438
11,382
CoStar Group, Inc. (a)
 
599
49,549
Equifax, Inc.
 
215
36,451
Experian PLC
 
903
28,792
Funai Soken Holdings, Inc.
 
852
15,201
Headhunter Group PLC ADR (b)
 
622
1,693
Recruit Holdings Co. Ltd.
 
902
27,756
RELX PLC (London Stock Exchange)
 
1,384
37,175
Sporton International, Inc.
 
3,374
21,131
Thomson Reuters Corp.
 
252
26,801
TriNet Group, Inc. (a)
 
474
30,801
Verisk Analytics, Inc.
 
229
41,868
 
 
 
343,816
Road & Rail - 0.9%
 
 
 
Localiza Rent a Car SA
 
2,219
30,303
Old Dominion Freight Lines, Inc.
 
177
48,604
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
7,033
21,948
 
 
 
100,855
Trading Companies & Distributors - 0.6%
 
 
 
AddTech AB (B Shares)
 
1,555
18,816
Ashtead Group PLC
 
501
26,142
IMCD NV
 
158
20,502
 
 
 
65,460
TOTAL INDUSTRIALS
 
 
1,547,626
INFORMATION TECHNOLOGY - 21.2%
 
 
 
Communications Equipment - 0.3%
 
 
 
Lumentum Holdings, Inc. (a)
 
468
34,843
Electronic Equipment & Components - 2.4%
 
 
 
Amphenol Corp. Class A
 
633
48,000
Azbil Corp.
 
666
18,117
CDW Corp.
 
257
44,412
Cognex Corp.
 
628
29,032
Keyence Corp.
 
87
32,952
Lagercrantz Group AB (B Shares)
 
2,284
19,600
Murata Manufacturing Co. Ltd.
 
476
22,534
Sunny Optical Technology Group Co. Ltd.
 
1,278
11,079
Teledyne Technologies, Inc. (a)
 
102
40,594
 
 
 
266,320
IT Services - 3.6%
 
 
 
Adyen BV (a)(c)
 
13
18,559
Amadeus IT Holding SA Class A (a)
 
495
25,817
Capgemini SA
 
177
29,009
Cloudflare, Inc. (a)
 
417
23,485
Edenred SA
 
403
20,694
FDM Group Holdings PLC
 
1,642
11,882
GMO Internet, Inc.
 
1,007
17,411
Kainos Group PLC
 
981
13,916
Keywords Studios PLC
 
863
23,851
Maximus, Inc.
 
526
32,438
Nagarro SE (a)
 
139
13,847
Reply SpA
 
122
13,274
SHIFT, Inc. (a)
 
109
17,087
Shopify, Inc. Class A (a)
 
364
12,460
Softcat PLC
 
1,050
13,486
Toast, Inc. (a)
 
2,176
48,068
Twilio, Inc. Class A (a)
 
328
24,393
VeriSign, Inc. (a)
 
220
44,101
 
 
 
403,778
Semiconductors & Semiconductor Equipment - 3.6%
 
 
 
ASM International NV (Netherlands)
 
88
19,550
ASML Holding NV (Netherlands)
 
124
58,167
BE Semiconductor Industries NV
 
276
14,107
Disco Corp.
 
105
25,209
eMemory Technology, Inc.
 
518
17,265
Entegris, Inc.
 
375
29,753
Monolithic Power Systems, Inc.
 
101
34,284
Silergy Corp.
 
930
10,784
Silicon Laboratories, Inc. (a)
 
339
38,958
Taiwan Semiconductor Manufacturing Co. Ltd.
 
7,001
84,085
Teradyne, Inc.
 
382
31,076
Tokyo Electron Ltd.
 
93
24,468
Universal Display Corp.
 
193
18,377
 
 
 
406,083
Software - 11.3%
 
 
 
Adobe, Inc. (a)
 
171
54,464
ANSYS, Inc. (a)
 
137
30,299
Atlassian Corp. PLC (a)
 
76
15,407
ATOSS Software AG
 
139
16,951
Bill.Com Holdings, Inc. (a)
 
227
30,273
Black Knight, Inc. (a)
 
583
35,254
Cadence Design Systems, Inc. (a)
 
299
45,266
Ceridian HCM Holding, Inc. (a)
 
692
45,803
Confluent, Inc. (a)
 
1,110
29,837
Constellation Software, Inc.
 
17
24,581
Coupa Software, Inc. (a)
 
429
22,836
CyberArk Software Ltd. (a)
 
200
31,382
Dassault Systemes SA
 
788
26,413
Fortnox AB
 
3,520
14,985
HubSpot, Inc. (a)
 
111
32,918
Microsoft Corp.
 
1,681
390,210
Money Forward, Inc. (a)
 
614
17,508
Nemetschek SE
 
276
13,191
Netcompany Group A/S (a)(c)
 
353
12,116
Paycom Software, Inc. (a)
 
128
44,288
Procore Technologies, Inc. (a)
 
635
34,709
Roper Technologies, Inc.
 
101
41,869
Salesforce.com, Inc. (a)
 
350
56,907
SAP SE
 
391
37,635
ServiceNow, Inc. (a)
 
103
43,336
SimCorp A/S
 
205
12,244
Synopsys, Inc. (a)
 
169
49,441
Topicus.Com, Inc. (a)
 
266
13,804
Workday, Inc. Class A (a)
 
194
30,229
Xero Ltd. (a)
 
304
15,181
 
 
 
1,269,337
TOTAL INFORMATION TECHNOLOGY
 
 
2,380,361
MATERIALS - 4.1%
 
 
 
Chemicals - 3.2%
 
 
 
Aica Kogyo Co. Ltd.
 
938
20,186
Air Products & Chemicals, Inc.
 
177
44,321
Asian Paints Ltd.
 
663
24,890
Ecolab, Inc.
 
245
38,482
Givaudan SA
 
8
23,888
Linde PLC
 
187
55,604
NOF Corp.
 
431
14,841
Quaker Houghton
 
173
28,137
Sherwin-Williams Co.
 
182
40,955
Shin-Etsu Chemical Co. Ltd.
 
225
23,384
Sika AG
 
129
29,086
Symrise AG
 
185
18,883
 
 
 
362,657
Metals & Mining - 0.9%
 
 
 
First Quantum Minerals Ltd.
 
931
16,422
Freeport-McMoRan, Inc.
 
1,313
41,609
Lynas Rare Earths Ltd. (a)
 
4,253
22,661
Press Metal Bhd
 
19,537
17,975
 
 
 
98,667
TOTAL MATERIALS
 
 
461,324
REAL ESTATE - 4.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.6%
 
 
 
American Tower Corp.
 
218
45,167
ARGAN SA
 
181
13,576
Big Yellow Group PLC
 
1,115
14,398
Embassy Office Parks (REIT)
 
6,513
27,095
Equinix, Inc.
 
73
41,350
Equity Lifestyle Properties, Inc.
 
589
37,672
Extra Space Storage, Inc.
 
226
40,101
Irish Residential Properties REIT PLC
 
13,468
14,561
National Storage REIT unit
 
16,314
27,236
Prologis (REIT), Inc.
 
457
50,613
Safestore Holdings PLC
 
1,481
15,345
Segro PLC
 
1,591
14,323
Summit Industrial Income REIT
 
1,233
15,757
Sun Communities, Inc.
 
264
35,600
Warehouses de Pauw
 
525
13,479
 
 
 
406,273
Real Estate Management & Development - 0.9%
 
 
 
Ayala Land, Inc.
 
36,338
16,078
CBRE Group, Inc. (a)
 
484
34,335
Colliers International Group, Inc.
 
176
16,518
Oberoi Realty Ltd.
 
2,789
31,153
 
 
 
98,084
TOTAL REAL ESTATE
 
 
504,357
UTILITIES - 1.2%
 
 
 
Electric Utilities - 0.7%
 
 
 
NextEra Energy, Inc.
 
954
73,935
Gas Utilities - 0.2%
 
 
 
Nippon Gas Co. Ltd.
 
1,244
18,079
Water Utilities - 0.3%
 
 
 
American Water Works Co., Inc.
 
254
36,916
TOTAL UTILITIES
 
 
128,930
 
TOTAL COMMON STOCKS
  (Cost $11,405,807)
 
 
 
11,198,190
 
 
 
 
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
22,233
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $11,419,514)
 
 
 
11,220,423
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(12,241)
NET ASSETS - 100.0%
11,208,182
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $119,426 or 1.1% of net assets.
 
 
 
 
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 3.10%
97,273
3,000,909
3,098,182
1,442
-
-
-
0.0%
Total
97,273
3,000,909
3,098,182
1,442
-
-
-
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
817,568
724,772
91,177
1,619
Consumer Discretionary
2,105,980
1,832,344
273,636
-
Consumer Staples
758,692
691,572
67,120
-
Energy
233,743
233,743
-
-
Financials
1,269,543
1,247,943
21,600
-
Health Care
1,012,299
919,317
92,982
-
Industrials
1,547,626
1,319,567
226,366
1,693
Information Technology
2,380,361
2,053,674
326,687
-
Materials
461,324
389,971
71,353
-
Real Estate
504,357
488,279
16,078
-
Utilities
128,930
128,930
-
-
 Total Investments in Securities:
11,220,423
10,030,112
1,186,999
3,312
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule
 
Unaffiliated issuers (cost $11,419,514):
 
 
 
$
11,220,423
Cash
 
 
 
3,882
Foreign currency held at value (cost $718)
 
 
 
713
Receivable for fund shares sold
 
 
 
4,782
Dividends receivable
 
 
 
10,175
Distributions receivable from Fidelity Central Funds
 
 
 
409
Prepaid expenses
 
 
 
22
Receivable from investment adviser for expense reductions
 
 
 
19,246
  Total assets
 
 
 
11,259,652
Liabilities
 
 
 
 
Accrued management fee
 
$5,152
 
 
Transfer agent fee payable
 
2,975
 
 
Other affiliated payables
 
361
 
 
Deferred taxes
 
5,380
 
 
Audit fee payable
 
31,629
 
 
Other payables and accrued expenses
 
5,973
 
 
  Total Liabilities
 
 
 
51,470
Net Assets  
 
 
$
11,208,182
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
12,448,653
Total accumulated earnings (loss)
 
 
 
(1,240,471)
Net Assets
 
 
$
11,208,182
Net Asset Value , offering price and redemption price per share ($11,208,182 ÷ 1,024,481 shares)
 
 
$
10.94
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
182,236
Income from Fidelity Central Funds  
 
 
 
1,442
 Income before foreign taxes withheld
 
 
 
183,678
Less foreign taxes withheld
 
 
 
(12,598)
 Total Income
 
 
 
171,080
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
100,620
 
 
 Performance adjustment
 
5,247
 
 
Transfer agent fees
 
40,857
 
 
Accounting fees and expenses
 
6,248
 
 
Custodian fees and expenses
 
11,884
 
 
Independent trustees' fees and expenses
 
58
 
 
Registration fees
 
21,224
 
 
Audit
 
47,343
 
 
Legal
 
17
 
 
Miscellaneous
 
212
 
 
 Total expenses before reductions
 
233,710
 
 
 Expense reductions
 
(71,436)
 
 
 Total expenses after reductions
 
 
 
162,274
Net Investment income (loss)
 
 
 
8,806
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $4,324)
 
(930,336)
 
 
 Foreign currency transactions
 
(3,604)
 
 
Total net realized gain (loss)
 
 
 
(933,940)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $9,880)  
 
(6,032,643)
 
 
 Assets and liabilities in foreign currencies
 
(481)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(6,033,124)
Net gain (loss)
 
 
 
(6,967,064)
Net increase (decrease) in net assets resulting from operations
 
 
$
(6,958,258)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,806
$
(42,567)
Net realized gain (loss)
 
(933,940)
 
 
611,309
 
Change in net unrealized appreciation (depreciation)
 
(6,033,124)
 
4,480,723
 
Net increase (decrease) in net assets resulting from operations
 
(6,958,258)
 
 
5,049,465
 
Distributions to shareholders
 
(572,700)
 
 
-
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,817,785
 
11,858,773
  Reinvestment of distributions
 
537,633
 
 
-
 
Cost of shares redeemed
 
(7,108,348)
 
(5,470,813)
  Net increase (decrease) in net assets resulting from share transactions
 
(2,752,930)
 
 
6,387,960
 
Total increase (decrease) in net assets
 
(10,283,888)
 
 
11,437,425
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
21,492,070
 
10,054,645
 
End of period
$
11,208,182
$
21,492,070
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
278,587
 
815,088
  Issued in reinvestment of distributions
 
33,571
 
 
-
 
Redeemed
 
(575,644)
 
(371,566)
Net increase (decrease)
 
(263,486)
 
443,522
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Enduring Opportunities Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.69
$
11.91
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.01
 
(.04)
 
(.01)
     Net realized and unrealized gain (loss)
 
(5.32)
 
4.82
 
1.93
  Total from investment operations
 
(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
$
10.94
$
16.69
$
11.91
 Total Return   E,F
 
(32.65)%
 
40.13%
 
19.22%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
1.41%
 
1.70%
 
2.63% I
    Expenses net of fee waivers, if any
 
.98%
 
1.08%
 
1.10% I
    Expenses net of all reductions
 
.98%
 
1.08%
 
1.09% I
    Net investment income (loss)
 
.05%
 
(.25)%
 
(.10)% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,208
$
21,492
$
10,055
    Portfolio turnover rate J
 
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 October 31, 2022
 
1. Organization.
Fidelity Enduring Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
$1,715,140
Gross unrealized depreciation
(1,958,641)
Net unrealized appreciation (depreciation)
$(243,501)
Tax Cost
$11,463,924
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(981,040)
Net unrealized appreciation (depreciation) on securities and other investments
$(243,907)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(440,776)
  Long-term
(540,264)
Total capital loss carryforward
$(981,040)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$161,718
$-
Long-term Capital Gains
410,982
-
Total
$572,700
$-
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
Purchases ($)
Sales ($)
Fidelity Enduring Opportunities Fund
2,531,708
5,684,835
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.   During January 2022 the Board approved a change in the individual fund fee rate from .45% to .35% effective February 1, 2022. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI ACWI (All Country World Index) Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .64% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .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 annual rates:
 
% of Average Net Assets
Fidelity Enduring Opportunities Fund
.04
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
Amount
Fidelity Enduring Opportunities Fund
$9
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Enduring Opportunities Fund
80,538
55,672
(7,489)
 
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
$29
7. Expense Reductions.
Effective February 1, 2022, 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. The expense limitation prior to February 1, 2022 was 1.05%. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $70,870.
 
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 $17.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $549.
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.
19%
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Enduring Opportunities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Enduring Opportunities Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 16, 2022
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Enduring Opportunities Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 881.50
 
$ 4.51
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.42
 
$ 4.84
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The fund designates 100% of the short-term capital gain dividends distributed December 10, 2021 as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.
                                                           
The fund designates 36% and 41% of the dividends distributed December 10, 2021, and December 28, 2021, respectively, as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 74% and 76% of the dividends distributed December 10, 2021, and December 28, 2021, respectively, as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund designates 3% dividends distributed in December, during the fiscal year as a section 199A dividend.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Enduring Opportunities Fund  
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.  
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that the fund had portfolio manager changes in July 2020 and November 2020. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager changes.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.
 
Fidelity Enduring Opportunities Fund
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the period of the fund's operations shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.
 
Fidelity Enduring Opportunities Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.95% through February 28, 2023.
 
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9896221.102
IDF-ANN-1222
Fidelity® Global Equity Income Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Global Equity Income Fund
-11.45%
7.03%
9.06%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Global Equity Income Fund on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
 
 
Market Recap:
Global equities returned -19.69% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) Index. After gaining 18.90% in 2021, global stocks retreated to begin the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -20.91% year to date through October. For the full 12 months, emerging markets (-31%) lagged most, followed by Europe ex U.K. (-25%) and Japan (-24%). In contrast, the U.K. (-12%), Canada (-13%) and the U.S. (-17%) all outperformed. By sector, communication services (-39%) and consumer discretionary (-33%) fared worst, whereas energy (+30%) rode a surge in commodity prices and topped the market by a wide margin.
Comments from Portfolio Manager Ramona Persaud:
For the fiscal year, the fund returned -11.45%, outperforming the -19.69% result of the benchmark, the MSCI All Country World Index. By region, security selection in the U.S. and Canada contributed to the fund's performance versus the benchmark. By sector, security selection was the primary contributor, led by communication services. Security selection in information technology and health care also helped. Not owning Meta Platforms, a benchmark component that returned -71%, was the biggest individual relative contributor. Also lifting performance was our overweighting in Eli Lilly, which gained 46%. Eli Lilly was among the largest holdings at period end. Avoiding Amazon.com, a benchmark component that returned -39%, also helped relative performance. In contrast, stock picks in the U.K. and Japan detracted from the fund's relative result. By sector, the largest detractors versus the benchmark were stock selection and an overweighting in industrials. Stock selection and an underweighting in materials and an underweighting in financials also hurt the fund's relative result. Not owning Chevron, a benchmark component that gained approximately 64%, was the biggest individual relative detractor. Also hurting performance was our outsized stake in Sony, which returned -42%. Also hindering performance was our overweighting in Taiwan Semiconductor, which returned -42%. Taiwan Semiconductor was one of the fund's largest holdings this period. Notable changes in positioning include a lower allocation to the U.K. and Japan. By sector, meaningful changes in positioning include a higher allocation to energy and health care.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.  (United States of America, Technology Hardware, Storage & Peripherals)
5.0
 
Microsoft Corp.  (United States of America, Software)
3.6
 
UnitedHealth Group, Inc.  (United States of America, Health Care Providers & Services)
2.0
 
Exxon Mobil Corp.  (United States of America, Oil, Gas & Consumable Fuels)
1.8
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
1.8
 
Roche Holding AG (participation certificate)  (Switzerland, Pharmaceuticals)
1.6
 
Bristol-Myers Squibb Co.  (United States of America, Pharmaceuticals)
1.6
 
Bank of America Corp.  (United States of America, Banks)
1.6
 
JPMorgan Chase & Co.  (United States of America, Banks)
1.5
 
Danaher Corp.  (United States of America, Life Sciences Tools & Services)
1.5
 
 
22.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
19.7
 
Health Care
15.0
 
Financials
11.9
 
Consumer Staples
10.7
 
Industrials
8.8
 
Consumer Discretionary
7.7
 
Energy
7.4
 
Communication Services
7.0
 
Materials
4.0
 
Utilities
3.7
 
Real Estate
1.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Bailiwick of Guernsey - 0.5%
 
 
 
Amdocs Ltd.
 
8,493
733,031
Bailiwick of Jersey - 0.1%
 
 
 
Experian PLC
 
5,228
166,696
Belgium - 0.5%
 
 
 
KBC Group NV
 
8,600
430,996
UCB SA
 
3,431
258,777
TOTAL BELGIUM
 
 
689,773
Brazil - 0.8%
 
 
 
Equatorial Energia SA
 
196,008
1,139,506
Canada - 4.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
31,270
1,400,132
Canadian Natural Resources Ltd.
 
17,127
1,027,230
Constellation Software, Inc.
 
362
523,434
Imperial Oil Ltd.
 
17,491
951,487
Nutrien Ltd.
 
3,829
323,526
Open Text Corp.
 
23,949
693,675
Shaw Communications, Inc. Class B
 
25,441
653,415
Suncor Energy, Inc.
 
27,372
941,500
TOTAL CANADA
 
 
6,514,399
Cayman Islands - 0.6%
 
 
 
HKBN Ltd.
 
1,167,630
788,371
SITC International Holdings Co. Ltd.
 
59,088
96,803
TOTAL CAYMAN ISLANDS
 
 
885,174
China - 0.5%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
2,833
521,262
TravelSky Technology Ltd. (H Shares)
 
174,253
253,067
TOTAL CHINA
 
 
774,329
Denmark - 0.2%
 
 
 
DSV A/S
 
1,700
230,147
Finland - 1.1%
 
 
 
Elisa Corp. (A Shares)
 
25,757
1,244,973
Neste OYJ
 
7,306
320,142
TOTAL FINLAND
 
 
1,565,115
France - 4.4%
 
 
 
Capgemini SA
 
8,583
1,406,675
Edenred SA
 
20,520
1,053,691
LVMH Moet Hennessy Louis Vuitton SE
 
2,494
1,573,701
Sanofi SA
 
14,133
1,216,256
Teleperformance
 
1,180
316,372
VINCI SA
 
5,828
536,392
TOTAL FRANCE
 
 
6,103,087
Germany - 1.2%
 
 
 
Deutsche Telekom AG
 
34,465
650,544
Rheinmetall AG
 
2,245
364,963
Siemens AG
 
5,600
611,571
TOTAL GERMANY
 
 
1,627,078
Hong Kong - 0.5%
 
 
 
AIA Group Ltd.
 
102,168
773,902
India - 1.1%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
5,539
345,135
Redington (India) Ltd.
 
113,772
187,879
Reliance Industries Ltd.
 
32,110
988,979
TOTAL INDIA
 
 
1,521,993
Indonesia - 0.4%
 
 
 
PT Bank Central Asia Tbk
 
906,148
511,242
Ireland - 3.1%
 
 
 
Accenture PLC Class A
 
6,587
1,870,049
Johnson Controls International PLC
 
8,942
517,205
Linde PLC
 
6,439
1,914,637
TOTAL IRELAND
 
 
4,301,891
Japan - 5.2%
 
 
 
Capcom Co. Ltd.
 
10,216
284,780
Daiichikosho Co. Ltd.
 
22,442
644,456
FUJIFILM Holdings Corp.
 
5,938
272,311
Fujitsu Ltd.
 
2,624
301,914
Hitachi Ltd.
 
12,848
584,098
Hoya Corp.
 
16,014
1,494,295
Inaba Denki Sangyo Co. Ltd.
 
32,906
614,768
Minebea Mitsumi, Inc.
 
29,066
430,825
Renesas Electronics Corp. (a)
 
43,482
363,760
Roland Corp.
 
10,889
309,765
Shin-Etsu Chemical Co. Ltd.
 
2,009
208,795
Sony Group Corp.
 
16,062
1,083,136
Toyota Motor Corp.
 
47,823
663,526
TOTAL JAPAN
 
 
7,256,429
Kenya - 0.5%
 
 
 
Safaricom Ltd.
 
3,669,546
759,008
Korea (South) - 1.3%
 
 
 
Samsung Electronics Co. Ltd.
 
43,394
1,805,904
Luxembourg - 0.4%
 
 
 
B&M European Value Retail SA
 
144,440
534,367
Netherlands - 1.4%
 
 
 
Airbus Group NV
 
6,173
667,942
NXP Semiconductors NV
 
9,085
1,327,137
TOTAL NETHERLANDS
 
 
1,995,079
New Zealand - 0.3%
 
 
 
Auckland International Airport Ltd. (a)
 
84,946
380,285
Spain - 1.2%
 
 
 
Aena SME SA (a)(b)
 
2,985
350,832
Amadeus IT Holding SA Class A (a)
 
24,502
1,277,909
TOTAL SPAIN
 
 
1,628,741
Sweden - 0.4%
 
 
 
EQT AB
 
3,600
70,949
HEXPOL AB (B Shares)
 
44,826
442,527
TOTAL SWEDEN
 
 
513,476
Switzerland - 3.5%
 
 
 
Chubb Ltd.
 
3,599
773,389
Nestle SA (Reg. S)
 
11,525
1,254,598
Roche Holding AG (participation certificate)
 
6,944
2,304,007
Sika AG
 
2,566
578,571
TOTAL SWITZERLAND
 
 
4,910,565
Taiwan - 1.7%
 
 
 
MediaTek, Inc.
 
28,796
526,745
Taiwan Semiconductor Manufacturing Co. Ltd.
 
149,722
1,798,231
TOTAL TAIWAN
 
 
2,324,976
United Kingdom - 6.0%
 
 
 
Anglo American PLC (United Kingdom)
 
19,200
575,121
AstraZeneca PLC sponsored ADR
 
22,986
1,351,807
BAE Systems PLC
 
93,678
876,224
Bunzl PLC
 
11,900
387,709
Compass Group PLC
 
37,351
786,680
Diageo PLC
 
22,057
907,701
JD Sports Fashion PLC
 
252,197
281,816
Reckitt Benckiser Group PLC
 
12,291
815,680
RELX PLC (London Stock Exchange)
 
30,705
824,751
RS GROUP PLC
 
30,705
337,512
Starling Bank Ltd. Series D (a)(c)(d)
 
62,800
203,094
Unilever PLC
 
14,541
660,952
WH Smith PLC (a)
 
23,517
317,429
TOTAL UNITED KINGDOM
 
 
8,326,476
United States of America - 55.6%
 
 
 
AbbVie, Inc.
 
10,675
1,562,820
Activision Blizzard, Inc.
 
6,595
480,116
Albertsons Companies, Inc.
 
10,539
216,155
Ameren Corp.
 
10,129
825,716
American Tower Corp.
 
3,323
688,492
Amgen, Inc.
 
7,723
2,087,913
Apple, Inc.
 
45,172
6,926,666
AT&T, Inc.
 
19,383
353,352
Ball Corp.
 
6,100
301,279
Bank of America Corp.
 
61,932
2,232,029
BJ's Wholesale Club Holdings, Inc. (a)
 
14,328
1,108,987
BlackRock, Inc. Class A
 
1,251
808,033
Bristol-Myers Squibb Co.
 
29,606
2,293,577
Capital One Financial Corp.
 
14,488
1,536,018
Cisco Systems, Inc.
 
25,211
1,145,336
Comcast Corp. Class A
 
29,855
947,598
Costco Wholesale Corp.
 
1,882
943,823
Crane Holdings Co.
 
3,993
400,658
Crown Holdings, Inc.
 
9,400
644,746
Danaher Corp.
 
8,304
2,089,868
Dollar Tree, Inc. (a)
 
4,772
756,362
Dominion Energy, Inc.
 
10,101
706,767
Eli Lilly & Co.
 
6,834
2,474,523
Exxon Mobil Corp.
 
23,121
2,562,038
Freeport-McMoRan, Inc.
 
22,172
702,631
General Electric Co.
 
12,456
969,201
H&R Block, Inc.
 
13,397
551,287
Hartford Financial Services Group, Inc.
 
7,121
515,632
Hess Corp.
 
10,406
1,468,078
JPMorgan Chase & Co.
 
16,957
2,134,547
KBR, Inc.
 
10,123
503,822
Keurig Dr. Pepper, Inc.
 
21,739
844,343
Lamar Advertising Co. Class A
 
11,463
1,057,232
Lowe's Companies, Inc.
 
2,481
483,671
M&T Bank Corp.
 
6,978
1,174,886
McDonald's Corp.
 
3,989
1,087,641
Merck & Co., Inc.
 
9,220
933,064
Microsoft Corp.
 
21,766
5,052,542
Mondelez International, Inc.
 
15,146
931,176
MSCI, Inc.
 
927
434,633
NextEra Energy, Inc.
 
14,681
1,137,778
Northrop Grumman Corp.
 
1,700
933,317
PG&E Corp. (a)
 
17,858
266,620
Philip Morris International, Inc.
 
5,032
462,189
Phillips 66 Co.
 
10,570
1,102,345
PNC Financial Services Group, Inc.
 
7,752
1,254,506
Procter & Gamble Co.
 
10,649
1,434,101
T-Mobile U.S., Inc. (a)
 
12,560
1,903,594
Target Corp.
 
7,692
1,263,411
The Coca-Cola Co.
 
28,154
1,685,017
The Travelers Companies, Inc.
 
7,185
1,325,345
TJX Companies, Inc.
 
14,635
1,055,184
United Parcel Service, Inc. Class B
 
5,322
892,872
UnitedHealth Group, Inc.
 
5,021
2,787,408
Valero Energy Corp.
 
8,064
1,012,435
Verizon Communications, Inc.
 
26,895
1,005,066
Vistra Corp.
 
31,350
720,110
Walmart, Inc.
 
12,172
1,732,441
Watsco, Inc.
 
387
104,862
WEC Energy Group, Inc.
 
5,050
461,217
Wells Fargo & Co.
 
43,240
1,988,608
TOTAL UNITED STATES OF AMERICA
 
 
77,465,684
 
TOTAL COMMON STOCKS
  (Cost $120,784,348)
 
 
 
135,438,353
 
 
 
 
Money Market Funds - 3.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (e)
 
  (Cost $4,132,184)
 
 
4,131,357
4,132,184
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
  (Cost $124,916,532)
 
 
 
139,570,537
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(215,505)
NET ASSETS - 100.0%
139,355,032
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $350,832 or 0.3% 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 $203,094 or 0.1% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
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 3.10%
3,966,178
131,681,053
131,515,047
89,176
4
(4)
4,132,184
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
659,698
7,403,550
8,063,248
4,960
-
-
-
0.0%
Total
4,625,876
139,084,603
139,578,295
94,136
4
(4)
4,132,184
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
9,715,273
9,064,729
650,544
-
Consumer Discretionary
10,747,976
6,640,933
4,107,043
-
Consumer Staples
14,918,557
11,279,626
3,638,931
-
Energy
10,374,234
10,374,234
-
-
Financials
16,512,944
15,104,952
1,204,898
203,094
Health Care
20,854,315
17,334,052
3,520,263
-
Industrials
12,099,827
8,065,419
4,034,408
-
Information Technology
27,519,956
22,371,467
5,148,489
-
Materials
5,691,833
4,329,346
1,362,487
-
Real Estate
1,745,724
1,745,724
-
-
Utilities
5,257,714
5,257,714
-
-
  Money Market Funds
4,132,184
4,132,184
-
-
 Total Investments in Securities:
139,570,537
115,700,380
23,667,063
203,094
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $120,784,348)
 
$135,438,353
 
 
Fidelity Central Funds (cost $4,132,184)
 
4,132,184
 
 
 
 
 
 
 
Total Investment in Securities (cost $124,916,532)
 
 
$
139,570,537
Cash
 
 
 
1,565
Foreign currency held at value (cost $7,381)
 
 
 
8,961
Receivable for fund shares sold
 
 
 
30,849
Dividends receivable
 
 
 
295,919
Reclaims receivable
 
 
 
105,157
Distributions receivable from Fidelity Central Funds
 
 
 
10,377
Prepaid expenses
 
 
 
321
Other receivables
 
 
 
100
  Total assets
 
 
 
140,023,786
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$477,708
 
 
Accrued management fee
 
77,126
 
 
Other affiliated payables
 
29,320
 
 
Audit fee payable
 
45,058
 
 
Other payables and accrued expenses
 
39,542
 
 
  Total Liabilities
 
 
 
668,754
Net Assets  
 
 
$
139,355,032
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
134,769,503
Total accumulated earnings (loss)
 
 
 
4,585,529
Net Assets
 
 
$
139,355,032
Net Asset Value , offering price and redemption price per share ($139,355,032 ÷ 8,944,281 shares)
 
 
$
15.58
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
3,853,953
Income from Fidelity Central Funds (including $4,960 from security lending)
 
 
 
94,136
 Income before foreign taxes withheld
 
 
 
3,948,089
Less foreign taxes withheld
 
 
 
(222,568)
 Total Income
 
 
 
3,725,521
Expenses
 
 
 
 
Management fee
$
1,145,940
 
 
Transfer agent fees
 
289,422
 
 
Accounting fees
 
86,317
 
 
Custodian fees and expenses
 
22,831
 
 
Independent trustees' fees and expenses
 
551
 
 
Registration fees
 
50,434
 
 
Audit
 
64,444
 
 
Legal
 
3,195
 
 
Interest
 
411
 
 
Miscellaneous
 
731
 
 
 Total expenses before reductions
 
1,664,276
 
 
 Expense reductions
 
(5,196)
 
 
 Total expenses after reductions
 
 
 
1,659,080
Net Investment income (loss)
 
 
 
2,066,441
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $71,566)
 
(10,134,353)
 
 
   Fidelity Central Funds
 
4
 
 
 Foreign currency transactions
 
(33,665)
 
 
Total net realized gain (loss)
 
 
 
(10,168,014)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $67,845)  
 
(14,266,623)
 
 
   Fidelity Central Funds
 
(4)
 
 
 Assets and liabilities in foreign currencies
 
(14,130)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(14,280,757)
Net gain (loss)
 
 
 
(24,448,771)
Net increase (decrease) in net assets resulting from operations
 
 
$
(22,382,330)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,066,441
$
710,148
Net realized gain (loss)
 
(10,168,014)
 
 
10,997,567
 
Change in net unrealized appreciation (depreciation)
 
(14,280,757)
 
11,786,658
 
Net increase (decrease) in net assets resulting from operations
 
(22,382,330)
 
 
23,494,373
 
Distributions to shareholders
 
(11,336,009)
 
 
(2,418,051)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
189,149,366
 
23,383,926
  Reinvestment of distributions
 
10,521,484
 
 
2,268,914
 
Cost of shares redeemed
 
(119,515,550)
 
(20,526,418)
  Net increase (decrease) in net assets resulting from share transactions
 
80,155,300
 
 
5,126,422
 
Total increase (decrease) in net assets
 
46,436,961
 
 
26,202,744
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
92,918,071
 
66,715,327
 
End of period
$
139,355,032
$
92,918,071
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
10,942,111
 
1,260,411
  Issued in reinvestment of distributions
 
597,381
 
 
131,869
 
Redeemed
 
(7,288,853)
 
(1,109,823)
Net increase (decrease)
 
4,250,639
 
282,457
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Global Equity Income Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.80
$
15.12
$
14.64
$
13.53
$
14.21
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.15
 
.16
 
.23
 
.25
     Net realized and unrealized gain (loss)
 
(2.21)
 
5.07
 
.48
 
1.63
 
(.50)
  Total from investment operations
 
(2.01)  
 
5.22  
 
.64  
 
1.86  
 
(.25)
  Distributions from net investment income
 
(.17)
 
(.16)
 
(.15)
 
(.24)
 
(.25)
  Distributions from net realized gain
 
(2.04)
 
(.38)
 
(.01)
 
(.51)
 
(.18)
     Total distributions
 
(2.21)
 
(.54)
 
(.16)
 
(.75)
 
(.43)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
15.58
$
19.80
$
15.12
$
14.64
$
13.53
 Total Return   D
 
(11.45)%
 
35.09%
 
4.44%
 
14.60%
 
(1.88)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98%
 
1.02%
 
1.09%
 
1.09%
 
1.06%
    Expenses net of fee waivers, if any
 
.98%
 
1.02%
 
1.09%
 
1.09%
 
1.06%
    Expenses net of all reductions
 
.98%
 
1.02%
 
1.09%
 
1.08%
 
1.05%
    Net investment income (loss)
 
1.22%
 
.84%
 
1.08%
 
1.72%
 
1.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
139,355
$
92,918
$
66,715
$
67,764
$
68,532
    Portfolio turnover rate G
 
61%
 
43%
 
48%
 
20% H
 
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 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 Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
H Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
 
1. Organization.
Fidelity Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, certain foreign taxes, 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
$   26,933,942
Gross unrealized depreciation
(12,926,712)
Net unrealized appreciation (depreciation)
$14,007,230
Tax Cost
$125,563,307
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$193,578
Capital loss carryforward
$(9,572,799)
Net unrealized appreciation (depreciation) on securities and other investments
$13,996,527
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(9,095,365)
Long-term
(477,434)
Total capital loss carryforward
$(9,572,799)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$1,785,513
$742,673
Long-term Capital Gains
9,550,496
1,675,378
Total
$11,336,009
$2,418,051
 
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
167,307,643
96,322,143
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .17% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual 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
$863
 
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
7,224,419
2,216,771
(88,037)
 
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
$285
 
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
$522
$-
$-
 
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Global Equity Income Fund
$   25,517,000
.58%
$411
 
9. Expense Reductions.
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 $45.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $5,151.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Global Equity Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Global Equity Income Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Global Equity Income Fund
 
 
 
.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 931.80
 
$ 4.67
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.37
 
$ 4.89
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
A total of 0.01% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 94%, 93%, 93% and 93% of the dividends distributed in December, April, July and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 100% of the dividends distributed in during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Global Equity Income Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel.  The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.  
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.  
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.
Fidelity Global Equity Income Fund
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee . The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
Fidelity Global Equity Income Fund  
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
 
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio . In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the fund's total net expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.  
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 1.05% through February 28, 2023.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale . The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.938162.110
GED-ANN-1222
Fidelity® SAI International SMA Completion Fund
 
 
Annual Report
October 31, 2022
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity ®   SAI is a product name of Fidelity ® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® SAI International SMA Completion Fund
-34.09%
0.87%
 
A     From April 11, 2019
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International SMA Completion Fund, on April 11, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
 
Market Recap:
International equities returned -24.61% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) ex USA Index. After gaining 7.98% in 2021, non-U.S. stocks retreated in the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -24.20% year to date through October. For the full 12 months, emerging markets (-31%) and Europe ex U.K. (-25%) notably lagged. Conversely, Canada (-13%) and the U.K. (-12%) held up best. Among the 11 sectors, information technology and consumer discretionary (-37% each) fared worst. Communication services (-34%) also trailed the broader market. In contrast, energy gained 2% amid high prices for oil and natural gas. The defensive-oriented utilities (-16%) sector also outperformed, as did financials and consumer staples (-18% each).
 
Comments from Co-Managers Bill Bower and Tim Gannon:
For the fiscal year ending October 31, 2022, the fund returned -34.09%, underperforming the -22.84% result of the benchmark MSCI EAFE Index (Net MA). By region, stock picks in Europe ex U.K. and Japan notably hurt the fund's performance relative to the benchmark. From a sector perspective, security selection within industrials also detracted, as did stock choices in communication services and consumer discretionary. The biggest individual relative detractor was an overweight position in Schibsted (-65%), which was a position that was not held at the end of this period. Another notable relative detractor was an overweighting in Recruit Holdings (-53%), which was among the fund's biggest holdings this period. The fund's non-benchmark stake in B&M European Value Retail returned about -54%. Conversely, an underweighting in Asia Pacific ex Japan (specifically Hong Kong) and Europe ex U.K. (primarily driven by Netherlands), contributed meaningfully to the fund's relative result. By sector, the primary contributor to performance versus the benchmark was our stock picks in information technology, especially within the software & services industry. An overweighting in energy also lifted the fund's relative result. Also helping the fund's relative performance was security selection in financials, primarily driven by the insurance industry. Lastly, the fund's position in cash was a notable contributor this period. Our non-benchmark position in Tourmaline Oil, a position we established this period, was the fund's largest individual relative contributor, driven by a gain of roughly 56%. The fund's non-benchmark investment in Reliance Industries, one of our largest holdings, returned approximately -9%. We reduced the fund's position in Reliance. Another notable relative contributor was an outsized stake in Hannover Rueckversicherungs Se (-8%), which was one of the fund's biggest holdings. Notable changes in positioning include increased exposure to the U.K. and a lower allocation to Japan. By sector, meaningful changes in positioning include increased exposure to energy and a lower allocation to communication services.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Hannover Reuck SE  (Germany, Insurance)
5.2
 
Keyence Corp.  (Japan, Electronic Equipment & Components)
5.2
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
4.4
 
Teleperformance  (France, Professional Services)
4.3
 
Minebea Mitsumi, Inc.  (Japan, Machinery)
4.2
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
4.0
 
Tourmaline Oil Corp.  (Canada, Oil, Gas & Consumable Fuels)
3.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.6
 
Constellation Software, Inc.  (Canada, Software)
3.5
 
Indutrade AB  (Sweden, Machinery)
3.2
 
 
41.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
23.8
 
Financials
21.4
 
Information Technology
17.8
 
Energy
9.3
 
Consumer Discretionary
8.1
 
Communication Services
4.7
 
Materials
3.8
 
Health Care
3.2
 
Consumer Staples
0.9
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 93%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 93.0%
 
 
Shares
Value ($)
 
Australia - 2.3%
 
 
 
Aristocrat Leisure Ltd.
 
431,781
10,238,316
Canada - 9.3%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
37,500
1,679,084
Constellation Software, Inc.
 
10,652
15,402,260
First Quantum Minerals Ltd.
 
381,868
6,735,632
Tourmaline Oil Corp.
 
297,751
16,776,428
TOTAL CANADA
 
 
40,593,404
Cayman Islands - 2.5%
 
 
 
Anta Sports Products Ltd.
 
556,949
4,895,694
Li Ning Co. Ltd.
 
1,188,581
6,147,585
TOTAL CAYMAN ISLANDS
 
 
11,043,279
China - 0.5%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
11,000
2,023,960
France - 8.2%
 
 
 
Capgemini SA
 
50,808
8,326,966
Sartorius Stedim Biotech
 
27,701
8,793,015
Teleperformance
 
70,558
18,917,462
TOTAL FRANCE
 
 
36,037,443
Germany - 5.2%
 
 
 
Hannover Reuck SE
 
141,052
22,972,236
India - 8.4%
 
 
 
Axis Bank Ltd.
 
509,700
5,578,500
Housing Development Finance Corp. Ltd.
 
363,629
10,849,129
Kotak Mahindra Bank Ltd.
 
117,300
2,695,080
Reliance Industries Ltd.
 
574,005
17,679,188
TOTAL INDIA
 
 
36,801,897
Indonesia - 4.8%
 
 
 
PT Bank Central Asia Tbk
 
21,239,433
11,983,139
PT Bank Rakyat Indonesia (Persero) Tbk
 
30,642,861
9,135,394
TOTAL INDONESIA
 
 
21,118,533
Ireland - 1.9%
 
 
 
Kingspan Group PLC (Ireland)
 
163,195
8,241,278
Italy - 1.8%
 
 
 
FinecoBank SpA
 
566,176
7,631,900
Japan - 20.3%
 
 
 
Itochu Corp.
 
750,737
19,432,978
Keyence Corp.
 
59,794
22,647,689
Minebea Mitsumi, Inc.
 
1,245,096
18,455,171
Misumi Group, Inc.
 
199,574
4,268,101
Nomura Research Institute Ltd.
 
102,700
2,282,683
Recruit Holdings Co. Ltd.
 
269,478
8,292,153
TIS, Inc.
 
505,191
13,640,955
TOTAL JAPAN
 
 
89,019,730
Korea (South) - 3.6%
 
 
 
Samsung Electronics Co. Ltd.
 
373,850
15,558,312
Luxembourg - 3.5%
 
 
 
B&M European Value Retail SA
 
2,750,021
10,173,914
Eurofins Scientific SA
 
82,276
5,267,214
TOTAL LUXEMBOURG
 
 
15,441,128
Netherlands - 2.9%
 
 
 
IMCD NV
 
98,810
12,821,311
Spain - 3.6%
 
 
 
CaixaBank SA
 
1,521,700
5,046,026
Cellnex Telecom SA (a)
 
333,193
10,905,494
TOTAL SPAIN
 
 
15,951,520
Sweden - 6.0%
 
 
 
Indutrade AB
 
800,413
14,016,579
Investor AB (B Shares)
 
626,908
10,240,656
Nordnet AB
 
164,268
2,038,249
TOTAL SWEDEN
 
 
26,295,484
Switzerland - 2.2%
 
 
 
Sika AG
 
42,865
9,665,021
United Kingdom - 6.0%
 
 
 
Beazley PLC
 
426,100
3,051,628
Bridgepoint Group Holdings Ltd. (a)
 
1,086,642
2,483,599
Harbour Energy PLC
 
1,497,362
6,489,203
JD Sports Fashion PLC
 
3,938,303
4,400,825
S4 Capital PLC (b)
 
4,933,577
9,940,800
TOTAL UNITED KINGDOM
 
 
26,366,055
 
TOTAL COMMON STOCKS
  (Cost $467,733,150)
 
 
 
407,820,807
 
 
 
 
Money Market Funds - 9.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (c)
 
  (Cost $43,600,978)
 
 
43,592,260
43,600,978
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.9%
  (Cost $511,334,128)
 
 
 
451,421,785
NET OTHER ASSETS (LIABILITIES) - (2.9)%  
(12,714,743)
NET ASSETS - 100.0%
438,707,042
 
 
 
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,389,093 or 3.1% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
27,138,764
196,795,945
180,333,731
371,463
-
-
43,600,978
0.1%
Total
27,138,764
196,795,945
180,333,731
371,463
-
-
43,600,978
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
20,846,294
9,940,800
10,905,494
-
Consumer Discretionary
35,856,334
35,856,334
-
-
Consumer Staples
3,703,044
3,703,044
-
-
Energy
40,944,819
40,944,819
-
-
Financials
93,705,536
88,659,510
5,046,026
-
Health Care
14,060,229
14,060,229
-
-
Industrials
104,445,033
96,152,880
8,292,153
-
Information Technology
77,858,865
69,531,899
8,326,966
-
Materials
16,400,653
6,735,632
9,665,021
-
  Money Market Funds
43,600,978
43,600,978
-
-
 Total Investments in Securities:
451,421,785
409,186,125
42,235,660
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $467,733,150)
 
$407,820,807
 
 
Fidelity Central Funds (cost $43,600,978)
 
43,600,978
 
 
 
 
 
 
 
Total Investment in Securities (cost $511,334,128)
 
 
$
451,421,785
Foreign currency held at value (cost $449)
 
 
 
444
Receivable for investments sold
 
 
 
13,930,523
Receivable for fund shares sold
 
 
 
1,311,918
Dividends receivable
 
 
 
702,394
Reclaims receivable
 
 
 
576,557
Distributions receivable from Fidelity Central Funds
 
 
 
127,331
  Total assets
 
 
 
468,070,952
Liabilities
 
 
 
 
Payable for investments purchased
 
$26,635,561
 
 
Payable for fund shares redeemed
 
2,532,062
 
 
Other payables and accrued expenses
 
196,287
 
 
  Total Liabilities
 
 
 
29,363,910
Net Assets  
 
 
$
438,707,042
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
537,296,896
Total accumulated earnings (loss)
 
 
 
(98,589,854)
Net Assets
 
 
$
438,707,042
Net Asset Value , offering price and redemption price per share ($438,707,042 ÷ 45,669,408 shares)
 
 
$
9.61
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
8,537,101
Income from Fidelity Central Funds  
 
 
 
371,463
 Income before foreign taxes withheld
 
 
 
8,908,564
Less foreign taxes withheld
 
 
 
(1,081,248)
 Total Income
 
 
 
7,827,316
Expenses
 
 
 
 
Independent trustees' fees and expenses
 
1,727
 
 
 Total expenses before reductions
 
1,727
 
 
 Expense reductions
 
(1)
 
 
 Total expenses after reductions
 
 
 
1,726
Net Investment income (loss)
 
 
 
7,825,590
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of foreign taxes of $147,878)
 
(43,307,465)
 
 
 Foreign currency transactions
 
(109,635)
 
 
 Futures contracts
 
207,889
 
 
Total net realized gain (loss)
 
 
 
(43,209,211)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $506,538)  
 
(177,039,065)
 
 
 Assets and liabilities in foreign currencies
 
(95,825)
 
 
 Futures contracts
 
168,516
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(176,966,374)
Net gain (loss)
 
 
 
(220,175,585)
Net increase (decrease) in net assets resulting from operations
 
 
$
(212,349,995)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,825,590
$
5,894,966
Net realized gain (loss)
 
(43,209,211)
 
 
31,448,140
 
Change in net unrealized appreciation (depreciation)
 
(176,966,374)
 
58,954,071
 
Net increase (decrease) in net assets resulting from operations
 
(212,349,995)
 
 
96,297,177
 
Distributions to shareholders
 
(34,086,499)
 
 
(3,364,042)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
318,466,891
 
227,915,926
  Reinvestment of distributions
 
10,192,289
 
 
919,885
 
Cost of shares redeemed
 
(227,226,081)
 
(56,420,352)
  Net increase (decrease) in net assets resulting from share transactions
 
101,433,099
 
 
172,415,459
 
Total increase (decrease) in net assets
 
(145,003,395)
 
 
265,348,594
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
583,710,437
 
318,361,843
 
End of period
$
438,707,042
$
583,710,437
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
28,001,783
 
15,944,652
  Issued in reinvestment of distributions
 
704,861
 
 
68,140
 
Redeemed
 
(20,788,845)
 
(3,970,533)
Net increase (decrease)
 
7,917,799
 
12,042,259
 
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International SMA Completion Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.46
$
12.38
$
10.47
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.18
 
.19
 
.17 D
 
.08
     Net realized and unrealized gain (loss)
 
(5.16)
 
3.01
 
1.77
 
.39
  Total from investment operations
 
(4.98)  
 
3.20  
 
1.94  
 
.47  
  Distributions from net investment income
 
(.16)
 
(.12)
 
(.03)
 
-
  Distributions from net realized gain
 
(.71)
 
-
 
-
 
-
     Total distributions
 
(.87)
 
(.12)
 
(.03)
 
-
  Net asset value, end of period
$
9.61
$
15.46
$
12.38
$
10.47
 Total Return   E,F
 
(34.09)%
 
26.03%
 
18.57%
 
4.70%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions I
 
-%
 
-%
 
-%
 
-% J
    Expenses net of fee waivers, if any I
 
-%
 
-%
 
-%
 
-% J
    Expenses net of all reductions I
 
-%
 
-%
 
-%
 
-% J
    Net investment income (loss)
 
1.56%
 
1.30%
 
1.45% D
 
1.41% J
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
438,707
$
583,710
$
318,362
$
46,836
    Portfolio turnover rate K
 
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 October 31, 2022
 
1. Organization.
Fidelity SAI International SMA Completion Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to 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
$31,182,586
Gross unrealized depreciation
(96,171,242)
Net unrealized appreciation (depreciation)
$(64,988,656)
Tax Cost
$516,410,441
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$4,979,582
Capital loss carryforward
$(38,272,092)
Net unrealized appreciation (depreciation) on securities and other investments
$(65,101,081)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
October 31, 2022
Short-term
$(14,508,749)
Long-term
(23,763,343)
Total capital loss carryforward
$(38,272,092)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$16,945,636
$3,364,042
Long-term Capital Gains
17,140,863
-
Total
$34,086,499
$3,364,042
 
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 SAI International SMA Completion Fund
265,985,791
192,640,734
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
7,357,108
528,908
(77,185)
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 $1.
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.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI International SMA Completion Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI International SMA Completion Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from April 11, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 11, 2019 (commencement of operations) through October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2022
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International SMA Completion Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 846.70
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$- E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 43% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund designates 1% of the dividend distributed during the fiscal year as a section 199A dividend.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1787 and $0.0280 for the dividend paid December 13, 2021.
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity SAI International SMA Completion Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
 
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also considered that the fund is available through fee-based programs and products offered by Fidelity and that FMR is compensated for its services out of such fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with limited exceptions.
 
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.
 
Economies of Scale . The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.  
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation  of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9893098.103
ISM-ANN-1222
Fidelity® Infrastructure Fund
 
 
Annual Report
October 31, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Life of
Fund A
Fidelity® Infrastructure Fund
-9.95%
4.81%
 
A     From November 05, 2019
 
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Infrastructure Fund, on November 05, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI All Country World Index (Net MA) performed over the same period.
 
 
Market Recap:
Global equities returned -19.69% for the 12 months ending October 31, 2022, according to the MSCI ACWI (All Country World Index) Index. After gaining 18.90% in 2021, global stocks retreated to begin the new year, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. Against this backdrop, the index returned -20.91% year to date through October. For the full 12 months, emerging markets (-31%) lagged most, followed by Europe ex U.K. (-25%) and Japan (-24%). In contrast, the U.K. (-12%), Canada (-13%) and the U.S. (-17%) all outperformed. By sector, communication services (-39%) and consumer discretionary (-33%) fared worst, whereas energy (+30%) rode a surge in commodity prices and topped the market by a wide margin.
Comments from Portfolio Manager Pranay Kirpalani:
For the fiscal year ending October 31, 2022, the fund returned -9.95%, trailing the -4.68% result of the S&P Global Infrastructure Index, but outperforming the broad-based MSCI All Country World Index (Net MA). By industry, the largest relative detractors from performance were stock selection in real estate and the telecommunication services segment of communication services. Stock and market selection in industrials also hurt. Our non-benchmark investment in Cellnex Telecom was the fund's biggest individual relative detractor, due to its roughly -47% result. This was among our largest holdings. Another key detractor was our out-of-benchmark position in GFL Environmental (-33%). We pared our stake here. Also hampering performance was an underweighting in Atlantia SpA, which gained 19%. Atlantia SpA was not held at period end. In contrast, by sector, the top contributor to performance versus the benchmark was security selection in energy. Stock and industry selection in the transportation segment of industrials also modestly helped the fund's relative result. The fund's largest individual relative contributor was an overweighting in Cheniere Energy, which gained 72% the past 12 months. The company was among our biggest holdings. Also bolstering performance was our overweighting in Constellation Energy, which gained about 66%. This was an investment we established the past year. Another notable relative contributor was an outsized stake in Grupo Aeroportuario del Centro Norte (+51%), which was one of our largest holdings at period end. Meaningful changes in positioning include a reduced allocation to energy and an increase in utilities.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
NextEra Energy, Inc.
7.8
 
Cheniere Energy, Inc.
6.0
 
Aena SME SA
5.7
 
Waste Connections, Inc. (United States)
4.2
 
Iberdrola SA
4.1
 
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR
3.9
 
The Williams Companies, Inc.
3.8
 
Cellnex Telecom SA
3.7
 
Grupo Aeroportuario Norte S.A.B. de CV ADR
3.5
 
Getlink SE
3.2
 
 
45.9
 
 
Market Sectors (% of Fund's net assets)
 
Utilities
34.7
 
Industrials
31.9
 
Energy
15.6
 
Real Estate
8.9
 
Communication Services
5.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 46.5%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 5.8%
 
 
 
Diversified Telecommunication Services - 4.7%
 
 
 
Cellnex Telecom SA (a)
 
42,188
1,380,824
Helios Towers PLC (b)
 
269,576
387,983
 
 
 
1,768,807
Media - 1.1%
 
 
 
Charter Communications, Inc. Class A (b)
 
1,087
399,603
TOTAL COMMUNICATION SERVICES
 
 
2,168,410
ENERGY - 15.6%
 
 
 
Oil, Gas & Consumable Fuels - 15.6%
 
 
 
Cheniere Energy, Inc.
 
12,672
2,235,468
DT Midstream, Inc.
 
6,158
367,633
Enterprise Products Partners LP
 
9,168
231,492
ONEOK, Inc.
 
6,791
402,842
Targa Resources Corp.
 
16,843
1,151,556
The Williams Companies, Inc.
 
43,514
1,424,213
 
 
 
5,813,204
INDUSTRIALS - 31.9%
 
 
 
Commercial Services & Supplies - 10.3%
 
 
 
GFL Environmental, Inc. (c)
 
22,533
608,166
Republic Services, Inc.
 
9,055
1,200,874
Waste Connections, Inc. (United States)
 
11,732
1,547,568
Waste Management, Inc.
 
3,056
483,979
 
 
 
3,840,587
Construction & Engineering - 3.0%
 
 
 
Ferrovial SA
 
29,277
714,934
VINCI SA
 
4,636
426,684
 
 
 
1,141,618
Road & Rail - 0.8%
 
 
 
Union Pacific Corp.
 
1,449
285,656
Transportation Infrastructure - 17.8%
 
 
 
Aena SME SA (a)(b)
 
18,009
2,116,625
Flughafen Zuerich AG (b)
 
3,640
564,893
Getlink SE
 
76,078
1,205,201
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR
 
9,417
1,460,200
Grupo Aeroportuario Norte S.A.B. de CV ADR (c)
 
20,658
1,317,361
 
 
 
6,664,280
TOTAL INDUSTRIALS
 
 
11,932,141
REAL ESTATE - 8.9%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 8.9%
 
 
 
American Tower Corp.
 
3,510
727,237
Crown Castle International Corp.
 
4,549
606,200
Digital Realty Trust, Inc.
 
3,423
343,156
Equinix, Inc.
 
1,002
567,573
Prologis (REIT), Inc.
 
2,643
292,712
SBA Communications Corp. Class A
 
2,179
588,112
Segro PLC
 
11,444
103,023
Warehouses de Pauw
 
3,272
84,008
 
 
 
3,312,021
UTILITIES - 34.7%
 
 
 
Electric Utilities - 20.7%
 
 
 
Constellation Energy Corp.
 
9,870
933,110
Enel SpA
 
143,799
642,400
Exelon Corp.
 
28,162
1,086,772
Iberdrola SA
 
149,504
1,520,348
NextEra Energy, Inc.
 
37,486
2,905,163
ORSTED A/S (a)
 
7,935
654,683
 
 
 
7,742,476
Independent Power and Renewable Electricity Producers - 9.3%
 
 
 
Brookfield Renewable Partners LP
 
20,284
591,887
EDP Renovaveis SA
 
26,623
560,670
NextEra Energy Partners LP
 
10,137
750,848
RWE AG
 
25,264
973,469
The AES Corp.
 
23,444
613,295
 
 
 
3,490,169
Multi-Utilities - 4.7%
 
 
 
Engie SA
 
37,442
486,498
Veolia Environnement SA
 
3,300
73,643
WEC Energy Group, Inc.
 
12,859
1,174,412
 
 
 
1,734,553
TOTAL UTILITIES
 
 
12,967,198
 
TOTAL COMMON STOCKS
  (Cost $35,054,390)
 
 
 
36,192,974
 
 
 
 
Money Market Funds - 4.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (d)
 
1,292,196
1,292,455
Fidelity Securities Lending Cash Central Fund 3.10% (d)(e)
 
377,137
377,175
 
TOTAL MONEY MARKET FUNDS
  (Cost $1,669,630)
 
 
1,669,630
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
  (Cost $36,724,020)
 
 
 
37,862,604
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(506,574)
NET ASSETS - 100.0%
37,356,030
 
 
 
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,152,132 or 11.1% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
2,707,951
30,681,115
32,096,611
15,328
-
-
1,292,455
0.0%
Fidelity Securities Lending Cash Central Fund 3.10%
870,800
15,923,488
16,417,113
1,776
-
-
377,175
0.0%
Total
3,578,751
46,604,603
48,513,724
17,104
-
-
1,669,630
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
2,168,410
787,586
1,380,824
-
Energy
5,813,204
5,813,204
-
-
Industrials
11,932,141
9,388,832
2,543,309
-
Real Estate
3,312,021
3,312,021
-
-
Utilities
12,967,198
9,589,626
3,377,572
-
  Money Market Funds
1,669,630
1,669,630
-
-
 Total Investments in Securities:
37,862,604
30,560,899
7,301,705
-
Statement of Assets and Liabilities
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $370,661) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $35,054,390)
 
$36,192,974
 
 
Fidelity Central Funds (cost $1,669,630)
 
1,669,630
 
 
 
 
 
 
 
Total Investment in Securities (cost $36,724,020)
 
 
$
37,862,604
Foreign currency held at value (cost $17)
 
 
 
17
Receivable for investments sold
 
 
 
53,108
Receivable for fund shares sold
 
 
 
23,105
Dividends receivable
 
 
 
34,044
Distributions receivable from Fidelity Central Funds
 
 
 
3,244
Prepaid expenses
 
 
 
75
Receivable from investment adviser for expense reductions
 
 
 
18,863
  Total assets
 
 
 
37,995,060
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
$186,553
 
 
Accrued management fee
 
21,847
 
 
Other affiliated payables
 
11,119
 
 
Registration fee payable
 
40,194
 
 
Other payables and accrued expenses
 
2,142
 
 
Collateral on securities loaned
 
377,175
 
 
  Total Liabilities
 
 
 
639,030
Net Assets  
 
 
$
37,356,030
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
39,802,185
Total accumulated earnings (loss)
 
 
 
(2,446,155)
Net Assets
 
 
$
37,356,030
Net Asset Value , offering price and redemption price per share ($37,356,030 ÷ 3,329,772 shares)
 
 
$
11.22
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
910,797
Non-Cash dividends
 
 
 
78,945
Special dividends
 
 
 
112,676
Income from Fidelity Central Funds (including $1,776 from security lending)
 
 
 
17,104
 Income before foreign taxes withheld
 
 
 
1,119,522
Less foreign taxes withheld
 
 
 
(73,274)
 Total Income
 
 
 
1,046,248
Expenses
 
 
 
 
Management fee
$
343,097
 
 
Transfer agent fees
 
132,173
 
 
Accounting fees
 
19,059
 
 
Custodian fees and expenses
 
5,544
 
 
Independent trustees' fees and expenses
 
172
 
 
Registration fees
 
26,448
 
 
Audit
 
46,155
 
 
Legal
 
46
 
 
Miscellaneous
 
333
 
 
 Total expenses before reductions
 
573,027
 
 
 Expense reductions
 
(74,868)
 
 
 Total expenses after reductions
 
 
 
498,159
Net Investment income (loss)
 
 
 
548,089
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(2,130,182)
 
 
 Foreign currency transactions
 
12,739
 
 
Total net realized gain (loss)
 
 
 
(2,117,443)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(4,460,321)
 
 
 Assets and liabilities in foreign currencies
 
(2,093)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(4,462,414)
Net gain (loss)
 
 
 
(6,579,857)
Net increase (decrease) in net assets resulting from operations
 
 
$
(6,031,768)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
548,089
$
228,039
Net realized gain (loss)
 
(2,117,443)
 
 
(642,084)
 
Change in net unrealized appreciation (depreciation)
 
(4,462,414)
 
5,174,571
 
Net increase (decrease) in net assets resulting from operations
 
(6,031,768)
 
 
4,760,526
 
Distributions to shareholders
 
(639,029)
 
 
(149,403)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
27,766,378
 
55,669,179
  Reinvestment of distributions
 
598,670
 
 
140,331
 
Cost of shares redeemed
 
(30,384,461)
 
(27,136,405)
  Net increase (decrease) in net assets resulting from share transactions
 
(2,019,413)
 
 
28,673,105
 
Total increase (decrease) in net assets
 
(8,690,210)
 
 
33,284,228
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
46,046,240
 
12,762,012
 
End of period
$
37,356,030
$
46,046,240
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,232,445
 
4,660,061
  Issued in reinvestment of distributions
 
51,607
 
 
12,118
 
Redeemed
 
(2,600,860)
 
(2,248,442)
Net increase (decrease)
 
(316,808)
 
2,423,737
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Infrastructure Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.63
$
10.44
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.13 D
 
.07
 
.17
     Net realized and unrealized gain (loss)
 
(1.38)
 
2.21
 
.31
  Total from investment operations
 
(1.25)  
 
2.28  
 
.48  
  Distributions from net investment income
 
(.16)
 
(.09)
 
(.04)
     Total distributions
 
(.16)
 
(.09)
 
(.04)
  Net asset value, end of period
$
11.22
$
12.63
$
10.44
 Total Return   E,F
 
(9.95)%
 
21.96%
 
4.79%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
1.13%
 
1.24%
 
2.24% I
    Expenses net of fee waivers, if any
 
.98%
 
1.00%
 
1.00% I
    Expenses net of all reductions
 
.98%
 
1.00%
 
.98% I
    Net investment income (loss)
 
1.08% D
 
.61%
 
1.67% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
37,356
$
46,046
$
12,762
    Portfolio turnover rate J
 
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 October 31, 2022
 
1. Organization.
Fidelity Infrastructure Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares.   Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   foreign currency transactions, partnerships, capital loss carryforwards and   losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$4,534,988
Gross unrealized depreciation
(3,627,751)
Net unrealized appreciation (depreciation)
$907,237
Tax Cost
$36,955,367
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$136,313
Capital loss carryforward
$(3,401,550)
Net unrealized appreciation (depreciation) on securities and other investments
$ 819,082
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
  Short-term
$(3,401,550)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2022
October 31, 2021
Ordinary Income
$639,029
$149,403
 
 
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
43,865,936
44,331,055
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .26% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Infrastructure Fund
.04
 
 
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
$282
 
 
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
300,521
944,862
94,018
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Infrastructure Fund
$87
 
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
$198
$-
$-
 
8. Expense Reductions.
Effective June 1, 2022, the investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. The expense limitation prior to June 1, 2022 was 1.00%. 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 $73,207.
 
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 $9.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,652.
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.
 
 
 
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Infrastructure Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Infrastructure Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the two years in the period ended October 31, 2022 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 316 funds. Mr. Chiel oversees 184 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2022
 
Ending Account Value October 31, 2022
 
Expenses Paid During Period- C May 1, 2022 to October 31, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Infrastructure Fund
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 911.80
 
$ 4.67
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.32
 
$ 4.94
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions   (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
A total of 0.01% of the dividend distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 48%, 100%, 100%, and 100% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.0834 and $0.0120 for the dividend paid December 13, 2021.
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Infrastructure Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
 
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
 
Nature, Extent, and Quality of Services Provided . The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
 
Investment in a Large Fund Family . The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.
 
The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  
 
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the
appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of the fund, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.
 
The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index for the most recent one-year period ended September 30, 2021, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.
 
Fidelity Infrastructure Fund
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio . The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.
 
Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods ended September 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.
 
Fidelity Infrastructure Fund
 
The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2021.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.
 
Total Expense Ratio In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The Board noted that the fund's total net expense ratio ranked above the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021. The Board considered that, in general, various factors can affect total expense ratios. The fund's total expense ratio was above the similar sales load structure group competitive median primarily as a result of higher fixed other expenses due to lower asset levels.  
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 1.00% through February 28, 2023.
 
Fees Charged to Other Fidelity Clients . The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
 
Costs of the Services and Profitability . The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
 
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board . In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
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 renewed.
 
1.9896235.102
ISF-ANN-1222


Item 2.

Code of Ethics


As of the end of the period, October 31, 2022, Fidelity Investment Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


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



Item 4.  

Principal Accountant Fees and Services


Fees and Services


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


Services Billed by Deloitte Entities


October 31, 2022 FeesA,B


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees


Fidelity Diversified International Fund

$71,100

$-

$11,400

$1,300

Fidelity Diversified International K6 Fund

$65,200

$-

$11,400

$1,200

Fidelity Global Equity Income Fund

$44,100

$-

$9,300

$1,100

Fidelity International Capital Appreciation Fund

$49,100

$-

$11,200

$1,200

Fidelity International Capital Appreciation K6 Fund

$49,400

$-

$11,100

$1,200

Fidelity International Discovery K6 Fund

$59,200

$-

$11,200

$1,100

Fidelity International Small Cap Fund

$55,500

$-

$11,200

$1,300

Fidelity International Small Cap Opportunities Fund

$50,100

$-

$8,800

$1,200

Fidelity International Value Fund

$51,200

$-

$8,800

$1,100

Fidelity SAI International SMA Completion Fund

$45,700

$-

$11,400

$1,200

Fidelity SAI Sustainable Emerging Markets Equity Fund

$33,700

$-

$9,000

$500

Fidelity SAI Sustainable International Equity Fund

$28,600

$-

$9,000

$400

Fidelity Series Emerging Markets Fund

$44,300

$-

$11,200

$1,100

Fidelity Series Emerging Markets Opportunities Fund

$42,900

$-

$11,200

$1,100

Fidelity Series International Small Cap Fund

$41,800

$-

$8,800

$1,000

Fidelity Series International Value Fund

$41,800

$-

$8,800

$1,000

Fidelity Series Overseas Fund

$44,100

$-

$9,300

$1,100

Fidelity Sustainable International Equity Fund

$39,300

$-

$11,200

$700

Fidelity Total International Equity Fund

$52,400

$-

$10,700

$1,300

Fidelity Worldwide Fund

$49,700

$-

$8,800

$1,200



October 31, 2021 FeesA,B


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Diversified International Fund

$52,300

$-

$11,600

$1,300

Fidelity Diversified International K6 Fund

$48,600

$-

$11,100

$1,200

Fidelity Global Equity Income Fund

$42,800

$-

$9,000

$1,100

Fidelity International Capital Appreciation Fund

$47,600

$-

$11,100

$1,200

Fidelity International Capital Appreciation K6 Fund

$47,600

$-

$11,000

$1,200

Fidelity International Discovery K6 Fund

$47,100

$-

$11,100

$1,200

Fidelity International Small Cap Fund

$53,900

$-

$11,100

$1,400

Fidelity International Small Cap Opportunities Fund

$48,300

$-

$8,700

$1,200

Fidelity International Value Fund

$46,500

$-

$8,700

$1,200

Fidelity SAI International SMA Completion Fund

$44,600

$-

$11,100

$1,200

Fidelity SAI Sustainable Emerging Markets Equity Fund

$-

$-

$-

$-

Fidelity SAI Sustainable International Equity Fund

$-

$-

$-

$-

Fidelity Series Emerging Markets Fund

$45,400

$-

$11,200

$1,100

Fidelity Series Emerging Markets Opportunities Fund

$43,800

$-

$11,200

$1,100

Fidelity Series International Small Cap Fund

$43,100

$-

$8,700

$1,000

Fidelity Series International Value Fund

$43,000

$-

$8,700

$1,000

Fidelity Series Overseas Fund

$42,800

$-

$9,000

$1,100

Fidelity Sustainable International Equity Fund

$-

$-

$-

$-

Fidelity Total International Equity Fund

$50,500

$-

$10,600

$1,300

Fidelity Worldwide Fund

$48,000

$-

$9,000

$1,200



A Amounts may reflect rounding
B Fidelity Sustainable International Equity Fund commenced operations on February 10,



2022.  Fidelity SAI Sustainable Emerging Markets Equity Fund and Fidelity SAI Sustainable International Equity Fund and commenced operations on April 14, 2022.


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




Services Billed by PwC


October 31, 2022 FeesA,B


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Canada Fund

$48,900

$4,500

$10,900

$1,500

Fidelity China Region Fund

$60,300

$5,400

$10,900

$1,800

Fidelity Emerging Asia Fund

$52,800

$4,800

$11,800

$1,600

Fidelity Emerging Markets Discovery Fund

$46,300

$4,300

$10,900

$1,500

Fidelity Emerging Markets Fund

$77,300

$5,800

$13,300

$2,000

Fidelity Enduring Opportunities Fund

$28,400

$2,600

$6,500

$900

Fidelity Europe Fund

$58,400

$5,100

$12,300

$1,700

Fidelity Global Commodity Stock Fund

$35,500

$3,100

$6,000

$1,100

Fidelity Infrastructure Fund

$36,700

$3,300

$7,600

$1,100

Fidelity International Discovery Fund

$102,300

$5,600

$39,100

$1,900

Fidelity International Growth Fund

$50,800

$4,400

$11,400

$1,500

Fidelity Japan Fund

$51,800

$4,800

$10,900

$1,600

Fidelity Japan Smaller Companies Fund

$43,300

$4,100

$10,900

$1,400

Fidelity Latin America Fund

$54,000

$4,900

$10,900

$1,700

Fidelity Nordic Fund

$42,700

$4,000

$12,300

$1,400

Fidelity Overseas Fund

$77,600

$5,100

$15,400

$1,700

Fidelity Pacific Basin Fund

$52,500

$4,900

$12,700

$1,700

Fidelity Series Canada Fund

$43,400

$4,100

$11,000

$1,400

Fidelity Series International Growth Fund

$52,600

$3,700

$13,200

$1,300

Fidelity Sustainable Emerging Markets Equity Fund

$40,600

$2,900

$11,300

$1,000

Fidelity Total Emerging Markets Fund

$53,200

$4,800

$10,100

$1,600



October 31, 2021 FeesA,B


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Canada Fund

$47,600

$4,800

$10,600

$1,600

Fidelity China Region Fund

$58,700

$5,700

$10,600

$1,900

Fidelity Emerging Asia Fund

$51,400

$5,100

$11,400

$1,700

Fidelity Emerging Markets Discovery Fund

$45,000

$4,600

$10,600

$1,500

Fidelity Emerging Markets Fund

$72,400

$5,800

$10,900

$2,000

Fidelity Enduring Opportunities Fund

$27,700

$2,700

$10,300

$900

Fidelity Europe Fund

$54,600

$5,300

$10,600

$1,800

Fidelity Global Commodity Stock Fund

$35,100

$3,300

$5,800

$1,100

Fidelity Infrastructure Fund

$35,700

$3,400

$9,000

$1,200

Fidelity International Discovery Fund

$67,300

$5,900

$20,500

$2,000

Fidelity International Growth Fund

$46,500

$4,700

$10,600

$1,600

Fidelity Japan Fund

$50,600

$5,200

$10,600

$1,700

Fidelity Japan Smaller Companies Fund

$42,100

$4,300

$10,600

$1,500

Fidelity Latin America Fund

$52,500

$5,200

$10,600

$1,700

Fidelity Nordic Fund

$41,600

$4,300

$10,600

$1,400

Fidelity Overseas Fund

$53,000

$5,300

$13,200

$1,800

Fidelity Pacific Basin Fund

$51,100

$5,200

$12,300

$1,700

Fidelity Series Canada Fund

$42,200

$4,300

$10,700

$1,500

Fidelity Series International Growth Fund

$40,300

$3,900

$10,900

$1,300

Fidelity Sustainable Emerging Markets Equity Fund

$-

$-

$-

$-

Fidelity Total Emerging Markets Fund

$51,800

$5,000

$9,800

$1,700



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



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


Services Billed by Deloitte Entities




October 31, 2022A,B

October 31, 2021A,B

Audit-Related Fees

$-

$-

Tax Fees

$-

$-

All Other Fees

$-

$-


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



Services Billed by PwC




October 31, 2022A,B

October 31, 2021A,B

Audit-Related Fees

$7,914,600

$8,830,600

Tax Fees

$1,000

$354,200

All Other Fees

 $-

 $-


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


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


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


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


Assurance services must be performed by an independent public accountant.


* * *


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



Billed By

October 31, 2022A,B

October 31, 2021A,B

Deloitte Entities

$694,200

$726,100

PwC

$13,266,000

$14,833,300


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


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



review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

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


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committees consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided.


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


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


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


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



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


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


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

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

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Investment Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

December 21, 2022


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

December 21, 2022



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

December 21, 2022