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
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Date of fiscal year end: | October 31 |
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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
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. |
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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
Legend
| (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 $756,440 or 0.1% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
| 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. |
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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
| (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 $9,253,482 or 1.2% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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. |
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|
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
| (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. |
| (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. |
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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
| (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 $57,772,288 or 1.0% of net assets. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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. |
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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. |
| (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 $952,203 or 0.2% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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).
| 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
| (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 $1,263,850 or 0.2% of net assets. |
| (e) | Security or a portion of the security is on loan at period end. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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).
| 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 |
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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. |
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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 $331,982,763) | 358,336,249 |
NET OTHER ASSETS (LIABILITIES) - 1.7% | 6,088,379 |
| NET ASSETS - 100.0% | 364,424,628 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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. |
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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
| (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 |
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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. |
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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
| (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
| 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
| (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. |
| (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.
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.
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
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 $9,607,417 or 1.7% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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
| (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 $10,020,859 or 0.3% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
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.
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
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
| (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 $75,134,979 or 0.9% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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. |
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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 $3,549,826,385) | 3,830,930,608 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (7,667,175) |
| NET ASSETS - 100.0% | 3,823,263,433 |
| | |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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. |
| (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 $3,306,694 or 0.0% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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
| 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
| (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. |
| (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).
| 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.
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.
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
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
| (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 $192,760 or 6.4% of net assets. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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. |
| (c) | 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 $90,601 or 0.1% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
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.
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
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. |
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|
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 $31,419,376 or 7.3% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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. |
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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
| (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 $1,735,308 or 0.7% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Non-income producing - Security is in default. |
| (h) | Security is perpetual in nature with no stated maturity date. |
| (i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (j) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (l) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
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.
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
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. |
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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 $120,251 or 2.5% of net assets. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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.
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
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 $54,822 or 2.5% of net assets. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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. |
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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
| (b) | Security or a portion of the security is on loan at period end. |
| (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.
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.
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
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 $1,587,759,328) | 1,847,109,977 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (31,993,177) |
| NET ASSETS - 100.0% | 1,815,116,800 |
| | |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
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
| (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. |
| (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
| (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. |
| (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
| (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 $27,025,183 or 0.2% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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 $67,766,503 or 2.1% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 $206,305,669 or 1.7% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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 $15,023,726 or 1.4% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $244,690,000 or 3.3% of net assets. |
| (f) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $95,486,000 or 1.3% of net assets. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (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.
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.
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.
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
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
| (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 $5,280,416 or 0.0% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
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.
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
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
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $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 $4,621,916 or 0.1% of net assets. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
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.
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
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. |
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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
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
| (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.
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.
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
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
| (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. |
| (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.
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.
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
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. |
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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 $739,281,223) | 776,239,297 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (13,121,565) |
| NET ASSETS - 100.0% | 763,117,732 |
| | |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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
| (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 $24,062,221 or 0.7% of net assets. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
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.
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
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. |
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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
| (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.
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.
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
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. |
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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
| (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 $203,094 or 0.1% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| 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.
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.
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
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 $13,389,093 or 3.1% of net assets. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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
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. |
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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 $4,152,132 or 11.1% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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.
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.
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.
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 |
| | | | |
| 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 |
| | | | |
| 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 Fund’s 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 FMR’s
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 trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s 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 Committee’s 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 Chair’s 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 Fund’s(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 trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
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 |
