UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | October 31 |
|
|
Date of reporting period: | April 30, 2024 |
Item 1.
Reports to Stockholders
Fidelity's Targeted International Equity Funds®
Fidelity® Canada Fund
Fidelity® China Region Fund
Fidelity® Emerging Asia Fund
Fidelity® Emerging Markets Fund
Fidelity® Europe Fund
Fidelity® Japan Fund
Fidelity® Japan Smaller Companies Fund
Fidelity® Latin America Fund
Fidelity® Nordic Fund
Fidelity® Pacific Basin Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Royal Bank of Canada (Banks) | 7.4 | |
The Toronto-Dominion Bank (Banks) | 6.4 | |
Canadian Pacific Kansas City Ltd. (Ground Transportation) | 6.3 | |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 5.7 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (Consumer Staples Distribution & Retail) | 5.3 | |
Constellation Software, Inc. (Software) | 5.2 | |
PrairieSky Royalty Ltd. (Oil, Gas & Consumable Fuels) | 3.9 | |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.8 | |
Franco-Nevada Corp. (Metals & Mining) | 3.4 | |
Shopify, Inc. Class A (IT Services) | 3.1 | |
| 50.5 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 26.1 | |
Energy | 18.4 | |
Industrials | 14.1 | |
Materials | 11.2 | |
Information Technology | 9.9 | |
Consumer Staples | 8.7 | |
Consumer Discretionary | 6.9 | |
Communication Services | 3.1 | |
Health Care | 0.8 | |
|
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2024, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Canada Fund
Common Stocks - 98.9% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 2.9% | | | |
Diversified Telecommunication Services - 1.8% | | | |
Quebecor, Inc.: | | | |
Class A | | 345,300 | 7,048,219 |
Class B (sub. vtg.) | | 170,500 | 3,528,526 |
TELUS Corp. | | 339,500 | 5,452,617 |
| | | 16,029,362 |
Wireless Telecommunication Services - 1.1% | | | |
Rogers Communications, Inc. Class B (non-vtg.) | | 274,000 | 10,264,178 |
TOTAL COMMUNICATION SERVICES | | | 26,293,540 |
CONSUMER DISCRETIONARY - 6.9% | | | |
Broadline Retail - 3.1% | | | |
Dollarama, Inc. | | 337,000 | 28,112,505 |
Hotels, Restaurants & Leisure - 2.3% | | | |
Restaurant Brands International, Inc. | | 272,500 | 20,673,301 |
Specialty Retail - 0.9% | | | |
Aritzia, Inc. (a) | | 156,100 | 4,041,262 |
Diversified Royalty Corp. (b) | | 1,909,400 | 3,869,703 |
| | | 7,910,965 |
Textiles, Apparel & Luxury Goods - 0.6% | | | |
Canada Goose Holdings, Inc. (a)(b) | | 126,476 | 1,427,696 |
Gildan Activewear, Inc. | | 125,307 | 4,343,624 |
| | | 5,771,320 |
TOTAL CONSUMER DISCRETIONARY | | | 62,468,091 |
CONSUMER STAPLES - 8.7% | | | |
Beverages - 0.1% | | | |
GURU Organic Energy Corp. (a)(b) | | 322,600 | 595,216 |
Consumer Staples Distribution & Retail - 8.2% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 867,700 | 48,091,752 |
Metro, Inc. | | 365,595 | 18,701,340 |
North West Co., Inc. (b) | | 257,500 | 7,298,623 |
| | | 74,091,715 |
Personal Care Products - 0.4% | | | |
Jamieson Wellness, Inc. (c) | | 186,100 | 3,535,042 |
TOTAL CONSUMER STAPLES | | | 78,221,973 |
ENERGY - 18.4% | | | |
Energy Equipment & Services - 0.7% | | | |
Pason Systems, Inc. | | 602,800 | 6,852,737 |
Oil, Gas & Consumable Fuels - 17.7% | | | |
Cameco Corp. | | 252,600 | 11,524,938 |
Canadian Natural Resources Ltd. | | 672,998 | 50,998,548 |
Enbridge, Inc. | | 363,100 | 12,910,867 |
MEG Energy Corp. (a) | | 133,200 | 3,029,450 |
Parkland Corp. | | 374,600 | 11,540,178 |
PrairieSky Royalty Ltd. (b) | | 1,855,318 | 35,350,300 |
Suncor Energy, Inc. | | 904,700 | 34,521,404 |
| | | 159,875,685 |
TOTAL ENERGY | | | 166,728,422 |
FINANCIALS - 26.1% | | | |
Banks - 13.8% | | | |
Royal Bank of Canada | | 691,100 | 66,863,477 |
The Toronto-Dominion Bank (b) | | 974,500 | 57,812,382 |
| | | 124,675,859 |
Capital Markets - 5.4% | | | |
Brookfield Asset Management Ltd. Class A | | 383,401 | 14,646,467 |
Brookfield Corp. (Canada) Class A | | 508,106 | 20,381,080 |
TMX Group Ltd. | | 535,900 | 14,189,195 |
| | | 49,216,742 |
Insurance - 6.9% | | | |
Definity Financial Corp. | | 439,413 | 14,647,632 |
Intact Financial Corp. | | 133,425 | 21,930,102 |
Sun Life Financial, Inc. | | 498,200 | 25,437,459 |
| | | 62,015,193 |
TOTAL FINANCIALS | | | 235,907,794 |
HEALTH CARE - 0.8% | | | |
Health Care Providers & Services - 0.8% | | | |
Andlauer Healthcare Group, Inc. (b) | | 234,600 | 7,107,955 |
INDUSTRIALS - 14.1% | | | |
Commercial Services & Supplies - 2.3% | | | |
GFL Environmental, Inc. | | 655,600 | 20,920,719 |
Ground Transportation - 8.8% | | | |
Canadian National Railway Co. (b) | | 185,450 | 22,508,873 |
Canadian Pacific Kansas City Ltd. (b) | | 722,762 | 56,701,628 |
| | | 79,210,501 |
Professional Services - 3.0% | | | |
Thomson Reuters Corp. | | 179,700 | 27,141,990 |
TOTAL INDUSTRIALS | | | 127,273,210 |
INFORMATION TECHNOLOGY - 9.8% | | | |
IT Services - 3.1% | | | |
Shopify, Inc. Class A (a) | | 405,100 | 28,440,718 |
Software - 6.7% | | | |
ApplyBoard, Inc. (a)(d)(e) | | 1,677 | 98,373 |
ApplyBoard, Inc. (non-vtg.) (a)(d)(e) | | 414 | 24,285 |
Computer Modelling Group Ltd. | | 489,300 | 3,902,600 |
Constellation Software, Inc. | | 18,100 | 46,599,693 |
Constellation Software, Inc. warrants 3/31/40 (a)(e) | | 19,300 | 1 |
Dye & Durham Ltd. | | 717,900 | 7,655,375 |
Lumine Group, Inc. (a) | | 86,107 | 2,358,693 |
| | | 60,639,020 |
TOTAL INFORMATION TECHNOLOGY | | | 89,079,738 |
MATERIALS - 11.2% | | | |
Chemicals - 2.1% | | | |
Nutrien Ltd. | | 363,581 | 19,171,427 |
Containers & Packaging - 1.2% | | | |
CCL Industries, Inc.: | | | |
Class A | | 25,900 | 1,344,998 |
Class B | | 194,200 | 9,917,016 |
| | | 11,262,014 |
Metals & Mining - 7.2% | | | |
First Quantum Minerals Ltd. | | 167,400 | 2,125,560 |
Franco-Nevada Corp. | | 253,300 | 30,492,047 |
Lundin Mining Corp. (b) | | 656,600 | 7,497,731 |
Triple Flag Precious Metals Corp. (b) | | 182,800 | 2,947,852 |
Wheaton Precious Metals Corp. | | 423,500 | 22,063,284 |
| | | 65,126,474 |
Paper & Forest Products - 0.7% | | | |
Stella-Jones, Inc. | | 106,223 | 6,171,297 |
TOTAL MATERIALS | | | 101,731,212 |
TOTAL COMMON STOCKS (Cost $461,320,145) | | | 894,811,935 |
| | | |
Nonconvertible Preferred Stocks - 0.1% |
| | Shares | Value ($) |
INFORMATION TECHNOLOGY - 0.1% | | | |
Software - 0.1% | | | |
ApplyBoard, Inc.: | | | |
Series A1 (a)(d)(e) | | 2,063 | 121,016 |
Series A2 (a)(d)(e) | | 1,615 | 94,736 |
Series A3 (a)(d)(e) | | 92 | 5,397 |
Series D (a)(d)(e) | | 4,504 | 264,205 |
Series Seed (a)(d)(e) | | 617 | 36,193 |
(Cost $770,130) | | | 521,547 |
| | | |
Convertible Bonds - 0.2% |
| | Principal Amount (f) | Value ($) |
COMMUNICATION SERVICES - 0.2% | | | |
Entertainment - 0.2% | | | |
Cineplex, Inc. 7.75% 3/1/30 (c) (Cost $1,466,259) | CAD | 2,190,000 | 1,756,804 |
| | | |
Money Market Funds - 2.4% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (g) | | 431,773 | 431,859 |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 21,520,975 | 21,523,127 |
TOTAL MONEY MARKET FUNDS (Cost $21,954,986) | | | 21,954,986 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $485,511,520) | 919,045,272 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (14,029,619) |
NET ASSETS - 100.0% | 905,015,653 |
| |
Currency Abbreviations
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 $5,291,846 or 0.6% of net assets. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $644,205 or 0.1% of net assets. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ApplyBoard, Inc. | 6/04/21 - 6/30/21 | 85,688 |
| | |
ApplyBoard, Inc. (non-vtg.) | 6/30/21 | 44,290 |
| | |
ApplyBoard, Inc. Series A1 | 6/04/21 | 133,582 |
| | |
ApplyBoard, Inc. Series A2 | 6/04/21 | 104,573 |
| | |
ApplyBoard, Inc. Series A3 | 6/04/21 | 5,957 |
| | |
ApplyBoard, Inc. Series D | 6/04/21 | 486,066 |
| | |
ApplyBoard, Inc. Series Seed | 6/04/21 | 39,952 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 373,341 | 21,298,408 | 21,239,840 | 10,346 | (50) | - | 431,859 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 22,380,495 | 717,433,078 | 718,290,446 | 139,327 | - | - | 21,523,127 | 0.1% |
Total | 22,753,836 | 738,731,486 | 739,530,286 | 149,673 | (50) | - | 21,954,986 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 26,293,540 | 26,293,540 | - | - |
Consumer Discretionary | 62,468,091 | 62,468,091 | - | - |
Consumer Staples | 78,221,973 | 78,221,973 | - | - |
Energy | 166,728,422 | 166,728,422 | - | - |
Financials | 235,907,794 | 235,907,794 | - | - |
Health Care | 7,107,955 | 7,107,955 | - | - |
Industrials | 127,273,210 | 127,273,210 | - | - |
Information Technology | 89,601,285 | 88,957,079 | - | 644,206 |
Materials | 101,731,212 | 101,731,212 | - | - |
|
Corporate Bonds | 1,756,804 | - | 1,756,804 | - |
|
Money Market Funds | 21,954,986 | 21,954,986 | - | - |
Total Investments in Securities: | 919,045,272 | 916,644,262 | 1,756,804 | 644,206 |
Fidelity® Canada Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $19,727,576) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $463,556,534) | $ | 897,090,286 | | |
Fidelity Central Funds (cost $21,954,986) | | 21,954,986 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $485,511,520) | | | $ | 919,045,272 |
Cash | | | | 7,810 |
Foreign currency held at value (cost $7,697,665) | | | | 7,650,107 |
Receivable for investments sold | | | | 280,177 |
Receivable for fund shares sold | | | | 100,621 |
Dividends receivable | | | | 1,056,005 |
Interest receivable | | | | 10,809 |
Distributions receivable from Fidelity Central Funds | | | | 21,000 |
Prepaid expenses | | | | 311 |
Total assets | | | | 928,172,112 |
Liabilities | | | | |
Payable for fund shares redeemed | $ | 797,098 | | |
Accrued management fee | | 791,645 | | |
Distribution and service plan fees payable | | 10,252 | | |
Other payables and accrued expenses | | 37,912 | | |
Collateral on securities loaned | | 21,519,552 | | |
Total liabilities | | | | 23,156,459 |
Net Assets | | | $ | 905,015,653 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 453,136,157 |
Total accumulated earnings (loss) | | | | 451,879,496 |
Net Assets | | | $ | 905,015,653 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($30,803,687 ÷ 472,337 shares)(a) | | | $ | 65.22 |
Maximum offering price per share (100/94.25 of $65.22) | | | $ | 69.20 |
Class M : | | | | |
Net Asset Value and redemption price per share ($6,837,140 ÷ 105,298 shares)(a) | | | $ | 64.93 |
Maximum offering price per share (100/96.50 of $64.93) | | | $ | 67.28 |
Class C : | | | | |
Net Asset Value and offering price per share ($859,838 ÷ 13,335 shares)(a) | | | $ | 64.48 |
Canada : | | | | |
Net Asset Value, offering price and redemption price per share ($848,514,021 ÷ 12,955,277 shares) | | | $ | 65.50 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($12,574,978 ÷ 191,816 shares) | | | $ | 65.56 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($5,425,989 ÷ 83,106 shares) | | | $ | 65.29 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 10,869,576 |
Income from Fidelity Central Funds (including $139,327 from security lending) | | | | 149,673 |
Income before foreign taxes withheld | | | $ | 11,019,249 |
Less foreign taxes withheld | | | | (1,686,628) |
Total income | | | | 9,332,621 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 3,307,903 | | |
Performance adjustment | | 868,710 | | |
Transfer agent fees | | 509,686 | | |
Distribution and service plan fees | | 61,010 | | |
Accounting fees | | 135,482 | | |
Custodian fees and expenses | | 12,282 | | |
Independent trustees' fees and expenses | | 2,275 | | |
Registration fees | | 64,168 | | |
Audit | | 32,240 | | |
Legal | | 1,667 | | |
Miscellaneous | | 1,765 | | |
Total expenses before reductions | | 4,997,188 | | |
Expense reductions | | (40,765) | | |
Total expenses after reductions | | | | 4,956,423 |
Net Investment income (loss) | | | | 4,376,198 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 19,247,220 | | |
Fidelity Central Funds | | (50) | | |
Foreign currency transactions | | (35,474) | | |
Total net realized gain (loss) | | | | 19,211,696 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 111,898,561 | | |
Assets and liabilities in foreign currencies | | (37,585) | | |
Total change in net unrealized appreciation (depreciation) | | | | 111,860,976 |
Net gain (loss) | | | | 131,072,672 |
Net increase (decrease) in net assets resulting from operations | | | $ | 135,448,870 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 4,376,198 | $ | 11,119,448 |
Net realized gain (loss) | | 19,211,696 | | 20,915,338 |
Change in net unrealized appreciation (depreciation) | | 111,860,976 | | (17,873,688) |
Net increase (decrease) in net assets resulting from operations | | 135,448,870 | | 14,161,098 |
Distributions to shareholders | | (30,159,569) | | (34,966,270) |
| | | | |
Share transactions - net increase (decrease) | | (23,246,417) | | (43,174,882) |
| | | | |
Total increase (decrease) in net assets | | 82,042,884 | | (63,980,054) |
| | | | |
Net Assets | | | | |
Beginning of period | | 822,972,769 | | 886,952,823 |
End of period | $ | 905,015,653 | $ | 822,972,769 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Canada Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 57.80 | $ | 59.44 | $ | 67.23 | $ | 46.01 | $ | 51.95 | $ | 49.75 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .22 | | .57 | | .63 | | .55 | | .61 | | .66 |
Net realized and unrealized gain (loss) | | 9.17 | | (.01) C | | (5.30) | | 21.89 | | (4.38) | | 4.56 |
Total from investment operations | | 9.39 | | .56 | | (4.67) | | 22.44 | | (3.77) | | 5.22 |
Distributions from net investment income | | (.65) | | (.68) | | (.61) | | (.63) | | (.77) | | (.39) |
Distributions from net realized gain | | (1.31) | | (1.52) | | (2.51) | | (.59) | | (1.40) | | (2.63) |
Total distributions | | (1.97) D | | (2.20) | | (3.12) | | (1.22) | | (2.17) | | (3.02) |
Net asset value, end of period | $ | 65.22 | $ | 57.80 | $ | 59.44 | $ | 67.23 | $ | 46.01 | $ | 51.95 |
Total Return E,F,G | | | | .88% | | (7.06)% | | 49.45% | | (7.70)% | | 11.34% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 1.37% J | | 1.36% | | 1.20% | | 1.12% | | 1.20% | | 1.20% |
Expenses net of fee waivers, if any | | | | 1.36% | | 1.20% | | 1.12% | | 1.20% | | 1.20% |
Expenses net of all reductions | | 1.36% J | | 1.35% | | 1.20% | | 1.12% | | 1.19% | | 1.19% |
Net investment income (loss) | | .69% J | | .94% | | 1.00% | | .92% | | 1.27% | | 1.32% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 30,804 | $ | 28,548 | $ | 31,707 | $ | 33,087 | $ | 23,395 | $ | 30,598 |
Portfolio turnover rate K | | | | 9% | | 13% | | 7% | | 11% | | 8% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Canada Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 57.49 | $ | 59.09 | $ | 66.84 | $ | 45.74 | $ | 51.67 | $ | 49.46 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .41 | | .45 | | .38 | | .47 | | .51 |
Net realized and unrealized gain (loss) | | 9.11 | | - C | | (5.26) | | 21.78 | | (4.36) | | 4.55 |
Total from investment operations | | 9.25 | | .41 | | (4.81) | | 22.16 | | (3.89) | | 5.06 |
Distributions from net investment income | | (.50) | | (.49) | | (.42) | | (.47) | | (.64) | | (.22) |
Distributions from net realized gain | | (1.31) | | (1.52) | | (2.51) | | (.59) | | (1.40) | | (2.63) |
Total distributions | | (1.81) | | (2.01) | | (2.94) D | | (1.06) | | (2.04) | | (2.85) |
Net asset value, end of period | $ | 64.93 | $ | 57.49 | $ | 59.09 | $ | 66.84 | $ | 45.74 | $ | 51.67 |
Total Return E,F,G | | | | .62% | | (7.32)% | | 49.04% | | (7.95)% | | 11.02% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 1.62% J | | 1.63% | | 1.48% | | 1.40% | | 1.47% | | 1.49% |
Expenses net of fee waivers, if any | | | | 1.63% | | 1.48% | | 1.39% | | 1.47% | | 1.48% |
Expenses net of all reductions | | 1.61% J | | 1.62% | | 1.48% | | 1.39% | | 1.47% | | 1.48% |
Net investment income (loss) | | .44% J | | .68% | | .72% | | .64% | | .99% | | 1.03% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 6,837 | $ | 6,255 | $ | 6,641 | $ | 7,829 | $ | 5,911 | $ | 8,589 |
Portfolio turnover rate K | | | | 9% | | 13% | | 7% | | 11% | | 8% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Canada Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 56.91 | $ | 58.39 | $ | 65.76 | $ | 44.96 | $ | 50.61 | $ | 48.48 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.02) | | .10 | | .14 | | .08 | | .24 | | .29 |
Net realized and unrealized gain (loss) | | 9.05 | | - C | | (5.19) | | 21.46 | | (4.31) | | 4.47 |
Total from investment operations | | 9.03 | | .10 | | (5.05) | | 21.54 | | (4.07) | | 4.76 |
Distributions from net investment income | | (.15) | | (.05) | | - | | (.15) | | (.18) | | - |
Distributions from net realized gain | | (1.31) | | (1.52) | | (2.32) | | (.59) | | (1.40) | | (2.63) |
Total distributions | | (1.46) | | (1.58) D | | (2.32) | | (.74) | | (1.58) | | (2.63) |
Net asset value, end of period | $ | 64.48 | $ | 56.91 | $ | 58.39 | $ | 65.76 | $ | 44.96 | $ | 50.61 |
Total Return E,F,G | | | | .10% | | (7.79)% | | 48.31% | | (8.39)% | | 10.53% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 2.12% J | | 2.14% | | 1.99% | | 1.90% | | 1.95% | | 1.92% |
Expenses net of fee waivers, if any | | | | 2.13% | | 1.98% | | 1.90% | | 1.95% | | 1.92% |
Expenses net of all reductions | | 2.11% J | | 2.13% | | 1.98% | | 1.90% | | 1.95% | | 1.91% |
Net investment income (loss) | | (.06)% J | | .16% | | .22% | | .14% | | .51% | | .60% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 860 | $ | 844 | $ | 1,109 | $ | 1,683 | $ | 3,151 | $ | 6,226 |
Portfolio turnover rate K | | | | 9% | | 13% | | 7% | | 11% | | 8% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 58.14 | $ | 59.79 | $ | 67.62 | $ | 46.26 | $ | 52.21 | $ | 50.02 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .31 | | .77 | | .83 | | .74 | | .76 | | .82 |
Net realized and unrealized gain (loss) | | 9.22 | | (.03) C | | (5.33) | | 21.99 | | (4.38) | | 4.58 |
Total from investment operations | | 9.53 | | .74 | | (4.50) | | 22.73 | | (3.62) | | 5.40 |
Distributions from net investment income | | (.86) | | (.87) | | (.82) | | (.78) | | (.92) | | (.58) |
Distributions from net realized gain | | (1.31) | | (1.52) | | (2.51) | | (.59) | | (1.40) | | (2.63) |
Total distributions | | (2.17) | | (2.39) | | (3.33) | | (1.37) | | (2.33) D | | (3.21) |
Net asset value, end of period | $ | 65.50 | $ | 58.14 | $ | 59.79 | $ | 67.62 | $ | 46.26 | $ | 52.21 |
Total Return E,F | | | | 1.18% | | (6.77)% | | 49.91% | | (7.40)% | | 11.70% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.08% I | | 1.05% | | .89% | | .80% | | .88% | | .88% |
Expenses net of fee waivers, if any | | | | 1.04% | | .88% | | .80% | | .88% | | .88% |
Expenses net of all reductions | | 1.07% I | | 1.04% | | .88% | | .80% | | .88% | | .87% |
Net investment income (loss) | | .98% I | | 1.25% | | 1.32% | | 1.24% | | 1.58% | | 1.64% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 848,514 | $ | 774,062 | $ | 825,488 | $ | 821,617 | $ | 612,716 | $ | 803,629 |
Portfolio turnover rate J | | | | 9% | | 13% | | 7% | | 11% | | 8% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Canada Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 58.19 | $ | 59.84 | $ | 67.70 | $ | 46.24 | $ | 52.11 | $ | 49.93 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .31 | | .78 | | .85 | | .78 | | .79 | | .85 |
Net realized and unrealized gain (loss) | | 9.23 | | (.03) C | | (5.34) | | 22.00 | | (4.39) | | 4.55 |
Total from investment operations | | 9.54 | | .75 | | (4.49) | | 22.78 | | (3.60) | | 5.40 |
Distributions from net investment income | | (.86) | | (.88) | | (.86) | | (.73) | | (.87) | | (.59) |
Distributions from net realized gain | | (1.31) | | (1.52) | | (2.51) | | (.59) | | (1.40) | | (2.63) |
Total distributions | | (2.17) | | (2.40) | | (3.37) | | (1.32) | | (2.27) | | (3.22) |
Net asset value, end of period | $ | 65.56 | $ | 58.19 | $ | 59.84 | $ | 67.70 | $ | 46.24 | $ | 52.11 |
Total Return D,E | | | | 1.20% | | (6.74)% | | 50.02% | | (7.35)% | | 11.74% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.10% H | | 1.03% | | .86% | | .74% | | .81% | | .84% |
Expenses net of fee waivers, if any | | | | 1.03% | | .86% | | .74% | | .81% | | .84% |
Expenses net of all reductions | | 1.09% H | | 1.03% | | .86% | | .74% | | .81% | | .83% |
Net investment income (loss) | | .96% H | | 1.27% | | 1.34% | | 1.29% | | 1.65% | | 1.68% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 12,575 | $ | 10,571 | $ | 16,165 | $ | 13,724 | $ | 8,392 | $ | 14,507 |
Portfolio turnover rate I | | | | 9% | | 13% | | 7% | | 11% | | 8% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Canada Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 58.01 | $ | 59.55 | $ | 67.38 | $ | 46.11 | $ | 52.07 | $ | 49.94 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .34 | | .85 | | .92 | | .82 | | .84 | | .92 |
Net realized and unrealized gain (loss) | | 9.19 | | (.03) C | | (5.33) | | 21.91 | | (4.37) | | 4.53 |
Total from investment operations | | 9.53 | | .82 | | (4.41) | | 22.73 | | (3.53) | | 5.45 |
Distributions from net investment income | | (.94) | | (.84) | | (.91) | | (.87) | | (1.03) | | (.69) |
Distributions from net realized gain | | (1.31) | | (1.52) | | (2.51) | | (.59) | | (1.40) | | (2.63) |
Total distributions | | (2.25) | | (2.36) | | (3.42) | | (1.46) | | (2.43) | | (3.32) |
Net asset value, end of period | $ | 65.29 | $ | 58.01 | $ | 59.55 | $ | 67.38 | $ | 46.11 | $ | 52.07 |
Total Return D,E | | | | 1.33% | | (6.66)% | | 50.13% | | (7.24)% | | 11.87% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .98% H | | .92% | | .75% | | .66% | | .72% | | .72% |
Expenses net of fee waivers, if any | | | | .91% | | .75% | | .66% | | .72% | | .72% |
Expenses net of all reductions | | .98% H | | .91% | | .75% | | .66% | | .72% | | .71% |
Net investment income (loss) | | 1.07% H | | 1.38% | | 1.45% | | 1.38% | | 1.74% | | 1.80% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 5,426 | $ | 2,692 | $ | 5,843 | $ | 22,010 | $ | 15,221 | $ | 20,496 |
Portfolio turnover rate I | | | | 9% | | 13% | | 7% | | 11% | | 8% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Canada, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $441,906,187 |
Gross unrealized depreciation | (11,199,725) |
Net unrealized appreciation (depreciation) | $430,706,462 |
Tax cost | $488,338,810 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Canada Fund | 21,713,453 | 78,196,576 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .89 |
Class M | .89 |
Class C | .89 |
Canada | .86 |
Class I | .84 |
Class Z | .73 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .87 |
Class M | .87 |
Class C | .87 |
Canada | .83 |
Class I | .84 |
Class Z | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Canada Fund | S&P/TSX Composite Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Canada. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .19%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 39,066 | 267 |
Class M | .25% | .25% | 17,328 | 114 |
Class C | .75% | .25% | 4,616 | 547 |
| | | 61,010 | 928 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 1,337 |
Class M | 199 |
Class CA | 62 |
| 1,598 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Canada | .1694 |
Class I | .1500 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 21,349 | .21 |
Class M | 4,797 | .21 |
Class C | 645 | .21 |
Canada | 476,108 | .17 |
Class I | 6,351 | .15 |
Class Z | 436 | .04 |
| 509,686 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Canada Fund | .0450 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Canada Fund | .05 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Canada Fund | 1,356,932 | 14,079,740 | 4,861,103 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Canada Fund | 832 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Canada Fund | 15,634 | - | - |
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
Class A | 20 |
Class M | 93 |
| 113 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $40,652.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Canada Fund | | |
Distributions to shareholders | | |
Class A | $956,471 | $1,149,850 |
Class M | 195,471 | 223,562 |
Class C | 21,926 | 28,556 |
Canada | 28,479,448 | 32,768,937 |
Class I | 395,367 | 643,345 |
Class Z | 110,886 | 152,020 |
Total | $30,159,569 | $34,966,270 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Canada Fund | | | | |
Class A | | | | |
Shares sold | 8,626 | 21,447 | $556,829 | $1,305,304 |
Reinvestment of distributions | 15,002 | 18,742 | 916,003 | 1,102,198 |
Shares redeemed | (45,187) | (79,708) | (2,895,316) | (4,871,865) |
Net increase (decrease) | (21,559) | (39,519) | $(1,422,484) | $(2,464,363) |
Class M | | | | |
Shares sold | 1,231 | 3,145 | $78,516 | $189,947 |
Reinvestment of distributions | 3,195 | 3,795 | 194,459 | 222,444 |
Shares redeemed | (7,935) | (10,510) | (510,430) | (631,738) |
Net increase (decrease) | (3,509) | (3,570) | $(237,455) | $(219,347) |
Class C | | | | |
Shares sold | 870 | 1,809 | $54,184 | $108,691 |
Reinvestment of distributions | 362 | 490 | 21,926 | 28,556 |
Shares redeemed | (2,732) | (6,450) | (174,660) | (390,489) |
Net increase (decrease) | (1,500) | (4,151) | $(98,550) | $(253,242) |
Canada | | | | |
Shares sold | 188,612 | 602,311 | $12,164,487 | $36,851,268 |
Reinvestment of distributions | 435,957 | 524,933 | 26,706,738 | 30,971,047 |
Shares redeemed | (982,172) | (1,620,750) | (63,379,056) | (99,399,772) |
Net increase (decrease) | (357,603) | (493,506) | $(24,507,831) | $(31,577,457) |
Class I | | | | |
Shares sold | 103,336 | 65,023 | $6,729,042 | $3,953,919 |
Reinvestment of distributions | 6,203 | 10,141 | 380,299 | 598,723 |
Shares redeemed | (99,376) | (163,668) | (6,475,513) | (10,006,385) |
Net increase (decrease) | 10,163 | (88,504) | $633,828 | $(5,453,743) |
Class Z | | | | |
Shares sold | 49,417 | 28,551 | $3,213,045 | $1,711,374 |
Reinvestment of distributions | 1,551 | 2,264 | 94,654 | 133,088 |
Shares redeemed | (14,275) | (82,521) | (921,624) | (5,051,192) |
Net increase (decrease) | 36,693 | (51,706) | $2,386,075 | $(3,206,730) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 24.9 | |
Tencent Holdings Ltd. (Interactive Media & Services) | 10.4 | |
Alibaba Group Holding Ltd. (Broadline Retail) | 5.3 | |
AIA Group Ltd. (Insurance) | 3.4 | |
PDD Holdings, Inc. ADR (Broadline Retail) | 3.3 | |
Meituan Class B (Hotels, Restaurants & Leisure) | 3.2 | |
China Construction Bank Corp. (H Shares) (Banks) | 2.8 | |
Zijin Mining Group Co. Ltd. (H Shares) (Metals & Mining) | 2.5 | |
Trip.com Group Ltd. (Hotels, Restaurants, Leisure) | 2.1 | |
Kweichow Moutai Co. Ltd. (A Shares) (Beverages) | 2.0 | |
| 59.9 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 32.8 | |
Consumer Discretionary | 20.7 | |
Communication Services | 14.8 | |
Financials | 12.2 | |
Consumer Staples | 4.0 | |
Industrials | 3.5 | |
Materials | 3.4 | |
Health Care | 3.2 | |
Energy | 1.3 | |
Real Estate | 1.2 | |
|
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese markets. As of April 30, 2024, 29.1% of the Fund's total assets were invested in the Semiconductors & Semiconductor Equipment industry, which accounts for more than 20% of the Hong Kong, Taiwanese and Chinese markets.
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® China Region Fund
Common Stocks - 94.5% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 13.9% | | | |
Entertainment - 2.7% | | | |
NetEase, Inc. | | 1,042,700 | 19,545,037 |
Sea Ltd. ADR (a) | | 117,700 | 7,437,463 |
| | | 26,982,500 |
Interactive Media & Services - 11.2% | | | |
Baidu, Inc. Class A (a) | | 396,000 | 5,130,412 |
JOYY, Inc. ADR | | 77,300 | 2,521,526 |
Tencent Holdings Ltd. | | 2,387,700 | 104,779,918 |
| | | 112,431,856 |
TOTAL COMMUNICATION SERVICES | | | 139,414,356 |
CONSUMER DISCRETIONARY - 20.7% | | | |
Automobile Components - 0.8% | | | |
Fuyao Glass Industries Group Co. Ltd. (H Shares) (b) | | 1,278,400 | 7,653,862 |
Automobiles - 1.2% | | | |
BYD Co. Ltd. (H Shares) | | 146,500 | 4,015,943 |
Li Auto, Inc. ADR (a) | | 315,500 | 8,291,340 |
| | | 12,307,283 |
Broadline Retail - 8.6% | | | |
Alibaba Group Holding Ltd. | | 5,675,200 | 53,137,264 |
PDD Holdings, Inc. ADR (a) | | 261,605 | 32,747,714 |
| | | 85,884,978 |
Diversified Consumer Services - 1.0% | | | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 131,100 | 10,107,810 |
Hotels, Restaurants & Leisure - 6.2% | | | |
Galaxy Entertainment Group Ltd. | | 1,341,000 | 6,016,923 |
Meituan Class B (a)(b) | | 2,328,458 | 31,794,002 |
TravelSky Technology Ltd. (H Shares) | | 2,209,000 | 2,869,562 |
Trip.com Group Ltd. (a) | | 108,000 | 5,260,395 |
Trip.com Group Ltd. ADR (a) | | 338,700 | 16,345,662 |
| | | 62,286,544 |
Household Durables - 1.3% | | | |
Chervon Holdings Ltd. | | 315,700 | 766,697 |
Haier Smart Home Co. Ltd. (A Shares) | | 3,037,027 | 12,635,002 |
| | | 13,401,699 |
Textiles, Apparel & Luxury Goods - 1.6% | | | |
LVMH Moet Hennessy Louis Vuitton SE | | 7,000 | 5,750,054 |
Shenzhou International Group Holdings Ltd. | | 1,051,400 | 10,334,434 |
| | | 16,084,488 |
TOTAL CONSUMER DISCRETIONARY | | | 207,726,664 |
CONSUMER STAPLES - 4.0% | | | |
Beverages - 2.4% | | | |
Kweichow Moutai Co. Ltd. (A Shares) | | 86,445 | 20,268,430 |
Wuliangye Yibin Co. Ltd. (A Shares) | | 189,460 | 3,918,252 |
| | | 24,186,682 |
Food Products - 0.9% | | | |
Uni-President Enterprises Corp. | | 3,628,000 | 8,494,732 |
Personal Care Products - 0.7% | | | |
Proya Cosmetics Co. Ltd.: | | | |
(A Shares) | | 383,164 | 5,781,059 |
(A Shares) | | 109,100 | 1,646,067 |
| | | 7,427,126 |
TOTAL CONSUMER STAPLES | | | 40,108,540 |
ENERGY - 1.3% | | | |
Energy Equipment & Services - 0.7% | | | |
China Oilfield Services Ltd. (H Shares) | | 6,506,000 | 6,956,909 |
Oil, Gas & Consumable Fuels - 0.6% | | | |
PetroChina Co. Ltd. (H Shares) | | 6,816,000 | 6,350,750 |
TOTAL ENERGY | | | 13,307,659 |
FINANCIALS - 12.2% | | | |
Banks - 5.8% | | | |
China Construction Bank Corp. (H Shares) | | 43,784,610 | 28,328,252 |
E.SUN Financial Holdings Co. Ltd. | | 14,361,185 | 12,046,280 |
Industrial & Commercial Bank of China Ltd. (H Shares) | | 32,927,000 | 17,656,398 |
| | | 58,030,930 |
Capital Markets - 0.7% | | | |
Hong Kong Exchanges and Clearing Ltd. | | 231,200 | 7,346,247 |
Financial Services - 1.0% | | | |
Far East Horizon Ltd. | | 13,368,500 | 9,923,548 |
Insurance - 4.7% | | | |
AIA Group Ltd. | | 4,653,000 | 34,080,238 |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | | 2,992,000 | 6,555,707 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 664,500 | 3,011,569 |
Prudential PLC | | 368,600 | 3,205,843 |
| | | 46,853,357 |
TOTAL FINANCIALS | | | 122,154,082 |
HEALTH CARE - 3.1% | | | |
Biotechnology - 1.7% | | | |
Abbisko Cayman Ltd. (a) | | 6,601,000 | 2,758,312 |
Innovent Biologics, Inc. (a)(b) | | 1,040,000 | 5,034,603 |
Legend Biotech Corp. ADR (a) | | 116,000 | 5,073,840 |
Zai Lab Ltd. (a)(c) | | 615,700 | 989,621 |
Zai Lab Ltd. ADR (a)(c) | | 187,700 | 2,965,660 |
| | | 16,822,036 |
Health Care Equipment & Supplies - 0.9% | | | |
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b) | | 2,176,600 | 1,122,251 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 191,610 | 8,045,670 |
| | | 9,167,921 |
Pharmaceuticals - 0.5% | | | |
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)(c) | | 637,940 | 5,189,433 |
TOTAL HEALTH CARE | | | 31,179,390 |
INDUSTRIALS - 3.5% | | | |
Aerospace & Defense - 0.1% | | | |
Space Exploration Technologies Corp. Class A (a)(d)(e) | | 10,000 | 970,000 |
Air Freight & Logistics - 1.0% | | | |
ZTO Express, Inc. sponsored ADR | | 498,600 | 10,465,614 |
Machinery - 2.3% | | | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 248,913 | 2,041,326 |
Sinotruk Hong Kong Ltd. | | 2,125,000 | 5,288,510 |
Techtronic Industries Co. Ltd. | | 463,500 | 6,405,247 |
Weichai Power Co. Ltd. (H Shares) | | 3,359,000 | 6,863,656 |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | | 693,784 | 2,094,414 |
| | | 22,693,153 |
Trading Companies & Distributors - 0.1% | | | |
ZKH Group Ltd. (A Shares) (h) | | 4,123,666 | 1,287,161 |
TOTAL INDUSTRIALS | | | 35,415,928 |
INFORMATION TECHNOLOGY - 31.2% | | | |
Communications Equipment - 0.2% | | | |
Zhongji Innolight Co. Ltd. (A Shares) | | 79,300 | 1,998,921 |
Electronic Equipment, Instruments & Components - 1.6% | | | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 2,254,000 | 10,710,752 |
Unimicron Technology Corp. | | 431,000 | 2,379,203 |
Yageo Corp. | | 130,000 | 2,475,277 |
| | | 15,565,232 |
Semiconductors & Semiconductor Equipment - 29.0% | | | |
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 411,691 | 8,004,678 |
eMemory Technology, Inc. | | 162,481 | 10,901,343 |
King Yuan Electronics Co. Ltd. | | 1,577,000 | 4,580,600 |
MediaTek, Inc. | | 74,000 | 2,227,220 |
Micron Technology, Inc. | | 104,000 | 11,747,840 |
NAURA Technology Group Co. Ltd. | | 83,100 | 3,638,933 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 10,488,000 | 250,675,742 |
| | | 291,776,356 |
Technology Hardware, Storage & Peripherals - 0.4% | | | |
Wistron Corp. | | 659,000 | 2,252,444 |
Wiwynn Corp. | | 26,000 | 1,846,327 |
| | | 4,098,771 |
TOTAL INFORMATION TECHNOLOGY | | | 313,439,280 |
MATERIALS - 3.4% | | | |
Chemicals - 0.1% | | | |
Weihai Guangwei Composites Co. Ltd. (A Shares) | | 169,692 | 608,465 |
Containers & Packaging - 0.8% | | | |
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 2,206,071 | 8,131,724 |
Metals & Mining - 2.5% | | | |
Zijin Mining Group Co. Ltd. (H Shares) | | 11,700,000 | 25,523,216 |
TOTAL MATERIALS | | | 34,263,405 |
REAL ESTATE - 1.2% | | | |
Real Estate Management & Development - 1.2% | | | |
China Resources Mixc Lifestyle Services Ltd. (b) | | 1,671,600 | 5,883,638 |
KE Holdings, Inc. ADR | | 409,670 | 6,194,210 |
| | | 12,077,848 |
TOTAL COMMON STOCKS (Cost $718,410,996) | | | 949,087,152 |
| | | |
Preferred Stocks - 2.6% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 1.0% | | | |
COMMUNICATION SERVICES - 0.9% | | | |
Interactive Media & Services - 0.9% | | | |
ByteDance Ltd. Series E1 (a)(d)(e) | | 38,752 | 8,931,173 |
| | | |
HEALTH CARE - 0.1% | | | |
Health Care Providers & Services - 0.1% | | | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) | | 275,211 | 1,356,790 |
| | | |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 10,287,963 |
Nonconvertible Preferred Stocks - 1.6% | | | |
INFORMATION TECHNOLOGY - 1.6% | | | |
Technology Hardware, Storage & Peripherals - 1.6% | | | |
Samsung Electronics Co. Ltd. | | 329,190 | 15,327,222 |
| | | |
TOTAL PREFERRED STOCKS (Cost $22,699,736) | | | 25,615,185 |
| | | |
Money Market Funds - 3.6% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 29,899,090 | 29,905,070 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 6,458,449 | 6,459,095 |
TOTAL MONEY MARKET FUNDS (Cost $36,364,165) | | | 36,364,165 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $777,474,897) | 1,011,066,502 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (6,552,572) |
NET ASSETS - 100.0% | 1,004,513,930 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $56,677,789 or 5.6% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,257,963 or 1.1% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
(h) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $1,287,161 and all restrictions are set to expire on or before June 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 4,246,219 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 3,908,863 |
| | |
Space Exploration Technologies Corp. Class A | 2/16/21 | 419,990 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 13,693,950 | 126,151,574 | 109,940,379 | 647,614 | (75) | - | 29,905,070 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 6,127,633 | 23,115,242 | 22,783,780 | 13,596 | - | - | 6,459,095 | 0.0% |
Total | 19,821,583 | 149,266,816 | 132,724,159 | 661,210 | (75) | - | 36,364,165 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 148,345,529 | 9,958,989 | 129,455,367 | 8,931,173 |
Consumer Discretionary | 207,726,664 | 67,492,526 | 140,234,138 | - |
Consumer Staples | 40,108,540 | - | 40,108,540 | - |
Energy | 13,307,659 | - | 13,307,659 | - |
Financials | 122,154,082 | - | 122,154,082 | - |
Health Care | 32,536,180 | 8,039,500 | 23,139,890 | 1,356,790 |
Industrials | 35,415,928 | 10,465,614 | 23,980,314 | 970,000 |
Information Technology | 328,766,502 | 11,747,840 | 317,018,662 | - |
Materials | 34,263,405 | - | 34,263,405 | - |
Real Estate | 12,077,848 | 6,194,210 | 5,883,638 | - |
|
Money Market Funds | 36,364,165 | 36,364,165 | - | - |
Total Investments in Securities: | 1,011,066,502 | 150,262,844 | 849,545,695 | 11,257,963 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
Investments in Securities: | |
Beginning Balance | $ | 12,643,995 | |
Net Realized Gain (Loss) on Investment Securities | | - | |
Net Unrealized Gain (Loss) on Investment Securities | | (227,435) | |
Cost of Purchases | | - | |
Proceeds of Sales | | - | |
Amortization/Accretion | | - | |
Transfers into Level 3 | | - | |
Transfers out of Level 3 | | (1,158,597) | |
Ending Balance | $ | 11,257,963 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | (227,435) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Fidelity® China Region Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $6,151,460) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $741,110,732) | $ | 974,702,337 | | |
Fidelity Central Funds (cost $36,364,165) | | 36,364,165 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $777,474,897) | | | $ | 1,011,066,502 |
Foreign currency held at value (cost $11,539) | | | | 11,173 |
Receivable for investments sold | | | | 5,584,436 |
Receivable for fund shares sold | | | | 636,047 |
Dividends receivable | | | | 204,036 |
Distributions receivable from Fidelity Central Funds | | | | 151,276 |
Prepaid expenses | | | | 356 |
Other receivables | | | | 16,883 |
Total assets | | | | 1,017,670,709 |
Liabilities | | | | |
Payable for investments purchased | $ | 5,417,114 | | |
Payable for fund shares redeemed | | 397,317 | | |
Accrued management fee | | 706,483 | | |
Distribution and service plan fees payable | | 10,839 | | |
Other payables and accrued expenses | | 165,931 | | |
Collateral on securities loaned | | 6,459,095 | | |
Total liabilities | | | | 13,156,779 |
Net Assets | | | $ | 1,004,513,930 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 1,018,218,749 |
Total accumulated earnings (loss) | | | | (13,704,819) |
Net Assets | | | $ | 1,004,513,930 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($21,931,695 ÷ 646,230 shares)(a) | | | $ | 33.94 |
Maximum offering price per share (100/94.25 of $33.94) | | | $ | 36.01 |
Class M : | | | | |
Net Asset Value and redemption price per share ($6,813,480 ÷ 202,282 shares)(a) | | | $ | 33.68 |
Maximum offering price per share (100/96.50 of $33.68) | | | $ | 34.90 |
Class C : | | | | |
Net Asset Value and offering price per share ($4,216,205 ÷ 130,305 shares)(a) | | | $ | 32.36 |
China Region : | | | | |
Net Asset Value, offering price and redemption price per share ($831,436,933 ÷ 24,168,102 shares) | | | $ | 34.40 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($17,794,428 ÷ 521,141 shares) | | | $ | 34.15 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($122,321,189 ÷ 3,584,653 shares) | | | $ | 34.12 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 4,880,628 |
Non-Cash dividends | | | | 276,815 |
Interest | | | | 2,028 |
Income from Fidelity Central Funds (including $13,596 from security lending) | | | | 661,210 |
Income before foreign taxes withheld | | | $ | 5,820,681 |
Less foreign taxes withheld | | | | (580,905) |
Total income | | | | 5,239,776 |
Expenses | | | | |
Management fee | $ | 3,436,485 | | |
Transfer agent fees | | 536,196 | | |
Distribution and service plan fees | | 65,637 | | |
Accounting fees | | 134,897 | | |
Custodian fees and expenses | | 89,924 | | |
Independent trustees' fees and expenses | | 2,353 | | |
Registration fees | | 71,150 | | |
Audit | | 46,317 | | |
Legal | | 1,191 | | |
Miscellaneous | | 1,926 | | |
Total expenses before reductions | | 4,386,076 | | |
Expense reductions | | (41,818) | | |
Total expenses after reductions | | | | 4,344,258 |
Net Investment income (loss) | | | | 895,518 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (43,450,114) | | |
Fidelity Central Funds | | (75) | | |
Foreign currency transactions | | (95,202) | | |
Total net realized gain (loss) | | | | (43,545,391) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 156,376,965 | | |
Assets and liabilities in foreign currencies | | (3,102) | | |
Total change in net unrealized appreciation (depreciation) | | | | 156,373,863 |
Net gain (loss) | | | | 112,828,472 |
Net increase (decrease) in net assets resulting from operations | | | $ | 113,723,990 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 895,518 | $ | 9,856,644 |
Net realized gain (loss) | | (43,545,391) | | (42,325,277) |
Change in net unrealized appreciation (depreciation) | | 156,373,863 | | 222,995,954 |
Net increase (decrease) in net assets resulting from operations | | 113,723,990 | | 190,527,321 |
Distributions to shareholders | | (17,558,581) | | (10,463,693) |
| | | | |
Share transactions - net increase (decrease) | | 13,389,978 | | (76,688,681) |
| | | | |
Total increase (decrease) in net assets | | 109,555,387 | | 103,374,947 |
| | | | |
Net Assets | | | | |
Beginning of period | | 894,958,543 | | 791,583,596 |
End of period | $ | 1,004,513,930 | $ | 894,958,543 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® China Region Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.63 | $ | 24.85 | $ | 50.32 | $ | 50.90 | $ | 35.86 | $ | 28.73 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.01) | | .22 | | .14 | | .06 | | .08 | | .15 |
Net realized and unrealized gain (loss) | | 3.82 | | 5.75 C | | (20.99) | | 1.95 | | 15.11 | | 7.10 |
Total from investment operations | | 3.81 | | 5.97 | | (20.85) | | 2.01 | | 15.19 | | 7.25 |
Distributions from net investment income | | (.50) | | (.19) | | - | | (.44) | | (.15) | | (.12) |
Distributions from net realized gain | | - | | - | | (4.62) | | (2.16) | | - | | - |
Total distributions | | (.50) | | (.19) | | (4.62) | | (2.59) D | | (.15) | | (.12) |
Net asset value, end of period | $ | 33.94 | $ | 30.63 | $ | 24.85 | $ | 50.32 | $ | 50.90 | $ | 35.86 |
Total Return E,F,G | | | | 23.98% C | | (45.20)% | | 3.65% | | 42.52% | | 25.30% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 1.20% J | | 1.25% | | 1.23% | | 1.21% | | 1.24% | | 1.27% |
Expenses net of fee waivers, if any | | | | 1.25% | | 1.22% | | 1.21% | | 1.24% | | 1.26% |
Expenses net of all reductions | | 1.19% J | | 1.25% | | 1.22% | | 1.21% | | 1.22% | | 1.26% |
Net investment income (loss) | | (.07)% J | | .66% | | .38% | | .11% | | .18% | | .44% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 21,932 | $ | 21,354 | $ | 19,362 | $ | 45,301 | $ | 39,303 | $ | 29,963 |
Portfolio turnover rate K | | | | 24% | | 20% | | 60% | | 60% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.96%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® China Region Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.34 | $ | 24.61 | $ | 50.02 | $ | 50.64 | $ | 35.66 | $ | 28.55 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.05) | | .13 | | .03 | | (.10) | | (.05) | | .04 |
Net realized and unrealized gain (loss) | | 3.79 | | 5.69 C | | (20.82) | | 1.96 | | 15.04 | | 7.07 |
Total from investment operations | | 3.74 | | 5.82 | | (20.79) | | 1.86 | | 14.99 | | 7.11 |
Distributions from net investment income | | (.40) | | (.09) | | - | | (.32) | | (.01) | | - |
Distributions from net realized gain | | - | | - | | (4.62) | | (2.16) | | - | | - |
Total distributions | | (.40) | | (.09) | | (4.62) | | (2.48) | | (.01) | | - |
Net asset value, end of period | $ | 33.68 | $ | 30.34 | $ | 24.61 | $ | 50.02 | $ | 50.64 | $ | 35.66 |
Total Return D,E,F | | | | 23.64% C | | (45.37)% | | 3.36% | | 42.04% | | 24.90% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.46% I | | 1.52% | | 1.53% | | 1.50% | | 1.56% | | 1.59% |
Expenses net of fee waivers, if any | | | | 1.52% | | 1.53% | | 1.50% | | 1.56% | | 1.59% |
Expenses net of all reductions | | 1.45% I | | 1.51% | | 1.53% | | 1.50% | | 1.53% | | 1.58% |
Net investment income (loss) | | (.33)% I | | .40% | | .08% | | (.18)% | | (.13)% | | .12% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 6,813 | $ | 6,610 | $ | 5,803 | $ | 12,623 | $ | 12,028 | $ | 9,251 |
Portfolio turnover rate J | | | | 24% | | 20% | | 60% | | 60% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.62%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® China Region Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 29.03 | $ | 23.59 | $ | 48.34 | $ | 49.10 | $ | 34.71 | $ | 27.90 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.13) | | (.02) | | (.13) | | (.35) | | (.22) | | (.09) |
Net realized and unrealized gain (loss) | | 3.65 | | 5.46 C | | (20.00) | | 1.92 | | 14.61 | | 6.90 |
Total from investment operations | | 3.52 | | 5.44 | | (20.13) | | 1.57 | | 14.39 | | 6.81 |
Distributions from net investment income | | (.19) | | - | | - | | (.17) | | - | | - |
Distributions from net realized gain | | - | | - | | (4.62) | | (2.16) | | - | | - |
Total distributions | | (.19) | | - | | (4.62) | | (2.33) | | - | | - |
Net asset value, end of period | $ | 32.36 | $ | 29.03 | $ | 23.59 | $ | 48.34 | $ | 49.10 | $ | 34.71 |
Total Return D,E,F | | | | 23.06% C | | (45.60)% | | 2.89% | | 41.46% | | 24.41% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.96% I | | 1.97% | | 1.96% | | 1.96% | | 1.98% | | 2.00% |
Expenses net of fee waivers, if any | | | | 1.96% | | 1.96% | | 1.96% | | 1.98% | | 2.00% |
Expenses net of all reductions | | 1.95% I | | 1.96% | | 1.96% | | 1.96% | | 1.96% | | 1.99% |
Net investment income (loss) | | (.83)% I | | (.05)% | | (.36)% | | (.65)% | | (.55)% | | (.29)% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,216 | $ | 4,834 | $ | 5,784 | $ | 13,168 | $ | 11,308 | $ | 9,437 |
Portfolio turnover rate J | | | | 24% | | 20% | | 60% | | 60% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.04%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® China Region Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 31.11 | $ | 25.28 | $ | 51.03 | $ | 51.53 | $ | 36.30 | $ | 29.11 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .03 | | .32 | | .25 | | .23 | | .21 | | .25 |
Net realized and unrealized gain (loss) | | 3.88 | | 5.85 C | | (21.32) | | 1.97 | | 15.28 | | 7.19 |
Total from investment operations | | 3.91 | | 6.17 | | (21.07) | | 2.20 | | 15.49 | | 7.44 |
Distributions from net investment income | | (.62) | | (.34) | | (.06) | | (.54) | | (.26) | | (.25) |
Distributions from net realized gain | | - | | - | | (4.62) | | (2.16) | | - | | - |
Total distributions | | (.62) | | (.34) | | (4.68) | | (2.70) | | (.26) | | (.25) |
Net asset value, end of period | $ | 34.40 | $ | 31.11 | $ | 25.28 | $ | 51.03 | $ | 51.53 | $ | 36.30 |
Total Return D,E | | | | 24.34% C | | (45.04)% | | 3.97% | | 42.95% | | 25.72% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .94% H | | .95% | | .94% | | .91% | | .93% | | .95% |
Expenses net of fee waivers, if any | | | | .95% | | .93% | | .91% | | .93% | | .95% |
Expenses net of all reductions | | .93% H | | .95% | | .93% | | .91% | | .91% | | .95% |
Net investment income (loss) | | .20% H | | .96% | | .67% | | .41% | | .49% | | .76% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 831,437 | $ | 809,283 | $ | 736,185 | $ | 1,609,326 | $ | 1,518,404 | $ | 1,093,827 |
Portfolio turnover rate I | | | | 24% | | 20% | | 60% | | 60% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.32%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® China Region Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.87 | $ | 25.07 | $ | 50.63 | $ | 51.16 | $ | 36.05 | $ | 28.90 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .03 | | .32 | | .25 | | .22 | | .20 | | .25 |
Net realized and unrealized gain (loss) | | 3.85 | | 5.82 C | | (21.15) | | 1.96 | | 15.17 | | 7.13 |
Total from investment operations | | 3.88 | | 6.14 | | (20.90) | | 2.18 | | 15.37 | | 7.38 |
Distributions from net investment income | | (.60) | | (.34) | | (.04) | | (.55) | | (.26) | | (.23) |
Distributions from net realized gain | | - | | - | | (4.62) | | (2.16) | | - | | - |
Total distributions | | (.60) | | (.34) | | (4.66) | | (2.71) | | (.26) | | (.23) |
Net asset value, end of period | $ | 34.15 | $ | 30.87 | $ | 25.07 | $ | 50.63 | $ | 51.16 | $ | 36.05 |
Total Return D,E | | | | 24.40% C | | (45.05)% | | 3.96% | | 42.91% | | 25.71% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .93% H | | .94% | | .93% | | .93% | | .95% | | .97% |
Expenses net of fee waivers, if any | | | | .93% | | .93% | | .93% | | .95% | | .96% |
Expenses net of all reductions | | .92% H | | .93% | | .93% | | .93% | | .93% | | .96% |
Net investment income (loss) | | .20% H | | .98% | | .68% | | .39% | | .48% | | .74% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 17,794 | $ | 26,683 | $ | 20,509 | $ | 68,464 | $ | 47,688 | $ | 27,410 |
Portfolio turnover rate I | | | | 24% | | 20% | | 60% | | 60% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.38%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® China Region Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.90 | $ | 25.02 | $ | 50.57 | $ | 51.07 | $ | 36.00 | $ | 28.91 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .03 | | .36 | | .30 | | .29 | | .26 | | .30 |
Net realized and unrealized gain (loss) | | 3.87 | | 5.80 C | | (21.10) | | 1.95 | | 15.14 | | 7.11 |
Total from investment operations | | 3.90 | | 6.16 | | (20.80) | | 2.24 | | 15.40 | | 7.41 |
Distributions from net investment income | | (.68) | | (.28) | | (.12) | | (.59) | | (.33) | | (.32) |
Distributions from net realized gain | | - | | - | | (4.62) | | (2.16) | | - | | - |
Total distributions | | (.68) | | (.28) | | (4.75) D | | (2.74) D | | (.33) | | (.32) |
Net asset value, end of period | $ | 34.12 | $ | 30.90 | $ | 25.02 | $ | 50.57 | $ | 51.07 | $ | 36.00 |
Total Return E,F | | | | 24.55% C | | (44.97)% | | 4.09% | | 43.13% | | 25.86% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .92% I | | .81% | | .80% | | .80% | | .81% | | .82% |
Expenses net of fee waivers, if any | | | | .80% | | .80% | | .80% | | .81% | | .82% |
Expenses net of all reductions | | .91% I | | .80% | | .80% | | .80% | | .79% | | .81% |
Net investment income (loss) | | .21% I | | 1.11% | | .81% | | .52% | | .61% | | .89% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 122,321 | $ | 26,195 | $ | 3,940 | $ | 71,573 | $ | 71,121 | $ | 46,861 |
Portfolio turnover rate J | | | | 24% | | 20% | | 60% | | 60% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.53%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, China Region, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $11,257,963 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.5 - 2.8 / 2.7 | Increase |
| | | Enterprise value/EBITDA multiple (EV/EBITDA) | 16.9 | Increase |
| | Black scholes | Discount rate | 4.8% | Increase |
| | | Term | 3.0 | Increase |
| | | Volatility | 60.0% | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain corporate actions and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $325,122,023 |
Gross unrealized depreciation | (102,148,376) |
Net unrealized appreciation (depreciation) | $222,973,647 |
Tax cost | $788,092,855 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(114,807,939) |
Long-term | (64,025,365) |
Total capital loss carryforward | $(178,833,304) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity China Region Fund | 89,423,228 | 108,827,578 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .89 |
Class M | .89 |
Class C | .89 |
China Region | .87 |
Class I | .86 |
Class Z | .73 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .89 |
Class M | .89 |
Class C | .89 |
China Region | .87 |
Class I | .86 |
Class Z | .73 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 26,521 | 1,534 |
Class M | .25% | .25% | 16,552 | 98 |
Class C | .75% | .25% | 22,564 | 3,781 |
| | | 65,637 | 5,413 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 2,133 |
Class M | 364 |
Class CA | 18 |
| 2,515 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
China Region | .1844 |
Class I | .1762 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 14,731 | .21 |
Class M | 4,603 | .21 |
Class C | 3,147 | .20 |
China Region | 493,408 | .18 |
Class I | 13,524 | .17 |
Class Z | 6,783 | .04 |
| 536,196 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity China Region Fund | .0445 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity China Region Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity China Region Fund | 384 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity China Region Fund | 834,352 | 5,145,063 | (9,224,545) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity China Region Fund | 857 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity China Region Fund | 1,459 | - | - |
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,118. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
Class A | 29 |
Class M | 69 |
Class C | 2 |
| 100 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $40,600.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity China Region Fund | | |
Distributions to shareholders | | |
Class A | $338,330 | $147,676 |
Class M | 85,978 | 22,086 |
Class C | 30,918 | - |
China Region | 15,840,360 | 9,963,708 |
Class I | 463,654 | 287,558 |
Class Z | 799,341 | 42,665 |
Total | $17,558,581 | $10,463,693 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity China Region Fund | | | | |
Class A | | | | |
Shares sold | 63,769 | 213,022 | $2,067,177 | $7,300,449 |
Reinvestment of distributions | 10,187 | 4,346 | 321,753 | 141,383 |
Shares redeemed | (124,967) | (299,344) | (3,983,365) | (9,796,907) |
Net increase (decrease) | (51,011) | (81,976) | $(1,594,435) | $(2,355,075) |
Class M | | | | |
Shares sold | 4,749 | 55,083 | $150,967 | $1,982,190 |
Reinvestment of distributions | 2,728 | 682 | 85,562 | 22,023 |
Shares redeemed | (23,036) | (73,707) | (721,282) | (2,410,361) |
Net increase (decrease) | (15,559) | (17,942) | $(484,753) | $(406,148) |
Class C | | | | |
Shares sold | 9,316 | 85,870 | $283,133 | $2,816,391 |
Reinvestment of distributions | 934 | - | 28,179 | - |
Shares redeemed | (46,425) | (164,625) | (1,398,888) | (5,078,761) |
Net increase (decrease) | (36,175) | (78,755) | $(1,087,576) | $(2,262,370) |
China Region | | | | |
Shares sold | 1,996,257 | 4,425,610 | $64,222,922 | $152,711,723 |
Reinvestment of distributions | 464,822 | 285,364 | 14,864,692 | 9,405,600 |
Shares redeemed | (4,307,623) | (7,820,514) | (137,805,126) | (259,958,996) |
Net increase (decrease) | (1,846,544) | (3,109,540) | $(58,717,512) | $(97,841,673) |
Class I | | | | |
Shares sold | 104,702 | 909,474 | $3,299,980 | $31,717,017 |
Reinvestment of distributions | 12,678 | 7,396 | 402,398 | 241,861 |
Shares redeemed | (460,726) | (870,332) | (14,608,796) | (29,080,141) |
Net increase (decrease) | (343,346) | 46,538 | $(10,906,418) | $2,878,737 |
Class Z | | | | |
Shares sold | 2,869,479 | 915,990 | $90,421,737 | $30,707,964 |
Reinvestment of distributions | 24,293 | 1,256 | 770,360 | 41,047 |
Shares redeemed | (156,857) | (226,966) | (5,011,425) | (7,451,163) |
Net increase (decrease) | 2,736,915 | 690,280 | $86,180,672 | $23,297,848 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity Emerging Markets Fund |
Fidelity China Region Fund | 12% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 11.1 | |
Sea Ltd. ADR (Singapore, Entertainment) | 5.5 | |
PDD Holdings, Inc. ADR (China, Broadline Retail) | 5.4 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 5.2 | |
MakeMyTrip Ltd. (India, Hotels, Restaurants & Leisure) | 4.3 | |
Zomato Ltd. (India, Hotels, Restaurants & Leisure) | 3.6 | |
SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.6 | |
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (China, Semiconductors & Semiconductor Equipment) | 2.1 | |
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 2.0 | |
Meituan Class B (China, Hotels, Restaurants & Leisure) | 2.0 | |
| 43.2 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 33.3 | |
Consumer Discretionary | 23.7 | |
Communication Services | 10.7 | |
Health Care | 10.7 | |
Financials | 9.8 | |
Industrials | 7.8 | |
Energy | 2.0 | |
Materials | 0.9 | |
Consumer Staples | 0.8 | |
Real Estate | 0.4 | |
|
Asset Allocation (% of Fund's net assets) |
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Emerging Asia Fund
Common Stocks - 98.7% |
| | Shares | Value ($) |
China - 35.3% | | | |
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 967,600 | 18,813,447 |
AK Medical Holdings Ltd. (a) | | 7,232,119 | 5,402,747 |
Akeso, Inc. (a)(b) | | 448,694 | 2,745,613 |
Alibaba Group Holding Ltd. | | 1,958,816 | 18,340,521 |
Asymchem Laboratories Tianjin Co. Ltd.: | | | |
(A Shares) | | 137,300 | 1,562,275 |
(H Shares) (a) | | 208,200 | 1,693,639 |
Baidu, Inc. Class A (b) | | 96,964 | 1,256,225 |
Beijing Chunlizhengda Medical Instruments Co. Ltd. (b) | | 653,700 | 2,022,132 |
Beijing Sinohytec Co. Ltd. (A Shares) | | 463,132 | 2,288,800 |
Empyrean Technology Co. Ltd. (A Shares) | | 184,500 | 1,989,509 |
Estun Automation Co. Ltd. (A Shares) | | 2,521,600 | 5,585,435 |
Glodon Co. Ltd. (A Shares) | | 4,989,840 | 7,760,670 |
GRG Metrology & Test Co. Ltd. (A Shares) | | 989,290 | 1,993,280 |
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | | 411,432 | 2,173,785 |
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) | | 341,497 | 2,773,803 |
Innovent Biologics, Inc. (a)(b) | | 882,759 | 4,273,405 |
Joinn Laboratories China Co. Ltd. (A Shares) | | 710,760 | 1,601,736 |
Kangji Medical Holdings Ltd. | | 1,511,945 | 1,391,188 |
Kanzhun Ltd. ADR | | 158,376 | 3,134,261 |
KE Holdings, Inc. ADR | | 221,395 | 3,347,492 |
Kindstar Globalgene Technology, Inc. (a)(b) | | 6,299,186 | 1,255,721 |
Kingsemi Co. Ltd. (A Shares) | | 269,900 | 3,326,208 |
Kuaishou Technology Class B (a)(b) | | 706,100 | 4,950,262 |
Li Auto, Inc. ADR (b) | | 399,986 | 10,511,632 |
Li Ning Co. Ltd. | | 2,478,964 | 6,489,603 |
Maxscend Microelectronics Co. Ltd. (A Shares) | | 136,500 | 1,700,783 |
Meituan Class B (a)(b) | | 1,348,382 | 18,411,524 |
Microport Cardioflow Medtech Corp. (a)(b)(c) | | 9,649,252 | 1,285,079 |
MicroPort NeuroTech Ltd. (b)(c) | | 545,000 | 643,961 |
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b) | | 1,296,269 | 668,354 |
NAURA Technology Group Co. Ltd. | | 364,197 | 15,948,117 |
NXP Semiconductors NV | | 37,506 | 9,608,662 |
PDD Holdings, Inc. ADR (b) | | 389,572 | 48,766,623 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 1,901,036 | 8,615,653 |
RLX Technology, Inc. ADR (c) | | 702,778 | 1,363,389 |
SG Micro Corp. (A Shares) | | 88,340 | 933,032 |
Shandong Weigao Orthopaedic Device Co. Ltd. (A Shares) (b) | | 1,513,400 | 5,322,776 |
Shanghai Aohua Photoelectricity Endoscope Co. Ltd. (A Shares) (b) | | 399,900 | 2,942,483 |
Shanghai MicroPort Endovascula MedTech Group Co. Ltd. (A Shares) (b) | | 87,700 | 2,251,726 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 315,689 | 13,255,724 |
Silergy Corp. | | 195,000 | 2,585,215 |
SITC International Holdings Co. Ltd. (c) | | 1,473,720 | 3,195,902 |
Smoore International Holdings Ltd. (a)(c) | | 2,003,966 | 1,745,285 |
SonoScape Medical Corp. (b) | | 408,300 | 2,325,254 |
Tencent Holdings Ltd. | | 390,302 | 17,127,701 |
Tofflon Science & Technology Group Co. Ltd. (A Shares) (b) | | 2,400,800 | 4,948,699 |
Trip.com Group Ltd. (b) | | 100,634 | 4,901,616 |
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c)(d) | | 2,490,882 | 1,431,604 |
Weihai Guangwei Composites Co. Ltd. (A Shares) | | 802,936 | 2,879,089 |
WuXi AppTec Co. Ltd. (H Shares) (a) | | 1,151,865 | 5,184,648 |
Wuxi Biologics (Cayman), Inc. (a)(b) | | 1,169,344 | 2,025,698 |
WuXi XDC Cayman, Inc. | | 5,996,343 | 16,704,003 |
Zai Lab Ltd. ADR (b)(c) | | 93,266 | 1,473,603 |
ZKH Group Ltd. (A Shares) (i) | | 11,329,413 | 3,536,363 |
Zylox-Tonbridge Medical Technology Co. Ltd. (a)(b) | | 1,144,681 | 1,523,524 |
TOTAL CHINA | | | 319,989,479 |
Hong Kong - 2.2% | | | |
AIA Group Ltd. | | 1,428,287 | 10,461,285 |
Hong Kong Exchanges and Clearing Ltd. | | 237,017 | 7,531,079 |
Huanxi Media Group Ltd. (b) | | 19,829,015 | 1,435,469 |
TOTAL HONG KONG | | | 19,427,833 |
India - 23.4% | | | |
Amber Enterprises India Ltd. (b) | | 46,438 | 2,131,637 |
Aster DM Healthcare Ltd. (a) | | 409,762 | 1,702,475 |
Bajaj Finance Ltd. | | 56,939 | 4,721,872 |
Bharat Electronics Ltd. | | 1,246,444 | 3,484,531 |
Computer Age Management Services Private Ltd. | | 299,371 | 11,471,090 |
Delhivery Private Ltd. (b) | | 2,456,003 | 13,199,887 |
Devyani International Ltd. (b) | | 987,424 | 1,961,346 |
Eicher Motors Ltd. | | 73,028 | 4,019,313 |
GMR Airports Infrastructure Ltd. (b) | | 3,240,313 | 3,294,750 |
HDFC Asset Management Co. Ltd. (a) | | 205,108 | 9,559,202 |
HDFC Bank Ltd. | | 975,225 | 17,705,625 |
HDFC Standard Life Insurance Co. Ltd. (a) | | 712,574 | 4,972,386 |
Hindustan Aeronautics Ltd. | | 224,176 | 10,576,216 |
INOX India Ltd. | | 164,104 | 2,636,578 |
Kotak Mahindra Bank Ltd. | | 112,303 | 2,182,032 |
Larsen & Toubro Ltd. | | 82,388 | 3,540,517 |
MakeMyTrip Ltd. (b) | | 594,860 | 39,385,681 |
Page Industries Ltd. | | 3,821 | 1,590,170 |
Reliance Industries Ltd. | | 528,571 | 18,549,818 |
Sapphire Foods India Ltd. (b) | | 180,394 | 3,072,866 |
SIS Ltd. (b) | | 499,100 | 2,791,246 |
SRF Ltd. | | 71,055 | 2,225,074 |
Syngene International Ltd. (a) | | 242,905 | 2,002,313 |
Tata Motors Ltd. | | 656,683 | 7,916,727 |
Ultratech Cement Ltd. | | 32,112 | 3,828,730 |
Vijaya Diagnostic Centre Pvt Ltd. | | 147,857 | 1,237,702 |
Zomato Ltd. (b) | | 14,100,739 | 32,534,225 |
TOTAL INDIA | | | 212,294,009 |
Indonesia - 1.3% | | | |
PT Bank Central Asia Tbk | | 12,105,072 | 7,278,593 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 15,015,984 | 4,545,392 |
TOTAL INDONESIA | | | 11,823,985 |
Japan - 1.6% | | | |
Freee KK (b) | | 198,341 | 3,471,572 |
Money Forward, Inc. (b) | | 179,212 | 6,240,407 |
Renesas Electronics Corp. | | 290,520 | 4,716,811 |
TOTAL JAPAN | | | 14,428,790 |
Korea (South) - 11.7% | | | |
Delivery Hero AG (a)(b) | | 292,551 | 8,184,857 |
Gabia, Inc. | | 128,155 | 1,640,752 |
HD Hyundai Marine Solution Co. Ltd. (e) | | 2,200 | 132,383 |
Kakao Corp. | | 89,222 | 3,089,905 |
Kakao Pay Corp. (b) | | 135,884 | 3,414,890 |
Kia Corp. | | 93,676 | 7,914,258 |
LG Energy Solution (b) | | 3,400 | 943,296 |
NAVER Corp. | | 74,331 | 9,776,779 |
Samsung Electronics Co. Ltd. | | 856,980 | 47,503,280 |
SK Hynix, Inc. | | 188,312 | 23,173,715 |
TOTAL KOREA (SOUTH) | | | 105,774,115 |
Netherlands - 1.0% | | | |
ASML Holding NV (Netherlands) | | 10,068 | 8,947,003 |
Russia - 0.2% | | | |
Yandex NV Series A (b)(c)(d) | | 153,300 | 1,778,280 |
Singapore - 6.3% | | | |
Oversea-Chinese Banking Corp. Ltd. | | 381,871 | 3,964,422 |
Sea Ltd. ADR (b) | | 790,242 | 49,935,392 |
United Overseas Bank Ltd. | | 136,726 | 3,034,060 |
TOTAL SINGAPORE | | | 56,933,874 |
Switzerland - 0.4% | | | |
Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/10/25 (a)(b) | | 179,025 | 1,401,887 |
ZWSOFT Co. Ltd. Guangzhou (UBS AG London Branch Bank Warrant Programme) Class A warrants 9/25/25 (a)(b) | | 202,088 | 2,303,686 |
TOTAL SWITZERLAND | | | 3,705,573 |
Taiwan - 12.1% | | | |
MediaTek, Inc. | | 110,000 | 3,310,733 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 3,549,892 | 84,846,666 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 118,053 | 16,213,399 |
Unimicron Technology Corp. | | 1,023,000 | 5,647,158 |
TOTAL TAIWAN | | | 110,017,956 |
United Kingdom - 0.2% | | | |
Endava PLC ADR (b) | | 74,056 | 2,147,624 |
United States of America - 2.7% | | | |
Frontage Holdings Corp. (a)(b)(c) | | 12,243,436 | 1,916,933 |
Micron Technology, Inc. | | 65,649 | 7,415,711 |
NVIDIA Corp. | | 6,922 | 5,980,746 |
ON Semiconductor Corp. (b) | | 68,637 | 4,815,572 |
Space Exploration Technologies Corp. Class A (b)(d)(f) | | 11,000 | 1,067,000 |
Teradyne, Inc. | | 30,254 | 3,519,145 |
TOTAL UNITED STATES OF AMERICA | | | 24,715,107 |
Vietnam - 0.3% | | | |
Vietnam Dairy Products Corp. | | 1,043,400 | 2,672,249 |
TOTAL COMMON STOCKS (Cost $741,057,661) | | | 894,655,877 |
| | | |
Preferred Stocks - 1.4% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.7% | | | |
China - 0.7% | | | |
ByteDance Ltd. Series E1 (b)(d)(f) | | 23,366 | 5,385,162 |
dMed Biopharmaceutical Co. Ltd. Series C (b)(d)(f) | | 128,423 | 633,125 |
| | | 6,018,287 |
Nonconvertible Preferred Stocks - 0.7% | | | |
Korea (South) - 0.7% | | | |
Samsung Electronics Co. Ltd. | | 145,844 | 6,790,557 |
TOTAL PREFERRED STOCKS (Cost $9,290,656) | | | 12,808,844 |
| | | |
Money Market Funds - 1.1% |
| | Shares | Value ($) |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) (Cost $10,167,246) | | 10,166,230 | 10,167,247 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $760,515,563) | 917,631,968 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (10,788,830) |
NET ASSETS - 100.0% | 906,843,138 |
| |
Security Type Abbreviations
ELS | - | EQUITY-LINKED SECURITY |
Legend
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $84,640,842 or 9.3% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,085,287 or 0.8% of net assets. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
(i) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $3,536,363 and all restrictions are set to expire on or before June 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 2,560,310 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 1,824,011 |
| | |
Space Exploration Technologies Corp. Class A | 2/16/21 | 461,989 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 8,975,185 | 165,315,810 | 174,291,022 | 237,999 | 27 | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 16,834,536 | 76,005,623 | 82,672,912 | 154,886 | - | - | 10,167,247 | 0.0% |
Total | 25,809,721 | 241,321,433 | 256,963,934 | 392,885 | 27 | - | 10,167,247 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 97,869,436 | 53,069,653 | 37,636,341 | 7,163,442 |
Consumer Discretionary | 216,132,599 | 98,663,936 | 117,468,663 | - |
Consumer Staples | 7,182,810 | 1,363,389 | 5,819,421 | - |
Energy | 18,549,818 | - | 18,549,818 | - |
Financials | 87,986,491 | - | 87,986,491 | - |
Health Care | 96,375,728 | 1,473,603 | 92,837,396 | 2,064,729 |
Industrials | 69,737,274 | - | 68,670,274 | 1,067,000 |
Information Technology | 301,350,180 | 58,647,862 | 242,702,318 | - |
Materials | 8,932,893 | - | 8,932,893 | - |
Real Estate | 3,347,492 | 3,347,492 | - | - |
|
Money Market Funds | 10,167,247 | 10,167,247 | - | - |
Total Investments in Securities: | 917,631,968 | 226,733,182 | 680,603,615 | 10,295,171 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
Investments in Securities: | |
Beginning Balance | $ | 11,961,089 | |
Net Realized Gain (Loss) on Investment Securities | | (474) | |
Net Unrealized Gain (Loss) on Investment Securities | | 104,850 | |
Cost of Purchases | | - | |
Proceeds of Sales | | (121) | |
Amortization/Accretion | | - | |
Transfers into Level 3 | | 1,412,971 | |
Transfers out of Level 3 | | (3,183,144) | |
Ending Balance | $ | 10,295,171 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 104,850 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Fidelity® Emerging Asia Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $8,981,000) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $750,348,317) | $ | 907,464,721 | | |
Fidelity Central Funds (cost $10,167,246) | | 10,167,247 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $760,515,563) | | | $ | 917,631,968 |
Foreign currency held at value (cost $175,373) | | | | 175,372 |
Receivable for investments sold | | | | 15,173,838 |
Receivable for fund shares sold | | | | 174,680 |
Dividends receivable | | | | 924,295 |
Distributions receivable from Fidelity Central Funds | | | | 47,578 |
Prepaid expenses | | | | 335 |
Other receivables | | | | 584,166 |
Total assets | | | | 934,712,232 |
Liabilities | | | | |
Payable to custodian bank | $ | 588,206 | | |
Payable for investments purchased | | | | |
Regular delivery | | 8,324,532 | | |
Delayed delivery | | 133,707 | | |
Payable for fund shares redeemed | | 581,979 | | |
Accrued management fee | | 441,404 | | |
Deferred taxes | | 7,423,154 | | |
Other payables and accrued expenses | | 207,636 | | |
Collateral on securities loaned | | 10,168,476 | | |
Total liabilities | | | | 27,869,094 |
Net Assets | | | $ | 906,843,138 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 1,063,624,344 |
Total accumulated earnings (loss) | | | | (156,781,206) |
Net Assets | | | $ | 906,843,138 |
Net Asset Value, offering price and redemption price per share ($906,843,138 ÷ 21,611,101 shares) | | | $ | 41.96 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 4,623,078 |
Interest | | | | 549 |
Income from Fidelity Central Funds (including $154,886 from security lending) | | | | 392,885 |
Income before foreign taxes withheld | | | $ | 5,016,512 |
Less foreign taxes withheld | | | | (755,783) |
Total income | | | | 4,260,729 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 3,344,805 | | |
Performance adjustment | | (1,419,063) | | |
Transfer agent fees | | 574,617 | | |
Accounting fees | | 135,028 | | |
Custodian fees and expenses | | 117,839 | | |
Independent trustees' fees and expenses | | 2,313 | | |
Registration fees | | 18,545 | | |
Audit | | 56,739 | | |
Legal | | 1,194 | | |
Interest | | 11,047 | | |
Miscellaneous | | 1,844 | | |
Total expenses before reductions | | 2,844,908 | | |
Expense reductions | | (40,557) | | |
Total expenses after reductions | | | | 2,804,351 |
Net Investment income (loss) | | | | 1,456,378 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $3,878,958) | | 2,209,014 | | |
Fidelity Central Funds | | 27 | | |
Foreign currency transactions | | (32,804) | | |
Total net realized gain (loss) | | | | 2,176,237 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,867,172) | | 135,258,424 | | |
Assets and liabilities in foreign currencies | | 236,656 | | |
Total change in net unrealized appreciation (depreciation) | | | | 135,495,080 |
Net gain (loss) | | | | 137,671,317 |
Net increase (decrease) in net assets resulting from operations | | | $ | 139,127,695 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 1,456,378 | $ | 1,271,379 |
Net realized gain (loss) | | 2,176,237 | | (172,657,476) |
Change in net unrealized appreciation (depreciation) | | 135,495,080 | | 329,221,567 |
Net increase (decrease) in net assets resulting from operations | | 139,127,695 | | 157,835,470 |
Distributions to shareholders | | (712,522) | | - |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 21,232,149 | | 89,917,598 |
Reinvestment of distributions | | 649,603 | | - |
Cost of shares redeemed | | (121,107,263) | | (203,626,450) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (99,225,511) | | (113,708,852) |
Total increase (decrease) in net assets | | 39,189,662 | | 44,126,618 |
| | | | |
Net Assets | | | | |
Beginning of period | | 867,653,476 | | 823,526,858 |
End of period | $ | 906,843,138 | $ | 867,653,476 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 531,031 | | 2,379,648 |
Issued in reinvestment of distributions | | 16,661 | | - |
Redeemed | | (3,059,436) | | (5,497,734) |
Net increase (decrease) | | (2,511,744) | | (3,118,086) |
| | | | |
Financial Highlights
Fidelity® Emerging Asia Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 35.97 | $ | 30.23 | $ | 64.66 | $ | 63.60 | $ | 45.03 | $ | 36.69 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .05 | | (.22) | | (.31) C | | (.12) | | .34 |
Net realized and unrealized gain (loss) | | 5.96 | | 5.69 | | (26.97) | | 11.00 | | 21.49 | | 9.27 |
Total from investment operations | | 6.02 | | 5.74 | | (27.19) | | 10.69 | | 21.37 | | 9.61 |
Distributions from net investment income | | (.03) | | - | | (.09) | | - | | (.29) D | | (.39) |
Distributions from net realized gain | | - | | - | | (7.15) | | (9.63) | | (2.51) D | | (.88) |
Total distributions | | (.03) | | - | | (7.24) | | (9.63) | | (2.80) | | (1.27) |
Net asset value, end of period | $ | 41.96 | $ | 35.97 | $ | 30.23 | $ | 64.66 | $ | 63.60 | $ | 45.03 |
Total Return E,F | | | | 18.99% | | (46.77)% | | 17.02% | | 50.46% | | 26.95% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .63% I | | .87% | | 1.18% | | 1.02% | | 1.13% | | 1.11% |
Expenses net of fee waivers, if any | | | | .87% | | 1.17% | | 1.02% | | 1.13% | | 1.11% |
Expenses net of all reductions | | .62% I | | .87% | | 1.17% | | 1.02% | | 1.10% | | 1.11% |
Net investment income (loss) | | .32% I | | .13% | | (.51)% | | (.45)% C | | (.24)% | | .82% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 906,843 | $ | 867,653 | $ | 823,527 | $ | 2,000,120 | $ | 1,578,782 | $ | 993,620 |
Portfolio turnover rate J | | | | 50% | | 44% | | 85% | | 114% | | 61% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.54)%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $10,295,171 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.5 - 2.8 / 2.7 | Increase |
| | | Enterprise value/EBITDA multiple (EV/EBITDA) | 16.9 | Increase |
| | Market approach | Discount rate | 20.0% | Decrease |
| | Black scholes | Discount rate | 4.8% | Increase |
| | | Term | 3.0 | Increase |
| | | Volatility | 60.0% | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $309,196,811 |
Gross unrealized depreciation | (158,379,947) |
Net unrealized appreciation (depreciation) | $150,816,864 |
Tax cost | $766,815,104 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(114,943,944) |
Long-term | (193,012,031) |
Total capital loss carryforward | $(307,955,975) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Emerging Asia Fund | 300,718,857 | 392,107,060 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity Emerging Asia Fund | .87 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity Emerging Asia Fund | .87 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Emerging Asia Fund | MSCI All Country Asia ex Japan Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.31)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1908%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .19% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Emerging Asia Fund | .0447 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Emerging Asia Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Emerging Asia Fund | 1,340 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Emerging Asia Fund | Borrower | 10,203,286 | 5.57% | 11,047 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Emerging Asia Fund | 7,057,099 | 22,003,037 | 952,921 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Emerging Asia Fund | 836 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Emerging Asia Fund | 16,820 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $21.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $40,536.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 10.4 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 5.5 | |
NVIDIA Corp. (United States of America, Semiconductors & Semiconductor Equipment) | 4.8 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.7 | |
PT Bank Central Asia Tbk (Indonesia, Banks) | 2.9 | |
PDD Holdings, Inc. ADR (China, Broadline Retail) | 2.8 | |
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 2.8 | |
HDFC Bank Ltd. (India, Banks) | 2.4 | |
Kweichow Moutai Co. Ltd. (A Shares) (China, Beverages) | 2.2 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.0 | |
| 40.5 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 28.7 | |
Financials | 18.1 | |
Consumer Discretionary | 11.7 | |
Communication Services | 9.2 | |
Industrials | 7.6 | |
Consumer Staples | 7.6 | |
Energy | 6.6 | |
Health Care | 5.5 | |
Utilities | 2.5 | |
Materials | 2.2 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Emerging Markets Fund
Common Stocks - 98.7% |
| | Shares | Value ($) |
Brazil - 7.1% | | | |
Atacadao SA | | 18,335,800 | 39,442,839 |
Equatorial Energia SA | | 10,634,100 | 62,646,289 |
Localiza Rent a Car SA | | 7,340,413 | 69,310,259 |
MercadoLibre, Inc. (a) | | 34,400 | 50,179,280 |
Nu Holdings Ltd. (a) | | 12,374,900 | 134,391,414 |
Raia Drogasil SA | | 15,093,300 | 74,353,236 |
Totvs SA | | 11,158,200 | 59,179,761 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 18,665,484 | 25,557,831 |
Weg SA | | 7,498,400 | 57,112,375 |
XP, Inc. Class A | | 2,576,500 | 52,740,955 |
TOTAL BRAZIL | | | 624,914,239 |
Canada - 1.0% | | | |
Cameco Corp. | | 1,897,100 | 86,555,661 |
China - 22.1% | | | |
Aier Eye Hospital Group Co. Ltd. (A Shares) | | 23,205,354 | 41,215,800 |
Airtac International Group | | 2,316,000 | 81,854,163 |
Alibaba Group Holding Ltd. | | 17,460,732 | 163,485,961 |
Bank of Chengdu Co. Ltd. (A Shares) | | 17,931,644 | 36,584,161 |
Chervon Holdings Ltd. (b) | | 9,903,337 | 24,050,869 |
Kweichow Moutai Co. Ltd. (A Shares) | | 821,215 | 192,547,153 |
Meituan Class B (a)(c) | | 12,301,310 | 167,968,621 |
NetEase, Inc. ADR | | 946,000 | 88,422,620 |
PDD Holdings, Inc. ADR (a) | | 1,977,300 | 247,518,414 |
Shandong Sinocera Functional Material Co. Ltd. (A Shares) | | 8,804,849 | 23,528,925 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 3,914,325 | 164,361,805 |
Sieyuan Electric Co. Ltd. (A Shares) | | 10,419,507 | 93,492,555 |
Sinopharm Group Co. Ltd. (H Shares) | | 21,850,899 | 55,181,433 |
Tencent Holdings Ltd. | | 11,182,800 | 490,737,053 |
Wuliangye Yibin Co. Ltd. (A Shares) | | 3,520,990 | 72,818,148 |
ZKH Group Ltd. (A Shares) (j) | | 49,945,071 | 15,589,854 |
TOTAL CHINA | | | 1,959,357,535 |
France - 3.1% | | | |
Gaztransport et Technigaz SA | | 803,241 | 112,295,663 |
Hermes International SCA | | 42,019 | 100,940,866 |
LVMH Moet Hennessy Louis Vuitton SE | | 75,399 | 61,935,478 |
TOTAL FRANCE | | | 275,172,007 |
Greece - 0.6% | | | |
OPAP SA | | 3,326,944 | 55,423,534 |
Hong Kong - 0.6% | | | |
AIA Group Ltd. | | 7,469,400 | 54,708,560 |
Hungary - 0.7% | | | |
Richter Gedeon PLC | | 2,267,800 | 57,749,587 |
India - 16.4% | | | |
360 ONE WAM Ltd. | | 7,990,461 | 75,048,010 |
Bajaj Finance Ltd. | | 1,199,400 | 99,464,572 |
Computer Age Management Services Private Ltd. | | 2,170,500 | 83,167,710 |
HDFC Bank Ltd. | | 11,542,967 | 209,567,475 |
HDFC Standard Life Insurance Co. Ltd. (c) | | 8,588,900 | 59,933,886 |
Kotak Mahindra Bank Ltd. | | 5,696,948 | 110,690,931 |
Larsen & Toubro Ltd. | | 3,305,632 | 142,055,217 |
Lenskart Solutions Pvt Ltd. (d)(e) | | 323,300 | 8,909,538 |
Max Healthcare Institute Ltd. | | 7,206,100 | 72,393,126 |
Power Grid Corp. of India Ltd. | | 43,641,333 | 157,359,806 |
Reliance Industries Ltd. | | 7,001,618 | 245,716,732 |
Tata Consultancy Services Ltd. | | 2,581,200 | 117,772,762 |
Ultratech Cement Ltd. | | 617,300 | 73,600,983 |
TOTAL INDIA | | | 1,455,680,748 |
Indonesia - 3.7% | | | |
PT Bank Central Asia Tbk | | 429,597,970 | 258,310,646 |
PT Bank Mandiri (Persero) Tbk | | 156,525,500 | 66,159,753 |
TOTAL INDONESIA | | | 324,470,399 |
Italy - 1.3% | | | |
Ferrari NV (b) | | 277,100 | 115,190,470 |
Kazakhstan - 1.4% | | | |
Kaspi.KZ JSC ADR | | 1,074,600 | 126,544,896 |
Korea (South) - 7.3% | | | |
JYP Entertainment Corp. | | 496,600 | 23,685,339 |
NAVER Corp. | | 724,240 | 95,259,509 |
Samsung Electronics Co. Ltd. | | 7,562,217 | 419,181,442 |
SK Hynix, Inc. | | 865,342 | 106,489,171 |
TOTAL KOREA (SOUTH) | | | 644,615,461 |
Mexico - 3.1% | | | |
Banco del Bajio SA (c) | | 19,132,722 | 70,541,145 |
BBB Foods, Inc. (b) | | 2,125,970 | 48,791,012 |
Becle S.A.B. de CV (b) | | 31,875,094 | 64,752,172 |
Wal-Mart de Mexico SA de CV Series V | | 24,669,500 | 92,049,352 |
TOTAL MEXICO | | | 276,133,681 |
Netherlands - 2.9% | | | |
ASML Holding NV (Netherlands) | | 200,700 | 178,353,549 |
BE Semiconductor Industries NV | | 590,400 | 79,074,398 |
TOTAL NETHERLANDS | | | 257,427,947 |
Philippines - 0.4% | | | |
TaskUs, Inc. (a)(b) | | 2,793,772 | 32,016,627 |
Poland - 1.0% | | | |
Dino Polska SA (a)(c) | | 892,481 | 85,785,017 |
Russia - 0.0% | | | |
Sberbank of Russia (a)(e) | | 25,741,060 | 157,586 |
Saudi Arabia - 4.2% | | | |
Al Rajhi Bank | | 6,092,020 | 129,779,875 |
Dr Sulaiman Al Habib Medical Services Group Co. | | 1,083,393 | 89,719,476 |
Sabic Agriculture-Nutrients Co. | | 1,967,000 | 60,731,243 |
Saudi Arabian Oil Co. (c) | | 11,592,510 | 93,034,328 |
TOTAL SAUDI ARABIA | | | 373,264,922 |
Sweden - 0.2% | | | |
VEF AB (a)(f) | | 95,309,129 | 19,761,657 |
Taiwan - 14.3% | | | |
ASPEED Tech, Inc. | | 833,000 | 77,859,278 |
Chailease Holding Co. Ltd. | | 7,770,168 | 40,909,038 |
eMemory Technology, Inc. | | 1,185,000 | 79,505,245 |
International Games Systems Co. Ltd. | | 3,127,036 | 95,458,622 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 38,643,000 | 923,613,902 |
Voltronic Power Technology Corp. | | 1,114,868 | 52,658,671 |
TOTAL TAIWAN | | | 1,270,004,756 |
United Arab Emirates - 0.5% | | | |
Adnoc Gas PLC | | 50,698,800 | 41,410,439 |
United States of America - 6.4% | | | |
Energy Recovery, Inc. (a) | | 1,689,000 | 25,166,100 |
GCC S.A.B. de CV | | 2,680,400 | 30,507,969 |
Globant SA (a) | | 467,400 | 83,472,966 |
NVIDIA Corp. | | 491,808 | 424,931,948 |
TOTAL UNITED STATES OF AMERICA | | | 564,078,983 |
Uruguay - 0.4% | | | |
Dlocal Ltd. (a)(b) | | 2,679,300 | 38,072,853 |
TOTAL COMMON STOCKS (Cost $6,603,172,244) | | | 8,738,497,565 |
| | | |
Preferred Stocks - 0.7% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.2% | | | |
China - 0.2% | | | |
ByteDance Ltd. Series E1 (a)(d)(e) | | 85,253 | 19,648,259 |
Nonconvertible Preferred Stocks - 0.5% | | | |
Brazil - 0.5% | | | |
Alpargatas SA (PN) (a) | | 21,970,500 | 40,026,370 |
TOTAL PREFERRED STOCKS (Cost $56,703,875) | | | 59,674,629 |
| | | |
Convertible Bonds - 0.3% |
| | Principal Amount (g) | Value ($) |
Brazil - 0.3% | | | |
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e) (Cost $30,523,684) | | 30,523,684 | 29,043,286 |
| | | |
Money Market Funds - 2.7% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (h) | | 201,576,293 | 201,616,608 |
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 39,897,510 | 39,901,500 |
TOTAL MONEY MARKET FUNDS (Cost $241,518,108) | | | 241,518,108 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $6,931,917,911) | 9,068,733,588 |
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (211,259,519) |
NET ASSETS - 100.0% | 8,857,474,069 |
| |
Legend
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $477,262,997 or 5.4% of net assets. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $57,601,083 or 0.7% of net assets. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
(j) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $15,589,854 and all restrictions are set to expire on or before June 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 9,341,528 |
| | |
Creditas Financial Solutions Ltd. 5% 7/28/27 | 1/28/22 - 7/28/23 | 30,523,684 |
| | |
Lenskart Solutions Pvt Ltd. | 4/30/24 | 8,909,538 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 53,179,150 | 1,520,098,719 | 1,371,663,868 | 4,560,050 | 2,607 | - | 201,616,608 | 0.4% |
Fidelity Securities Lending Cash Central Fund 5.39% | 27,684,244 | 409,376,827 | 397,159,571 | 97,242 | - | - | 39,901,500 | 0.1% |
Total | 80,863,394 | 1,929,475,546 | 1,768,823,439 | 4,657,292 | 2,607 | - | 241,518,108 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Restaurant Brands Asia Ltd. | 34,411,680 | - | 33,518,531 | - | (10,714,754) | 9,821,605 | - |
VEF AB | 15,223,914 | - | - | - | - | 4,537,743 | 19,761,657 |
Total | 49,635,594 | - | 33,518,531 | - | (10,714,754) | 14,359,348 | 19,761,657 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 813,211,402 | 88,422,620 | 705,140,523 | 19,648,259 |
Consumer Discretionary | 1,035,629,401 | 609,278,934 | 417,440,929 | 8,909,538 |
Consumer Staples | 670,538,929 | 405,173,628 | 265,365,301 | - |
Energy | 579,012,823 | 333,296,091 | 245,716,732 | - |
Financials | 1,583,367,413 | 571,832,795 | 1,011,377,032 | 157,586 |
Health Care | 480,621,227 | 147,469,063 | 333,152,164 | - |
Industrials | 677,981,362 | 209,163,192 | 468,818,170 | - |
Information Technology | 2,549,434,422 | 825,012,622 | 1,724,421,800 | - |
Materials | 188,369,120 | 91,239,212 | 97,129,908 | - |
Utilities | 220,006,095 | 62,646,289 | 157,359,806 | - |
|
Corporate Bonds | 29,043,286 | - | - | 29,043,286 |
|
Money Market Funds | 241,518,108 | 241,518,108 | - | - |
Total Investments in Securities: | 9,068,733,588 | 3,585,052,554 | 5,425,922,365 | 57,758,669 |
Fidelity® Emerging Markets Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $38,412,633) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,654,375,810) | $ | 8,807,453,823 | | |
Fidelity Central Funds (cost $241,518,108) | | 241,518,108 | | |
Other affiliated issuers (cost $36,023,993) | | 19,761,657 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $6,931,917,911) | | | $ | 9,068,733,588 |
Foreign currency held at value (cost $3,301,596) | | | | 3,300,652 |
Receivable for investments sold | | | | 33,150,723 |
Receivable for fund shares sold | | | | 4,872,976 |
Dividends receivable | | | | 9,043,624 |
Interest receivable | | | | 1,158,078 |
Distributions receivable from Fidelity Central Funds | | | | 1,191,354 |
Prepaid expenses | | | | 2,527 |
Other receivables | | | | 2,107,951 |
Total assets | | | | 9,123,561,473 |
Liabilities | | | | |
Payable for investments purchased | $ | 156,030,492 | | |
Payable for fund shares redeemed | | 7,849,380 | | |
Accrued management fee | | 5,786,012 | | |
Distribution and service plan fees payable | | 7,797 | | |
Deferred taxes | | 55,497,050 | | |
Other payables and accrued expenses | | 1,015,173 | | |
Collateral on securities loaned | | 39,901,500 | | |
Total liabilities | | | | 266,087,404 |
Net Assets | | | $ | 8,857,474,069 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 7,638,401,983 |
Total accumulated earnings (loss) | | | | 1,219,072,086 |
Net Assets | | | $ | 8,857,474,069 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($21,401,333 ÷ 583,545 shares)(a) | | | $ | 36.67 |
Maximum offering price per share (100/94.25 of $36.67) | | | $ | 38.91 |
Class M : | | | | |
Net Asset Value and redemption price per share ($4,009,503 ÷ 109,268 shares)(a) | | | $ | 36.69 |
Maximum offering price per share (100/96.50 of $36.69) | | | $ | 38.02 |
Class C : | | | | |
Net Asset Value and offering price per share ($2,052,515 ÷ 56,220 shares)(a) | | | $ | 36.51 |
Emerging Markets : | | | | |
Net Asset Value, offering price and redemption price per share ($4,183,607,269 ÷ 113,618,222 shares) | | | $ | 36.82 |
Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($1,694,740,557 ÷ 46,011,434 shares) | | | $ | 36.83 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($311,898,436 ÷ 8,494,198 shares) | | | $ | 36.72 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($2,639,764,456 ÷ 71,751,932 shares) | | | $ | 36.79 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 65,965,458 |
Interest | | | | 780,191 |
Income from Fidelity Central Funds (including $97,242 from security lending) | | | | 4,657,292 |
Income before foreign taxes withheld | | | $ | 71,402,941 |
Less foreign taxes withheld | | | | (7,271,240) |
Total income | | | | 64,131,701 |
Expenses | | | | |
Management fee | $ | 29,027,517 | | |
Transfer agent fees | | 3,037,683 | | |
Distribution and service plan fees | | 42,422 | | |
Accounting fees | | 552,258 | | |
Custodian fees and expenses | | 818,615 | | |
Independent trustees' fees and expenses | | 19,564 | | |
Registration fees | | 152,097 | | |
Audit | | 73,326 | | |
Legal | | 4,421 | | |
Interest | | 12,017 | | |
Miscellaneous | | 14,902 | | |
Total expenses before reductions | | 33,754,822 | | |
Expense reductions | | (356,977) | | |
Total expenses after reductions | | | | 33,397,845 |
Net Investment income (loss) | | | | 30,733,856 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (111,920,965) | | |
Fidelity Central Funds | | 2,607 | | |
Other affiliated issuers | | (10,714,754) | | |
Foreign currency transactions | | (778,434) | | |
Total net realized gain (loss) | | | | (123,411,546) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $23,725,451) | | 1,231,773,588 | | |
Affiliated issuers | | 14,359,348 | | |
Assets and liabilities in foreign currencies | | 626,713 | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,246,759,649 |
Net gain (loss) | | | | 1,123,348,103 |
Net increase (decrease) in net assets resulting from operations | | | $ | 1,154,081,959 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 30,733,856 | $ | 77,916,451 |
Net realized gain (loss) | | (123,411,546) | | (418,114,595) |
Change in net unrealized appreciation (depreciation) | | 1,246,759,649 | | 1,169,042,149 |
Net increase (decrease) in net assets resulting from operations | | 1,154,081,959 | | 828,844,005 |
Distributions to shareholders | | (91,875,932) | | (50,450,464) |
| | | | |
Share transactions - net increase (decrease) | | 967,924,594 | | 524,409,567 |
| | | | |
Total increase (decrease) in net assets | | 2,030,130,621 | | 1,302,803,108 |
| | | | |
Net Assets | | | | |
Beginning of period | | 6,827,343,448 | | 5,524,540,340 |
End of period | $ | 8,857,474,069 | $ | 6,827,343,448 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Emerging Markets Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 A |
Selected Per-Share Data | | | | | | | | |
Net asset value, beginning of period | $ | 31.80 | $ | 27.73 | $ | 47.48 | $ | 46.83 |
Income from Investment Operations | | | | | | | | |
Net investment income (loss) B,C | | .07 | | .26 D | | .16 E | | (.04) |
Net realized and unrealized gain (loss) | | 5.10 | | 3.95 | | (17.27) | | .69 |
Total from investment operations | | 5.17 | | 4.21 | | (17.11) | | .65 |
Distributions from net investment income | | (.30) | | (.14) | | (.48) | | - |
Distributions from net realized gain | | - | | - | | (2.16) | | - |
Total distributions | | (.30) | | (.14) | | (2.64) | | - |
Net asset value, end of period | $ | 36.67 | $ | 31.80 | $ | 27.73 | $ | 47.48 |
Total Return F,G,H | | | | 15.18% | | (38.00)% | | 1.39% |
Ratios to Average Net Assets C,I,J | | | | | | | | |
Expenses before reductions | | 1.16% K | | 1.20% | | 1.21% | | 1.25% K |
Expenses net of fee waivers, if any | | | | 1.20% | | 1.21% | | 1.25% K |
Expenses net of all reductions | | 1.15% K | | 1.20% | | 1.21% | | 1.25% K |
Net investment income (loss) | | .42% K | | .77% D | | .45% E | | (.17)% K |
Supplemental Data | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 21,401 | $ | 15,288 | $ | 10,046 | $ | 6,248 |
Portfolio turnover rate L | | | | 23% | | 34% | | 38% K,M |
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MThe portfolio turnover rate does not include the assets acquired in the merger.
Fidelity Advisor® Emerging Markets Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 A |
Selected Per-Share Data | | | | | | | | |
Net asset value, beginning of period | $ | 31.80 | $ | 27.71 | $ | 47.42 | $ | 46.83 |
Income from Investment Operations | | | | | | | | |
Net investment income (loss) B,C | | .03 | | .17 D | | .05 E | | (.09) |
Net realized and unrealized gain (loss) | | 5.10 | | 3.96 | | (17.29) | | .68 |
Total from investment operations | | 5.13 | | 4.13 | | (17.24) | | .59 |
Distributions from net investment income | | (.24) | | (.04) | | (.32) | | - |
Distributions from net realized gain | | - | | - | | (2.16) | | - |
Total distributions | | (.24) | | (.04) | | (2.47) F | | - |
Net asset value, end of period | $ | 36.69 | $ | 31.80 | $ | 27.71 | $ | 47.42 |
Total Return G,H,I | | | | 14.90% | | (38.20)% | | 1.26% |
Ratios to Average Net Assets C,J,K | | | | | | | | |
Expenses before reductions | | 1.42% L | | 1.48% | | 1.51% | | 1.52% L |
Expenses net of fee waivers, if any | | | | 1.47% | | 1.50% | | 1.51% L |
Expenses net of all reductions | | 1.42% L | | 1.47% | | 1.50% | | 1.51% L |
Net investment income (loss) | | .15% L | | .50% D | | .15% E | | (.39)% L |
Supplemental Data | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,010 | $ | 3,070 | $ | 1,392 | $ | 2,234 |
Portfolio turnover rate M | | | | 23% | | 34% | | 38% L,N |
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .17%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.08)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the sales charges.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
NThe portfolio turnover rate does not include the assets acquired in the merger.
Fidelity Advisor® Emerging Markets Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 A |
Selected Per-Share Data | | | | | | | | |
Net asset value, beginning of period | $ | 31.54 | $ | 27.59 | $ | 47.31 | $ | 46.83 |
Income from Investment Operations | | | | | | | | |
Net investment income (loss) B,C | | (.06) | | - D,E | | (.12) F | | (.19) |
Net realized and unrealized gain (loss) | | 5.08 | | 3.95 | | (17.26) | | .67 |
Total from investment operations | | 5.02 | | 3.95 | | (17.38) | | .48 |
Distributions from net investment income | | (.05) | | - | | (.18) | | - |
Distributions from net realized gain | | - | | - | | (2.16) | | - |
Total distributions | | (.05) | | - | | (2.34) | | - |
Net asset value, end of period | $ | 36.51 | $ | 31.54 | $ | 27.59 | $ | 47.31 |
Total Return G,H,I | | | | 14.32% | | (38.50)% | | 1.02% |
Ratios to Average Net Assets C,J,K | | | | | | | | |
Expenses before reductions | | 1.90% L | | 1.98% | | 2.00% | | 2.01% L |
Expenses net of fee waivers, if any | | | | 1.98% | | 2.00% | | 2.01% L |
Expenses net of all reductions | | 1.90% L | | 1.97% | | 2.00% | | 2.01% L |
Net investment income (loss) | | (.33)% L | | (.01)% E | | (.34)% F | | (.86)% L |
Supplemental Data | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,053 | $ | 1,768 | $ | 1,377 | $ | 1,587 |
Portfolio turnover rate M | | | | 23% | | 34% | | 38% L,N |
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.34)%.
FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the contingent deferred sales charge.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
NThe portfolio turnover rate does not include the assets acquired in the merger.
Fidelity® Emerging Markets Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 31.97 | $ | 27.87 | $ | 47.56 | $ | 40.26 | $ | 33.03 | $ | 26.66 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .36 C | | .28 D | | .12 | | .15 | | .61 E |
Net realized and unrealized gain (loss) | | 5.12 | | 3.98 | | (17.35) | | 7.81 | | 7.68 | | 5.98 |
Total from investment operations | | 5.25 | | 4.34 | | (17.07) | | 7.93 | | 7.83 | | 6.59 |
Distributions from net investment income | | (.40) | | (.24) | | (.46) | | (.09) | | (.60) | | (.22) |
Distributions from net realized gain | | - | | - | | (2.16) | | (.54) | | - | | - |
Total distributions | | (.40) | | (.24) | | (2.62) | | (.63) | | (.60) | | (.22) |
Net asset value, end of period | $ | 36.82 | $ | 31.97 | $ | 27.87 | $ | 47.56 | $ | 40.26 | $ | 33.03 |
Total Return F,G | | | | 15.56% | | (37.83)% | | 19.83% | | 24.09% | | 24.91% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | .86% J | | .90% | | .90% | | .88% | | .92% | | .94% |
Expenses net of fee waivers, if any | | | | .90% | | .90% | | .88% | | .92% | | .94% |
Expenses net of all reductions | | .86% J | | .90% | | .90% | | .88% | | .91% | | .92% |
Net investment income (loss) | | .71% J | | 1.07% C | | .76% D | | .26% | | .43% | | 2.02% E |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,183,607 | $ | 3,985,433 | $ | 3,330,900 | $ | 5,016,159 | $ | 4,526,531 | $ | 3,104,887 |
Portfolio turnover rate K | | | | 23% | | 34% | | 38% L | | 34% | | 85% M |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .74%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .88%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LThe portfolio turnover rate does not include the assets acquired in the merger.
MPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Emerging Markets Fund Class K |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 32.00 | $ | 27.90 | $ | 47.62 | $ | 40.30 | $ | 33.07 | $ | 26.70 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .15 | | .40 C | | .33 D | | .16 | | .19 | | .65 E |
Net realized and unrealized gain (loss) | | 5.12 | | 3.98 | | (17.35) | | 7.83 | | 7.69 | | 5.99 |
Total from investment operations | | 5.27 | | 4.38 | | (17.02) | | 7.99 | | 7.88 | | 6.64 |
Distributions from net investment income | | (.44) | | (.28) | | (.54) | | (.12) | | (.65) | | (.26) |
Distributions from net realized gain | | - | | - | | (2.16) | | (.54) | | - | | - F |
Total distributions | | (.44) | | (.28) | | (2.70) | | (.67) G | | (.65) | | (.27) G |
Net asset value, end of period | $ | 36.83 | $ | 32.00 | $ | 27.90 | $ | 47.62 | $ | 40.30 | $ | 33.07 |
Total Return H,I | | | | 15.69% | | (37.73)% | | 19.94% | | 24.24% | | 25.08% |
Ratios to Average Net Assets B,J,K | | | | | | | | | | | | |
Expenses before reductions | | .76% L | | .77% | | .77% | | .77% | | .80% | | .80% |
Expenses net of fee waivers, if any | | | | .76% | | .77% | | .77% | | .80% | | .80% |
Expenses net of all reductions | | .75% L | | .76% | | .77% | | .77% | | .79% | | .79% |
Net investment income (loss) | | .82% L | | 1.20% C | | .88% D | | .34% | | .55% | | 2.15% E |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,694,741 | $ | 1,095,217 | $ | 826,468 | $ | 1,689,454 | $ | 1,227,097 | $ | 1,018,765 |
Portfolio turnover rate M | | | | 23% | | 34% | | 38% N | | 34% | | 85% O |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.
FAmount represents less than $.005 per share.
GTotal distributions per share do not sum due to rounding.
HTotal returns for periods of less than one year are not annualized.
ITotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
NThe portfolio turnover rate does not include the assets acquired in the merger.
OPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Emerging Markets Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 A |
Selected Per-Share Data | | | | | | | | |
Net asset value, beginning of period | $ | 31.89 | $ | 27.83 | $ | 47.55 | $ | 46.83 |
Income from Investment Operations | | | | | | | | |
Net investment income (loss) B,C | | .11 | | .36 D | | .26 E | | .04 |
Net realized and unrealized gain (loss) | | 5.12 | | 3.97 | | (17.29) | | .68 |
Total from investment operations | | 5.23 | | 4.33 | | (17.03) | | .72 |
Distributions from net investment income | | (.40) | | (.27) | | (.53) | | - |
Distributions from net realized gain | | - | | - | | (2.16) | | - |
Total distributions | | (.40) | | (.27) | | (2.69) | | - |
Net asset value, end of period | $ | 36.72 | $ | 31.89 | $ | 27.83 | $ | 47.55 |
Total Return F,G | | | | 15.54% | | (37.81)% | | 1.54% |
Ratios to Average Net Assets C,H,I | | | | | | | | |
Expenses before reductions | | .98% J | | .91% | | .89% | | .94% J |
Expenses net of fee waivers, if any | | | | .90% | | .89% | | .93% J |
Expenses net of all reductions | | .97% J | | .90% | | .89% | | .93% J |
Net investment income (loss) | | .60% J | | 1.06% D | | .76% E | | .17% J |
Supplemental Data | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 311,898 | $ | 114,992 | $ | 47,819 | $ | 25,824 |
Portfolio turnover rate K | | | | 23% | | 34% | | 38% J,L |
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .73%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LThe portfolio turnover rate does not include the assets acquired in the merger.
Fidelity Advisor® Emerging Markets Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 A |
Selected Per-Share Data | | | | | | | | |
Net asset value, beginning of period | $ | 31.96 | $ | 27.87 | $ | 47.59 | $ | 46.83 |
Income from Investment Operations | | | | | | | | |
Net investment income (loss) B,C | | .14 | | .40 D | | .32 E | | (.03) |
Net realized and unrealized gain (loss) | | 5.13 | | 3.97 | | (17.33) | | .79 |
Total from investment operations | | 5.27 | | 4.37 | | (17.01) | | .76 |
Distributions from net investment income | | (.44) | | (.28) | | (.55) | | - |
Distributions from net realized gain | | - | | - | | (2.16) | | - |
Total distributions | | (.44) | | (.28) | | (2.71) | | - |
Net asset value, end of period | $ | 36.79 | $ | 31.96 | $ | 27.87 | $ | 47.59 |
Total Return F,G | | | | 15.67% | | (37.74)% | | 1.62% |
Ratios to Average Net Assets C,H,I | | | | | | | | |
Expenses before reductions | | .78% J | | .77% | | .77% | | .78% J |
Expenses net of fee waivers, if any | | | | .76% | | .77% | | .78% J |
Expenses net of all reductions | | .77% J | | .76% | | .77% | | .78% J |
Net investment income (loss) | | .80% J | | 1.20% D | | .88% E | | (.13)% J |
Supplemental Data | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,639,764 | $ | 1,611,575 | $ | 1,306,539 | $ | 1,797,766 |
Portfolio turnover rate K | | | | 23% | | 34% | | 38% J,L |
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $2,874,158,896 |
Gross unrealized depreciation | (744,833,388) |
Net unrealized appreciation (depreciation) | $2,129,325,508 |
Tax cost | $6,939,408,080 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(370,826,960) |
Long-term | (321,380,381) |
Total capital loss carryforward | $(692,207,341) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Emerging Markets Fund | 2,029,254,779 | 1,173,800,567 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .86 |
Class M | .86 |
Class C | .86 |
Emerging Markets | .84 |
Class K | .71 |
Class I | .85 |
Class Z | .71 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .86 |
Class M | .86 |
Class C | .86 |
Emerging Markets | .84 |
Class K | .71 |
Class I | .84 |
Class Z | .71 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 23,621 | 1,660 |
Class M | .25% | .25% | 8,856 | 35 |
Class C | .75% | .25% | 9,945 | 3,258 |
| | | 42,422 | 4,953 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 3,543 |
Class M | 393 |
Class CA | 12 |
| 3,948 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Emerging Markets | .1718 |
Class I | .1894 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC received an asset-based fee of Class K's and Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 12,360 | .20 |
Class M | 2,319 | .21 |
Class C | 1,355 | .21 |
Emerging Markets | 2,466,395 | .17 |
Class K | 201,867 | .04 |
Class I | 88,058 | .19 |
Class Z | 265,329 | .04 |
| 3,037,683 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Emerging Markets Fund | .0211 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Emerging Markets Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Emerging Markets Fund | 8,467 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Emerging Markets Fund | Borrower | 11,095,714 | 5.57% | 12,017 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Emerging Markets Fund | 16,679,278 | 35,118,679 | (5,125,871) |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| Amount ($) |
Fidelity Emerging Markets Fund | 3,941 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Emerging Markets Fund | 7,310 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Emerging Markets Fund | 10,757 | - | - |
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 7 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $356,970.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Emerging Markets Fund | | |
Distributions to shareholders | | |
Class A | $149,850 | $53,539 |
Class M | 22,696 | 1,926 |
Class C | 2,509 | - |
Emerging Markets | 49,044,521 | 28,390,916 |
Class K | 18,162,751 | 8,364,511 |
Class I | 1,576,885 | 674,976 |
Class Z | 22,916,720 | 12,964,596 |
Total | $91,875,932 | $50,450,464 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Emerging Markets Fund | | | | |
Class A | | | | |
Shares sold | 168,119 | 311,663 | $6,057,658 | $10,362,526 |
Reinvestment of distributions | 4,334 | 1,632 | 148,618 | 52,760 |
Shares redeemed | (69,670) | (194,860) | (2,479,974) | (6,441,724) |
Net increase (decrease) | 102,783 | 118,435 | $3,726,302 | $3,973,562 |
Class M | | | | |
Shares sold | 30,800 | 53,614 | $1,138,757 | $1,831,527 |
Reinvestment of distributions | 656 | 60 | 22,545 | 1,926 |
Shares redeemed | (18,723) | (7,386) | (675,397) | (241,523) |
Net increase (decrease) | 12,733 | 46,288 | $485,905 | $1,591,930 |
Class C | | | | |
Shares sold | 7,409 | 28,408 | $260,653 | $941,354 |
Reinvestment of distributions | 72 | - | 2,487 | - |
Shares redeemed | (7,304) | (22,275) | (256,237) | (725,503) |
Net increase (decrease) | 177 | 6,133 | $6,903 | $215,851 |
Emerging Markets | | | | |
Shares sold | 9,186,457 | 32,842,894 | $328,251,116 | $1,091,041,239 |
Reinvestment of distributions | 1,104,208 | 705,770 | 37,951,098 | 22,902,138 |
Shares redeemed | (21,337,740) | (28,385,896) | (770,019,059) | (937,069,628) |
Net increase (decrease) | (11,047,075) | 5,162,768 | $(403,816,845) | $176,873,749 |
Class K | | | | |
Shares sold | 15,662,088 | 13,987,503 | $553,285,904 | $471,747,111 |
Reinvestment of distributions | 528,375 | 257,656 | 18,156,694 | 8,363,213 |
Shares redeemed | (4,401,808) | (9,646,138) | (158,077,314) | (321,986,003) |
Net increase (decrease) | 11,788,655 | 4,599,021 | $413,365,284 | $158,124,321 |
Class I | | | | |
Shares sold | 5,917,511 | 3,147,089 | $217,806,869 | $103,953,662 |
Reinvestment of distributions | 42,705 | 19,449 | 1,463,912 | 629,629 |
Shares redeemed | (1,072,033) | (1,278,880) | (38,515,599) | (41,874,106) |
Net increase (decrease) | 4,888,183 | 1,887,658 | $180,755,182 | $62,709,185 |
Class Z | | | | |
Shares sold | 21,830,098 | 6,017,620 | $791,846,571 | $203,435,458 |
Reinvestment of distributions | 649,621 | 395,803 | 22,297,061 | 12,830,167 |
Shares redeemed | (1,146,348) | (2,879,543) | (40,741,769) | (95,344,656) |
Net increase (decrease) | 21,333,371 | 3,533,880 | $773,401,863 | $120,920,969 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity Emerging Markets Fund |
Fidelity Emerging Markets Fund | 18% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity Emerging Markets Fund | 36% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Latin America Fund. The agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Latin America Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Latin America Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Latin America Fund access to a larger portfolio with a similar investment objective.
A meeting of shareholders of Fidelity Latin America Fund is expected to be held during third quarter of 2024 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective in September 2024. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Top Holdings (% of Fund's net assets) |
|
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 6.7 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 5.4 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 3.9 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 3.5 | |
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) | 3.5 | |
SAP SE (Germany, Software) | 3.1 | |
Air Liquide SA (France, Chemicals) | 2.4 | |
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) | 2.3 | |
L'Oreal SA (France, Personal Care Products) | 2.1 | |
Nestle SA (Reg. S) (United States of America, Food Products) | 1.9 | |
| 34.8 | |
|
Market Sectors (% of Fund's net assets) |
|
Health Care | 17.5 | |
Financials | 17.5 | |
Industrials | 14.7 | |
Information Technology | 13.0 | |
Consumer Discretionary | 12.8 | |
Consumer Staples | 8.5 | |
Energy | 4.7 | |
Materials | 4.7 | |
Communication Services | 3.5 | |
Real Estate | 1.1 | |
Utilities | 0.4 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Europe Fund
Common Stocks - 98.3% |
| | Shares | Value ($) |
Australia - 1.2% | | | |
Glencore PLC | | 1,232,200 | 7,169,635 |
Belgium - 2.2% | | | |
KBC Group NV | | 54,900 | 4,095,391 |
UCB SA | | 68,800 | 9,144,880 |
TOTAL BELGIUM | | | 13,240,271 |
Denmark - 8.8% | | | |
Novo Nordisk A/S Series B | | 313,800 | 40,242,430 |
Pandora A/S | | 19,500 | 2,984,053 |
Tryg A/S | | 294,400 | 5,834,166 |
Vestas Wind Systems A/S (a) | | 136,100 | 3,668,852 |
TOTAL DENMARK | | | 52,729,501 |
Finland - 1.3% | | | |
Nordea Bank Abp | | 688,600 | 8,035,458 |
France - 20.6% | | | |
Air Liquide SA | | 74,180 | 14,508,022 |
Airbus Group NV | | 44,800 | 7,372,188 |
ALTEN | | 12,000 | 1,417,668 |
AXA SA | | 244,500 | 8,464,582 |
BNP Paribas SA | | 114,900 | 8,268,417 |
Capgemini SA | | 36,400 | 7,650,591 |
Danone SA | | 83,400 | 5,219,783 |
Dassault Aviation SA | | 27,300 | 5,861,874 |
Dassault Systemes SA | | 58,000 | 2,276,612 |
EssilorLuxottica SA | | 30,300 | 6,493,101 |
L'Oreal SA | | 26,600 | 12,480,573 |
LVMH Moet Hennessy Louis Vuitton SE | | 26,100 | 21,439,488 |
Pernod Ricard SA | | 10,700 | 1,621,504 |
TotalEnergies SE | | 290,707 | 21,104,957 |
TOTAL FRANCE | | | 124,179,360 |
Germany - 11.3% | | | |
Deutsche Borse AG | | 32,100 | 6,188,623 |
Deutsche Telekom AG | | 261,000 | 5,978,353 |
DHL Group | | 78,400 | 3,282,603 |
Gerresheimer AG | | 24,500 | 2,640,786 |
Merck KGaA | | 28,200 | 4,482,656 |
MTU Aero Engines AG | | 20,600 | 4,981,647 |
Rheinmetall AG | | 12,000 | 6,623,470 |
RWE AG | | 73,000 | 2,542,993 |
SAP SE | | 103,200 | 18,634,519 |
SCHOTT Pharma AG & Co. KGaA | | 63,500 | 2,664,606 |
Scout24 AG (b) | | 77,600 | 5,722,497 |
Siemens Healthineers AG (b) | | 75,400 | 4,181,492 |
TOTAL GERMANY | | | 67,924,245 |
Ireland - 0.8% | | | |
AIB Group PLC | | 961,400 | 4,992,546 |
Italy - 7.5% | | | |
Coca-Cola HBC AG | | 89,600 | 2,899,756 |
Davide Campari Milano NV | | 366,500 | 3,684,433 |
Ferrari NV (Italy) | | 15,100 | 6,239,620 |
FinecoBank SpA | | 291,635 | 4,494,203 |
Prada SpA | | 1,116,300 | 9,103,778 |
Prysmian SpA | | 65,400 | 3,572,102 |
Recordati SpA | | 148,000 | 7,905,177 |
UniCredit SpA | | 193,300 | 7,094,953 |
TOTAL ITALY | | | 44,994,022 |
Luxembourg - 0.5% | | | |
CVC Capital Partners PLC | | 151,700 | 2,752,202 |
Netherlands - 6.5% | | | |
ASML Holding NV (Netherlands) | | 36,900 | 32,791,460 |
Heineken NV (Bearer) | | 35,800 | 3,488,186 |
Topicus.Com, Inc. | | 37,300 | 3,039,761 |
TOTAL NETHERLANDS | | | 39,319,407 |
Norway - 1.8% | | | |
Equinor ASA | | 192,400 | 5,119,452 |
Kongsberg Gruppen ASA | | 54,100 | 3,827,934 |
TGS ASA | | 176,583 | 2,021,997 |
TOTAL NORWAY | | | 10,969,383 |
Spain - 1.0% | | | |
CaixaBank SA | | 1,000,400 | 5,275,669 |
Puig Group SL Class B | | 22,700 | 593,523 |
TOTAL SPAIN | | | 5,869,192 |
Sweden - 8.1% | | | |
ASSA ABLOY AB (B Shares) | | 143,300 | 3,786,189 |
EQT AB | | 118,800 | 3,258,796 |
Evolution AB (b) | | 38,600 | 4,315,197 |
Haypp Group (a) | | 399,824 | 3,127,366 |
Hemnet Group AB | | 301,500 | 7,906,564 |
HEXPOL AB (B Shares) | | 197,400 | 2,256,942 |
Indutrade AB | | 236,800 | 5,548,053 |
Investor AB (B Shares) | | 323,000 | 7,982,383 |
Kry International AB (a)(c)(d) | | 406 | 12,362 |
Nordnet AB (e) | | 203,700 | 3,681,993 |
Saab AB (B Shares) | | 38,200 | 3,045,490 |
Sandvik AB (e) | | 202,800 | 4,098,178 |
TOTAL SWEDEN | | | 49,019,513 |
Switzerland - 3.5% | | | |
Compagnie Financiere Richemont SA Series A | | 71,440 | 9,874,939 |
Galderma Group AG | | 24,560 | 1,830,144 |
Sika AG | | 14,220 | 4,073,023 |
UBS Group AG | | 110,380 | 2,914,248 |
Ypsomed Holding AG | | 6,090 | 2,179,614 |
TOTAL SWITZERLAND | | | 20,871,968 |
United Kingdom - 20.6% | | | |
3i Group PLC | | 135,764 | 4,850,502 |
AstraZeneca PLC (United Kingdom) | | 154,600 | 23,383,088 |
B&M European Value Retail SA | | 441,000 | 2,859,958 |
Beazley PLC | | 328,300 | 2,719,807 |
Bunzl PLC | | 140,908 | 5,412,441 |
Compass Group PLC | | 284,617 | 7,916,260 |
Deliveroo PLC Class A (a)(b) | | 1,916,500 | 3,204,192 |
Diageo PLC | | 285,087 | 9,852,515 |
Direct Line Insurance Group PLC | | 516,100 | 1,198,211 |
Games Workshop Group PLC | | 17,512 | 2,168,518 |
Grainger Trust PLC | | 816,670 | 2,617,506 |
Halma PLC | | 106,400 | 2,934,253 |
Hiscox Ltd. | | 270,317 | 4,154,628 |
JD Sports Fashion PLC | | 1,847,400 | 2,668,532 |
Judges Scientific PLC | | 15,102 | 2,113,519 |
London Stock Exchange Group PLC | | 73,500 | 8,102,648 |
Londonmetric Properity PLC | | 920,163 | 2,260,487 |
Oxford Instruments PLC | | 21,900 | 618,452 |
RELX PLC (London Stock Exchange) | | 342,618 | 14,077,105 |
Rolls-Royce Holdings PLC (a) | | 1,029,300 | 5,278,277 |
Safestore Holdings PLC | | 209,963 | 2,029,349 |
Sage Group PLC | | 570,600 | 8,313,501 |
Spirax-Sarco Engineering PLC | | 14,000 | 1,547,318 |
Vistry Group PLC | | 141,700 | 2,121,194 |
Zegona Communications PLC (a) | | 469,500 | 1,349,327 |
TOTAL UNITED KINGDOM | | | 123,751,588 |
United States of America - 2.6% | | | |
Experian PLC | | 105,447 | 4,253,094 |
Nestle SA (Reg. S) | | 114,320 | 11,477,751 |
TOTAL UNITED STATES OF AMERICA | | | 15,730,845 |
TOTAL COMMON STOCKS (Cost $473,259,189) | | | 591,549,136 |
| | | |
Preferred Stocks - 0.1% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.1% | | | |
Estonia - 0.1% | | | |
Bolt Technology OU Series E (a)(c)(d) | | 3,852 | 473,036 |
Nonconvertible Preferred Stocks - 0.0% | | | |
Sweden - 0.0% | | | |
Kry International AB Series E (a)(c)(d) | | 2,345 | 97,125 |
TOTAL PREFERRED STOCKS (Cost $2,072,807) | | | 570,161 |
| | | |
Money Market Funds - 2.1% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 5,207,190 | 5,208,231 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 7,200,883 | 7,201,604 |
TOTAL MONEY MARKET FUNDS (Cost $12,409,835) | | | 12,409,835 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $487,741,831) | 604,529,132 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (2,709,247) |
NET ASSETS - 100.0% | 601,819,885 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,423,378 or 2.9% of net assets. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $582,523 or 0.1% of net assets. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Bolt Technology OU Series E | 1/03/22 | 1,000,736 |
| | |
Kry International AB | 5/14/21 | 176,328 |
| | |
Kry International AB Series E | 5/14/21 | 1,072,071 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 4,563,237 | 76,076,406 | 75,431,444 | 108,786 | 32 | - | 5,208,231 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 2,636,857 | 18,370,417 | 13,805,670 | 15,191 | - | - | 7,201,604 | 0.0% |
Total | 7,200,094 | 94,446,823 | 89,237,114 | 123,977 | 32 | - | 12,409,835 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 20,956,741 | 14,978,388 | 5,978,353 | - |
Consumer Discretionary | 78,023,095 | 29,688,630 | 48,334,465 | - |
Consumer Staples | 51,318,024 | 24,174,452 | 27,143,572 | - |
Energy | 28,246,406 | 2,021,997 | 26,224,409 | - |
Financials | 104,359,426 | 64,578,614 | 39,780,812 | - |
Health Care | 105,147,974 | 37,340,964 | 67,807,010 | - |
Industrials | 88,350,334 | 50,300,878 | 38,049,456 | - |
Information Technology | 78,259,340 | 49,115,095 | 28,561,722 | 582,523 |
Materials | 28,007,622 | 6,329,965 | 21,677,657 | - |
Real Estate | 6,907,342 | 6,907,342 | - | - |
Utilities | 2,542,993 | - | 2,542,993 | - |
|
Money Market Funds | 12,409,835 | 12,409,835 | - | - |
Total Investments in Securities: | 604,529,132 | 297,846,160 | 306,100,449 | 582,523 |
Fidelity® Europe Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $6,762,958) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $475,331,996) | $ | 592,119,297 | | |
Fidelity Central Funds (cost $12,409,835) | | 12,409,835 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $487,741,831) | | | $ | 604,529,132 |
Foreign currency held at value (cost $278,866) | | | | 257,257 |
Receivable for investments sold | | | | 1,410,814 |
Receivable for fund shares sold | | | | 24,202 |
Dividends receivable | | | | 1,877,504 |
Reclaims receivable | | | | 3,517,501 |
Distributions receivable from Fidelity Central Funds | | | | 22,592 |
Prepaid expenses | | | | 216 |
Total assets | | | | 611,639,218 |
Liabilities | | | | |
Payable for investments purchased | $ | 1,890,498 | | |
Payable for fund shares redeemed | | 364,961 | | |
Accrued management fee | | 299,646 | | |
Distribution and service plan fees payable | | 7,055 | | |
Other payables and accrued expenses | | 55,569 | | |
Collateral on securities loaned | | 7,201,604 | | |
Total liabilities | | | | 9,819,333 |
Net Assets | | | $ | 601,819,885 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 571,326,504 |
Total accumulated earnings (loss) | | | | 30,493,381 |
Net Assets | | | $ | 601,819,885 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($16,258,163 ÷ 452,686 shares)(a) | | | $ | 35.91 |
Maximum offering price per share (100/94.25 of $35.91) | | | $ | 38.10 |
Class M : | | | | |
Net Asset Value and redemption price per share ($4,833,963 ÷ 134,368 shares)(a) | | | $ | 35.98 |
Maximum offering price per share (100/96.50 of $35.98) | | | $ | 37.28 |
Class C : | | | | |
Net Asset Value and offering price per share ($1,894,111 ÷ 53,207 shares)(a) | | | $ | 35.60 |
Europe : | | | | |
Net Asset Value, offering price and redemption price per share ($571,693,706 ÷ 15,913,949 shares) | | | $ | 35.92 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($4,701,075 ÷ 130,862 shares) | | | $ | 35.92 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($2,438,867 ÷ 68,070 shares) | | | $ | 35.83 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 8,333,298 |
Interest | | | | 1,058 |
Income from Fidelity Central Funds (including $15,191 from security lending) | | | | 123,977 |
Income before foreign taxes withheld | | | $ | 8,458,333 |
Less foreign taxes withheld | | | | (734,642) |
Total income | | | | 7,723,691 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 2,174,988 | | |
Performance adjustment | | (756,850) | | |
Transfer agent fees | | 325,541 | | |
Distribution and service plan fees | | 42,820 | | |
Accounting fees | | 94,136 | | |
Custodian fees and expenses | | 25,170 | | |
Independent trustees' fees and expenses | | 1,497 | | |
Registration fees | | 66,050 | | |
Audit | | 38,178 | | |
Legal | | 1,332 | | |
Miscellaneous | | 1,198 | | |
Total expenses before reductions | | 2,014,060 | | |
Expense reductions | | (26,821) | | |
Total expenses after reductions | | | | 1,987,239 |
Net Investment income (loss) | | | | 5,736,452 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 9,695,514 | | |
Fidelity Central Funds | | 32 | | |
Foreign currency transactions | | (46,014) | | |
Total net realized gain (loss) | | | | 9,649,532 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 88,474,271 | | |
Assets and liabilities in foreign currencies | | 22,088 | | |
Total change in net unrealized appreciation (depreciation) | | | | 88,496,359 |
Net gain (loss) | | | | 98,145,891 |
Net increase (decrease) in net assets resulting from operations | | | $ | 103,882,343 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 5,736,452 | $ | 10,631,570 |
Net realized gain (loss) | | 9,649,532 | | (1,666,121) |
Change in net unrealized appreciation (depreciation) | | 88,496,359 | | 54,400,651 |
Net increase (decrease) in net assets resulting from operations | | 103,882,343 | | 63,366,100 |
Distributions to shareholders | | (9,697,062) | | - |
| | | | |
Share transactions - net increase (decrease) | | (40,001,337) | | (68,214,872) |
| | | | |
Total increase (decrease) in net assets | | 54,183,944 | | (4,848,772) |
| | | | |
Net Assets | | | | |
Beginning of period | | 547,635,941 | | 552,484,713 |
End of period | $ | 601,819,885 | $ | 547,635,941 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Europe Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.50 | $ | 27.58 | $ | 46.12 | $ | 35.37 | $ | 36.30 | $ | 37.61 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .28 | | .46 | | .47 | | .41 | | .19 | | 1.41 C |
Net realized and unrealized gain (loss) | | 5.56 | | 2.46 | | (12.91) | | 10.72 | | 1.46 | | .82 |
Total from investment operations | | 5.84 | | 2.92 | | (12.44) | | 11.13 | | 1.65 | | 2.23 |
Distributions from net investment income | | (.43) | | - | | (.99) | | (.38) | | (1.50) | | (.11) |
Distributions from net realized gain | | - | | - | | (5.12) | | - | | (1.08) | | (3.43) |
Total distributions | | (.43) | | - | | (6.10) D | | (.38) | | (2.58) | | (3.54) |
Net asset value, end of period | $ | 35.91 | $ | 30.50 | $ | 27.58 | $ | 46.12 | $ | 35.37 | $ | 36.30 |
Total Return E,F,G | | | | 10.59% | | (30.29)% | | 31.60% | | 4.62% | | 7.21% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | .94% J | | 1.02% | | 1.18% | | 1.36% | | 1.34% | | 1.09% |
Expenses net of fee waivers, if any | | | | 1.01% | | 1.18% | | 1.36% | | 1.34% | | 1.09% |
Expenses net of all reductions | | .94% J | | 1.01% | | 1.18% | | 1.36% | | 1.33% | | 1.07% |
Net investment income (loss) | | 1.64% J | | 1.43% | | 1.42% | | .92% | | .56% | | 4.02% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 16,258 | $ | 15,325 | $ | 16,495 | $ | 32,148 | $ | 23,189 | $ | 20,819 |
Portfolio turnover rate K | | | | 37% | | 55% | | 52% | | 39% | | 45% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.44%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Europe Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.50 | $ | 27.65 | $ | 46.18 | $ | 35.42 | $ | 36.32 | $ | 37.57 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .24 | | .38 | | .37 | | .27 | | .09 | | 1.30 C |
Net realized and unrealized gain (loss) | | 5.57 | | 2.47 | | (12.95) | | 10.75 | | 1.45 | | .83 |
Total from investment operations | | 5.81 | | 2.85 | | (12.58) | | 11.02 | | 1.54 | | 2.13 |
Distributions from net investment income | | (.33) | | - | | (.83) | | (.26) | | (1.36) | | - |
Distributions from net realized gain | | - | | - | | (5.12) | | - | | (1.08) | | (3.38) |
Total distributions | | (.33) | | - | | (5.95) | | (.26) | | (2.44) | | (3.38) |
Net asset value, end of period | $ | 35.98 | $ | 30.50 | $ | 27.65 | $ | 46.18 | $ | 35.42 | $ | 36.32 |
Total Return D,E,F | | | | 10.31% | | (30.51)% | | 31.20% | | 4.30% | | 6.88% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.20% I | | 1.29% | | 1.49% | | 1.68% | | 1.65% | | 1.41% |
Expenses net of fee waivers, if any | | | | 1.28% | | 1.48% | | 1.68% | | 1.65% | | 1.40% |
Expenses net of all reductions | | 1.19% I | | 1.28% | | 1.48% | | 1.68% | | 1.64% | | 1.38% |
Net investment income (loss) | | 1.38% I | | 1.16% | | 1.12% | | .59% | | .25% | | 3.70% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,834 | $ | 4,248 | $ | 4,066 | $ | 6,937 | $ | 5,204 | $ | 5,782 |
Portfolio turnover rate J | | | | 37% | | 55% | | 52% | | 39% | | 45% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.12%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Europe Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.03 | $ | 27.36 | $ | 45.63 | $ | 35.01 | $ | 35.87 | $ | 37.23 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .15 | | .21 | | .21 | | .04 | | (.09) | | 1.12 C |
Net realized and unrealized gain (loss) | | 5.50 | | 2.46 | | (12.84) | | 10.64 | | 1.45 | | .82 |
Total from investment operations | | 5.65 | | 2.67 | | (12.63) | | 10.68 | | 1.36 | | 1.94 |
Distributions from net investment income | | (.08) | | - | | (.52) | | (.06) | | (1.14) | | - |
Distributions from net realized gain | | - | | - | | (5.12) | | - | | (1.08) | | (3.30) |
Total distributions | | (.08) | | - | | (5.64) | | (.06) | | (2.22) | | (3.30) |
Net asset value, end of period | $ | 35.60 | $ | 30.03 | $ | 27.36 | $ | 45.63 | $ | 35.01 | $ | 35.87 |
Total Return D,E,F | | | | 9.76% | | (30.85)% | | 30.53% | | 3.81% | | 6.35% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.69% I | | 1.79% | | 1.99% | | 2.19% | | 2.15% | | 1.90% |
Expenses net of fee waivers, if any | | | | 1.78% | | 1.98% | | 2.18% | | 2.15% | | 1.90% |
Expenses net of all reductions | | 1.68% I | | 1.78% | | 1.98% | | 2.18% | | 2.14% | | 1.87% |
Net investment income (loss) | | .90% I | | .65% | | .62% | | .09% | | (.25)% | | 3.21% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,894 | $ | 2,025 | $ | 2,496 | $ | 5,255 | $ | 5,242 | $ | 6,145 |
Portfolio turnover rate J | | | | 37% | | 55% | | 52% | | 39% | | 45% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.63%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.58 | $ | 27.57 | $ | 46.11 | $ | 35.35 | $ | 36.28 | $ | 37.70 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .33 | | .57 | | .57 | | .54 | | .30 | | 1.52 C |
Net realized and unrealized gain (loss) | | 5.57 | | 2.44 | | (12.88) | | 10.71 | | 1.46 | | .81 |
Total from investment operations | | 5.90 | | 3.01 | | (12.31) | | 11.25 | | 1.76 | | 2.33 |
Distributions from net investment income | | (.56) | | - | | (1.11) | | (.49) | | (1.61) | | (.32) |
Distributions from net realized gain | | - | | - | | (5.12) | | - | | (1.08) | | (3.43) |
Total distributions | | (.56) | | - | | (6.23) | | (.49) | | (2.69) | | (3.75) |
Net asset value, end of period | $ | 35.92 | $ | 30.58 | $ | 27.57 | $ | 46.11 | $ | 35.35 | $ | 36.28 |
Total Return D,E | | | | 10.92% | | (30.07)% | | 31.99% | | 4.95% | | 7.56% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .66% H | | .70% | | .88% | | 1.06% | | 1.03% | | .78% |
Expenses net of fee waivers, if any | | | | .69% | | .88% | | 1.06% | | 1.03% | | .77% |
Expenses net of all reductions | | .65% H | | .69% | | .88% | | 1.06% | | 1.02% | | .75% |
Net investment income (loss) | | 1.93% H | | 1.75% | | 1.73% | | 1.21% | | .86% | | 4.33% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 571,694 | $ | 519,010 | $ | 523,685 | $ | 913,296 | $ | 755,125 | $ | 836,373 |
Portfolio turnover rate I | | | | 37% | | 55% | | 52% | | 39% | | 45% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.75%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Europe Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.58 | $ | 27.56 | $ | 46.07 | $ | 35.34 | $ | 36.27 | $ | 37.69 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .34 | | .57 | | .60 | | .54 | | .31 | | 1.53 C |
Net realized and unrealized gain (loss) | | 5.56 | | 2.45 | | (12.91) | | 10.70 | | 1.46 | | .80 |
Total from investment operations | | 5.90 | | 3.02 | | (12.31) | | 11.24 | | 1.77 | | 2.33 |
Distributions from net investment income | | (.56) | | - | | (1.08) | | (.51) | | (1.62) | | (.32) |
Distributions from net realized gain | | - | | - | | (5.12) | | - | | (1.08) | | (3.43) |
Total distributions | | (.56) | | - | | (6.20) | | (.51) | | (2.70) | | (3.75) |
Net asset value, end of period | $ | 35.92 | $ | 30.58 | $ | 27.56 | $ | 46.07 | $ | 35.34 | $ | 36.27 |
Total Return D,E | | | | 10.96% | | (30.08)% | | 31.99% | | 4.99% | | 7.58% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .64% H | | .68% | | .86% | | 1.06% | | 1.00% | | .75% |
Expenses net of fee waivers, if any | | | | .67% | | .86% | | 1.06% | | 1.00% | | .74% |
Expenses net of all reductions | | .63% H | | .67% | | .86% | | 1.06% | | .99% | | .72% |
Net investment income (loss) | | 1.95% H | | 1.77% | | 1.74% | | 1.22% | | .90% | | 4.36% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,701 | $ | 4,806 | $ | 4,283 | $ | 14,401 | $ | 14,733 | $ | 6,686 |
Portfolio turnover rate I | | | | 37% | | 55% | | 52% | | 39% | | 45% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.78%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Europe Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 30.53 | $ | 27.48 | $ | 46.00 | $ | 35.27 | $ | 36.21 | $ | 37.69 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .35 | | .61 | | .62 | | .59 | | .34 | | 1.53 C |
Net realized and unrealized gain (loss) | | 5.56 | | 2.44 | | (12.86) | | 10.67 | | 1.47 | | .82 |
Total from investment operations | | 5.91 | | 3.05 | | (12.24) | | 11.26 | | 1.81 | | 2.35 |
Distributions from net investment income | | (.61) | | - | | (1.17) | | (.53) | | (1.67) | | (.41) |
Distributions from net realized gain | | - | | - | | (5.12) | | - | | (1.08) | | (3.43) |
Total distributions | | (.61) | | - | | (6.28) D | | (.53) | | (2.75) | | (3.83) D |
Net asset value, end of period | $ | 35.83 | $ | 30.53 | $ | 27.48 | $ | 46.00 | $ | 35.27 | $ | 36.21 |
Total Return E,F | | | | 11.10% | | (30.00)% | | 32.13% | | 5.11% | | 7.71% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .54% I | | .57% | | .76% | | .95% | | .91% | | .65% |
Expenses net of fee waivers, if any | | | | .56% | | .75% | | .95% | | .90% | | .64% |
Expenses net of all reductions | | .53% I | | .56% | | .75% | | .95% | | .90% | | .62% |
Net investment income (loss) | | 2.05% I | | 1.87% | | 1.85% | | 1.33% | | .99% | | 4.46% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,439 | $ | 2,222 | $ | 1,461 | $ | 28,249 | $ | 19,479 | $ | 21,838 |
Portfolio turnover rate J | | | | 37% | | 55% | | 52% | | 39% | | 45% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.88%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Europe, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $132,986,766 |
Gross unrealized depreciation | (16,258,620) |
Net unrealized appreciation (depreciation) | $116,728,146 |
Tax cost | $487,800,986 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(56,749,290) |
Long-term | (44,177,363) |
Total capital loss carryforward | $(100,926,653) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Europe Fund | 93,743,123 | 139,327,574 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .88 |
Class M | .88 |
Class C | .88 |
Europe | .84 |
Class I | .83 |
Class Z | .72 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .87 |
Class M | .87 |
Class C | .87 |
Europe | .83 |
Class I | .83 |
Class Z | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Europe Fund | MSCI Europe Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Europe. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.25)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 20,832 | 180 |
Class M | .25% | .25% | 11,828 | 126 |
Class C | .75% | .25% | 10,160 | 476 |
| | | 42,820 | 782 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 526 |
Class M | 72 |
Class CA | 50 |
| 648 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Europe | .1641 |
Class I | .1486 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 11,676 | .21 |
Class M | 3,224 | .21 |
Class C | 1,460 | .21 |
Europe | 306,527 | .16 |
Class I | 2,318 | .15 |
Class Z | 336 | .04 |
| 325,541 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Europe Fund | .0476 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Europe Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Europe Fund | 62 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Europe Fund | 2,864,929 | 5,037,350 | (228,621) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Europe Fund | 548 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Europe Fund | 1,683 | - | - |
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
Class A | 1 |
Class M | 25 |
| 26 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $26,795.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Europe Fund | | |
Distributions to shareholders | | |
Class A | $214,383 | $ - |
Class M | 44,641 | - |
Class C | 5,044 | - |
Europe | 9,309,343 | - |
Class I | 81,789 | - |
Class Z | 41,862 | - |
Total | $9,697,062 | $ - |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Europe Fund | | | | |
Class A | | | | |
Shares sold | 10,872 | 44,425 | $376,921 | $1,464,114 |
Reinvestment of distributions | 6,443 | - | 213,141 | - |
Shares redeemed | (67,050) | (139,999) | (2,329,419) | (4,536,728) |
Net increase (decrease) | (49,735) | (95,574) | $(1,739,357) | $(3,072,614) |
Class M | | | | |
Shares sold | 2,139 | 4,489 | $74,928 | $147,618 |
Reinvestment of distributions | 1,296 | - | 42,989 | - |
Shares redeemed | (8,337) | (12,258) | (284,291) | (398,082) |
Net increase (decrease) | (4,902) | (7,769) | $(166,374) | $(250,464) |
Class C | | | | |
Shares sold | 1,103 | 8,574 | $38,158 | $278,728 |
Reinvestment of distributions | 153 | - | 5,024 | - |
Shares redeemed | (15,474) | (32,347) | (527,954) | (1,039,195) |
Net increase (decrease) | (14,218) | (23,773) | $(484,772) | $(760,467) |
Europe | | | | |
Shares sold | 358,158 | 957,209 | $12,498,504 | $31,285,588 |
Reinvestment of distributions | 259,528 | - | 8,577,392 | - |
Shares redeemed | (1,675,216) | (2,983,175) | (57,645,055) | (96,260,656) |
Net increase (decrease) | (1,057,530) | (2,025,966) | $(36,569,159) | $(64,975,068) |
Class I | | | | |
Shares sold | 7,280 | 81,291 | $250,946 | $2,703,708 |
Reinvestment of distributions | 1,869 | - | 61,781 | - |
Shares redeemed | (35,435) | (79,518) | (1,187,932) | (2,541,717) |
Net increase (decrease) | (26,286) | 1,773 | $(875,205) | $161,991 |
Class Z | | | | |
Shares sold | 5,635 | 49,574 | $191,620 | $1,674,500 |
Reinvestment of distributions | 865 | - | 28,496 | - |
Shares redeemed | (11,212) | (29,932) | (386,586) | (992,750) |
Net increase (decrease) | (4,712) | 19,642 | $(166,470) | $681,750 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Sumitomo Mitsui Financial Group, Inc. (Banks) | 5.8 | |
Hitachi Ltd. (Industrial Conglomerates) | 4.1 | |
Sony Group Corp. (Household Durables) | 3.8 | |
Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 3.6 | |
ORIX Corp. (Financial Services) | 3.2 | |
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 3.1 | |
Hoya Corp. (Health Care Equipment & Supplies) | 3.0 | |
DENSO Corp. (Automobile Components) | 2.9 | |
FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals) | 2.3 | |
SMC Corp. (Machinery) | 2.2 | |
| 34.0 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 22.8 | |
Information Technology | 20.0 | |
Consumer Discretionary | 17.3 | |
Financials | 12.2 | |
Materials | 7.6 | |
Health Care | 6.8 | |
Communication Services | 4.4 | |
Consumer Staples | 3.2 | |
Energy | 2.5 | |
Utilities | 1.5 | |
Real Estate | 0.8 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Japan Fund
Common Stocks - 99.1% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 4.4% | | | |
Diversified Telecommunication Services - 0.6% | | | |
JTOWER, Inc. (a) | | 184,000 | 3,758,093 |
Entertainment - 0.6% | | | |
Daiichikosho Co. Ltd. | | 344,300 | 4,018,809 |
Interactive Media & Services - 1.4% | | | |
Hypebeast Ltd. (a) | | 6,975,700 | 204,033 |
Kakaku.com, Inc. | | 389,000 | 4,474,495 |
LY Corp. | | 1,807,400 | 4,342,521 |
| | | 9,021,049 |
Wireless Telecommunication Services - 1.8% | | | |
SoftBank Group Corp. | | 228,100 | 11,218,094 |
TOTAL COMMUNICATION SERVICES | | | 28,016,045 |
CONSUMER DISCRETIONARY - 17.3% | | | |
Automobile Components - 2.9% | | | |
DENSO Corp. | | 1,099,700 | 18,742,322 |
Automobiles - 2.4% | | | |
Isuzu Motors Ltd. | | 443,900 | 5,625,480 |
Suzuki Motor Corp. | | 830,400 | 9,670,660 |
| | | 15,296,140 |
Broadline Retail - 1.1% | | | |
Pan Pacific International Holdings Ltd. | | 290,200 | 6,815,645 |
Hotels, Restaurants & Leisure - 1.6% | | | |
Curves Holdings Co. Ltd. | | 856,100 | 4,020,804 |
Kyoritsu Maintenance Co. Ltd. | | 290,800 | 6,201,500 |
| | | 10,222,304 |
Household Durables - 5.1% | | | |
Chervon Holdings Ltd. (b) | | 1,163,900 | 2,826,603 |
Open House Group Co. Ltd. | | 179,700 | 5,464,720 |
Sony Group Corp. | | 294,600 | 24,349,093 |
| | | 32,640,416 |
Leisure Products - 1.0% | | | |
Roland Corp. | | 145,600 | 3,958,103 |
YONEX Co. Ltd. | | 345,100 | 2,751,977 |
| | | 6,710,080 |
Specialty Retail - 2.4% | | | |
Fast Retailing Co. Ltd. | | 38,400 | 10,040,412 |
ZOZO, Inc. | | 268,200 | 5,776,620 |
| | | 15,817,032 |
Textiles, Apparel & Luxury Goods - 0.8% | | | |
Descente Ltd. | | 224,000 | 5,050,608 |
TOTAL CONSUMER DISCRETIONARY | | | 111,294,547 |
CONSUMER STAPLES - 3.2% | | | |
Consumer Staples Distribution & Retail - 2.7% | | | |
Seven & i Holdings Co. Ltd. | | 869,100 | 11,229,816 |
Sugi Holdings Co. Ltd. | | 152,100 | 2,231,654 |
Tsuruha Holdings, Inc. | | 29,100 | 1,836,906 |
Welcia Holdings Co. Ltd. | | 142,300 | 2,092,209 |
| | | 17,390,585 |
Food Products - 0.5% | | | |
Ajinomoto Co., Inc. | | 89,200 | 3,316,587 |
TOTAL CONSUMER STAPLES | | | 20,707,172 |
ENERGY - 2.5% | | | |
Oil, Gas & Consumable Fuels - 2.5% | | | |
ENEOS Holdings, Inc. | | 840,400 | 3,882,829 |
INPEX Corp. | | 812,000 | 12,163,599 |
| | | 16,046,428 |
FINANCIALS - 12.2% | | | |
Banks - 5.8% | | | |
Sumitomo Mitsui Financial Group, Inc. | | 653,600 | 37,126,973 |
Capital Markets - 0.6% | | | |
SBI Holdings, Inc. Japan | | 155,200 | 3,778,832 |
Financial Services - 3.2% | | | |
ORIX Corp. | | 1,004,900 | 20,565,697 |
Insurance - 2.6% | | | |
Lifenet Insurance Co. (a)(b) | | 406,600 | 3,590,195 |
Tokio Marine Holdings, Inc. | | 419,200 | 13,249,401 |
| | | 16,839,596 |
TOTAL FINANCIALS | | | 78,311,098 |
HEALTH CARE - 6.8% | | | |
Biotechnology - 0.2% | | | |
PeptiDream, Inc. (a) | | 110,100 | 1,402,921 |
Health Care Equipment & Supplies - 3.0% | | | |
Hoya Corp. | | 168,600 | 19,547,455 |
Health Care Providers & Services - 0.3% | | | |
CUC, Inc. (a)(b) | | 192,700 | 2,062,625 |
Health Care Technology - 0.2% | | | |
Medlive Technology Co. Ltd. (c) | | 1,008,500 | 1,059,457 |
Pharmaceuticals - 3.1% | | | |
Astellas Pharma, Inc. | | 775,900 | 7,447,012 |
Daiichi Sankyo Kabushiki Kaisha | | 370,500 | 12,470,182 |
| | | 19,917,194 |
TOTAL HEALTH CARE | | | 43,989,652 |
INDUSTRIALS - 22.8% | | | |
Aerospace & Defense - 0.3% | | | |
Space Exploration Technologies Corp. Class A (a)(d)(e) | | 18,055 | 1,751,335 |
Building Products - 0.7% | | | |
Toto Ltd. | | 159,400 | 4,314,081 |
Electrical Equipment - 2.1% | | | |
Mitsubishi Electric Corp. | | 583,700 | 10,173,848 |
Nidec Corp. | | 73,900 | 3,460,949 |
| | | 13,634,797 |
Industrial Conglomerates - 4.1% | | | |
Hitachi Ltd. | | 289,400 | 26,700,245 |
Machinery - 7.9% | | | |
Ebara Corp. | | 31,200 | 2,571,943 |
Hoshizaki Corp. | | 93,400 | 3,218,444 |
IHI Corp. | | 327,800 | 7,848,894 |
Kawasaki Heavy Industries Ltd. | | 105,200 | 3,256,789 |
Minebea Mitsumi, Inc. | | 201,100 | 3,766,674 |
Misumi Group, Inc. | | 366,160 | 5,952,978 |
Mitsubishi Heavy Industries Ltd. | | 851,100 | 7,609,785 |
Nabtesco Corp. | | 155,900 | 2,571,094 |
SMC Corp. | | 27,400 | 14,395,047 |
| | | 51,191,648 |
Professional Services - 5.9% | | | |
BayCurrent Consulting, Inc. | | 221,900 | 4,723,622 |
Funai Soken Holdings, Inc. | | 250,200 | 3,785,318 |
Gakujo Co. Ltd. (b) | | 202,100 | 2,230,432 |
Persol Holdings Co. Ltd. | | 6,714,800 | 9,288,647 |
SMS Co., Ltd. | | 238,300 | 3,297,474 |
TechnoPro Holdings, Inc. | | 623,400 | 10,618,620 |
Visional, Inc. (a) | | 84,500 | 3,855,589 |
| | | 37,799,702 |
Trading Companies & Distributors - 1.8% | | | |
Itochu Corp. | | 253,000 | 11,414,037 |
TOTAL INDUSTRIALS | | | 146,805,845 |
INFORMATION TECHNOLOGY - 20.0% | | | |
Electronic Equipment, Instruments & Components - 6.0% | | | |
Dexerials Corp. | | 236,400 | 8,854,749 |
Hamamatsu Photonics K.K. | | 177,400 | 6,500,233 |
Ibiden Co. Ltd. | | 170,400 | 6,477,502 |
Iriso Electronics Co. Ltd. | | 71,200 | 1,392,295 |
Murata Manufacturing Co. Ltd. | | 372,800 | 6,811,866 |
Shibaura Electronics Co. Ltd. | | 68,000 | 2,632,665 |
TDK Corp. | | 138,200 | 6,165,240 |
| | | 38,834,550 |
IT Services - 5.1% | | | |
DTS Corp. | | 185,100 | 5,049,660 |
ExaWizards, Inc. (a)(b) | | 627,500 | 1,758,451 |
Fujitsu Ltd. | | 925,000 | 14,289,542 |
NSD Co. Ltd. | | 373,400 | 7,298,469 |
Techmatrix Corp. | | 407,600 | 4,319,760 |
| | | 32,715,882 |
Semiconductors & Semiconductor Equipment - 5.5% | | | |
Furuya Metal Co. Ltd. (b) | | 5,200 | 363,719 |
Renesas Electronics Corp. | | 1,415,800 | 22,986,578 |
ROHM Co. Ltd. | | 336,400 | 4,835,701 |
Sumco Corp. | | 476,900 | 7,112,161 |
| | | 35,298,159 |
Software - 0.9% | | | |
Appier Group, Inc. (a) | | 76,600 | 631,345 |
Money Forward, Inc. (a) | | 145,800 | 5,076,956 |
| | | 5,708,301 |
Technology Hardware, Storage & Peripherals - 2.5% | | | |
FUJIFILM Holdings Corp. | | 701,200 | 14,916,268 |
Sun Corp. | | 78,000 | 1,648,749 |
| | | 16,565,017 |
TOTAL INFORMATION TECHNOLOGY | | | 129,121,909 |
MATERIALS - 7.6% | | | |
Chemicals - 7.6% | | | |
Mitsui Chemicals, Inc. | | 180,700 | 5,143,248 |
Nippon Sanso Holdings Corp. | | 213,600 | 6,344,435 |
Nissan Chemical Corp. | | 64,500 | 2,198,688 |
NOF Corp. | | 335,700 | 4,503,728 |
Resonac Holdings Corp. | | 240,200 | 5,208,241 |
Shin-Etsu Chemical Co. Ltd. | | 514,800 | 19,927,362 |
Tokyo Ohka Kogyo Co. Ltd. | | 213,300 | 5,656,352 |
| | | 48,982,054 |
REAL ESTATE - 0.8% | | | |
Real Estate Management & Development - 0.8% | | | |
Relo Group, Inc. | | 612,000 | 5,319,876 |
UTILITIES - 1.5% | | | |
Electric Utilities - 1.5% | | | |
Kansai Electric Power Co., Inc. | | 657,600 | 9,850,468 |
TOTAL COMMON STOCKS (Cost $522,795,111) | | | 638,445,094 |
| | | |
Money Market Funds - 1.2% |
| | Shares | Value ($) |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) (Cost $7,467,979) | | 7,467,232 | 7,467,979 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $530,263,090) | 645,913,073 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (1,733,574) |
NET ASSETS - 100.0% | 644,179,499 |
| |
Legend
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,059,457 or 0.2% of net assets. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,751,335 or 0.3% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Space Exploration Technologies Corp. Class A | 2/16/21 - 5/24/22 | 1,151,846 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 558,316 | 14,720,659 | 15,278,969 | 21,915 | (6) | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 13,586,272 | 145,224,567 | 151,342,860 | 121,713 | - | - | 7,467,979 | 0.0% |
Total | 14,144,588 | 159,945,226 | 166,621,829 | 143,628 | (6) | - | 7,467,979 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 28,016,045 | - | 28,016,045 | - |
Consumer Discretionary | 111,294,547 | - | 111,294,547 | - |
Consumer Staples | 20,707,172 | - | 20,707,172 | - |
Energy | 16,046,428 | - | 16,046,428 | - |
Financials | 78,311,098 | - | 78,311,098 | - |
Health Care | 43,989,652 | - | 43,989,652 | - |
Industrials | 146,805,845 | - | 145,054,510 | 1,751,335 |
Information Technology | 129,121,909 | - | 129,121,909 | - |
Materials | 48,982,054 | - | 48,982,054 | - |
Real Estate | 5,319,876 | - | 5,319,876 | - |
Utilities | 9,850,468 | - | 9,850,468 | - |
|
Money Market Funds | 7,467,979 | 7,467,979 | - | - |
Total Investments in Securities: | 645,913,073 | 7,467,979 | 636,693,759 | 1,751,335 |
Fidelity® Japan Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $7,097,767) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $522,795,111) | $ | 638,445,094 | | |
Fidelity Central Funds (cost $7,467,979) | | 7,467,979 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $530,263,090) | | | $ | 645,913,073 |
Foreign currency held at value (cost $3,243,326) | | | | 3,243,326 |
Receivable for investments sold | | | | 2,244,868 |
Receivable for fund shares sold | | | | 549,037 |
Dividends receivable | | | | 4,920,502 |
Distributions receivable from Fidelity Central Funds | | | | 20,488 |
Prepaid expenses | | | | 242 |
Total assets | | | | 656,891,536 |
Liabilities | | | | |
Payable to custodian bank | $ | 929,195 | | |
Payable for investments purchased | | 3,890,242 | | |
Payable for fund shares redeemed | | 61,369 | | |
Accrued management fee | | 307,625 | | |
Distribution and service plan fees payable | | 6,652 | | |
Other payables and accrued expenses | | 48,975 | | |
Collateral on securities loaned | | 7,467,979 | | |
Total liabilities | | | | 12,712,037 |
Net Assets | | | $ | 644,179,499 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 525,421,148 |
Total accumulated earnings (loss) | | | | 118,758,351 |
Net Assets | | | $ | 644,179,499 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($17,466,949 ÷ 1,100,086 shares)(a) | | | $ | 15.88 |
Maximum offering price per share (100/94.25 of $15.88) | | | $ | 16.85 |
Class M : | | | | |
Net Asset Value and redemption price per share ($2,672,655 ÷ 169,383 shares)(a) | | | $ | 15.78 |
Maximum offering price per share (100/96.50 of $15.78) | | | $ | 16.35 |
Class C : | | | | |
Net Asset Value and offering price per share ($2,055,506 ÷ 132,817 shares)(a) | | | $ | 15.48 |
Japan : | | | | |
Net Asset Value, offering price and redemption price per share ($169,185,918 ÷ 10,570,767 shares) | | | $ | 16.01 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($38,077,303 ÷ 2,359,705 shares) | | | $ | 16.14 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($414,721,168 ÷ 25,970,397 shares) | | | $ | 15.97 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 6,877,352 |
Income from Fidelity Central Funds (including $121,713 from security lending) | | | | 143,628 |
Income before foreign taxes withheld | | | $ | 7,020,980 |
Less foreign taxes withheld | | | | (686,498) |
Total income | | | | 6,334,482 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 2,275,299 | | |
Performance adjustment | | (702,604) | | |
Transfer agent fees | | 201,076 | | |
Distribution and service plan fees | | 39,032 | | |
Accounting fees | | 99,064 | | |
Custodian fees and expenses | | 20,182 | | |
Independent trustees' fees and expenses | | 1,651 | | |
Registration fees | | 67,715 | | |
Audit | | 33,885 | | |
Legal | | 339 | | |
Interest | | 38,788 | | |
Miscellaneous | | 1,323 | | |
Total expenses before reductions | | 2,075,750 | | |
Expense reductions | | (28,574) | | |
Total expenses after reductions | | | | 2,047,176 |
Net Investment income (loss) | | | | 4,287,306 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 6,102,578 | | |
Fidelity Central Funds | | (6) | | |
Foreign currency transactions | | (165,877) | | |
Total net realized gain (loss) | | | | 5,936,695 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 67,480,994 | | |
Assets and liabilities in foreign currencies | | (111,105) | | |
Total change in net unrealized appreciation (depreciation) | | | | 67,369,889 |
Net gain (loss) | | | | 73,306,584 |
Net increase (decrease) in net assets resulting from operations | | | $ | 77,593,890 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 4,287,306 | $ | 6,921,452 |
Net realized gain (loss) | | 5,936,695 | | 32,280,933 |
Change in net unrealized appreciation (depreciation) | | 67,369,889 | | 14,095,560 |
Net increase (decrease) in net assets resulting from operations | | 77,593,890 | | 53,297,945 |
Distributions to shareholders | | (23,847,306) | | - |
| | | | |
Share transactions - net increase (decrease) | | (41,824,066) | | 6,725,873 |
| | | | |
Total increase (decrease) in net assets | | 11,922,518 | | 60,023,818 |
| | | | |
Net Assets | | | | |
Beginning of period | | 632,256,981 | | 572,233,163 |
End of period | $ | 644,179,499 | $ | 632,256,981 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Japan Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.56 | $ | 13.26 | $ | 20.90 | $ | 17.50 | $ | 15.80 | $ | 14.15 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .08 | | .11 | | .04 | | .02 | | .05 | | .07 |
Net realized and unrealized gain (loss) | | 1.79 | | 1.19 | | (5.58) | | 3.71 | | 1.81 | | 1.58 |
Total from investment operations | | 1.87 | | 1.30 | | (5.54) | | 3.73 | | 1.86 | | 1.65 |
Distributions from net investment income | | (.09) | | - | | (.55) | | (.07) | | (.07) | | - |
Distributions from net realized gain | | (.46) | | - | | (1.55) | | (.25) | | (.09) | | - |
Total distributions | | (.55) | | - | | (2.10) | | (.33) C | | (.16) | | - |
Net asset value, end of period | $ | 15.88 | $ | 14.56 | $ | 13.26 | $ | 20.90 | $ | 17.50 | $ | 15.80 |
Total Return D,E,F | | | | 9.80% | | (29.38)% | | 21.42% | | 11.85% | | 11.66% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .98% I | | 1.22% | | 1.39% | | 1.38% | | 1.37% | | 1.33% |
Expenses net of fee waivers, if any | | | | 1.22% | | 1.39% | | 1.38% | | 1.37% | | 1.32% |
Expenses net of all reductions | | .97% I | | 1.21% | | 1.39% | | 1.38% | | 1.37% | | 1.32% |
Net investment income (loss) | | .98% I | | .69% | | .26% | | .08% | | .35% | | .51% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 17,467 | $ | 15,764 | $ | 13,004 | $ | 20,357 | $ | 16,181 | $ | 16,069 |
Portfolio turnover rate J | | | | 25% | | 26% | | 31% | | 22% | | 27% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Japan Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.44 | $ | 13.19 | $ | 20.76 | $ | 17.40 | $ | 15.71 | $ | 14.11 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .06 | | (.01) | | (.05) | | .01 | | .03 |
Net realized and unrealized gain (loss) | | 1.78 | | 1.19 | | (5.55) | | 3.69 | | 1.80 | | 1.57 |
Total from investment operations | | 1.84 | | 1.25 | | (5.56) | | 3.64 | | 1.81 | | 1.60 |
Distributions from net investment income | | (.04) | | - | | (.46) | | (.02) | | (.03) | | - |
Distributions from net realized gain | | (.46) | | - | | (1.55) | | (.25) | | (.09) | | - |
Total distributions | | (.50) | | - | | (2.01) | | (.28) C | | (.12) | | - |
Net asset value, end of period | $ | 15.78 | $ | 14.44 | $ | 13.19 | $ | 20.76 | $ | 17.40 | $ | 15.71 |
Total Return D,E,F | | | | 9.48% | | (29.55)% | | 21.00% | | 11.55% | | 11.34% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.24% I | | 1.51% | | 1.69% | | 1.70% | | 1.67% | | 1.64% |
Expenses net of fee waivers, if any | | | | 1.50% | | 1.69% | | 1.70% | | 1.67% | | 1.64% |
Expenses net of all reductions | | 1.23% I | | 1.49% | | 1.69% | | 1.70% | | 1.67% | | 1.63% |
Net investment income (loss) | | .73% I | | .42% | | (.04)% | | (.23)% | | .04% | | .19% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,673 | $ | 2,354 | $ | 2,282 | $ | 3,919 | $ | 3,728 | $ | 3,945 |
Portfolio turnover rate J | | | | 25% | | 26% | | 31% | | 22% | | 27% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Japan Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.17 | $ | 13.00 | $ | 20.43 | $ | 17.17 | $ | 15.49 | $ | 13.97 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .02 | | - C | | (.07) | | (.12) | | (.05) | | (.02) |
Net realized and unrealized gain (loss) | | 1.75 | | 1.17 | | (5.49) | | 3.63 | | 1.77 | | 1.54 |
Total from investment operations | | 1.77 | | 1.17 | | (5.56) | | 3.51 | | 1.72 | | 1.52 |
Distributions from net investment income | | - | | - | | (.33) | | (.01) | | - | | - |
Distributions from net realized gain | | (.46) | | - | | (1.55) | | (.25) | | (.04) | | - |
Total distributions | | (.46) | | - | | (1.87) D | | (.25) D | | (.04) | | - |
Net asset value, end of period | $ | 15.48 | $ | 14.17 | $ | 13.00 | $ | 20.43 | $ | 17.17 | $ | 15.49 |
Total Return E,F,G | | | | 9.00% | | (29.85)% | | 20.54% | | 11.09% | | 10.88% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 1.72% J | | 1.94% | | 2.11% | | 2.09% | | 2.06% | | 2.01% |
Expenses net of fee waivers, if any | | | | 1.93% | | 2.10% | | 2.09% | | 2.05% | | 2.00% |
Expenses net of all reductions | | 1.71% J | | 1.93% | | 2.10% | | 2.09% | | 2.05% | | 2.00% |
Net investment income (loss) | | .24% J | | (.02)% | | (.46)% | | (.63)% | | (.34)% | | (.17)% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,056 | $ | 1,779 | $ | 2,179 | $ | 4,778 | $ | 6,167 | $ | 8,829 |
Portfolio turnover rate K | | | | 25% | | 26% | | 31% | | 22% | | 27% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.69 | $ | 13.35 | $ | 21.01 | $ | 17.58 | $ | 15.86 | $ | 14.20 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .10 | | .15 | | .08 | | .08 | | .10 | | .12 |
Net realized and unrealized gain (loss) | | 1.82 | | 1.19 | | (5.60) | | 3.72 | | 1.81 | | 1.59 |
Total from investment operations | | 1.92 | | 1.34 | | (5.52) | | 3.80 | | 1.91 | | 1.71 |
Distributions from net investment income | | (.14) | | - | | (.59) | | (.11) | | (.11) | | (.05) |
Distributions from net realized gain | | (.46) | | - | | (1.55) | | (.25) | | (.09) | | - |
Total distributions | | (.60) | | - | | (2.14) | | (.37) C | | (.19) C | | (.05) |
Net asset value, end of period | $ | 16.01 | $ | 14.69 | $ | 13.35 | $ | 21.01 | $ | 17.58 | $ | 15.86 |
Total Return D,E | | | | 10.04% | | (29.16)% | | 21.75% | | 12.16% | | 12.10% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .72% H | | .96% | | 1.13% | | 1.09% | | 1.06% | | 1.01% |
Expenses net of fee waivers, if any | | | | .95% | | 1.12% | | 1.09% | | 1.06% | | 1.01% |
Expenses net of all reductions | | .71% H | | .95% | | 1.12% | | 1.09% | | 1.06% | | 1.00% |
Net investment income (loss) | | 1.25% H | | .96% | | .52% | | .37% | | .65% | | .82% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 169,186 | $ | 149,990 | $ | 113,015 | $ | 167,954 | $ | 274,433 | $ | 401,344 |
Portfolio turnover rate I | | | | 25% | | 26% | | 31% | | 22% | | 27% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Japan Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.81 | $ | 13.45 | $ | 20.97 | $ | 17.56 | $ | 15.85 | $ | 14.18 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .10 | | .15 | | .09 | | .09 | | .11 | | .13 |
Net realized and unrealized gain (loss) | | 1.83 | | 1.21 | | (5.65) | | 3.71 | | 1.81 | | 1.58 |
Total from investment operations | | 1.93 | | 1.36 | | (5.56) | | 3.80 | | 1.92 | | 1.71 |
Distributions from net investment income | | (.14) | | - | | (.41) | | (.14) | | (.12) | | (.04) |
Distributions from net realized gain | | (.46) | | - | | (1.55) | | (.25) | | (.09) | | - |
Total distributions | | (.60) | | - | | (1.96) | | (.39) | | (.21) | | (.04) |
Net asset value, end of period | $ | 16.14 | $ | 14.81 | $ | 13.45 | $ | 20.97 | $ | 17.56 | $ | 15.85 |
Total Return C,D | | | | 10.11% | | (29.15)% | | 21.80% | | 12.20% | | 12.12% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .74% G | | .94% | | 1.09% | | 1.04% | | 1.01% | | .96% |
Expenses net of fee waivers, if any | | | | .94% | | 1.09% | | 1.04% | | 1.01% | | .96% |
Expenses net of all reductions | | .73% G | | .94% | | 1.09% | | 1.04% | | 1.00% | | .95% |
Net investment income (loss) | | 1.23% G | | .97% | | .56% | | .43% | | .71% | | .87% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 38,077 | $ | 32,712 | $ | 33,320 | $ | 48,887 | $ | 473,859 | $ | 319,164 |
Portfolio turnover rate H | | | | 25% | | 26% | | 31% | | 22% | | 27% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Japan Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.68 | $ | 13.31 | $ | 20.98 | $ | 17.56 | $ | 15.84 | $ | 14.19 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .11 | | .17 | | .11 | | .10 | | .13 | | .14 |
Net realized and unrealized gain (loss) | | 1.80 | | 1.20 | | (5.59) | | 3.72 | | 1.81 | | 1.57 |
Total from investment operations | | 1.91 | | 1.37 | | (5.48) | | 3.82 | | 1.94 | | 1.71 |
Distributions from net investment income | | (.16) | | - | | (.64) | | (.15) | | (.13) | | (.06) |
Distributions from net realized gain | | (.46) | | - | | (1.55) | | (.25) | | (.09) | | - |
Total distributions | | (.62) | | - | | (2.19) | | (.40) | | (.22) | | (.06) |
Net asset value, end of period | $ | 15.97 | $ | 14.68 | $ | 13.31 | $ | 20.98 | $ | 17.56 | $ | 15.84 |
Total Return C,D | | | | 10.29% | | (29.07)% | | 21.93% | | 12.36% | | 12.14% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .58% G | | .80% | | .96% | | .96% | | .92% | | .87% |
Expenses net of fee waivers, if any | | | | .79% | | .96% | | .96% | | .92% | | .87% |
Expenses net of all reductions | | .57% G | | .79% | | .96% | | .96% | | .92% | | .86% |
Net investment income (loss) | | 1.39% G | | 1.12% | | .69% | | .51% | | .79% | | .96% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 414,721 | $ | 429,659 | $ | 408,434 | $ | 585,487 | $ | 8,368 | $ | 8,136 |
Portfolio turnover rate H | | | | 25% | | 26% | | 31% | | 22% | | 27% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Japan, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $175,253,566 |
Gross unrealized depreciation | (65,752,573) |
Net unrealized appreciation (depreciation) | $109,500,993 |
Tax cost | $536,412,080 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Japan Fund | 75,359,502 | 136,911,235 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .88 |
Class M | .88 |
Class C | .86 |
Japan | .87 |
Class I | .87 |
Class Z | .72 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .87 |
Class M | .87 |
Class C | .86 |
Japan | .83 |
Class I | .87 |
Class Z | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Japan Fund | TOPIX |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Japan. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.22)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 22,178 | 2,548 |
Class M | .25% | .25% | 6,638 | 27 |
Class C | .75% | .25% | 10,216 | 3,448 |
| | | 39,032 | 6,023 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 3,413 |
Class M | 66 |
Class CA | 25 |
| 3,504 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .1827 |
Japan | .1937 |
Class I | .1893 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 11,693 | .20 |
Class M | 1,776 | .21 |
Class C | 1,208 | .18 |
Japan | 104,766 | .19 |
Class I | 24,297 | .19 |
Class Z | 57,336 | .04 |
| 201,076 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Japan Fund | .0466 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Japan Fund | .05 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Japan Fund | Borrower | 17,489,214 | 5.57% | 37,852 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Japan Fund | - | 294,358 | 98,368 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Japan Fund | 596 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Japan Fund | 12,893 | - | - |
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Japan Fund | 1,155,600 | 5.83% | 936 |
9. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
Class A | 24 |
Class M | 47 |
Class C | 3 |
| 74 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $28,500.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Japan Fund | | |
Distributions to shareholders | | |
Class A | $601,432 | $ - |
Class M | 80,704 | - |
Class C | 58,025 | - |
Japan | 5,977,883 | - |
Class I | 1,377,391 | - |
Class Z | 15,751,871 | - |
Total | $23,847,306 | $- |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Japan Fund | | | | |
Class A | | | | |
Shares sold | 83,576 | 253,562 | $1,332,646 | $4,046,153 |
Reinvestment of distributions | 37,678 | - | 571,577 | - |
Shares redeemed | (103,748) | (151,426) | (1,654,700) | (2,307,493) |
Net increase (decrease) | 17,506 | 102,136 | $249,523 | $1,738,660 |
Class M | | | | |
Shares sold | 5,740 | 12,539 | $91,987 | $196,973 |
Reinvestment of distributions | 5,341 | - | 80,602 | - |
Shares redeemed | (4,736) | (22,565) | (74,900) | (338,510) |
Net increase (decrease) | 6,345 | (10,026) | $97,689 | $(141,537) |
Class C | | | | |
Shares sold | 19,748 | 39,644 | $304,498 | $604,997 |
Reinvestment of distributions | 3,913 | - | 58,025 | - |
Shares redeemed | (16,402) | (81,701) | (253,842) | (1,220,282) |
Net increase (decrease) | 7,259 | (42,057) | $108,681 | $(615,285) |
Japan | | | | |
Shares sold | 1,802,620 | 4,480,372 | $29,219,879 | $70,308,105 |
Reinvestment of distributions | 360,541 | - | 5,509,063 | - |
Shares redeemed | (1,800,412) | (2,739,105) | (28,842,105) | (42,188,958) |
Net increase (decrease) | 362,749 | 1,741,267 | $5,886,837 | $28,119,147 |
Class I | | | | |
Shares sold | 647,354 | 2,062,944 | $10,453,999 | $32,061,275 |
Reinvestment of distributions | 86,366 | - | 1,330,039 | - |
Shares redeemed | (582,454) | (2,330,965) | (9,419,528) | (34,977,085) |
Net increase (decrease) | 151,266 | (268,021) | $2,364,510 | $(2,915,810) |
Class Z | | | | |
Shares sold | 6,679,073 | 5,627,405 | $101,405,712 | $89,494,212 |
Reinvestment of distributions | 630,507 | - | 9,602,617 | - |
Shares redeemed | (10,615,795) | (7,035,462) | (161,539,635) | (108,953,514) |
Net increase (decrease) | (3,306,215) | (1,408,057) | $(50,531,306) | $(19,459,302) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund |
Fidelity Japan Fund | 24% | 39% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity Japan Fund | 63% |
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
INPEX Corp. (Oil, Gas & Consumable Fuels) | 3.5 | |
Yamato Kogyo Co. Ltd. (Metals & Mining) | 2.6 | |
Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 2.5 | |
Money Forward, Inc. (Software) | 2.3 | |
Suzuki Motor Corp. (Automobiles) | 2.2 | |
Mitsubishi Heavy Industries Ltd. (Machinery) | 2.2 | |
SWCC Showa Holdings Co. Ltd. (Electrical Equipment) | 2.1 | |
Kyoto Financial Group, Inc. (Banks) | 2.0 | |
Amano Corp. (Electronic Equipment, Instruments & Components) | 2.0 | |
Kansai Electric Power Co., Inc. (Electric Utilities) | 2.0 | |
| 23.4 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 23.2 | |
Information Technology | 19.1 | |
Consumer Discretionary | 13.9 | |
Financials | 12.6 | |
Materials | 10.3 | |
Consumer Staples | 5.9 | |
Energy | 4.8 | |
Utilities | 3.3 | |
Health Care | 2.6 | |
Communication Services | 1.6 | |
Real Estate | 0.4 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Japan Smaller Companies Fund
Common Stocks - 97.7% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 1.6% | | | |
Entertainment - 1.6% | | | |
Capcom Co. Ltd. | | 415,400 | 6,838,498 |
CONSUMER DISCRETIONARY - 13.9% | | | |
Automobiles - 3.2% | | | |
Subaru Corp. | | 199,000 | 4,443,469 |
Suzuki Motor Corp. | | 839,600 | 9,777,802 |
| | | 14,221,271 |
Broadline Retail - 1.8% | | | |
Pan Pacific International Holdings Ltd. | | 329,500 | 7,738,646 |
Distributors - 1.7% | | | |
Central Automotive Products Ltd. | | 198,100 | 7,251,468 |
Hotels, Restaurants & Leisure - 1.2% | | | |
Koshidaka Holdings Co. Ltd. | | 927,800 | 5,075,716 |
Leisure Products - 0.9% | | | |
Roland Corp. | | 88,900 | 2,416,726 |
YONEX Co. Ltd. | | 212,400 | 1,693,770 |
| | | 4,110,496 |
Specialty Retail - 4.3% | | | |
ABC-MART, Inc. | | 273,000 | 5,437,692 |
Fast Retailing Co. Ltd. | | 22,900 | 5,987,642 |
Fuji Corp. (a) | | 633,600 | 7,359,461 |
| | | 18,784,795 |
Textiles, Apparel & Luxury Goods - 0.8% | | | |
Fujibo Holdings, Inc. | | 137,000 | 3,621,377 |
TOTAL CONSUMER DISCRETIONARY | | | 60,803,769 |
CONSUMER STAPLES - 5.9% | | | |
Beverages - 1.6% | | | |
Asahi Group Holdings | | 211,000 | 7,218,096 |
Consumer Staples Distribution & Retail - 0.7% | | | |
Kato Sangyo | | 110,500 | 3,204,499 |
Food Products - 3.6% | | | |
Ajinomoto Co., Inc. | | 156,600 | 5,822,619 |
Kotobuki Spirits Co. Ltd. | | 459,300 | 4,729,214 |
Toyo Suisan Kaisha Ltd. | | 80,500 | 5,034,013 |
| | | 15,585,846 |
TOTAL CONSUMER STAPLES | | | 26,008,441 |
ENERGY - 4.8% | | | |
Oil, Gas & Consumable Fuels - 4.8% | | | |
ENEOS Holdings, Inc. | | 1,218,700 | 5,630,656 |
INPEX Corp. | | 1,014,700 | 15,200,007 |
| | | 20,830,663 |
FINANCIALS - 12.6% | | | |
Banks - 4.5% | | | |
Chiba Bank Ltd. | | 819,000 | 6,918,148 |
Hokuhoku Financial Group, Inc. | | 306,000 | 3,753,685 |
Kyoto Financial Group, Inc. | | 500,100 | 8,901,365 |
| | | 19,573,198 |
Consumer Finance - 1.4% | | | |
Credit Saison Co. Ltd. | | 332,400 | 6,135,825 |
Financial Services - 0.7% | | | |
Zenkoku Hosho Co. Ltd. | | 91,800 | 3,223,278 |
Insurance - 6.0% | | | |
FP Partner, Inc. | | 68,000 | 2,165,549 |
Lifenet Insurance Co. (a)(b) | | 322,400 | 2,846,726 |
Sompo Holdings, Inc. | | 351,300 | 6,952,273 |
T&D Holdings, Inc. | | 394,200 | 6,432,292 |
Tokio Marine Holdings, Inc. | | 255,700 | 8,081,755 |
| | | 26,478,595 |
TOTAL FINANCIALS | | | 55,410,896 |
HEALTH CARE - 2.6% | | | |
Health Care Providers & Services - 0.7% | | | |
As One Corp. | | 184,200 | 3,034,746 |
Pharmaceuticals - 1.9% | | | |
Eisai Co. Ltd. | | 103,600 | 4,254,754 |
Santen Pharmaceutical Co. Ltd. | | 437,000 | 4,221,021 |
| | | 8,475,775 |
TOTAL HEALTH CARE | | | 11,510,521 |
INDUSTRIALS - 23.2% | | | |
Construction & Engineering - 0.7% | | | |
Raito Kogyo Co. Ltd. | | 233,900 | 3,039,228 |
Electrical Equipment - 3.5% | | | |
Fuji Electric Co. Ltd. | | 99,500 | 6,189,291 |
SWCC Showa Holdings Co. Ltd. | | 346,600 | 9,138,819 |
| | | 15,328,110 |
Ground Transportation - 1.4% | | | |
Kyushu Railway Co. | | 285,200 | 6,136,341 |
Machinery - 5.2% | | | |
CKD Corp. | | 226,500 | 4,233,064 |
IHI Corp. | | 190,200 | 4,554,178 |
Minebea Mitsumi, Inc. | | 226,200 | 4,236,806 |
Mitsubishi Heavy Industries Ltd. | | 1,073,000 | 9,593,819 |
| | | 22,617,867 |
Marine Transportation - 1.0% | | | |
Nippon Concept Corp. | | 379,200 | 4,353,672 |
Professional Services - 4.8% | | | |
Funai Soken Holdings, Inc. | | 262,780 | 3,975,643 |
Open Up Group, Inc. | | 373,100 | 4,726,366 |
Rise Consulting Group, Inc. | | 329,300 | 1,652,266 |
TKC Corp. | | 206,900 | 4,761,390 |
Visional, Inc. (b) | | 132,600 | 6,050,310 |
| | | 21,165,975 |
Trading Companies & Distributors - 5.2% | | | |
Hanwa Co. Ltd. | | 140,250 | 5,396,314 |
Inaba Denki Sangyo Co. Ltd. | | 192,500 | 4,491,132 |
Itochu Corp. | | 115,000 | 5,188,199 |
Mitani Shoji Co. Ltd. | | 281,800 | 2,973,939 |
Senshu Electric Co. Ltd. (a) | | 137,100 | 4,777,673 |
| | | 22,827,257 |
Transportation Infrastructure - 1.4% | | | |
Kamigumi Co. Ltd. | | 294,300 | 6,355,582 |
TOTAL INDUSTRIALS | | | 101,824,032 |
INFORMATION TECHNOLOGY - 19.1% | | | |
Electronic Equipment, Instruments & Components - 8.3% | | | |
Amano Corp. | | 365,800 | 8,797,955 |
Azbil Corp. | | 151,400 | 4,228,602 |
Dexerials Corp. | | 141,500 | 5,300,114 |
Ibiden Co. Ltd. | | 89,700 | 3,409,812 |
Maruwa Ceramic Co. Ltd. | | 37,300 | 7,860,149 |
Riken Keiki Co. Ltd. | | 127,400 | 3,117,313 |
Shibaura Electronics Co. Ltd. | | 97,900 | 3,790,263 |
| | | 36,504,208 |
IT Services - 3.8% | | | |
Argo Graphics, Inc. | | 266,700 | 6,841,862 |
Net One Systems Co. Ltd. | | 217,000 | 3,630,981 |
NSD Co. Ltd. | | 308,900 | 6,037,753 |
| | | 16,510,596 |
Semiconductors & Semiconductor Equipment - 3.8% | | | |
Renesas Electronics Corp. | | 663,600 | 10,774,045 |
Sumco Corp. | | 395,157 | 5,893,102 |
| | | 16,667,147 |
Software - 2.3% | | | |
Money Forward, Inc. (b) | | 290,450 | 10,113,867 |
Technology Hardware, Storage & Peripherals - 0.9% | | | |
FUJIFILM Holdings Corp. | | 193,800 | 4,122,608 |
TOTAL INFORMATION TECHNOLOGY | | | 83,918,426 |
MATERIALS - 10.3% | | | |
Chemicals - 5.3% | | | |
C. Uyemura & Co. Ltd. | | 98,000 | 6,414,746 |
Fujimi, Inc. | | 160,900 | 3,489,878 |
NOF Corp. | | 367,200 | 4,926,330 |
Osaka Soda Co. Ltd. | | 80,400 | 4,715,338 |
Tokyo Ohka Kogyo Co. Ltd. | | 147,200 | 3,903,492 |
| | | 23,449,784 |
Construction Materials - 1.0% | | | |
Maeda Kosen Co. Ltd. | | 190,000 | 4,158,131 |
Metals & Mining - 4.0% | | | |
Dowa Holdings Co. Ltd. | | 158,500 | 5,935,350 |
Yamato Kogyo Co. Ltd. | | 215,700 | 11,589,387 |
| | | 17,524,737 |
TOTAL MATERIALS | | | 45,132,652 |
REAL ESTATE - 0.4% | | | |
Real Estate Management & Development - 0.4% | | | |
Relo Group, Inc. | | 209,215 | 1,818,624 |
UTILITIES - 3.3% | | | |
Electric Utilities - 2.0% | | | |
Kansai Electric Power Co., Inc. | | 573,200 | 8,586,205 |
Gas Utilities - 1.3% | | | |
Nippon Gas Co. Ltd. | | 357,400 | 5,828,913 |
TOTAL UTILITIES | | | 14,415,118 |
TOTAL COMMON STOCKS (Cost $335,505,454) | | | 428,511,640 |
| | | |
Money Market Funds - 0.5% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (c) | | 592,448 | 592,566 |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 1,695,001 | 1,695,170 |
TOTAL MONEY MARKET FUNDS (Cost $2,287,736) | | | 2,287,736 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 98.2% (Cost $337,793,190) | 430,799,376 |
NET OTHER ASSETS (LIABILITIES) - 1.8% | 7,846,486 |
NET ASSETS - 100.0% | 438,645,862 |
| |
Legend
(a) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 163,542 | 15,227,520 | 14,798,490 | 9,763 | (6) | - | 592,566 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 13,158,092 | 126,817,832 | 138,280,754 | 42,629 | - | - | 1,695,170 | 0.0% |
Total | 13,321,634 | 142,045,352 | 153,079,244 | 52,392 | (6) | - | 2,287,736 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 6,838,498 | - | 6,838,498 | - |
Consumer Discretionary | 60,803,769 | - | 60,803,769 | - |
Consumer Staples | 26,008,441 | - | 26,008,441 | - |
Energy | 20,830,663 | - | 20,830,663 | - |
Financials | 55,410,896 | - | 55,410,896 | - |
Health Care | 11,510,521 | - | 11,510,521 | - |
Industrials | 101,824,032 | - | 101,824,032 | - |
Information Technology | 83,918,426 | - | 83,918,426 | - |
Materials | 45,132,652 | - | 45,132,652 | - |
Real Estate | 1,818,624 | - | 1,818,624 | - |
Utilities | 14,415,118 | - | 14,415,118 | - |
|
Money Market Funds | 2,287,736 | 2,287,736 | - | - |
Total Investments in Securities: | 430,799,376 | 2,287,736 | 428,511,640 | - |
Fidelity® Japan Smaller Companies Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $1,567,321) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $335,505,454) | $ | 428,511,640 | | |
Fidelity Central Funds (cost $2,287,736) | | 2,287,736 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $337,793,190) | | | $ | 430,799,376 |
Foreign currency held at value (cost $5,161,421) | | | | 5,015,602 |
Receivable for investments sold | | | | 4,813,719 |
Receivable for fund shares sold | | | | 200,317 |
Dividends receivable | | | | 4,310,222 |
Distributions receivable from Fidelity Central Funds | | | | 7,558 |
Prepaid expenses | | | | 140 |
Total assets | | | | 445,146,934 |
Liabilities | | | | |
Payable for investments purchased | $ | 4,438,964 | | |
Payable for fund shares redeemed | | 12,754 | | |
Accrued management fee | | 310,985 | | |
Other payables and accrued expenses | | 43,199 | | |
Collateral on securities loaned | | 1,695,170 | | |
Total liabilities | | | | 6,501,072 |
Net Assets | | | $ | 438,645,862 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 359,924,407 |
Total accumulated earnings (loss) | | | | 78,721,455 |
Net Assets | | | $ | 438,645,862 |
Net Asset Value, offering price and redemption price per share ($438,645,862 ÷ 29,049,454 shares) | | | $ | 15.10 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 5,926,600 |
Income from Fidelity Central Funds (including $42,629 from security lending) | | | | 52,392 |
Income before foreign taxes withheld | | | $ | 5,978,992 |
Less foreign taxes withheld | | | | (594,906) |
Total income | | | | 5,384,086 |
Expenses | | | | |
Management fee | $ | 1,670,250 | | |
Transfer agent fees | | 234,926 | | |
Accounting fees | | 76,922 | | |
Custodian fees and expenses | | 17,300 | | |
Independent trustees' fees and expenses | | 1,175 | | |
Registration fees | | 16,729 | | |
Audit | | 28,998 | | |
Legal | | 247 | | |
Interest | | 9,747 | | |
Miscellaneous | | 844 | | |
Total expenses before reductions | | 2,057,138 | | |
Expense reductions | | (20,801) | | |
Total expenses after reductions | | | | 2,036,337 |
Net Investment income (loss) | | | | 3,347,749 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (2,977,818) | | |
Fidelity Central Funds | | (6) | | |
Foreign currency transactions | | (328,983) | | |
Total net realized gain (loss) | | | | (3,306,807) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 58,771,315 | | |
Assets and liabilities in foreign currencies | | 114,885 | | |
Total change in net unrealized appreciation (depreciation) | | | | 58,886,200 |
Net gain (loss) | | | | 55,579,393 |
Net increase (decrease) in net assets resulting from operations | | | $ | 58,927,142 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 3,347,749 | $ | 5,244,318 |
Net realized gain (loss) | | (3,306,807) | | 17,301,493 |
Change in net unrealized appreciation (depreciation) | | 58,886,200 | | 7,606,221 |
Net increase (decrease) in net assets resulting from operations | | 58,927,142 | | 30,152,032 |
Distributions to shareholders | | (13,096,272) | | (198,124) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 17,566,606 | | 104,318,260 |
Reinvestment of distributions | | 12,571,486 | | 192,250 |
Cost of shares redeemed | | (73,192,685) | | (63,019,461) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (43,054,593) | | 41,491,049 |
Total increase (decrease) in net assets | | 2,776,277 | | 71,444,957 |
| | | | |
Net Assets | | | | |
Beginning of period | | 435,869,585 | | 364,424,628 |
End of period | $ | 438,645,862 | $ | 435,869,585 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 1,163,901 | | 7,080,855 |
Issued in reinvestment of distributions | | 873,020 | | 14,575 |
Redeemed | | (4,846,428) | | (4,466,160) |
Net increase (decrease) | | (2,809,507) | | 2,629,270 |
| | | | |
Financial Highlights
Fidelity® Japan Smaller Companies Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.68 | $ | 12.47 | $ | 17.92 | $ | 16.64 | $ | 17.60 | $ | 17.12 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .11 | | .18 | | .19 | | .20 | | .16 | | .22 |
Net realized and unrealized gain (loss) | | 1.74 | | 1.04 | | (3.75) | | 1.36 | | .11 | | 1.10 |
Total from investment operations | | 1.85 | | 1.22 | | (3.56) | | 1.56 | | .27 | | 1.32 |
Distributions from net investment income | | (.33) | | (.01) | | (.51) | | (.19) | | (.23) | | (.11) |
Distributions from net realized gain | | (.10) | | - | | (1.38) | | (.10) | | (1.00) | | (.73) |
Total distributions | | (.43) | | (.01) | | (1.89) | | (.28) C | | (1.23) | | (.84) |
Net asset value, end of period | $ | 15.10 | $ | 13.68 | $ | 12.47 | $ | 17.92 | $ | 16.64 | $ | 17.60 |
Total Return D,E | | | | 9.76% | | (21.95)% | | 9.44% | | 1.31% | | 8.22% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .89% H | | .92% | | .91% | | .91% | | .92% | | .93% |
Expenses net of fee waivers, if any | | | | .91% | | .91% | | .91% | | .92% | | .93% |
Expenses net of all reductions | | .88% H | | .91% | | .91% | | .91% | | .92% | | .93% |
Net investment income (loss) | | 1.45% H | | 1.26% | | 1.33% | | 1.13% | | 1.02% | | 1.31% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 438,646 | $ | 435,870 | $ | 364,425 | $ | 501,214 | $ | 523,774 | $ | 685,651 |
Portfolio turnover rate I | | | | 36% | | 38% | | 23% | | 20% | | 16% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $99,505,157 |
Gross unrealized depreciation | (17,403,164) |
Net unrealized appreciation (depreciation) | $82,101,993 |
Tax cost | $348,697,383 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Japan Smaller Companies Fund | 51,733,731 | 100,312,536 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity Japan Smaller Companies Fund | .84 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity Japan Smaller Companies Fund | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1535%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .15% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Japan Smaller Companies Fund | .0497 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Japan Smaller Companies Fund | .05 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Japan Smaller Companies Fund | Borrower | 7,880,125 | 5.57% | 9,747 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Japan Smaller Companies Fund | 241,483 | 7,852,683 | 3,726,851 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Japan Smaller Companies Fund | 424 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Japan Smaller Companies Fund | 4,568 | - | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $20,801.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity International Fund | Strategic Advisers International Fund | VIP Funds Manager 60% Portfolio |
Fidelity Japan Smaller Companies Fund | 10% | 20% | 10% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity Japan Smaller Companies Fund | 53% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Genomma Lab Internacional SA de CV (Mexico, Pharmaceuticals) | 10.8 | |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) | 9.2 | |
Afya Ltd. (Brazil, Diversified Consumer Services) | 6.4 | |
Itausa-Investimentos Itau SA (PN) (Brazil, Banks) | 4.8 | |
Hypera SA (Brazil, Pharmaceuticals) | 4.5 | |
Caixa Seguridade Participacoes (Brazil, Insurance) | 4.5 | |
Sendas Distribuidora SA (Brazil, Consumer Staples Distribution & Retail) | 4.4 | |
Intercorp Financial Services, Inc. (Peru, Banks) | 4.0 | |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA (Brazil, Ground Transportation) | 4.0 | |
Qualitas Controladora S.A.B. de CV (Mexico, Insurance) | 3.8 | |
| 56.4 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 31.7 | |
Health Care | 22.0 | |
Consumer Staples | 10.3 | |
Energy | 9.2 | |
Consumer Discretionary | 9.1 | |
Industrials | 7.4 | |
Materials | 5.6 | |
Utilities | 3.6 | |
|
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of April 30, 2024, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Latin America Fund
Common Stocks - 82.9% |
| | Shares | Value ($) |
Brazil - 44.2% | | | |
Afya Ltd. (a) | | 888,331 | 15,305,943 |
Atacadao SA | | 4,008,263 | 8,622,327 |
Caixa Seguridade Participacoes | | 3,616,219 | 10,905,903 |
CM Hospitalar SA (a) | | 3,211,887 | 3,117,496 |
Equatorial Energia SA | | 1,449,559 | 8,539,462 |
Hapvida Participacoes e Investimentos SA (a)(b) | | 8,454,210 | 6,007,787 |
Hypera SA (a) | | 1,918,855 | 10,908,716 |
PagSeguro Digital Ltd. (a) | | 680,413 | 8,471,142 |
Sendas Distribuidora SA | | 4,231,165 | 10,690,769 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 6,976,756 | 9,552,967 |
Vasta Platform Ltd. (a) | | 1,725,714 | 6,557,713 |
XP, Inc. Class A | | 372,117 | 7,617,235 |
TOTAL BRAZIL | | | 106,297,460 |
Mexico - 27.0% | | | |
Banco del Bajio SA (b) | | 2,016,201 | 7,433,607 |
Becle S.A.B. de CV (c) | | 2,778,531 | 5,644,404 |
Genomma Lab Internacional SA de CV (c) | | 26,714,569 | 26,058,427 |
Grupo Aeroportuario Norte S.A.B. de CV | | 736,823 | 8,157,603 |
Qualitas Controladora S.A.B. de CV (c) | | 698,319 | 9,131,966 |
Regional S.A.B. de CV (c) | | 948,024 | 8,562,280 |
TOTAL MEXICO | | | 64,988,287 |
Peru - 6.9% | | | |
Auna SA (c) | | 1,020,707 | 6,940,808 |
Intercorp Financial Services, Inc. | | 448,354 | 9,558,907 |
TOTAL PERU | | | 16,499,715 |
Sweden - 1.2% | | | |
VEF AB (a) | | 14,010,796 | 2,905,037 |
United States of America - 3.6% | | | |
GCC S.A.B. de CV | | 751,657 | 8,555,264 |
TOTAL COMMON STOCKS (Cost $211,413,417) | | | 199,245,763 |
| | | |
Nonconvertible Preferred Stocks - 16.0% |
| | Shares | Value ($) |
Brazil - 16.0% | | | |
Itausa-Investimentos Itau SA (PN) | | 6,332,709 | 11,659,034 |
Metalurgica Gerdau SA (PN) | | 2,311,074 | 4,708,848 |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | | 2,732,566 | 22,112,703 |
| | | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $22,831,256) | | | 38,480,585 |
| | | |
Money Market Funds - 3.9% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) | | 902,022 | 902,203 |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 8,506,554 | 8,507,405 |
TOTAL MONEY MARKET FUNDS (Cost $9,409,608) | | | 9,409,608 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $243,654,281) | 247,135,956 |
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (6,731,811) |
NET ASSETS - 100.0% | 240,404,145 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,441,394 or 5.6% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | - | 31,965,610 | 31,063,486 | 42,313 | 79 | - | 902,203 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 4,830,855 | 32,073,041 | 28,396,491 | 8,729 | - | - | 8,507,405 | 0.0% |
Total | 4,830,855 | 64,038,651 | 59,459,977 | 51,042 | 79 | - | 9,409,608 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Consumer Discretionary | 21,863,656 | 21,863,656 | - | - |
Consumer Staples | 24,957,500 | 24,957,500 | - | - |
Energy | 22,112,703 | 22,112,703 | - | - |
Financials | 76,245,111 | 76,245,111 | - | - |
Health Care | 53,033,234 | 53,033,234 | - | - |
Industrials | 17,710,570 | 17,710,570 | - | - |
Materials | 13,264,112 | 13,264,112 | - | - |
Utilities | 8,539,462 | 8,539,462 | - | - |
|
Money Market Funds | 9,409,608 | 9,409,608 | - | - |
Total Investments in Securities: | 247,135,956 | 247,135,956 | - | - |
Fidelity® Latin America Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $7,824,602) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $234,244,673) | $ | 237,726,348 | | |
Fidelity Central Funds (cost $9,409,608) | | 9,409,608 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $243,654,281) | | | $ | 247,135,956 |
Receivable for fund shares sold | | | | 31,345 |
Dividends receivable | | | | 2,065,680 |
Distributions receivable from Fidelity Central Funds | | | | 7,126 |
Prepaid expenses | | | | 95 |
Total assets | | | | 249,240,202 |
Liabilities | | | | |
Payable for fund shares redeemed | $ | 64,400 | | |
Accrued management fee | | 181,409 | | |
Distribution and service plan fees payable | | 5,079 | | |
Other payables and accrued expenses | | 80,343 | | |
Collateral on securities loaned | | 8,504,826 | | |
Total liabilities | | | | 8,836,057 |
Net Assets | | | $ | 240,404,145 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 314,789,293 |
Total accumulated earnings (loss) | | | | (74,385,148) |
Net Assets | | | $ | 240,404,145 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($12,831,741 ÷ 668,614 shares)(a) | | | $ | 19.19 |
Maximum offering price per share (100/94.25 of $19.19) | | | $ | 20.36 |
Class M : | | | | |
Net Asset Value and redemption price per share ($2,602,310 ÷ 135,214 shares)(a) | | | $ | 19.25 |
Maximum offering price per share (100/96.50 of $19.25) | | | $ | 19.95 |
Class C : | | | | |
Net Asset Value and offering price per share ($1,453,312 ÷ 74,903 shares)(a) | | | $ | 19.40 |
Latin America : | | | | |
Net Asset Value, offering price and redemption price per share ($219,883,480 ÷ 11,480,909 shares) | | | $ | 19.15 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($3,015,188 ÷ 157,747 shares) | | | $ | 19.11 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($618,114 ÷ 32,210 shares) | | | $ | 19.19 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 6,385,137 |
Income from Fidelity Central Funds (including $8,729 from security lending) | | | | 51,042 |
Income before foreign taxes withheld | | | $ | 6,436,179 |
Less foreign taxes withheld | | | | (270,596) |
Total income | | | | 6,165,583 |
Expenses | | | | |
Management fee | $ | 987,803 | | |
Transfer agent fees | | 188,179 | | |
Distribution and service plan fees | | 32,196 | | |
Accounting fees | | 45,218 | | |
Custodian fees and expenses | | 40,645 | | |
Independent trustees' fees and expenses | | 684 | | |
Registration fees | | 44,995 | | |
Audit | | 35,113 | | |
Legal | | 1,333 | | |
Miscellaneous | | 533 | | |
Total expenses before reductions | | 1,376,699 | | |
Expense reductions | | (12,350) | | |
Total expenses after reductions | | | | 1,364,349 |
Net Investment income (loss) | | | | 4,801,234 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 3,132,303 | | |
Fidelity Central Funds | | 79 | | |
Foreign currency transactions | | (24,828) | | |
Total net realized gain (loss) | | | | 3,107,554 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 22,040,399 | | |
Assets and liabilities in foreign currencies | | (18,359) | | |
Total change in net unrealized appreciation (depreciation) | | | | 22,022,040 |
Net gain (loss) | | | | 25,129,594 |
Net increase (decrease) in net assets resulting from operations | | | $ | 29,930,828 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 4,801,234 | $ | 14,702,353 |
Net realized gain (loss) | | 3,107,554 | | (191,243) |
Change in net unrealized appreciation (depreciation) | | 22,022,040 | | (36,891,605) |
Net increase (decrease) in net assets resulting from operations | | 29,930,828 | | (22,380,495) |
Distributions to shareholders | | (11,562,386) | | (21,810,363) |
| | | | |
Share transactions - net increase (decrease) | | (18,226,373) | | (262,025) |
| | | | |
Total increase (decrease) in net assets | | 142,069 | | (44,452,883) |
| | | | |
Net Assets | | | | |
Beginning of period | | 240,262,076 | | 284,714,959 |
End of period | $ | 240,404,145 | $ | 240,262,076 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Latin America Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.89 | $ | 21.18 | $ | 19.37 | $ | 17.40 | $ | 28.36 | $ | 21.98 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .34 | | 1.02 | | 1.60 | | .15 | | .04 | | .69 |
Net realized and unrealized gain (loss) | | 1.79 | | (2.73) | | .68 | | 1.82 | | (10.40) | | 6.11 |
Total from investment operations | | 2.13 | | (1.71) | | 2.28 | | 1.97 | | (10.36) | | 6.80 |
Distributions from net investment income | | (.83) | | (1.58) | | (.47) | | - C | | (.60) | | (.42) |
Total distributions | | (.83) | | (1.58) | | (.47) | | - C | | (.60) | | (.42) |
Net asset value, end of period | $ | 19.19 | $ | 17.89 | $ | 21.18 | $ | 19.37 | $ | 17.40 | $ | 28.36 |
Total Return D,E,F | | | | (8.07)% | | 12.17% | | 11.34% | | (37.31)% | | 31.60% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.26% I | | 1.33% | | 1.32% | | 1.33% | | 1.36% | | 1.36% |
Expenses net of fee waivers, if any | | | | 1.32% | | 1.32% | | 1.33% | | 1.35% | | 1.36% |
Expenses net of all reductions | | 1.25% I | | 1.32% | | 1.32% | | 1.33% | | 1.33% | | 1.36% |
Net investment income (loss) | | 3.36% I | | 5.29% | | 7.98% | | .70% | | .18% | | 2.81% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 12,832 | $ | 12,309 | $ | 13,309 | $ | 10,217 | $ | 9,131 | $ | 17,953 |
Portfolio turnover rate J | | | | 37% | | 48% | | 33% | | 54% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Latin America Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.91 | $ | 21.19 | $ | 19.35 | $ | 17.44 | $ | 28.41 | $ | 22.00 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .32 | | .98 | | 1.55 | | .10 | | (.02) | | .63 |
Net realized and unrealized gain (loss) | | 1.80 | | (2.73) | | .69 | | 1.81 | | (10.42) | | 6.13 |
Total from investment operations | | 2.12 | | (1.75) | | 2.24 | | 1.91 | | (10.44) | | 6.76 |
Distributions from net investment income | | (.78) | | (1.53) | | (.40) | | - | | (.53) | | (.35) |
Total distributions | | (.78) | | (1.53) | | (.40) | | - | | (.53) | | (.35) |
Net asset value, end of period | $ | 19.25 | $ | 17.91 | $ | 21.19 | $ | 19.35 | $ | 17.44 | $ | 28.41 |
Total Return C,D,E | | | | (8.30)% | | 11.92% | | 10.95% | | (37.45)% | | 31.26% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.50% H | | 1.58% | | 1.58% | | 1.59% | | 1.62% | | 1.64% |
Expenses net of fee waivers, if any | | | | 1.57% | | 1.58% | | 1.59% | | 1.61% | | 1.63% |
Expenses net of all reductions | | 1.49% H | | 1.56% | | 1.58% | | 1.59% | | 1.59% | | 1.63% |
Net investment income (loss) | | 3.12% H | | 5.06% | | 7.72% | | .44% | | (.09)% | | 2.54% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,602 | $ | 2,606 | $ | 3,024 | $ | 2,701 | $ | 2,912 | $ | 6,032 |
Portfolio turnover rate I | | | | 37% | | 48% | | 33% | | 54% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Latin America Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 18.04 | $ | 21.33 | $ | 19.45 | $ | 17.61 | $ | 28.67 | $ | 22.16 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .27 | | .88 | | 1.46 | | (.01) | | (.13) | | .51 |
Net realized and unrealized gain (loss) | | 1.80 | | (2.74) | | .71 | | 1.85 | | (10.56) | | 6.21 |
Total from investment operations | | 2.07 | | (1.86) | | 2.17 | | 1.84 | | (10.69) | | 6.72 |
Distributions from net investment income | | (.71) | | (1.43) | | (.29) | | - | | (.37) | | (.21) |
Total distributions | | (.71) | | (1.43) | | (.29) | | - | | (.37) | | (.21) |
Net asset value, end of period | $ | 19.40 | $ | 18.04 | $ | 21.33 | $ | 19.45 | $ | 17.61 | $ | 28.67 |
Total Return C,D,E | | | | (8.77)% | | 11.36% | | 10.45% | | (37.78)% | | 30.62% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 2.02% H | | 2.08% | | 2.08% | | 2.08% | | 2.11% | | 2.12% |
Expenses net of fee waivers, if any | | | | 2.07% | | 2.07% | | 2.08% | | 2.11% | | 2.12% |
Expenses net of all reductions | | 2.01% H | | 2.07% | | 2.07% | | 2.08% | | 2.09% | | 2.12% |
Net investment income (loss) | | 2.60% H | | 4.54% | | 7.22% | | (.05)% | | (.58)% | | 2.06% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,453 | $ | 1,134 | $ | 946 | $ | 656 | $ | 810 | $ | 3,438 |
Portfolio turnover rate I | | | | 37% | | 48% | | 33% | | 54% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Latin America Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.87 | $ | 21.17 | $ | 19.36 | $ | 17.36 | $ | 28.30 | $ | 21.94 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .36 | | 1.07 | | 1.65 | | .22 | | .10 | | .77 |
Net realized and unrealized gain (loss) | | 1.79 | | (2.74) | | .69 | | 1.79 | | (10.36) | | 6.09 |
Total from investment operations | | 2.15 | | (1.67) | | 2.34 | | 2.01 | | (10.26) | | 6.86 |
Distributions from net investment income | | (.87) | | (1.63) | | (.53) | | (.01) | | (.68) | | (.50) |
Total distributions | | (.87) | | (1.63) | | (.53) | | (.01) | | (.68) | | (.50) |
Net asset value, end of period | $ | 19.15 | $ | 17.87 | $ | 21.17 | $ | 19.36 | $ | 17.36 | $ | 28.30 |
Total Return C,D | | | | (7.88)% | | 12.55% | | 11.58% | | (37.13)% | | 32.06% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | 1.01% G | | 1.07% | | 1.06% | | 1.04% | | 1.05% | | 1.05% |
Expenses net of fee waivers, if any | | | | 1.06% | | 1.05% | | 1.04% | | 1.05% | | 1.04% |
Expenses net of all reductions | | 1.00% G | | 1.06% | | 1.05% | | 1.04% | | 1.03% | | 1.04% |
Net investment income (loss) | | 3.62% G | | 5.55% | | 8.24% | | .99% | | .48% | | 3.13% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 219,883 | $ | 217,336 | $ | 262,361 | $ | 262,484 | $ | 277,942 | $ | 517,901 |
Portfolio turnover rate H | | | | 37% | | 48% | | 33% | | 54% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Latin America Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.85 | $ | 21.15 | $ | 19.34 | $ | 17.34 | $ | 28.28 | $ | 21.92 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .37 | | 1.07 | | 1.67 | | .23 | | .12 | | .78 |
Net realized and unrealized gain (loss) | | 1.78 | | (2.73) | | .67 | | 1.78 | | (10.34) | | 6.08 |
Total from investment operations | | 2.15 | | (1.66) | | 2.34 | | 2.01 | | (10.22) | | 6.86 |
Distributions from net investment income | | (.89) | | (1.64) | | (.53) | | (.01) | | (.72) | | (.50) |
Total distributions | | (.89) | | (1.64) | | (.53) | | (.01) | | (.72) | | (.50) |
Net asset value, end of period | $ | 19.11 | $ | 17.85 | $ | 21.15 | $ | 19.34 | $ | 17.34 | $ | 28.28 |
Total Return C,D | | | | (7.83)% | | 12.57% | | 11.60% | | (37.07)% | | 32.09% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .97% G | | 1.02% | | 1.02% | | 1.00% | | .99% | | 1.01% |
Expenses net of fee waivers, if any | | | | 1.02% | | 1.02% | | 1.00% | | .99% | | 1.00% |
Expenses net of all reductions | | .97% G | | 1.02% | | 1.02% | | 1.00% | | .97% | | 1.00% |
Net investment income (loss) | | 3.65% G | | 5.60% | | 8.28% | | 1.04% | | .54% | | 3.17% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 3,015 | $ | 6,213 | $ | 3,960 | $ | 2,768 | $ | 3,508 | $ | 7,124 |
Portfolio turnover rate H | | | | 37% | | 48% | | 33% | | 54% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Latin America Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.92 | $ | 21.14 | $ | 19.35 | $ | 17.32 | $ | 28.24 | $ | 21.92 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .38 | | 1.10 | | 1.70 | | .26 | | .14 | | .85 |
Net realized and unrealized gain (loss) | | 1.80 | | (2.72) | | .66 | | 1.79 | | (10.32) | | 6.03 |
Total from investment operations | | 2.18 | | (1.62) | | 2.36 | | 2.05 | | (10.18) | | 6.88 |
Distributions from net investment income | | (.91) | | (1.60) | | (.57) | | (.02) | | (.74) | | (.56) |
Total distributions | | (.91) | | (1.60) | | (.57) | | (.02) | | (.74) | | (.56) |
Net asset value, end of period | $ | 19.19 | $ | 17.92 | $ | 21.14 | $ | 19.35 | $ | 17.32 | $ | 28.24 |
Total Return C,D | | | | (7.67)% | | 12.73% | | 11.82% | | (37.00)% | | 32.28% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .85% G | | .86% | | .85% | | .85% | | .86% | | .86% |
Expenses net of fee waivers, if any | | | | .86% | | .85% | | .85% | | .86% | | .86% |
Expenses net of all reductions | | .84% G | | .86% | | .85% | | .85% | | .84% | | .86% |
Net investment income (loss) | | 3.77% G | | 5.76% | | 8.45% | | 1.19% | | .67% | | 3.31% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 618 | $ | 664 | $ | 1,115 | $ | 14,338 | $ | 13,520 | $ | 26,605 |
Portfolio turnover rate H | | | | 37% | | 48% | | 33% | | 54% | | 48% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Latin America, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
Effective March 22, 2024, the Fund was closed to new accounts with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $54,318,407 |
Gross unrealized depreciation | (51,484,934) |
Net unrealized appreciation (depreciation) | $2,833,473 |
Tax cost | $244,302,483 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(57,484,114) |
Long-term | (24,336,082) |
Total capital loss carryforward | $(81,820,196) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Latin America Fund | 19,387,237 | 44,956,060 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .88 |
Class M | .88 |
Class C | .88 |
Latin America | .88 |
Class I | .88 |
Class Z | .72 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .88 |
Class M | .88 |
Class C | .88 |
Latin America | .88 |
Class I | .88 |
Class Z | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 17,424 | 705 |
Class M | .25% | .25% | 7,348 | 43 |
Class C | .75% | .25% | 7,424 | 3,315 |
| | | 32,196 | 4,063 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 1,310 |
Class M | 88 |
Class CA | 41 |
| 1,439 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Latin America | .2000 |
Class I | .2000 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 9,753 | .21 |
Class M | 2,053 | .20 |
Class C | 1,030 | .21 |
Latin America | 170,466 | .21 |
Class I | 4,776 | .20 |
Class Z | 101 | .04 |
| 188,179 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Latin America Fund | .0498 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Latin America Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Latin America Fund | 97 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Latin America Fund | 247 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Latin America Fund | 901 | 12 | - |
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 57 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12,293.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Latin America Fund | | |
Distributions to shareholders | | |
Class A | $563,727 | $1,004,697 |
Class M | 114,072 | 219,803 |
Class C | 48,016 | 62,841 |
Latin America | 10,518,210 | 20,106,391 |
Class I | 285,565 | 319,001 |
Class Z | 32,796 | 97,630 |
Total | $11,562,386 | $21,810,363 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Latin America Fund | | | | |
Class A | | | | |
Shares sold | 16,974 | 134,846 | $344,291 | $2,591,643 |
Reinvestment of distributions | 28,394 | 54,943 | 554,935 | 985,119 |
Shares redeemed | (64,977) | (129,882) | (1,312,781) | (2,397,461) |
Net increase (decrease) | (19,609) | 59,907 | $(413,555) | $1,179,301 |
Class M | | | | |
Shares sold | 5,987 | 13,661 | $122,476 | $273,957 |
Reinvestment of distributions | 5,786 | 12,131 | 113,521 | 218,228 |
Shares redeemed | (22,088) | (22,967) | (448,486) | (443,213) |
Net increase (decrease) | (10,315) | 2,825 | $(212,489) | $48,972 |
Class C | | | | |
Shares sold | 18,257 | 26,302 | $372,404 | $509,122 |
Reinvestment of distributions | 2,420 | 3,453 | 48,016 | 62,841 |
Shares redeemed | (8,639) | (11,221) | (178,432) | (215,686) |
Net increase (decrease) | 12,038 | 18,534 | $241,988 | $356,277 |
Latin America | | | | |
Shares sold | 556,670 | 1,714,595 | $11,279,615 | $33,449,842 |
Reinvestment of distributions | 499,966 | 1,050,900 | 9,738,606 | 18,779,586 |
Shares redeemed | (1,738,401) | (2,998,723) | (35,147,898) | (57,166,973) |
Net increase (decrease) | (681,765) | (233,228) | $(14,129,677) | $(4,937,545) |
Class I | | | | |
Shares sold | 106,321 | 270,444 | $2,180,144 | $5,353,519 |
Reinvestment of distributions | 14,662 | 17,723 | 284,846 | 316,179 |
Shares redeemed | (311,288) | (127,375) | (6,084,051) | (2,335,762) |
Net increase (decrease) | (190,305) | 160,792 | $(3,619,061) | $3,333,936 |
Class Z | | | | |
Shares sold | 10,511 | 24,093 | $207,339 | $494,949 |
Reinvestment of distributions | 1,656 | 3,612 | 32,284 | 64,625 |
Shares redeemed | (16,987) | (43,424) | (333,202) | (802,540) |
Net increase (decrease) | (4,820) | (15,719) | $(93,579) | $(242,966) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Emerging Markets Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Emerging Markets Fund equal in value to the net assets of the Fund on the day the reorganization is effective.
A meeting of shareholders of the Fund is expected to be held during the third quarter of 2024 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective in September 2024. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Top Holdings (% of Fund's net assets) |
|
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 24.4 | |
Investor AB (B Shares) (Sweden, Financial Services) | 5.7 | |
Atlas Copco AB (B Shares) (Sweden, Machinery) | 5.0 | |
Nordea Bank Abp (Finland, Banks) | 4.8 | |
Sandvik AB (Sweden, Machinery) | 2.9 | |
ASSA ABLOY AB (B Shares) (Sweden, Building Products) | 2.7 | |
Vestas Wind Systems A/S (Denmark, Electrical Equipment) | 2.7 | |
Alfa Laval AB (Sweden, Machinery) | 2.3 | |
Evolution AB (Sweden, Hotels, Restaurants & Leisure) | 2.3 | |
Equinor ASA (Norway, Oil, Gas & Consumable Fuels) | 2.2 | |
| 55.0 | |
|
Market Sectors (% of Fund's net assets) |
|
Health Care | 27.5 | |
Industrials | 25.2 | |
Financials | 19.0 | |
Consumer Discretionary | 5.4 | |
Materials | 4.7 | |
Communication Services | 3.8 | |
Energy | 3.4 | |
Information Technology | 2.6 | |
Consumer Staples | 2.6 | |
Utilities | 0.5 | |
Real Estate | 0.4 | |
|
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of April 30, 2024, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Nordic Fund
Common Stocks - 95.1% |
| | Shares | Value ($) |
Denmark - 35.8% | | | |
Carlsberg A/S Series B | | 46,500 | 6,254,848 |
Demant A/S (a) | | 56,800 | 2,733,981 |
DSV A/S | | 28,600 | 4,083,201 |
Genmab A/S (a) | | 21,600 | 5,996,811 |
Novo Nordisk A/S Series B | | 643,800 | 82,562,400 |
Pandora A/S | | 29,000 | 4,437,823 |
Tryg A/S | | 291,383 | 5,774,377 |
Vestas Wind Systems A/S (a) | | 342,000 | 9,219,305 |
TOTAL DENMARK | | | 121,062,746 |
Finland - 10.2% | | | |
Elisa Corp. (A Shares) | | 128,700 | 5,812,594 |
Fortum Corp. | | 130,200 | 1,720,194 |
Neste OYJ | | 131,700 | 2,999,342 |
Nordea Bank Abp | | 1,401,944 | 16,359,660 |
Sampo Oyj (A Shares) | | 115,100 | 4,657,893 |
UPM-Kymmene Corp. | | 89,600 | 3,147,847 |
TOTAL FINLAND | | | 34,697,530 |
Norway - 8.6% | | | |
DNB Bank ASA | | 325,700 | 5,690,991 |
Equinor ASA | | 283,300 | 7,538,153 |
Kongsberg Gruppen ASA | | 89,200 | 6,311,491 |
Mowi ASA | | 115,300 | 2,033,851 |
Norsk Hydro ASA | | 913,300 | 5,612,580 |
Selvaag Bolig ASA | | 321,200 | 1,016,355 |
TGS ASA | | 79,300 | 908,040 |
TOTAL NORWAY | | | 29,111,461 |
Sweden - 40.5% | | | |
Alfa Laval AB | | 184,900 | 7,946,049 |
ASSA ABLOY AB (B Shares) | | 349,400 | 9,231,643 |
Atlas Copco AB (B Shares) | | 1,112,400 | 16,907,463 |
Autoliv, Inc. | | 16,700 | 2,000,493 |
Axfood AB | | 12,100 | 313,359 |
Beijer Alma AB (B Shares) | | 86,600 | 1,650,212 |
Eltel AB (a)(b) | | 1,544,681 | 925,093 |
EQT AB (c) | | 258,500 | 7,090,900 |
Evolution AB (b) | | 69,900 | 7,814,308 |
Fortnox AB | | 539,500 | 3,200,656 |
Haypp Group (a) | | 385,600 | 3,016,108 |
Hemnet Group AB | | 272,500 | 7,146,065 |
HEXPOL AB (B Shares) | | 304,170 | 3,477,680 |
Indutrade AB | | 277,600 | 6,503,967 |
Investor AB (B Shares) (c) | | 774,500 | 19,140,419 |
Lagercrantz Group AB (B Shares) | | 394,353 | 5,864,983 |
Nordnet AB (c) | | 294,900 | 5,330,485 |
Rusta AB | | 148,900 | 1,022,806 |
Saab AB (B Shares) | | 91,900 | 7,326,716 |
Sandvik AB (c) | | 489,000 | 9,881,701 |
Surgical Science Sweden AB (a) | | 124,000 | 1,767,667 |
Svenska Cellulosa AB SCA (B Shares) | | 272,700 | 4,009,930 |
Swedish Logistic Property AB (a) | | 131,004 | 395,851 |
Trelleborg AB (B Shares) | | 148,900 | 5,312,646 |
TOTAL SWEDEN | | | 137,277,200 |
TOTAL COMMON STOCKS (Cost $227,410,975) | | | 322,148,937 |
| | | |
Money Market Funds - 11.3% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) | | 3,256,254 | 3,256,905 |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 34,994,373 | 34,997,872 |
TOTAL MONEY MARKET FUNDS (Cost $38,254,777) | | | 38,254,777 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 106.4% (Cost $265,665,752) | 360,403,714 |
NET OTHER ASSETS (LIABILITIES) - (6.4)% | (21,832,205) |
NET ASSETS - 100.0% | 338,571,509 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,739,401 or 2.6% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 9,211,851 | 25,828,687 | 31,783,533 | 207,536 | (100) | - | 3,256,905 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 3,656,000 | 48,549,920 | 17,208,048 | 19,001 | - | - | 34,997,872 | 0.1% |
Total | 12,867,851 | 74,378,607 | 48,991,581 | 226,537 | (100) | - | 38,254,777 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 12,958,659 | 12,958,659 | - | - |
Consumer Discretionary | 18,291,538 | 18,291,538 | - | - |
Consumer Staples | 8,602,058 | 2,347,210 | 6,254,848 | - |
Energy | 11,445,535 | 3,907,382 | 7,538,153 | - |
Financials | 64,044,725 | 64,044,725 | - | - |
Health Care | 93,060,859 | 4,501,648 | 88,559,211 | - |
Industrials | 85,299,487 | 76,067,844 | 9,231,643 | - |
Information Technology | 9,065,639 | 9,065,639 | - | - |
Materials | 16,248,037 | 10,635,457 | 5,612,580 | - |
Real Estate | 1,412,206 | 1,412,206 | - | - |
Utilities | 1,720,194 | 1,720,194 | - | - |
|
Money Market Funds | 38,254,777 | 38,254,777 | - | - |
Total Investments in Securities: | 360,403,714 | 243,207,279 | 117,196,435 | - |
Fidelity® Nordic Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $33,062,834) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $227,410,975) | $ | 322,148,937 | | |
Fidelity Central Funds (cost $38,254,777) | | 38,254,777 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $265,665,752) | | | $ | 360,403,714 |
Foreign currency held at value (cost $212) | | | | 212 |
Receivable for investments sold | | | | 9,744,669 |
Receivable for fund shares sold | | | | 28,244 |
Dividends receivable | | | | 1,644,048 |
Reclaims receivable | | | | 2,224,673 |
Distributions receivable from Fidelity Central Funds | | | | 29,504 |
Prepaid expenses | | | | 111 |
Total assets | | | | 374,075,175 |
Liabilities | | | | |
Payable for fund shares redeemed | $ | 52,257 | | |
Accrued management fee | | 235,727 | | |
Other payables and accrued expenses | | 217,810 | | |
Collateral on securities loaned | | 34,997,872 | | |
Total liabilities | | | | 35,503,666 |
Net Assets | | | $ | 338,571,509 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 244,616,906 |
Total accumulated earnings (loss) | | | | 93,954,603 |
Net Assets | | | $ | 338,571,509 |
Net Asset Value, offering price and redemption price per share ($338,571,509 ÷ 5,138,521 shares) | | | $ | 65.89 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 5,850,637 |
Non-Cash dividends | | | | 348,292 |
Foreign Tax Reclaims | | | | 413,721 |
Interest | | | | 1,718 |
Income from Fidelity Central Funds (including $19,001 from security lending) | | | | 226,537 |
Income before foreign taxes withheld | | | $ | 6,840,905 |
Less foreign taxes withheld | | | | (1,393,067) |
Total income | | | | 5,447,838 |
Expenses | | | | |
Management fee | $ | 1,201,055 | | |
Transfer agent fees | | 175,119 | | |
Accounting fees | | 53,499 | | |
Custodian fees and expenses | | 11,370 | | |
Independent trustees' fees and expenses | | 806 | | |
Registration fees | | 13,767 | | |
Audit | | 29,409 | | |
Legal | | 170 | | |
Miscellaneous | | 633 | | |
Total expenses before reductions | | 1,485,828 | | |
Expense reductions | | (14,678) | | |
Total expenses after reductions | | | | 1,471,150 |
Net Investment income (loss) | | | | 3,976,688 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 7,711,535 | | |
Fidelity Central Funds | | (100) | | |
Foreign currency transactions | | (65,795) | | |
Total net realized gain (loss) | | | | 7,645,640 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 53,853,178 | | |
Assets and liabilities in foreign currencies | | 73,614 | | |
Total change in net unrealized appreciation (depreciation) | | | | 53,926,792 |
Net gain (loss) | | | | 61,572,432 |
Net increase (decrease) in net assets resulting from operations | | | $ | 65,549,120 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 3,976,688 | $ | 5,184,181 |
Net realized gain (loss) | | 7,645,640 | | 1,880,670 |
Change in net unrealized appreciation (depreciation) | | 53,926,792 | | 34,480,640 |
Net increase (decrease) in net assets resulting from operations | | 65,549,120 | | 41,545,491 |
Distributions to shareholders | | (158,641) | | - |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 13,394,764 | | 44,092,104 |
Reinvestment of distributions | | 143,738 | | - |
Cost of shares redeemed | | (27,010,260) | | (56,149,155) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (13,471,758) | | (12,057,051) |
Total increase (decrease) in net assets | | 51,918,721 | | 29,488,440 |
| | | | |
Net Assets | | | | |
Beginning of period | | 286,652,788 | | 257,164,348 |
End of period | $ | 338,571,509 | $ | 286,652,788 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 211,465 | | 789,514 |
Issued in reinvestment of distributions | | 2,295 | | - |
Redeemed | | (428,483) | | (1,011,489) |
Net increase (decrease) | | (214,723) | | (221,975) |
| | | | |
Financial Highlights
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 53.55 | $ | 46.13 | $ | 75.57 | $ | 56.51 | $ | 46.69 | $ | 49.64 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .76 | | .93 | | .78 | | 1.06 | | .15 | | 1.50 C |
Net realized and unrealized gain (loss) | | 11.61 | | 6.49 | | (20.65) D | | 20.17 | | 11.86 | | .15 |
Total from investment operations | | 12.37 | | 7.42 | | (19.87) | | 21.23 | | 12.01 | | 1.65 |
Distributions from net investment income | | (.03) | | - | | (3.02) | | (.96) | | (1.60) | | (.05) |
Distributions from net realized gain | | - | | - | | (6.56) | | (1.21) | | (.59) | | (4.55) |
Total distributions | | (.03) | | - | | (9.57) E | | (2.17) | | (2.19) | | (4.60) |
Net asset value, end of period | $ | 65.89 | $ | 53.55 | $ | 46.13 | $ | 75.57 | $ | 56.51 | $ | 46.69 |
Total Return F,G | | | | 16.08% | | (29.33)% D | | 38.39% | | 26.73% | | 3.96% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | .90% J | | .94% | | .93% | | .92% | | .96% | | .98% |
Expenses net of fee waivers, if any | | | | .93% | | .92% | | .92% | | .96% | | .98% |
Expenses net of all reductions | | .89% J | | .93% | | .92% | | .92% | | .96% | | .96% |
Net investment income (loss) | | 2.41% J | | 1.69% | | 1.45% | | 1.51% | | .31% | | 3.28% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 338,572 | $ | 286,653 | $ | 257,164 | $ | 422,673 | $ | 301,424 | $ | 261,896 |
Portfolio turnover rate K | | | | 23% | | 42% | | 34% | | 29% | | 34% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.82 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.
DAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (29.35)%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. During the fiscal year ended October 31, 2023, the Fund received EU reclaims in excess of foreign withholding taxes paid. The Fund is seeking a closing agreement with the IRS and has accrued the estimated fees as presented in the Statement of Assets and Liabilities in other payables and accrued expenses. The actual fees may differ from the estimate.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $107,898,418 |
Gross unrealized depreciation | (18,330,113) |
Net unrealized appreciation (depreciation) | $89,568,305 |
Tax cost | $270,835,409 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(7,039,045) |
Total capital loss carryforward | $(7,039,045) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Nordic Fund | 32,200,524 | 46,837,134 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity Nordic Fund | .85 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity Nordic Fund | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1637%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .16% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Nordic Fund | .0498 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Nordic Fund | .05 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Nordic Fund | 6,875,037 | 14,699,467 | 6,909,186 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Nordic Fund | 300 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Nordic Fund | 2,181 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $14,676.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 9.8 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 5.1 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 4.2 | |
Alibaba Group Holding Ltd. (China, Broadline Retail) | 3.7 | |
Sony Group Corp. (Japan, Household Durables) | 2.6 | |
ORIX Corp. (Japan, Financial Services) | 2.6 | |
AIA Group Ltd. (Hong Kong, Insurance) | 2.5 | |
Shin-Etsu Chemical Co. Ltd. (Japan, Chemicals) | 2.4 | |
DENSO Corp. (Japan, Automobile Components) | 2.4 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 2.3 | |
| 37.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 26.6 | |
Consumer Discretionary | 19.9 | |
Financials | 12.2 | |
Communication Services | 11.5 | |
Industrials | 11.3 | |
Health Care | 5.3 | |
Materials | 3.1 | |
Real Estate | 2.7 | |
Energy | 2.6 | |
Utilities | 2.5 | |
Consumer Staples | 1.7 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Pacific Basin Fund
Common Stocks - 92.6% |
| | Shares | Value ($) |
Australia - 6.5% | | | |
Aristocrat Leisure Ltd. | | 196,979 | 5,026,901 |
CAR Group Ltd. | | 243,614 | 5,282,408 |
Cogstate Ltd. (a) | | 1,950,314 | 1,760,895 |
Dominos Pizza Enterprises Ltd. | | 162,846 | 4,107,859 |
HUB24 Ltd. | | 247,352 | 6,355,347 |
Macquarie Group Ltd. | | 92,404 | 11,064,318 |
National Storage REIT unit | | 2,224,120 | 3,066,899 |
Santos Ltd. | | 1,050,151 | 5,153,477 |
TOTAL AUSTRALIA | | | 41,818,104 |
Cayman Islands - 0.1% | | | |
PropertyGuru Group Ltd. (a) | | 174,957 | 668,336 |
China - 18.7% | | | |
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) | | 180,200 | 3,503,703 |
Alibaba Group Holding Ltd. | | 1,495,100 | 13,998,718 |
Alibaba Group Holding Ltd. sponsored ADR | | 127,400 | 9,535,890 |
Antengene Corp. (a)(b) | | 8,904,211 | 1,148,795 |
Baidu, Inc. Class A (a) | | 386,000 | 5,000,856 |
Canaan, Inc. ADR (a)(c) | | 389,132 | 340,491 |
Chervon Holdings Ltd. (c) | | 1,894,700 | 4,601,397 |
China Longyuan Power Grid Corp. Ltd. (H Shares) | | 5,932,000 | 4,155,564 |
DouYu International Holdings Ltd. ADR (a)(c) | | 455,510 | 3,908,276 |
HUYA, Inc. ADR | | 710,157 | 3,188,605 |
JOYY, Inc. ADR | | 20,600 | 671,972 |
KE Holdings, Inc. ADR | | 285,500 | 4,316,760 |
Kweichow Moutai Co. Ltd. (A Shares) | | 28,900 | 6,776,073 |
Medlive Technology Co. Ltd. (b)(c) | | 3,838,000 | 4,031,926 |
PDD Holdings, Inc. ADR (a) | | 79,200 | 9,914,256 |
Tencent Holdings Ltd. | | 626,100 | 27,475,272 |
TravelSky Technology Ltd. (H Shares) | | 4,587,000 | 5,958,661 |
Zai Lab Ltd. (a)(c) | | 2,452,600 | 3,942,091 |
Zhejiang Hechuan Technology Co. Ltd. (a) | | 663,500 | 2,491,066 |
Zylox-Tonbridge Medical Technology Co. Ltd. (a)(b)(c) | | 4,632,000 | 6,165,003 |
TOTAL CHINA | | | 121,125,375 |
Hong Kong - 3.4% | | | |
AIA Group Ltd. | | 2,210,400 | 16,189,761 |
China Metal Recycling (Holdings) Ltd. (a)(d) | | 2,572,200 | 3 |
Oriental Watch Holdings Ltd. | | 2,381,424 | 1,073,466 |
Prudential PLC | | 569,885 | 4,956,490 |
TOTAL HONG KONG | | | 22,219,720 |
India - 1.6% | | | |
Delhivery Private Ltd. (a) | | 785,400 | 4,221,164 |
HDFC Standard Life Insurance Co. Ltd. (b) | | 887,000 | 6,189,542 |
TOTAL INDIA | | | 10,410,706 |
Japan - 40.4% | | | |
BayCurrent Consulting, Inc. | | 209,200 | 4,453,275 |
CUC, Inc. (a)(c) | | 196,400 | 2,102,230 |
Daiichikosho Co. Ltd. | | 232,600 | 2,715,001 |
DENSO Corp. | | 897,600 | 15,297,907 |
Descente Ltd. | | 161,200 | 3,634,634 |
ENEOS Holdings, Inc. | | 741,900 | 3,427,737 |
Fast Retailing Co. Ltd. | | 30,300 | 7,922,513 |
FUJIFILM Holdings Corp. | | 349,800 | 7,441,116 |
Fujitsu Ltd. | | 392,000 | 6,055,676 |
Funai Soken Holdings, Inc. | | 257,200 | 3,891,222 |
Hitachi Ltd. | | 159,200 | 14,687,903 |
Hoya Corp. | | 125,100 | 14,504,072 |
IHI Corp. | | 110,100 | 2,636,252 |
INPEX Corp. | | 550,600 | 8,247,879 |
JTOWER, Inc. (a) | | 129,700 | 2,649,047 |
Kansai Electric Power Co., Inc. | | 802,400 | 12,019,488 |
Lifenet Insurance Co. (a)(c) | | 370,100 | 3,267,907 |
LY Corp. | | 2,026,000 | 4,867,737 |
Minebea Mitsumi, Inc. | | 254,100 | 4,759,383 |
Mitsubishi Electric Corp. | | 264,900 | 4,617,188 |
Mitsubishi Heavy Industries Ltd. | | 609,100 | 5,446,034 |
Mitsui & Co. Ltd. | | 87,300 | 4,214,468 |
Money Forward, Inc. (a) | | 122,200 | 4,255,171 |
Murata Manufacturing Co. Ltd. | | 227,200 | 4,151,438 |
Nidec Corp. | | 71,300 | 3,339,183 |
NSD Co. Ltd. | | 228,200 | 4,460,393 |
Open House Group Co. Ltd. | | 177,300 | 5,391,735 |
ORIX Corp. | | 822,200 | 16,826,665 |
Pan Pacific International Holdings Ltd. | | 299,500 | 7,034,065 |
Pasona Group, Inc. | | 177,000 | 2,483,800 |
Renesas Electronics Corp. | | 882,600 | 14,329,675 |
Shin-Etsu Chemical Co. Ltd. | | 406,900 | 15,750,668 |
SMS Co., Ltd. | | 272,600 | 3,772,100 |
Sony Group Corp. | | 204,100 | 16,869,145 |
Square Enix Holdings Co. Ltd. | | 90,100 | 3,256,859 |
Sun Corp. | | 156,000 | 3,297,498 |
TechnoPro Holdings, Inc. | | 325,300 | 5,540,964 |
Tokio Marine Holdings, Inc. | | 128,300 | 4,055,101 |
ZOZO, Inc. | | 376,300 | 8,104,929 |
TOTAL JAPAN | | | 261,778,058 |
Korea (South) - 4.4% | | | |
AMOREPACIFIC Corp. | | 38,670 | 4,700,110 |
HD Hyundai Marine Solution Co. Ltd. (e) | | 1,600 | 96,278 |
KB Financial Group, Inc. | | 111,279 | 6,018,536 |
Lotte Confectionery Co. Ltd. | | 182,448 | 3,626,464 |
MagnaChip Semiconductor Corp. (a) | | 1,243,100 | 6,240,362 |
SK Hynix, Inc. | | 35,090 | 4,318,183 |
SK Square Co. Ltd. (a) | | 69,190 | 3,790,827 |
TOTAL KOREA (SOUTH) | | | 28,790,760 |
Malaysia - 0.5% | | | |
MR DIY Group M Sdn Bhd (b) | | 10,785,800 | 3,525,475 |
Philippines - 1.5% | | | |
Robinsons Land Corp. | | 36,857,400 | 9,942,904 |
Singapore - 2.3% | | | |
Sea Ltd. ADR (a) | | 231,700 | 14,641,123 |
Taiwan - 12.1% | | | |
eMemory Technology, Inc. | | 69,000 | 4,629,419 |
Global Unichip Corp. | | 48,000 | 1,989,969 |
Nanya Technology Corp. | | 4,136,000 | 8,333,438 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 2,647,000 | 63,266,467 |
TOTAL TAIWAN | | | 78,219,293 |
United States of America - 1.1% | | | |
Canva, Inc. Class A (d)(f) | | 400 | 426,664 |
GI Dynamics, Inc. (a)(d) | | 111,225 | 1 |
Newmont Corp. CDI | | 113,954 | 4,613,860 |
Space Exploration Technologies Corp. Class A (a)(d)(f) | | 22,539 | 2,186,283 |
TOTAL UNITED STATES OF AMERICA | | | 7,226,808 |
TOTAL COMMON STOCKS (Cost $490,741,011) | | | 600,366,662 |
| | | |
Preferred Stocks - 6.8% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.1% | | | |
China - 0.1% | | | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(f) | | 87,773 | 432,721 |
United States of America - 0.0% | | | |
Canva, Inc.: | | | |
Series A (d)(f) | | 85 | 90,666 |
Series A2 (d)(f) | | 15 | 16,000 |
| | | 106,666 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 539,387 |
Nonconvertible Preferred Stocks - 6.7% | | | |
Korea (South) - 6.7% | | | |
Hyundai Motor Co. Ltd. Series 2 | | 50,180 | 5,717,905 |
Samsung Electronics Co. Ltd. | | 716,130 | 33,343,307 |
Samsung Fire & Marine Insurance Co. Ltd. | | 27,078 | 4,759,877 |
| | | 43,821,089 |
TOTAL PREFERRED STOCKS (Cost $43,686,873) | | | 44,360,476 |
| | | |
Money Market Funds - 2.6% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (g) | | 5,339,579 | 5,340,647 |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 11,642,616 | 11,643,781 |
TOTAL MONEY MARKET FUNDS (Cost $16,984,428) | | | 16,984,428 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 102.0% (Cost $551,412,312) | 661,711,566 |
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (13,200,130) |
NET ASSETS - 100.0% | 648,511,436 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $21,060,741 or 3.2% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,152,334 or 0.5% of net assets. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Canva, Inc. Class A | 3/18/24 | 426,664 |
| | |
Canva, Inc. Series A | 9/22/23 | 90,666 |
| | |
Canva, Inc. Series A2 | 9/22/23 | 16,000 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 1,246,653 |
| | |
Space Exploration Technologies Corp. Class A | 2/16/21 - 5/24/22 | 1,437,725 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 2,803,622 | 83,090,231 | 80,553,317 | 69,702 | 111 | - | 5,340,647 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 10,707,799 | 58,931,475 | 57,995,493 | 66,221 | - | - | 11,643,781 | 0.0% |
Total | 13,511,421 | 142,021,706 | 138,548,810 | 135,923 | 111 | - | 16,984,428 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 74,325,492 | 23,078,312 | 51,247,180 | - |
Consumer Discretionary | 128,248,786 | 19,450,146 | 108,265,310 | 533,330 |
Consumer Staples | 11,476,183 | - | 11,476,183 | - |
Energy | 16,829,093 | - | 16,829,093 | - |
Financials | 79,683,544 | - | 79,683,544 | - |
Health Care | 34,087,734 | - | 33,655,012 | 432,722 |
Industrials | 73,762,788 | - | 71,576,505 | 2,186,283 |
Information Technology | 172,447,372 | 6,580,853 | 165,866,519 | - |
Materials | 20,364,531 | - | 20,364,528 | 3 |
Real Estate | 17,326,563 | 4,316,760 | 13,009,803 | - |
Utilities | 16,175,052 | - | 16,175,052 | - |
|
Money Market Funds | 16,984,428 | 16,984,428 | - | - |
Total Investments in Securities: | 661,711,566 | 70,410,499 | 588,148,729 | 3,152,338 |
Fidelity® Pacific Basin Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $10,992,266) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $534,427,884) | $ | 644,727,138 | | |
Fidelity Central Funds (cost $16,984,428) | | 16,984,428 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $551,412,312) | | | $ | 661,711,566 |
Receivable for investments sold | | | | 6,759,007 |
Receivable for fund shares sold | | | | 24,719 |
Dividends receivable | | | | 2,209,400 |
Distributions receivable from Fidelity Central Funds | | | | 27,331 |
Prepaid expenses | | | | 256 |
Other receivables | | | | 122,190 |
Total assets | | | | 670,854,469 |
Liabilities | | | | |
Payable to custodian bank | $ | 1,403 | | |
Payable for investments purchased | | | | |
Regular delivery | | 9,588,552 | | |
Delayed delivery | | 97,241 | | |
Payable for fund shares redeemed | | 263,385 | | |
Accrued management fee | | 446,997 | | |
Other payables and accrued expenses | | 301,674 | | |
Collateral on securities loaned | | 11,643,781 | | |
Total liabilities | | | | 22,343,033 |
Net Assets | | | $ | 648,511,436 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 553,066,586 |
Total accumulated earnings (loss) | | | | 95,444,850 |
Net Assets | | | $ | 648,511,436 |
Net Asset Value, offering price and redemption price per share ($648,511,436 ÷ 22,263,032 shares) | | | $ | 29.13 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 6,979,920 |
Income from Fidelity Central Funds (including $66,221 from security lending) | | | | 135,923 |
Income before foreign taxes withheld | | | $ | 7,115,843 |
Less foreign taxes withheld | | | | (738,370) |
Total income | | | | 6,377,473 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 2,439,229 | | |
Performance adjustment | | 7,115 | | |
Transfer agent fees | | 339,461 | | |
Accounting fees | | 104,942 | | |
Custodian fees and expenses | | 121,885 | | |
Independent trustees' fees and expenses | | 1,733 | | |
Registration fees | | 17,690 | | |
Audit | | 47,824 | | |
Legal | | 367 | | |
Interest | | 6,277 | | |
Miscellaneous | | 1,392 | | |
Total expenses before reductions | | 3,087,915 | | |
Expense reductions | | (30,313) | | |
Total expenses after reductions | | | | 3,057,602 |
Net Investment income (loss) | | | | 3,319,871 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $441,745) | | (4,722,777) | | |
Fidelity Central Funds | | 111 | | |
Foreign currency transactions | | (113,997) | | |
Total net realized gain (loss) | | | | (4,836,663) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of decrease in deferred foreign taxes of $885,293) | | 70,746,527 | | |
Assets and liabilities in foreign currencies | | (106,407) | | |
Total change in net unrealized appreciation (depreciation) | | | | 70,640,120 |
Net gain (loss) | | | | 65,803,457 |
Net increase (decrease) in net assets resulting from operations | | | $ | 69,123,328 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 3,319,871 | $ | 7,981,660 |
Net realized gain (loss) | | (4,836,663) | | 44,389,743 |
Change in net unrealized appreciation (depreciation) | | 70,640,120 | | 56,085,701 |
Net increase (decrease) in net assets resulting from operations | | 69,123,328 | | 108,457,104 |
Distributions to shareholders | | (36,646,040) | | (59,141,027) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 22,141,788 | | 84,533,936 |
Reinvestment of distributions | | 28,015,888 | | 44,008,733 |
Cost of shares redeemed | | (84,088,576) | | (185,451,402) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (33,930,900) | | (56,908,733) |
Total increase (decrease) in net assets | | (1,453,612) | | (7,592,656) |
| | | | |
Net Assets | | | | |
Beginning of period | | 649,965,048 | | 657,557,704 |
End of period | $ | 648,511,436 | $ | 649,965,048 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 764,880 | | 2,854,991 |
Issued in reinvestment of distributions | | 1,000,210 | | 1,565,033 |
Redeemed | | (2,893,198) | | (6,326,367) |
Net increase (decrease) | | (1,128,108) | | (1,906,343) |
| | | | |
Financial Highlights
Fidelity® Pacific Basin Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 27.79 | $ | 25.99 | $ | 46.10 | $ | 40.16 | $ | 32.65 | $ | 29.51 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .32 C | | .22 | | .15 | | .16 | | .26 |
Net realized and unrealized gain (loss) | | 2.79 | | 3.88 | | (14.49) | | 7.74 | | 7.61 | | 5.74 |
Total from investment operations | | 2.93 | | 4.20 | | (14.27) | | 7.89 | | 7.77 | | 6.00 |
Distributions from net investment income | | (.25) | | - | | (1.17) D | | (.10) | | (.26) | | (.20) |
Distributions from net realized gain | | (1.34) | | (2.40) | | (4.67) D | | (1.85) | | - | | (2.67) |
Total distributions | | (1.59) | | (2.40) | | (5.84) | | (1.95) | | (.26) | | (2.86) E |
Net asset value, end of period | $ | 29.13 | $ | 27.79 | $ | 25.99 | $ | 46.10 | $ | 40.16 | $ | 32.65 |
Total Return F,G | | | | 16.06% | | (35.11)% | | 20.08% | | 23.95% | | 22.37% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | .92% J | | 1.07% | | 1.12% | | 1.04% | | 1.11% | | .97% |
Expenses net of fee waivers, if any | | | | 1.07% | | 1.12% | | 1.04% | | 1.11% | | .97% |
Expenses net of all reductions | | .91% J | | 1.07% | | 1.12% | | 1.04% | | 1.10% | | .97% |
Net investment income (loss) | | .99% J | | 1.08% C | | .64% | | .32% | | .47% | | .88% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 648,511 | $ | 649,965 | $ | 657,558 | $ | 1,214,726 | $ | 1,084,673 | $ | 891,154 |
Portfolio turnover rate K | | | | 46% | | 29% | | 40% | | 27% | | 32% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .84%.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $160,843,277 |
Gross unrealized depreciation | (60,747,486) |
Net unrealized appreciation (depreciation) | $100,095,791 |
Tax cost | $561,615,775 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Pacific Basin Fund | 184,434,496 | 251,834,454 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity Pacific Basin Fund | .83 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity Pacific Basin Fund | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Pacific Basin Fund | MSCI All Country Pacific Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was an amount less than .005%
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1515%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .15% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Pacific Basin Fund | .0464 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Pacific Basin Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Pacific Basin Fund | 2,370 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Pacific Basin Fund | Borrower | 3,272,385 | 5.57% | 6,277 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Pacific Basin Fund | 3,910,912 | 3,096,928 | (176,906) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Pacific Basin Fund | 624 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Pacific Basin Fund | 7,068 | - | - |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $30,313.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity International Fund |
Fidelity Pacific Basin Fund | 16% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® Canada Fund | | | | | | | | | | |
Class A | | | | 1.36% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,164.70 | | $ 7.32 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.10 | | $ 6.82 |
Class M | | | | 1.61% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,163.00 | | $ 8.66 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.86 | | $ 8.07 |
Class C | | | | 2.11% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,160.30 | | $ 11.33 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.37 | | $ 10.57 |
Fidelity® Canada Fund | | | | 1.07% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,166.40 | | $ 5.76 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.54 | | $ 5.37 |
Class I | | | | 1.09% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,166.50 | | $ 5.87 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.44 | | $ 5.47 |
Class Z ** | | | | .98% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,167.00 | | $ 5.28 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.99 | | $ 4.92 |
Fidelity® China Region Fund | | | | | | | | | | |
Class A | | | | 1.20% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,125.50 | | $ 6.34 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.90 | | $ 6.02 |
Class M | | | | 1.45% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,124.30 | | $ 7.66 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.65 | | $ 7.27 |
Class C | | | | 1.95% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,121.70 | | $ 10.29 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,015.17 | | $ 9.77 |
Fidelity® China Region Fund | | | | .93% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,127.00 | | $ 4.92 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.24 | | $ 4.67 |
Class I | | | | .92% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,127.20 | | $ 4.87 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.29 | | $ 4.62 |
Class Z | | | | .78% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,127.80 | | $ 4.13 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.98 | | $ 3.92 |
| | | | | | | | | | |
Fidelity® Emerging Asia Fund | | | | .62% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,167.40 | | $ 3.34 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.78 | | $ 3.12 |
Fidelity® Emerging Markets Fund | | | | | | | | | | |
Class A | | | | 1.15% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,163.30 | | $ 6.19 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.14 | | $ 5.77 |
Class M | | | | 1.42% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,161.90 | | $ 7.63 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.80 | | $ 7.12 |
Class C | | | | 1.90% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,159.10 | | $ 10.20 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,015.42 | | $ 9.52 |
Fidelity® Emerging Markets Fund | | | | .86% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,165.00 | | $ 4.63 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.59 | | $ 4.32 |
Class K | | | | .75% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,165.80 | | $ 4.04 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.13 | | $ 3.77 |
Class I ** | | | | .97% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,165.00 | | $ 5.22 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.04 | | $ 4.87 |
Class Z ** | | | | .77% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,166.00 | | $ 4.15 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.03 | | $ 3.87 |
Fidelity® Europe Fund | | | | | | | | | | |
Class A | | | | .94% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,192.70 | | $ 5.12 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.19 | | $ 4.72 |
Class M | | | | 1.20% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,191.40 | | $ 6.54 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.90 | | $ 6.02 |
Class C | | | | 1.68% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,188.30 | | $ 9.14 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.51 | | $ 8.42 |
Fidelity® Europe Fund ** | | | | .65% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,194.40 | | $ 3.55 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.63 | | $ 3.27 |
Class I | | | | .63% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,194.60 | | $ 3.44 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.73 | | $ 3.17 |
Class Z | | | | .53% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,195.30 | | $ 2.89 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,022.23 | | $ 2.66 |
Fidelity® Japan Fund | | | | | | | | | | |
Class A | | | | .98% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,130.50 | | $ 5.19 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.99 | | $ 4.92 |
Class M | | | | 1.23% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,128.70 | | $ 6.51 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.75 | | $ 6.17 |
Class C | | | | 1.71% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,126.40 | | $ 9.04 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.36 | | $ 8.57 |
Fidelity® Japan Fund ** | | | | .71% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,132.40 | | $ 3.76 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.33 | | $ 3.57 |
Class I | | | | .73% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,132.10 | | $ 3.87 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.23 | | $ 3.67 |
Class Z | | | | .57% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,132.30 | | $ 3.02 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,022.03 | | $ 2.87 |
| | | | | | | | | | |
Fidelity® Japan Smaller Companies Fund | | | | .88% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,136.40 | | $ 4.67 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.49 | | $ 4.42 |
Fidelity® Latin America Fund | | | | | | | | | | |
Class A | | | | 1.25% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,118.10 | | $ 6.58 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.65 | | $ 6.27 |
Class M | | | | 1.49% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,117.40 | | $ 7.84 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.45 | | $ 7.47 |
Class C | | | | 2.01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,114.10 | | $ 10.57 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.87 | | $ 10.07 |
Fidelity® Latin America Fund | | | | 1.00% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,119.70 | | $ 5.27 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.89 | | $ 5.02 |
Class I | | | | .97% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,119.70 | | $ 5.11 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.04 | | $ 4.87 |
Class Z | | | | .84% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,121.00 | | $ 4.43 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.69 | | $ 4.22 |
| | | | | | | | | | |
Fidelity® Nordic Fund | | | | .89% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,231.00 | | $ 4.94 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.44 | | $ 4.47 |
| | | | | | | | | | |
Fidelity® Pacific Basin Fund | | | | .91% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,107.50 | | $ 4.77 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.34 | | $ 4.57 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
Fidelity® Canada Fund | | | | | | |
Class Z | | | | .93% | | |
Actual | | | | | | $ 5.01 |
Hypothetical- B | | | | | | $ 4.67 |
| | | | | | |
| | | | | | |
Fidelity® Emerging Markets Fund | | | | | | |
Class I | | | | .86% | | |
Actual | | | | | | $ 4.63 |
Hypothetical- B | | | | | | $ 4.32 |
Class Z | | | | .73% | | |
Actual | | | | | | $ 3.93 |
Hypothetical- B | | | | | | $ 3.67 |
Fidelity® Europe Fund | | | | | | |
Fidelity® Europe Fund | | | | .61% | | |
Actual | | | | | | $ 3.33 |
Hypothetical- B | | | | | | $ 3.07 |
Fidelity® Japan Fund | | | | | | |
Fidelity® Japan Fund | | | | .65% | | |
Actual | | | | | | $ 3.45 |
Hypothetical- B | | | | | | $ 3.27 |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity Canada Fund
Fidelity China Region Fund
Fidelity Emerging Asia Fund
Fidelity Emerging Markets Fund
Fidelity Europe Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Pacific Basin Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund and each class of each fund into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of each fund would be no higher than the sum of (i) the lowest contractual management fee rate under each fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to each fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees (as applicable), and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of each fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of a fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the funds' agreements with FIL were amended to provide that FMR will compensate FIL at a flat fee rate of the net assets sub-advised by it. For Fidelity Canada Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund and Fidelity Nordic Fund, the flat rate is 0.44% and for Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Latin America Fund and Fidelity Pacific Basin Fund, the flat rate is 0.50%. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.703611.126
TIF-SANN-0624
Fidelity® Global Equity Income Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Microsoft Corp. (United States of America, Software) | 4.7 | |
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) | 4.4 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.3 | |
Rheinmetall AG (Germany, Aerospace & Defense) | 2.2 | |
JPMorgan Chase & Co. (United States of America, Banks) | 2.1 | |
NXP Semiconductors NV (China, Semiconductors & Semiconductor Equipment) | 2.1 | |
Exxon Mobil Corp. (United States of America, Oil, Gas & Consumable Fuels) | 1.6 | |
Bank of America Corp. (United States of America, Banks) | 1.6 | |
Linde PLC (United States of America, Chemicals) | 1.5 | |
Eli Lilly & Co. (United States of America, Pharmaceuticals) | 1.5 | |
| 24.0 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 19.9 | |
Financials | 13.5 | |
Industrials | 13.3 | |
Health Care | 11.0 | |
Consumer Staples | 9.3 | |
Consumer Discretionary | 9.0 | |
Communication Services | 5.8 | |
Materials | 5.2 | |
Energy | 5.1 | |
Utilities | 4.0 | |
Real Estate | 1.2 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 97.3% |
| | Shares | Value ($) |
Belgium - 0.8% | | | |
KBC Group NV | | 11,316 | 844,143 |
UCB SA | | 3,231 | 429,464 |
TOTAL BELGIUM | | | 1,273,607 |
Brazil - 0.7% | | | |
Equatorial Energia SA | | 170,160 | 1,002,425 |
Canada - 4.7% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 29,716 | 1,646,991 |
Canadian Natural Resources Ltd. | | 15,436 | 1,169,712 |
Constellation Software, Inc. | | 362 | 931,994 |
Constellation Software, Inc. warrants 3/31/40 (a)(b) | | 362 | 0 |
Imperial Oil Ltd. | | 17,061 | 1,173,010 |
Metro, Inc. | | 22,800 | 1,166,292 |
PrairieSky Royalty Ltd. | | 55,500 | 1,057,469 |
TOTAL CANADA | | | 7,145,468 |
China - 2.5% | | | |
Kweichow Moutai Co. Ltd. (A Shares) | | 1,387 | 325,205 |
NXP Semiconductors NV | | 12,144 | 3,111,171 |
SITC International Holdings Co. Ltd. | | 159,884 | 346,724 |
TOTAL CHINA | | | 3,783,100 |
Finland - 0.9% | | | |
Elisa Corp. (A Shares) | | 25,561 | 1,154,435 |
Neste OYJ | | 7,706 | 175,497 |
TOTAL FINLAND | | | 1,329,932 |
France - 3.4% | | | |
Airbus Group NV | | 8,302 | 1,366,159 |
Capgemini SA | | 4,652 | 977,762 |
Edenred SA | | 10,953 | 519,695 |
LVMH Moet Hennessy Louis Vuitton SE | | 2,276 | 1,869,589 |
VINCI SA | | 3,828 | 448,550 |
TOTAL FRANCE | | | 5,181,755 |
Germany - 3.5% | | | |
Deutsche Telekom AG | | 42,583 | 975,388 |
Rheinmetall AG | | 6,117 | 3,376,314 |
Siemens AG | | 5,433 | 1,017,783 |
TOTAL GERMANY | | | 5,369,485 |
Hong Kong - 0.5% | | | |
AIA Group Ltd. | | 94,872 | 694,877 |
HKBN Ltd. | | 448,630 | 134,953 |
TOTAL HONG KONG | | | 829,830 |
Hungary - 0.4% | | | |
Richter Gedeon PLC | | 22,254 | 566,699 |
India - 0.3% | | | |
HDFC Bank Ltd. sponsored ADR | | 5,039 | 290,246 |
Redington (India) Ltd. | | 71,339 | 186,468 |
TOTAL INDIA | | | 476,714 |
Italy - 0.6% | | | |
Prysmian SpA | | 16,200 | 884,833 |
Japan - 6.3% | | | |
Capcom Co. Ltd. | | 35,448 | 583,561 |
Daiichikosho Co. Ltd. | | 44,808 | 523,017 |
FUJIFILM Holdings Corp. | | 21,459 | 456,486 |
Hitachi Ltd. | | 13,148 | 1,213,044 |
Hoya Corp. | | 6,801 | 788,507 |
Inaba Denki Sangyo Co. Ltd. | | 30,990 | 723,014 |
Minebea Mitsumi, Inc. | | 17,966 | 336,510 |
Mitsubishi Electric Corp. | | 14,300 | 249,248 |
Renesas Electronics Corp. | | 49,410 | 802,209 |
Roland Corp. | | 17,640 | 479,539 |
Shin-Etsu Chemical Co. Ltd. | | 29,163 | 1,128,869 |
Sony Group Corp. | | 15,371 | 1,270,434 |
Toyota Motor Corp. | | 40,923 | 933,396 |
TOTAL JAPAN | | | 9,487,834 |
Kenya - 0.3% | | | |
Safaricom Ltd. | | 3,575,246 | 422,409 |
Korea (South) - 0.9% | | | |
Samsung Electronics Co. Ltd. | | 25,636 | 1,421,030 |
Luxembourg - 0.2% | | | |
L'Occitane Ltd. | | 75,000 | 309,082 |
Sweden - 0.3% | | | |
HEXPOL AB (B Shares) | | 45,026 | 514,798 |
Switzerland - 1.1% | | | |
Compagnie Financiere Richemont SA Series A | | 3,630 | 501,764 |
Galderma Group AG | | 4,800 | 357,683 |
Sika AG | | 2,659 | 761,615 |
TOTAL SWITZERLAND | | | 1,621,062 |
Taiwan - 2.3% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 142,877 | 3,414,931 |
United Kingdom - 6.8% | | | |
AstraZeneca PLC sponsored ADR | | 26,362 | 2,000,349 |
B&M European Value Retail SA | | 129,988 | 842,994 |
BAE Systems PLC | | 80,785 | 1,343,634 |
Compass Group PLC | | 35,848 | 997,066 |
Diageo PLC | | 14,997 | 518,292 |
Games Workshop Group PLC | | 1,300 | 160,980 |
JD Sports Fashion PLC | | 443,834 | 641,109 |
London Stock Exchange Group PLC | | 7,400 | 815,777 |
RELX PLC (London Stock Exchange) | | 29,796 | 1,224,225 |
RS GROUP PLC | | 62,672 | 577,158 |
Starling Bank Ltd. Series D (a)(b)(c) | | 62,800 | 236,200 |
Unilever PLC | | 12,959 | 670,380 |
WH Smith PLC | | 22,817 | 312,765 |
TOTAL UNITED KINGDOM | | | 10,340,929 |
United States of America - 60.5% | | | |
AbbVie, Inc. | | 7,900 | 1,284,856 |
Accenture PLC Class A | | 6,462 | 1,944,480 |
Albertsons Companies, Inc. | | 8,300 | 169,320 |
Amdocs Ltd. | | 15,335 | 1,287,987 |
Ameren Corp. | | 9,454 | 698,367 |
American Tower Corp. | | 3,323 | 570,094 |
Apple, Inc. | | 38,843 | 6,616,128 |
AT&T, Inc. | | 26,586 | 449,038 |
Ball Corp. | | 5,400 | 375,678 |
Bank of America Corp. | | 65,223 | 2,413,903 |
BJ's Wholesale Club Holdings, Inc. (a) | | 11,421 | 852,920 |
BlackRock, Inc. Class A | | 700 | 528,248 |
Capital One Financial Corp. | | 6,894 | 988,806 |
Chubb Ltd. | | 4,437 | 1,103,216 |
Cisco Systems, Inc. | | 30,829 | 1,448,346 |
Comcast Corp. Class A | | 24,839 | 946,614 |
Costco Wholesale Corp. | | 1,426 | 1,030,855 |
Crane Co. | | 6,393 | 895,084 |
Crane NXT Co. | | 3,993 | 242,814 |
Crown Holdings, Inc. | | 8,912 | 731,408 |
Danaher Corp. | | 6,937 | 1,710,803 |
Dollar Tree, Inc. (a) | | 9,485 | 1,121,601 |
Eli Lilly & Co. | | 2,922 | 2,282,374 |
Estee Lauder Companies, Inc. Class A | | 3,145 | 461,403 |
Experian PLC | | 27,784 | 1,120,638 |
Exxon Mobil Corp. | | 20,432 | 2,416,493 |
Freeport-McMoRan, Inc. | | 32,597 | 1,627,894 |
GE Vernova LLC | | 2,739 | 421,012 |
General Dynamics Corp. | | 1,500 | 430,635 |
General Electric Co. | | 10,156 | 1,643,444 |
Gilead Sciences, Inc. | | 13,304 | 867,421 |
GSK PLC | | 36,500 | 757,263 |
H&R Block, Inc. | | 24,514 | 1,157,796 |
Hartford Financial Services Group, Inc. | | 15,573 | 1,508,868 |
Hess Corp. | | 5,590 | 880,369 |
Hillenbrand, Inc. | | 7,100 | 338,812 |
Johnson Controls International PLC | | 11,742 | 764,052 |
JPMorgan Chase & Co. | | 16,988 | 3,257,279 |
Kenvue, Inc. | | 19,800 | 372,636 |
Keurig Dr. Pepper, Inc. | | 16,291 | 549,007 |
Lamar Advertising Co. Class A | | 10,017 | 1,160,469 |
Linde PLC | | 5,298 | 2,336,206 |
Lowe's Companies, Inc. | | 4,811 | 1,096,860 |
M&T Bank Corp. | | 7,897 | 1,140,248 |
McDonald's Corp. | | 4,136 | 1,129,293 |
MDU Resources Group, Inc. | | 10,600 | 261,820 |
Merck & Co., Inc. | | 11,339 | 1,465,226 |
Microsoft Corp. | | 18,281 | 7,117,339 |
Mondelez International, Inc. | | 5,477 | 394,015 |
MSCI, Inc. | | 827 | 385,208 |
Nestle SA (Reg. S) | | 8,111 | 814,346 |
NextEra Energy, Inc. | | 16,358 | 1,095,495 |
Norfolk Southern Corp. | | 800 | 184,256 |
PG&E Corp. | | 17,858 | 305,550 |
Phillips 66 Co. | | 2,735 | 391,679 |
PNC Financial Services Group, Inc. | | 10,751 | 1,647,698 |
Procter & Gamble Co. | | 8,764 | 1,430,285 |
Roche Holding AG (participation certificate) | | 5,169 | 1,238,566 |
Samsonite International SA (d) | | 135,000 | 474,615 |
Sanofi SA | | 10,232 | 1,010,850 |
Southern Co. | | 11,718 | 861,273 |
Southwest Gas Holdings, Inc. | | 4,500 | 335,790 |
T-Mobile U.S., Inc. | | 10,498 | 1,723,457 |
Tapestry, Inc. | | 12,742 | 508,661 |
Target Corp. | | 2,776 | 446,880 |
The Boeing Co. (a) | | 300 | 50,352 |
The Coca-Cola Co. | | 16,660 | 1,029,088 |
The Travelers Companies, Inc. | | 6,320 | 1,340,851 |
The Walt Disney Co. | | 10,700 | 1,188,770 |
TJX Companies, Inc. | | 15,806 | 1,487,187 |
U.S. Bancorp | | 19,100 | 776,033 |
United Parcel Service, Inc. Class B | | 4,101 | 604,815 |
UnitedHealth Group, Inc. | | 3,707 | 1,793,076 |
Valero Energy Corp. | | 2,133 | 341,003 |
Veralto Corp. | | 2,979 | 279,073 |
Verizon Communications, Inc. | | 14,459 | 570,986 |
Vistra Corp. | | 16,050 | 1,217,232 |
Walmart, Inc. | | 17,000 | 1,008,950 |
WEC Energy Group, Inc. | | 4,950 | 409,068 |
Wells Fargo & Co. | | 37,054 | 2,198,043 |
TOTAL UNITED STATES OF AMERICA | | | 91,518,574 |
Zambia - 0.3% | | | |
First Quantum Minerals Ltd. | | 34,707 | 440,692 |
TOTAL COMMON STOCKS (Cost $105,710,380) | | | 147,335,189 |
| | | |
Money Market Funds - 2.6% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (e) (Cost $3,882,071) | | 3,881,294 | 3,882,071 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $109,592,451) | 151,217,260 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 132,101 |
NET ASSETS - 100.0% | 151,349,361 |
| |
Legend
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $236,200 or 0.2% of net assets. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $474,615 or 0.3% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 130,682 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 2,909,895 | 27,898,751 | 26,926,476 | 92,486 | (99) | - | 3,882,071 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 2,560,107 | 2,560,107 | 243 | - | - | - | 0.0% |
Total | 2,909,895 | 30,458,858 | 29,486,583 | 92,729 | (99) | - | 3,882,071 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 8,672,628 | 6,455,709 | 2,216,919 | - |
Consumer Discretionary | 13,864,048 | 7,337,645 | 6,526,403 | - |
Consumer Staples | 14,317,548 | 11,680,243 | 2,637,305 | - |
Energy | 7,605,232 | 7,605,232 | - | - |
Financials | 20,689,339 | 18,942,485 | 1,510,654 | 236,200 |
Health Care | 16,553,137 | 12,757,951 | 3,795,186 | - |
Industrials | 20,101,189 | 10,711,660 | 9,389,529 | - |
Information Technology | 29,959,145 | 22,700,259 | 7,258,886 | - |
Materials | 7,917,160 | 6,788,291 | 1,128,869 | - |
Real Estate | 1,730,563 | 1,730,563 | - | - |
Utilities | 5,925,200 | 5,925,200 | - | - |
|
Money Market Funds | 3,882,071 | 3,882,071 | - | - |
Total Investments in Securities: | 151,217,260 | 116,517,309 | 34,463,751 | 236,200 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $105,710,380) | $ | 147,335,189 | | |
Fidelity Central Funds (cost $3,882,071) | | 3,882,071 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $109,592,451) | | | $ | 151,217,260 |
Foreign currency held at value (cost $12,891) | | | | 12,961 |
Receivable for fund shares sold | | | | 43,742 |
Dividends receivable | | | | 216,082 |
Reclaims receivable | | | | 181,286 |
Distributions receivable from Fidelity Central Funds | | | | 17,747 |
Prepaid expenses | | | | 56 |
Other receivables | | | | 441 |
Total assets | | | | 151,689,575 |
Liabilities | | | | |
Payable for investments purchased | $ | 35,437 | | |
Payable for fund shares redeemed | | 140,499 | | |
Accrued management fee | | 109,553 | | |
Deferred taxes | | 20,521 | | |
Audit fee payable | | 29,448 | | |
Other payables and accrued expenses | | 4,756 | | |
Total liabilities | | | | 340,214 |
Net Assets | | | $ | 151,349,361 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 117,581,331 |
Total accumulated earnings (loss) | | | | 33,768,030 |
Net Assets | | | $ | 151,349,361 |
Net Asset Value, offering price and redemption price per share ($151,349,361 ÷ 8,017,224 shares) | | | $ | 18.88 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 1,697,925 |
Income from Fidelity Central Funds (including $243 from security lending) | | | | 92,729 |
Income before foreign taxes withheld | | | $ | 1,790,654 |
Less foreign taxes withheld | | | | (82,351) |
Total income | | | | 1,708,303 |
Expenses | | | | |
Management fee | $ | 570,845 | | |
Transfer agent fees | | 88,871 | | |
Accounting fees | | 25,744 | | |
Custodian fees and expenses | | 5,560 | | |
Independent trustees' fees and expenses | | 396 | | |
Registration fees | | 25,584 | | |
Audit | | 36,259 | | |
Legal | | 704 | | |
Interest | | 1,017 | | |
Miscellaneous | | 313 | | |
Total expenses before reductions | | 755,293 | | |
Expense reductions | | (6,988) | | |
Total expenses after reductions | | | | 748,305 |
Net Investment income (loss) | | | | 959,998 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 2,581,637 | | |
Fidelity Central Funds | | (99) | | |
Foreign currency transactions | | 785 | | |
Total net realized gain (loss) | | | | 2,582,323 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $7,722) | | 20,799,751 | | |
Assets and liabilities in foreign currencies | | (1,516) | | |
Total change in net unrealized appreciation (depreciation) | | | | 20,798,235 |
Net gain (loss) | | | | 23,380,558 |
Net increase (decrease) in net assets resulting from operations | | | $ | 24,340,556 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 959,998 | $ | 2,123,940 |
Net realized gain (loss) | | 2,582,323 | | (502,645) |
Change in net unrealized appreciation (depreciation) | | 20,798,235 | | 6,189,227 |
Net increase (decrease) in net assets resulting from operations | | 24,340,556 | | 7,810,522 |
Distributions to shareholders | | (767,578) | | (2,201,013) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 16,935,369 | | 64,120,579 |
Reinvestment of distributions | | 679,252 | | 1,975,864 |
Cost of shares redeemed | | (37,778,662) | | (63,120,560) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (20,164,041) | | 2,975,883 |
Total increase (decrease) in net assets | | 3,408,937 | | 8,585,392 |
| | | | |
Net Assets | | | | |
Beginning of period | | 147,940,424 | | 139,355,032 |
End of period | $ | 151,349,361 | $ | 147,940,424 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 925,947 | | 3,849,023 |
Issued in reinvestment of distributions | | 37,067 | | 117,757 |
Redeemed | | (2,081,719) | | (3,775,132) |
Net increase (decrease) | | (1,118,705) | | 191,648 |
| | | | |
Financial Highlights
Fidelity® Global Equity Income Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.19 | $ | 15.58 | $ | 19.80 | $ | 15.12 | $ | 14.64 | $ | 13.53 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .11 | | .22 | | .20 | | .15 | | .16 | | .23 |
Net realized and unrealized gain (loss) | | 2.67 | | .62 | | (2.21) | | 5.07 | | .48 | | 1.63 |
Total from investment operations | | 2.78 | | .84 | | (2.01) | | 5.22 | | .64 | | 1.86 |
Distributions from net investment income | | (.09) | | (.23) | | (.17) | | (.16) | | (.15) | | (.24) |
Distributions from net realized gain | | - | | - | | (2.04) | | (.38) | | (.01) | | (.51) |
Total distributions | | (.09) | | (.23) | | (2.21) | | (.54) | | (.16) | | (.75) |
Net asset value, end of period | $ | 18.88 | $ | 16.19 | $ | 15.58 | $ | 19.80 | $ | 15.12 | $ | 14.64 |
Total Return C,D | | | | 5.36% | | (11.45)% | | 35.09% | | 4.44% | | 14.60% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .96% G | | 1.00% | | .98% | | 1.02% | | 1.09% | | 1.09% |
Expenses net of fee waivers, if any | | | | 1.00% | | .98% | | 1.02% | | 1.09% | | 1.09% |
Expenses net of all reductions | | .95% G | | 1.00% | | .98% | | 1.02% | | 1.09% | | 1.08% |
Net investment income (loss) | | 1.22% G | | 1.33% | | 1.22% | | .84% | | 1.08% | | 1.72% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 151,349 | $ | 147,940 | $ | 139,355 | $ | 92,918 | $ | 66,715 | $ | 67,764 |
Portfolio turnover rate H | | | | 30% | | 61% | | 43% | | 48% | | 20% I |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $46,945,732 |
Gross unrealized depreciation | (5,491,615) |
Net unrealized appreciation (depreciation) | $41,454,117 |
Tax cost | $109,763,143 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(9,721,612) |
Long-term | (435,875) |
Total capital loss carryforward | $(10,157,487) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Global Equity Income Fund | 16,217,656 | 37,144,422 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity Global Equity Income Fund | .86 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity Global Equity Income Fund | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.38% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1729%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .17% of average net assets.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Global Equity Income Fund | 137 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Global Equity Income Fund | .0498 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Global Equity Income Fund | .05 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Global Equity Income Fund | Borrower | 6,573,000 | 5.57% | 1,017 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Global Equity Income Fund | 1,414,146 | 3,488,688 | 402,056 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Global Equity Income Fund | 144 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Global Equity Income Fund | 26 | - | - |
8. Expense Reductions.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,988.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Global Equity Income Fund | | | | .95% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,171.80 | | $ 5.13 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.14 | | $ 4.77 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Global Equity Income Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.938166.111
GED-SANN-0624
Fidelity® International Small Cap Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Rheinmetall AG (Germany, Aerospace & Defense) | 1.8 | |
Ashtead Technology Holdings PLC (United Kingdom, Trading Companies & Distributors) | 1.5 | |
International Games Systems Co. Ltd. (Taiwan, Entertainment) | 1.4 | |
Qualitas Controladora S.A.B. de CV (Mexico, Insurance) | 1.1 | |
Talanx AG (Germany, Insurance) | 1.0 | |
Gruma S.A.B. de CV Series B (Mexico, Food Products) | 1.0 | |
RHI Magnesita NV (United States of America, Construction Materials) | 1.0 | |
Renesas Electronics Corp. (Japan, Semiconductors & Semiconductor Equipment) | 1.0 | |
Premier Foods PLC (United Kingdom, Food Products) | 0.9 | |
Century Pacific Food, Inc. (Philippines, Food Products) | 0.9 | |
| 11.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 21.5 | |
Financials | 13.4 | |
Consumer Discretionary | 12.4 | |
Consumer Staples | 10.3 | |
Information Technology | 9.3 | |
Materials | 8.0 | |
Real Estate | 5.8 | |
Health Care | 5.6 | |
Communication Services | 4.3 | |
Energy | 3.7 | |
Utilities | 1.3 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 95.6% |
| | Shares | Value ($) |
Australia - 3.2% | | | |
EBOS Group Ltd. | | 675,495 | 13,919,937 |
GUD Holdings Ltd. | | 2,957,137 | 19,418,843 |
Imdex Ltd. | | 14,171,197 | 19,004,744 |
Inghams Group Ltd. | | 12,245,540 | 28,983,763 |
Nanosonics Ltd. (a) | | 5,222,808 | 9,663,827 |
National Storage REIT unit | | 9,547,071 | 13,164,714 |
NIB Holdings Ltd. | | 5,000,000 | 23,877,700 |
Servcorp Ltd. (b) | | 7,066,585 | 18,618,559 |
SomnoMed Ltd. (a) | | 1,703,898 | 239,834 |
TOTAL AUSTRALIA | | | 146,891,921 |
Austria - 2.3% | | | |
EuroTeleSites AG | | 2,412,000 | 9,060,784 |
Mayr-Melnhof Karton AG | | 232,300 | 27,815,565 |
Strabag SE | | 312,197 | 13,293,748 |
Telekom Austria AG | | 2,941,500 | 25,270,309 |
Wienerberger AG | | 880,600 | 31,538,893 |
TOTAL AUSTRIA | | | 106,979,299 |
Belgium - 1.0% | | | |
Econocom Group SA | | 4,581,895 | 10,757,556 |
Fagron NV | | 1,727,100 | 33,619,259 |
TOTAL BELGIUM | | | 44,376,815 |
Brazil - 2.0% | | | |
Afya Ltd. (a) | | 1,307,000 | 22,519,610 |
Atacadao SA | | 10,664,500 | 22,940,813 |
Hypera SA (a) | | 5,325,300 | 30,274,401 |
YDUQS Participacoes SA | | 5,293,500 | 14,873,506 |
TOTAL BRAZIL | | | 90,608,330 |
Canada - 4.7% | | | |
CCL Industries, Inc. Class B | | 412,900 | 21,085,149 |
Computer Modelling Group Ltd. | | 3,344,863 | 26,678,238 |
ECN Capital Corp. | | 5,364,300 | 6,858,074 |
Genesis Land Development Corp. (b) | | 4,494,999 | 9,860,819 |
Lassonde Industries, Inc. Class A (sub. vtg.) | | 297,030 | 31,074,173 |
McCoy Global, Inc. | | 1,327,470 | 1,851,409 |
North West Co., Inc. | | 1,190,300 | 33,738,064 |
Open Text Corp. | | 727,396 | 25,684,611 |
Parkland Corp. | | 711,400 | 21,915,864 |
Quebecor, Inc. Class A | | 568,500 | 11,604,148 |
Richelieu Hardware Ltd. | | 303,400 | 8,562,155 |
Total Energy Services, Inc. | | 911,100 | 6,406,456 |
VerticalScope Holdings, Inc. (a) | | 677,619 | 3,859,030 |
Western Forest Products, Inc. (b)(c) | | 17,341,175 | 6,802,190 |
TOTAL CANADA | | | 215,980,380 |
China - 3.0% | | | |
Best Pacific International Holdings Ltd. | | 22,158,900 | 5,854,906 |
Chervon Holdings Ltd. | | 3,345,000 | 8,123,540 |
Far East Horizon Ltd. | | 26,280,000 | 19,507,861 |
Horizon Construction Development Ltd. | | 1 | 0 |
Impro Precision Industries Ltd. (d) | | 24,717,300 | 6,546,327 |
Precision Tsugami China Corp. Ltd. | | 9,991,453 | 11,733,440 |
Qingdao Port International Co. Ltd. (H Shares) (d) | | 37,582,000 | 24,604,529 |
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 5,208,166 | 19,197,645 |
Sinopharm Group Co. Ltd. (H Shares) | | 6,896,400 | 17,415,907 |
Weifu High-Technology Group Co. Ltd. (B Shares) | | 7,955,075 | 11,540,993 |
Xingda International Holdings Ltd. | | 72,583,353 | 13,492,762 |
TOTAL CHINA | | | 138,017,910 |
Denmark - 0.5% | | | |
Spar Nord Bank A/S | | 1,301,875 | 23,098,413 |
Finland - 1.1% | | | |
Huhtamaki Oyj | | 897,100 | 34,427,569 |
Tokmanni Group Corp. | | 1,107,600 | 16,832,118 |
TOTAL FINLAND | | | 51,259,687 |
France - 2.4% | | | |
Altarea SCA (c) | | 146,357 | 12,667,187 |
Antin Infrastructure Partners SA | | 405,055 | 5,187,296 |
ARGAN SA | | 313,700 | 24,706,811 |
Elior SA (a)(d) | | 820,675 | 2,263,130 |
Lectra | | 361,754 | 12,354,044 |
Thermador Groupe SA (c) | | 390,266 | 33,319,350 |
Vallourec SA (a) | | 1,038,400 | 18,024,556 |
TOTAL FRANCE | | | 108,522,374 |
Germany - 4.7% | | | |
DWS Group GmbH & Co. KGaA (d) | | 238,600 | 10,093,689 |
JOST Werke AG (d) | | 437,020 | 21,127,365 |
NORMA Group AG | | 623,692 | 12,446,797 |
Rheinmetall AG | | 146,725 | 80,985,716 |
Stabilus Se | | 345,400 | 21,453,153 |
Takkt AG | | 1,395,512 | 19,420,347 |
Talanx AG | | 632,867 | 47,750,474 |
TOTAL GERMANY | | | 213,277,541 |
Greece - 1.3% | | | |
Athens International Airport SA | | 2,022,300 | 17,934,630 |
Mytilineos SA | | 1,026,216 | 41,835,789 |
TOTAL GREECE | | | 59,770,419 |
Hong Kong - 2.1% | | | |
ASMPT Ltd. | | 2,824,900 | 35,106,956 |
China Metal Recycling (Holdings) Ltd. (a)(e) | | 436,800 | 1 |
HKT Trust/HKT Ltd. unit | | 15,025,000 | 16,587,268 |
Magnificent Hotel Investment Ltd. (a) | | 316,412,000 | 3,126,544 |
Pico Far East Holdings Ltd. | | 61,300,071 | 12,762,475 |
Sino Land Ltd. | | 12,116,375 | 12,954,824 |
WH Group Ltd. (d) | | 21,022,000 | 15,279,633 |
TOTAL HONG KONG | | | 95,817,701 |
Hungary - 0.8% | | | |
Richter Gedeon PLC | | 1,497,000 | 38,121,145 |
India - 2.3% | | | |
Embassy Office Parks (REIT) | | 5,523,100 | 23,611,984 |
IndusInd Bank Ltd. | | 1,043,700 | 18,917,359 |
Mahanagar Gas Ltd. | | 1,715,800 | 29,648,153 |
Shriram Finance Ltd. | | 1,133,252 | 34,565,811 |
TOTAL INDIA | | | 106,743,307 |
Indonesia - 0.4% | | | |
PT Selamat Sempurna Tbk | | 160,672,900 | 17,798,587 |
Ireland - 1.6% | | | |
AerCap Holdings NV (a) | | 312,072 | 26,366,963 |
Dalata Hotel Group PLC | | 4,968,109 | 22,374,296 |
Irish Residential Properties REIT PLC | | 15,711,500 | 16,616,407 |
Mincon Group PLC (b) | | 13,529,844 | 6,786,353 |
TOTAL IRELAND | | | 72,144,019 |
Italy - 2.6% | | | |
Banca Generali SpA | | 694,894 | 27,305,376 |
BFF Bank SpA (d) | | 2,405,056 | 30,928,443 |
MARR SpA | | 985,827 | 12,709,061 |
Recordati SpA | | 552,011 | 29,484,762 |
Sesa SpA | | 200,000 | 20,906,448 |
TOTAL ITALY | | | 121,334,090 |
Japan - 18.5% | | | |
Amano Corp. | | 1,067,650 | 25,678,339 |
Arcland Sakamoto Co. Ltd. | | 2,194,589 | 27,015,963 |
As One Corp. | | 721,400 | 11,885,263 |
ASKUL Corp. | | 1,602,100 | 24,195,378 |
Capcom Co. Ltd. | | 1,473,000 | 24,249,174 |
Central Automotive Products Ltd. | | 573,200 | 20,982,037 |
Dexerials Corp. | | 749,000 | 28,055,022 |
Dip Corp. | | 644,700 | 10,895,541 |
Funai Soken Holdings, Inc. | | 1,230,800 | 18,620,979 |
GMO Internet, Inc. | | 1,244,800 | 20,438,549 |
Hokuhoku Financial Group, Inc. | | 1,202,200 | 14,747,322 |
Inaba Denki Sangyo Co. Ltd. | | 1,334,000 | 31,122,962 |
Isuzu Motors Ltd. | | 1,705,200 | 21,609,751 |
Justsystems Corp. | | 562,400 | 9,796,221 |
Kamigumi Co. Ltd. | | 1,459,800 | 31,525,240 |
Kansai Electric Power Co., Inc. | | 2,172,900 | 32,548,785 |
Kyoto Financial Group, Inc. | | 1,275,700 | 22,706,402 |
Maruwa Ceramic Co. Ltd. | | 133,300 | 28,090,022 |
Meitec Group Holdings, Inc. | | 1,044,700 | 19,483,668 |
Minebea Mitsumi, Inc. | | 1,128,400 | 21,135,333 |
Mitani Shoji Co. Ltd. | | 1,137,700 | 12,006,568 |
Nishimoto Co. Ltd. | | 399,700 | 14,762,677 |
NOF Corp. | | 2,317,800 | 31,095,447 |
NSD Co. Ltd. | | 1,485,700 | 29,039,463 |
PALTAC Corp. | | 945,000 | 28,602,272 |
Park24 Co. Ltd. (a) | | 808,000 | 8,701,827 |
Persol Holdings Co. Ltd. | | 12,087,700 | 16,721,031 |
Prestige International, Inc. | | 3,604,500 | 15,393,243 |
Relo Group, Inc. | | 1,449,800 | 12,602,543 |
Renesas Electronics Corp. | | 2,739,700 | 44,481,090 |
Roland Corp. | | 791,400 | 21,514,029 |
S Foods, Inc. | | 1,137,623 | 21,961,499 |
San-Ai Obbli Co. Ltd. | | 1,960,300 | 25,716,647 |
Ship Healthcare Holdings, Inc. | | 1,964,400 | 29,226,183 |
Sumco Corp. | | 1,361,600 | 20,305,974 |
TechnoPro Holdings, Inc. | | 1,400,000 | 23,846,756 |
TIS, Inc. | | 741,500 | 15,835,901 |
TKC Corp. | | 336,600 | 7,746,177 |
Tsuruha Holdings, Inc. (c) | | 374,200 | 23,620,968 |
TOTAL JAPAN | | | 847,962,246 |
Korea (South) - 1.4% | | | |
Hyundai Marine & Fire Insurance Co. Ltd. | | 596,426 | 13,426,064 |
Soulbrain Co. Ltd. | | 150,600 | 32,420,865 |
Vitzrocell Co. Ltd. (b) | | 1,496,641 | 18,666,630 |
TOTAL KOREA (SOUTH) | | | 64,513,559 |
Mexico - 3.8% | | | |
Bolsa Mexicana de Valores S.A.B. de CV | | 10,327,582 | 19,400,294 |
Genomma Lab Internacional SA de CV | | 16,940,461 | 16,524,385 |
Gruma S.A.B. de CV Series B | | 2,361,077 | 46,373,216 |
Grupo Comercial Chedraui S.A.B. de CV | | 5,581,100 | 41,235,779 |
Qualitas Controladora S.A.B. de CV | | 3,895,035 | 50,935,642 |
TOTAL MEXICO | | | 174,469,316 |
Netherlands - 1.2% | | | |
Acomo NV | | 915,999 | 17,068,095 |
Arcadis NV | | 443,150 | 27,500,861 |
Van Lanschot Kempen NV (Bearer) | | 283,041 | 10,073,746 |
TOTAL NETHERLANDS | | | 54,642,702 |
Norway - 1.5% | | | |
Europris ASA (d) | | 4,904,600 | 30,994,547 |
Selvaag Bolig ASA | | 2,186,000 | 6,917,037 |
Sparebanken Midt-Norge | | 2,429,700 | 32,003,754 |
TOTAL NORWAY | | | 69,915,338 |
Peru - 0.3% | | | |
Intercorp Financial Services, Inc. | | 683,100 | 14,563,692 |
Philippines - 1.4% | | | |
Century Pacific Food, Inc. | | 64,787,600 | 42,543,482 |
Robinsons Land Corp. | | 85,329,700 | 23,019,123 |
TOTAL PHILIPPINES | | | 65,562,605 |
Romania - 0.7% | | | |
Banca Transilvania SA | | 5,183,505 | 31,568,782 |
Singapore - 1.5% | | | |
Boustead Singapore Ltd. | | 14,552,066 | 10,166,950 |
HRnetgroup Ltd. | | 32,187,700 | 16,850,838 |
Mapletree Industrial (REIT) | | 15,498,931 | 25,663,691 |
The Hour Glass Ltd. | | 14,188,880 | 16,497,997 |
TOTAL SINGAPORE | | | 69,179,476 |
South Africa - 0.3% | | | |
Pepkor Holdings Ltd. (d) | | 15,580,200 | 14,697,549 |
Spain - 2.8% | | | |
Cie Automotive SA | | 928,200 | 24,665,319 |
Compania de Distribucion Integral Logista Holdings SA | | 1,510,300 | 41,197,408 |
Grupo Catalana Occidente SA | | 798,222 | 30,922,610 |
Prosegur Compania de Seguridad SA (Reg.) (c) | | 7,627,481 | 13,496,199 |
Viscofan Envolturas Celulosicas SA | | 293,400 | 18,693,054 |
TOTAL SPAIN | | | 128,974,590 |
Sweden - 1.7% | | | |
Alligo AB (B Shares) | | 900,797 | 10,593,381 |
Granges AB | | 2,166,476 | 25,733,341 |
Haypp Group (a) | | 1,232,700 | 9,642,004 |
HEXPOL AB (B Shares) | | 2,043,700 | 23,366,321 |
Nordnet AB (c) | | 427,400 | 7,725,498 |
TOTAL SWEDEN | | | 77,060,545 |
Switzerland - 0.6% | | | |
Anhui Heli Co. Ltd. (UBS AG London Branch Bank Warrant Programme) ELS Class A warrants 12/8/25 (a)(d) | | 8,014,256 | 26,415,937 |
Taiwan - 3.8% | | | |
International Games Systems Co. Ltd. | | 2,037,000 | 62,183,234 |
Lumax International Corp. Ltd. | | 4,537,292 | 15,120,580 |
Sporton International, Inc. | | 2,147,977 | 16,358,149 |
Test Research, Inc. | | 8,193,000 | 26,516,895 |
Tripod Technology Corp. | | 4,938,000 | 29,569,068 |
Yageo Corp. | | 922,578 | 17,566,428 |
Yung Chi Paint & Varnish Manufacturing Co. Ltd. | | 2,908,000 | 7,043,839 |
TOTAL TAIWAN | | | 174,358,193 |
Thailand - 0.4% | | | |
Star Petroleum Refining PCL (For. Reg.) | | 76,469,600 | 16,346,288 |
United Kingdom - 16.0% | | | |
Alliance Pharma PLC (c) | | 20,115,527 | 8,546,021 |
Ashtead Technology Holdings PLC (b) | | 6,922,000 | 70,665,477 |
B&M European Value Retail SA | | 5,048,300 | 32,739,056 |
Bodycote PLC | | 2,147,471 | 18,676,272 |
Cranswick PLC | | 490,300 | 26,405,403 |
DCC PLC (United Kingdom) | | 457,300 | 31,342,344 |
Direct Line Insurance Group PLC | | 9,160,900 | 21,268,531 |
Grainger Trust PLC | | 7,345,266 | 23,542,281 |
Harbour Energy PLC | | 4,880,094 | 17,616,895 |
Hiscox Ltd. | | 2,702,648 | 41,538,254 |
Indivior PLC (a) | | 929,200 | 16,742,801 |
Informa PLC | | 3,145,433 | 31,277,931 |
J.D. Wetherspoon PLC (a) | | 2,092,400 | 18,942,476 |
Jet2 PLC | | 1,827,500 | 32,791,816 |
John Wood Group PLC (a) | | 12,397,900 | 22,989,825 |
Lancashire Holdings Ltd. | | 2,892,700 | 22,048,897 |
LSL Property Services PLC | | 4,204,235 | 15,655,138 |
Luxfer Holdings PLC sponsored | | 1,078,259 | 10,383,634 |
Mears Group PLC (b) | | 7,803,114 | 35,296,380 |
On The Beach Group PLC (a)(d) | | 6,731,236 | 12,145,507 |
Pets At Home Group PLC | | 3,026,900 | 11,051,772 |
Premier Foods PLC | | 21,377,300 | 43,220,025 |
Rathbone Brothers PLC | | 923,400 | 18,899,809 |
RS GROUP PLC | | 2,485,053 | 22,885,309 |
Sabre Insurance Group PLC (d) | | 9,562,200 | 19,213,103 |
Savills PLC | | 2,234,400 | 30,209,381 |
Tate & Lyle PLC | | 3,640,843 | 29,980,647 |
Vistry Group PLC | | 1,896,298 | 28,386,840 |
WH Smith PLC | | 1,264,600 | 17,334,585 |
TOTAL UNITED KINGDOM | | | 731,796,410 |
United States of America - 3.7% | | | |
Adient PLC (a) | | 485,600 | 14,504,872 |
Adtalem Global Education, Inc. (a) | | 581,600 | 28,858,992 |
Antero Resources Corp. (a) | | 1,002,400 | 34,091,624 |
GCC S.A.B. de CV | | 2,930,800 | 33,357,990 |
RHI Magnesita NV | | 984,391 | 44,527,657 |
WestRock Co. | | 327,700 | 15,716,492 |
TOTAL UNITED STATES OF AMERICA | | | 171,057,627 |
TOTAL COMMON STOCKS (Cost $3,854,934,975) | | | 4,383,826,793 |
| | | |
Money Market Funds - 2.1% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 77,252,139 | 77,267,590 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 18,459,073 | 18,460,919 |
TOTAL MONEY MARKET FUNDS (Cost $95,728,509) | | | 95,728,509 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 97.7% (Cost $3,950,663,484) | 4,479,555,302 |
NET OTHER ASSETS (LIABILITIES) - 2.3% | 105,525,899 |
NET ASSETS - 100.0% | 4,585,081,201 |
| |
Security Type Abbreviations
ELS | - | EQUITY-LINKED SECURITY |
Legend
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $214,309,759 or 4.7% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 93,381,597 | 440,773,849 | 456,887,939 | 2,350,261 | 83 | - | 77,267,590 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | 31,092,349 | 265,928,916 | 278,560,346 | 81,504 | - | - | 18,460,919 | 0.1% |
Total | 124,473,946 | 706,702,765 | 735,448,285 | 2,431,765 | 83 | - | 95,728,509 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Ashtead Technology Holdings PLC | 42,426,011 | - | 3,271,280 | - | 2,237,282 | 29,273,464 | 70,665,477 |
Genesis Land Development Corp. | 7,126,596 | 960,504 | - | 212,336 | - | 1,773,719 | 9,860,819 |
Mears Group PLC | 23,189,551 | 2,830,058 | 883,999 | - | (706,930) | 10,867,700 | 35,296,380 |
Mincon Group PLC | 8,303,238 | - | - | 154,089 | - | (1,516,885) | 6,786,353 |
Servcorp Ltd. | 13,569,097 | - | - | 556,748 | - | 5,049,462 | 18,618,559 |
SomnoMed Ltd. | 1,718,117 | - | 731,578 | - | (3,833,710) | 3,087,005 | - |
Ten Entertainment Group PLC | 21,267,175 | - | - | - | 17,753,663 | (7,913,930) | - |
Vitzrocell Co. Ltd. | 17,271,915 | 1,707,327 | - | 221,507 | - | (312,612) | 18,666,630 |
Western Forest Products, Inc. | 9,003,531 | - | - | - | - | (2,201,341) | 6,802,190 |
Total | 143,875,231 | 5,497,889 | 4,886,857 | 1,144,680 | 15,450,305 | 38,106,582 | 166,696,408 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 196,854,353 | 81,072,202 | 115,782,151 | - |
Consumer Discretionary | 562,599,781 | 308,128,630 | 254,471,151 | - |
Consumer Staples | 470,590,352 | 323,438,330 | 147,152,022 | - |
Energy | 164,959,564 | 122,896,629 | 42,062,935 | - |
Financials | 619,132,896 | 471,384,377 | 147,748,519 | - |
Health Care | 255,663,725 | 173,312,774 | 82,350,951 | - |
Industrials | 982,024,152 | 618,361,447 | 363,662,705 | - |
Information Technology | 426,860,825 | 96,380,897 | 330,479,928 | - |
Materials | 373,133,708 | 264,371,167 | 108,762,540 | 1 |
Real Estate | 269,810,499 | 140,175,061 | 129,635,438 | - |
Utilities | 62,196,938 | - | 62,196,938 | - |
|
Money Market Funds | 95,728,509 | 95,728,509 | - | - |
Total Investments in Securities: | 4,479,555,302 | 2,695,250,023 | 1,784,305,278 | 1 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $17,534,650) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,721,771,606) | $ | 4,217,130,385 | | |
Fidelity Central Funds (cost $95,728,509) | | 95,728,509 | | |
Other affiliated issuers (cost $133,163,369) | | 166,696,408 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $3,950,663,484) | | | $ | 4,479,555,302 |
Foreign currency held at value (cost $111,024,485) | | | | 109,295,137 |
Receivable for investments sold | | | | 3,226,528 |
Receivable for fund shares sold | | | | 3,382,663 |
Dividends receivable | | | | 17,683,517 |
Reclaims receivable | | | | 3,387,108 |
Distributions receivable from Fidelity Central Funds | | | | 392,802 |
Prepaid expenses | | | | 1,238 |
Other receivables | | | | 9,615 |
Total assets | | | | 4,616,933,910 |
Liabilities | | | | |
Payable for investments purchased | $ | 2,703,911 | | |
Payable for fund shares redeemed | | 1,727,909 | | |
Accrued management fee | | 3,727,382 | | |
Distribution and service plan fees payable | | 45,483 | | |
Deferred taxes | | 4,987,687 | | |
Other payables and accrued expenses | | 203,512 | | |
Collateral on securities loaned | | 18,456,825 | | |
Total liabilities | | | | 31,852,709 |
Net Assets | | | $ | 4,585,081,201 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 4,163,363,906 |
Total accumulated earnings (loss) | | | | 421,717,295 |
Net Assets | | | $ | 4,585,081,201 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($126,815,661 ÷ 4,106,769 shares)(a) | | | $ | 30.88 |
Maximum offering price per share (100/94.25 of $30.88) | | | $ | 32.76 |
Class M : | | | | |
Net Asset Value and redemption price per share ($17,430,627 ÷ 566,912 shares)(a) | | | $ | 30.75 |
Maximum offering price per share (100/96.50 of $30.75) | | | $ | 31.87 |
Class C : | | | | |
Net Asset Value and offering price per share ($13,628,633 ÷ 460,507 shares)(a) | | | $ | 29.59 |
International Small Cap : | | | | |
Net Asset Value, offering price and redemption price per share ($1,555,431,975 ÷ 49,267,565 shares) | | | $ | 31.57 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($1,221,492,008 ÷ 38,420,690 shares) | | | $ | 31.79 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($1,650,282,297 ÷ 51,966,571 shares) | | | $ | 31.76 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends (including $1,144,680 earned from affiliated issuers) | | | $ | 59,105,470 |
Income from Fidelity Central Funds (including $81,504 from security lending) | | | | 2,431,765 |
Income before foreign taxes withheld | | | $ | 61,537,235 |
Less foreign taxes withheld | | | | (5,403,622) |
Total income | | | | 56,133,613 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 18,000,415 | | |
Performance adjustment | | 2,739,401 | | |
Transfer agent fees | | 1,792,476 | | |
Distribution and service plan fees | | 269,067 | | |
Accounting fees | | 534,270 | | |
Custodian fees and expenses | | 252,708 | | |
Independent trustees' fees and expenses | | 10,362 | | |
Registration fees | | 157,601 | | |
Audit | | 56,922 | | |
Legal | | 2,201 | | |
Miscellaneous | | 7,593 | | |
Total expenses before reductions | | 23,823,016 | | |
Expense reductions | | (191,738) | | |
Total expenses after reductions | | | | 23,631,278 |
Net Investment income (loss) | | | | 32,502,335 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (1,516,422) | | |
Fidelity Central Funds | | 83 | | |
Other affiliated issuers | | 15,450,305 | | |
Foreign currency transactions | | (1,084,686) | | |
Total net realized gain (loss) | | | | 12,849,280 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $2,816,103) | | 553,815,299 | | |
Affiliated issuers | | 38,106,582 | | |
Assets and liabilities in foreign currencies | | (524,492) | | |
Total change in net unrealized appreciation (depreciation) | | | | 591,397,389 |
Net gain (loss) | | | | 604,246,669 |
Net increase (decrease) in net assets resulting from operations | | | $ | 636,749,004 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 32,502,335 | $ | 65,046,236 |
Net realized gain (loss) | | 12,849,280 | | (49,505,968) |
Change in net unrealized appreciation (depreciation) | | 591,397,389 | | 332,949,836 |
Net increase (decrease) in net assets resulting from operations | | 636,749,004 | | 348,490,104 |
Distributions to shareholders | | (81,035,424) | | (22,796,062) |
| | | | |
Share transactions - net increase (decrease) | | 373,974,743 | | 398,485,883 |
Total increase (decrease) in net assets | | 929,688,323 | | 724,179,925 |
| | | | |
Net Assets | | | | |
Beginning of period | | 3,655,392,878 | | 2,931,212,953 |
End of period | $ | 4,585,081,201 | $ | 3,655,392,878 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® International Small Cap Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 26.84 | $ | 23.88 | $ | 34.31 | $ | 24.75 | $ | 26.32 | $ | 25.78 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .18 | | .44 | | .58 | | .31 | | .27 | | .49 |
Net realized and unrealized gain (loss) | | 4.37 | | 2.63 | | (8.74) | | 9.42 | | (1.26) | | 1.43 |
Total from investment operations | | 4.55 | | 3.07 | | (8.16) | | 9.73 | | (.99) | | 1.92 |
Distributions from net investment income | | (.51) | | (.11) | | (.75) | | (.17) | | (.44) | | (.38) |
Distributions from net realized gain | | - | | - | | (1.52) | | - | | (.14) | | (1.00) |
Total distributions | | (.51) | | (.11) | | (2.27) | | (.17) | | (.58) | | (1.38) |
Net asset value, end of period | $ | 30.88 | $ | 26.84 | $ | 23.88 | $ | 34.31 | $ | 24.75 | $ | 26.32 |
Total Return C,D,E | | | | 12.87% | | (25.19)% | | 39.43% | | (3.91)% | | 8.00% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.39% H | | 1.43% | | 1.29% | | 1.29% | | 1.36% | | 1.47% |
Expenses net of fee waivers, if any | | | | 1.43% | | 1.29% | | 1.29% | | 1.36% | | 1.47% |
Expenses net of all reductions | | 1.38% H | | 1.43% | | 1.29% | | 1.29% | | 1.35% | | 1.46% |
Net investment income (loss) | | 1.21% H | | 1.56% | | 2.06% | | .95% | | 1.09% | | 1.94% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 126,816 | $ | 108,866 | $ | 95,906 | $ | 136,131 | $ | 92,044 | $ | 105,786 |
Portfolio turnover rate I | | | | 10% | | 17% | | 28% | | 43% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 26.69 | $ | 23.73 | $ | 34.12 | $ | 24.62 | $ | 26.18 | $ | 25.62 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .36 | | .50 | | .22 | | .19 | | .41 |
Net realized and unrealized gain (loss) | | 4.35 | | 2.64 | | (8.70) | | 9.38 | | (1.25) | | 1.43 |
Total from investment operations | | 4.49 | | 3.00 | | (8.20) | | 9.60 | | (1.06) | | 1.84 |
Distributions from net investment income | | (.43) | | (.04) | | (.66) | | (.10) | | (.36) | | (.27) |
Distributions from net realized gain | | - | | - | | (1.52) | | - | | (.14) | | (1.00) |
Total distributions | | (.43) | | (.04) | | (2.19) C | | (.10) | | (.50) | | (1.28) C |
Net asset value, end of period | $ | 30.75 | $ | 26.69 | $ | 23.73 | $ | 34.12 | $ | 24.62 | $ | 26.18 |
Total Return D,E,F | | | | 12.62% | | (25.43)% | | 39.07% | | (4.19)% | | 7.65% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.65% I | | 1.71% | | 1.57% | | 1.57% | | 1.67% | | 1.78% |
Expenses net of fee waivers, if any | | | | 1.70% | | 1.56% | | 1.57% | | 1.67% | | 1.78% |
Expenses net of all reductions | | 1.64% I | | 1.70% | | 1.56% | | 1.57% | | 1.65% | | 1.77% |
Net investment income (loss) | | .96% I | | 1.29% | | 1.79% | | .68% | | .78% | | 1.62% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 17,431 | $ | 15,515 | $ | 13,761 | $ | 19,926 | $ | 12,492 | $ | 16,013 |
Portfolio turnover rate J | | | | 10% | | 17% | | 28% | | 43% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 25.64 | $ | 22.88 | $ | 32.93 | $ | 23.80 | $ | 25.27 | $ | 24.77 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .21 | | .35 | | .06 | | .08 | | .28 |
Net realized and unrealized gain (loss) | | 4.17 | | 2.55 | | (8.40) | | 9.07 | | (1.23) | | 1.39 |
Total from investment operations | | 4.24 | | 2.76 | | (8.05) | | 9.13 | | (1.15) | | 1.67 |
Distributions from net investment income | | (.29) | | - | | (.48) | | - | | (.18) | | (.17) |
Distributions from net realized gain | | - | | - | | (1.52) | | - | | (.14) | | (1.00) |
Total distributions | | (.29) | | - | | (2.00) | | - | | (.32) | | (1.17) |
Net asset value, end of period | $ | 29.59 | $ | 25.64 | $ | 22.88 | $ | 32.93 | $ | 23.80 | $ | 25.27 |
Total Return C,D,E | | | | 12.06% | | (25.77)% | | 38.36% | | (4.65)% | | 7.17% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 2.14% H | | 2.20% | | 2.06% | | 2.05% | | 2.13% | | 2.24% |
Expenses net of fee waivers, if any | | | | 2.19% | | 2.05% | | 2.05% | | 2.13% | | 2.24% |
Expenses net of all reductions | | 2.13% H | | 2.19% | | 2.05% | | 2.05% | | 2.11% | | 2.23% |
Net investment income (loss) | | .46% H | | .80% | | 1.30% | | .19% | | .32% | | 1.16% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 13,629 | $ | 12,603 | $ | 13,556 | $ | 21,683 | $ | 17,659 | $ | 23,937 |
Portfolio turnover rate I | | | | 10% | | 17% | | 28% | | 43% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® International Small Cap Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 27.46 | $ | 24.43 | $ | 35.05 | $ | 25.28 | $ | 26.86 | $ | 26.29 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .23 | | .52 | | .67 | | .41 | | .34 | | .57 |
Net realized and unrealized gain (loss) | | 4.47 | | 2.70 | | (8.94) | | 9.61 | | (1.27) | | 1.45 |
Total from investment operations | | 4.70 | | 3.22 | | (8.27) | | 10.02 | | (.93) | | 2.02 |
Distributions from net investment income | | (.59) | | (.19) | | (.83) | | (.25) | | (.51) | | (.45) |
Distributions from net realized gain | | - | | - | | (1.52) | | - | | (.14) | | (1.00) |
Total distributions | | (.59) | | (.19) | | (2.35) | | (.25) | | (.65) | | (1.45) |
Net asset value, end of period | $ | 31.57 | $ | 27.46 | $ | 24.43 | $ | 35.05 | $ | 25.28 | $ | 26.86 |
Total Return C,D | | | | 13.19% | | (25.01)% | | 39.83% | | (3.61)% | | 8.27% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | 1.12% G | | 1.17% | | 1.02% | | 1.01% | | 1.08% | | 1.19% |
Expenses net of fee waivers, if any | | | | 1.16% | | 1.02% | | 1.01% | | 1.08% | | 1.19% |
Expenses net of all reductions | | 1.11% G | | 1.16% | | 1.02% | | 1.01% | | 1.07% | | 1.18% |
Net investment income (loss) | | 1.48% G | | 1.83% | | 2.33% | | 1.23% | | 1.37% | | 2.22% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,555,432 | $ | 1,342,755 | $ | 1,145,773 | $ | 1,534,214 | $ | 1,122,746 | $ | 1,282,412 |
Portfolio turnover rate H | | | | 10% | | 17% | | 28% | | 43% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 27.66 | $ | 24.60 | $ | 35.27 | $ | 25.44 | $ | 27.03 | $ | 26.45 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .23 | | .53 | | .68 | | .41 | | .35 | | .58 |
Net realized and unrealized gain (loss) | | 4.49 | | 2.71 | | (8.99) | | 9.67 | | (1.28) | | 1.46 |
Total from investment operations | | 4.72 | | 3.24 | | (8.31) | | 10.08 | | (.93) | | 2.04 |
Distributions from net investment income | | (.59) | | (.18) | | (.84) | | (.25) | | (.52) | | (.46) |
Distributions from net realized gain | | - | | - | | (1.52) | | - | | (.14) | | (1.00) |
Total distributions | | (.59) | | (.18) | | (2.36) | | (.25) | | (.66) | | (1.46) |
Net asset value, end of period | $ | 31.79 | $ | 27.66 | $ | 24.60 | $ | 35.27 | $ | 25.44 | $ | 27.03 |
Total Return C,D | | | | 13.20% | | (24.98)% | | 39.80% | | (3.62)% | | 8.28% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | 1.14% G | | 1.16% | | 1.02% | | 1.02% | | 1.08% | | 1.19% |
Expenses net of fee waivers, if any | | | | 1.15% | | 1.01% | | 1.02% | | 1.08% | | 1.18% |
Expenses net of all reductions | | 1.13% G | | 1.15% | | 1.01% | | 1.02% | | 1.06% | | 1.18% |
Net investment income (loss) | | 1.46% G | | 1.84% | | 2.34% | | 1.22% | | 1.38% | | 2.22% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,221,492 | $ | 924,094 | $ | 696,515 | $ | 1,080,258 | $ | 605,100 | $ | 777,771 |
Portfolio turnover rate H | | | | 10% | | 17% | | 28% | | 43% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 27.65 | $ | 24.59 | $ | 35.26 | $ | 25.43 | $ | 27.03 | $ | 26.46 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .25 | | .56 | | .70 | | .45 | | .38 | | .61 |
Net realized and unrealized gain (loss) | | 4.49 | | 2.72 | | (8.97) | | 9.67 | | (1.28) | | 1.47 |
Total from investment operations | | 4.74 | | 3.28 | | (8.27) | | 10.12 | | (.90) | | 2.08 |
Distributions from net investment income | | (.63) | | (.22) | | (.88) | | (.29) | | (.56) | | (.50) |
Distributions from net realized gain | | - | | - | | (1.52) | | - | | (.14) | | (1.00) |
Total distributions | | (.63) | | (.22) | | (2.40) | | (.29) | | (.70) | | (1.51) C |
Net asset value, end of period | $ | 31.76 | $ | 27.65 | $ | 24.59 | $ | 35.26 | $ | 25.43 | $ | 27.03 |
Total Return D,E | | | | 13.38% | | (24.89)% | | 39.99% | | (3.51)% | | 8.44% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.02% H | | 1.03% | | .89% | | .89% | | .94% | | 1.05% |
Expenses net of fee waivers, if any | | | | 1.03% | | .89% | | .89% | | .94% | | 1.05% |
Expenses net of all reductions | | 1.01% H | | 1.03% | | .89% | | .89% | | .93% | | 1.04% |
Net investment income (loss) | | 1.59% H | | 1.96% | | 2.47% | | 1.35% | | 1.51% | | 2.35% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,650,282 | $ | 1,251,559 | $ | 965,701 | $ | 739,757 | $ | 275,127 | $ | 245,252 |
Portfolio turnover rate I | | | | 10% | | 17% | | 28% | | 43% | | 28% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain foreign taxes and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $962,166,396 |
Gross unrealized depreciation | (475,415,761) |
Net unrealized appreciation (depreciation) | $486,750,635 |
Tax cost | $3,992,804,667 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(51,144,509) |
Long-term | (43,090,240) |
Total capital loss carryforward | $(94,234,749) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Small Cap Fund | 606,881,550 | 270,408,456 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | 1.02 |
Class M | 1.02 |
Class C | 1.02 |
International Small Cap | 1.00 |
Class I | 1.00 |
Class Z | .87 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .91 |
Class M | .91 |
Class C | .91 |
International Small Cap | .87 |
Class I | .91 |
Class Z | .79 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .82%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity International Small Cap Fund | MSCI ACWI (All Country World Index) ex USA Small Cap Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .13%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 156,690 | 2,452 |
Class M | .25% | .25% | 43,072 | 190 |
Class C | .75% | .25% | 69,305 | 5,625 |
| | | 269,067 | 8,267 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 11,428 |
Class M | 636 |
Class CA | 15 |
| 12,079 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | 0.1909% |
Class M | 0.2000% |
Class C | 0.2000% |
International Small Cap | 0.1743% |
Class I | 0.1723% |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 77,950 | .19 |
Class M | 11,353 | .20 |
Class C | 9,182 | .20 |
International Small Cap | 861,865 | .18 |
Class I | 626,562 | .17 |
Class Z | 205,564 | .04 |
| 1,792,476 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity International Small Cap Fund | 0.0385% |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity International Small Cap Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Small Cap Fund | 253 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Small Cap Fund | 24,977,234 | 4,842,097 | (2,947,619) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity International Small Cap Fund | 3,871 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity International Small Cap Fund | 8,846 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $428 . During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 35 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $191,275.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Small Cap Fund | | |
Distributions to shareholders | | |
Class A | $2,098,372 | $440,641 |
Class M | 241,727 | 19,955 |
Class C | 139,497 | - |
International Small Cap | 27,992,078 | 8,831,165 |
Class I | 20,805,567 | 5,018,235 |
Class Z | 29,758,183 | 8,486,066 |
Total | $ 81,035,424 | $ 22,796,062 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Small Cap Fund | | | | |
Class A | | | | |
Shares sold | 475,989 | 918,692 | $14,155,361 | $25,838,409 |
Reinvestment of distributions | 71,368 | 16,707 | 2,084,465 | 437,544 |
Shares redeemed | (495,980) | (896,876) | (14,948,476) | (25,017,177) |
Net increase (decrease) | 51,377 | 38,523 | $1,291,350 | $1,258,776 |
Class M | | | | |
Shares sold | 40,481 | 114,850 | $1,216,745 | $3,220,186 |
Reinvestment of distributions | 8,280 | 763 | 241,156 | 19,926 |
Shares redeemed | (63,199) | (114,079) | (1,886,135) | (3,149,104) |
Net increase (decrease) | (14,438) | 1,534 | $(428,234) | $91,008 |
Class C | | | | |
Shares sold | 29,733 | 51,153 | $860,014 | $1,355,166 |
Reinvestment of distributions | 4,960 | - | 139,376 | - |
Shares redeemed | (65,750) | (152,016) | (1,910,359) | (4,049,390) |
Net increase (decrease) | (31,057) | (100,863) | $(910,969) | $(2,694,224) |
International Small Cap | | | | |
Shares sold | 5,547,404 | 12,448,015 | $171,269,742 | $353,729,600 |
Reinvestment of distributions | 843,925 | 303,022 | 25,168,669 | 8,099,784 |
Shares redeemed | (6,014,007) | (10,758,826) | (183,224,262) | (307,464,961) |
Net increase (decrease) | 377,322 | 1,992,211 | $13,214,149 | $54,364,423 |
Class I | | | | |
Shares sold | 8,296,860 | 14,669,013 | $256,508,490 | $422,708,769 |
Reinvestment of distributions | 673,230 | 178,126 | 20,225,978 | 4,795,157 |
Shares redeemed | (3,955,506) | (9,758,006) | (122,542,369) | (275,755,333) |
Net increase (decrease) | 5,014,584 | 5,089,133 | $154,192,099 | $151,748,593 |
Class Z | | | | |
Shares sold | 10,006,119 | 18,575,488 | $310,120,312 | $542,508,039 |
Reinvestment of distributions | 663,553 | 206,606 | 19,900,821 | 5,553,574 |
Shares redeemed | (3,973,592) | (12,784,069) | (123,404,785) | (354,344,306) |
Net increase (decrease) | 6,696,080 | 5,998,025 | $206,616,348 | $193,717,307 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® International Small Cap Fund | | | | | | | | | | |
Class A ** | | | | 1.38% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,170.70 | | $ 7.45 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.00 | | $ 6.92 |
Class M ** | | | | 1.64% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,169.00 | | $ 8.84 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.71 | | $ 8.22 |
Class C | | | | 2.13% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,165.80 | | $ 11.47 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.27 | | $ 10.67 |
Fidelity® International Small Cap Fund ** | | | | 1.11% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,172.20 | | $ 5.99 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.34 | | $ 5.57 |
Class I ** | | | | 1.13% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,172.00 | | $ 6.10 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.24 | | $ 5.67 |
Class Z ** | | | | 1.01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,172.70 | | $ 5.46 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.84 | | $ 5.07 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
Fidelity® International Small Cap Fund | | | | | | |
Class A | | | | 1.30% | | |
Actual | | | | | | $ 7.02 |
Hypothetical- B | | | | | | $ 6.52 |
Class M | | | | 1.55% | | |
Actual | | | | | | $ 8.36 |
Hypothetical- B | | | | | | $ 7.77 |
Fidelity® International Small Cap Fund | | | | 1.01% | | |
Actual | | | | | | $ 5.46 |
Hypothetical- B | | | | | | $ 5.07 |
Class I | | | | 1.05% | | |
Actual | | | | | | $ 5.67 |
Hypothetical- B | | | | | | $ 5.27 |
Class Z | | | | .93% | | |
Actual | | | | | | $ 5.02 |
Hypothetical- B | | | | | | $ 4.67 |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity International Small Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.800662.120
ISC-SANN-0624
Fidelity® Sustainable Emerging Markets Equity Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) | 9.0 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 6.3 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 5.7 | |
Alibaba Group Holding Ltd. (China, Broadline Retail) | 3.3 | |
Reliance Industries Ltd. GDR (India, Oil, Gas & Consumable Fuels) | 2.4 | |
SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 2.0 | |
Grupo Financiero Banorte S.A.B. de CV Series O (Mexico, Banks) | 1.9 | |
HDFC Bank Ltd. | 1.7 | |
Bharti Airtel Ltd. (India, Wireless Telecommunication Services) | 1.6 | |
Meituan Class B (China, Hotels, Restaurants & Leisure) | 1.6 | |
| 35.5 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 23.1 | |
Financials | 23.1 | |
Consumer Discretionary | 15.8 | |
Communication Services | 10.9 | |
Industrials | 5.8 | |
Materials | 3.9 | |
Consumer Staples | 3.8 | |
Health Care | 3.5 | |
Energy | 3.2 | |
Real Estate | 1.1 | |
Utilities | 0.6 | |
|
Asset Allocation (% of Fund's net assets) |
|
Futures - 1.0% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 93.9% |
| | Shares | Value ($) |
Brazil - 4.7% | | | |
Banco BTG Pactual SA unit | | 6,019 | 38,716 |
Banco do Brasil SA | | 6,642 | 35,074 |
Hapvida Participacoes e Investimentos SA (a)(b) | | 22,159 | 15,747 |
Localiza Rent a Car SA | | 2,035 | 19,215 |
Lojas Renner SA | | 7,812 | 23,063 |
Nu Holdings Ltd. (a) | | 5,709 | 62,000 |
Raia Drogasil SA | | 4,660 | 22,956 |
Suzano SA | | 888 | 9,997 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 21,935 | 30,035 |
TOTAL BRAZIL | | | 256,803 |
China - 27.9% | | | |
Airtac International Group | | 1,019 | 36,014 |
Alibaba Group Holding Ltd. | | 19,497 | 182,552 |
Anta Sports Products Ltd. | | 4,976 | 56,333 |
Baidu, Inc. sponsored ADR (a) | | 137 | 14,166 |
BYD Co. Ltd. (H Shares) | | 2,127 | 58,307 |
China Construction Bank Corp. (H Shares) | | 110,729 | 71,641 |
China Life Insurance Co. Ltd. (H Shares) | | 24,016 | 31,627 |
China Merchants Bank Co. Ltd. (H Shares) | | 10,608 | 45,942 |
Flat Glass Group Co. Ltd. | | 6,858 | 16,519 |
Haier Smart Home Co. Ltd. | | 4,519 | 16,738 |
Innovent Biologics, Inc. (a)(b) | | 4,977 | 24,093 |
JD.com, Inc. sponsored ADR | | 1,081 | 31,230 |
Kuaishou Technology Class B (a)(b) | | 1,918 | 13,447 |
Kweichow Moutai Co. Ltd. (A Shares) | | 136 | 31,887 |
Li Auto, Inc. ADR (a) | | 567 | 14,901 |
Li Ning Co. Ltd. | | 4,232 | 11,079 |
Meituan Class B (a)(b) | | 6,447 | 88,031 |
NetEase, Inc. ADR | | 336 | 31,406 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 890 | 68,619 |
PDD Holdings, Inc. ADR (a) | | 584 | 73,105 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 8,922 | 40,435 |
Qingdao Port International Co. Ltd. (H Shares) (b) | | 18,173 | 11,898 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 1,303 | 54,713 |
Sinotruk Hong Kong Ltd. | | 25,412 | 63,243 |
Tencent Holdings Ltd. | | 7,085 | 310,912 |
Trip.com Group Ltd. ADR (a) | | 568 | 27,412 |
Zhongji Innolight Co. Ltd. (A Shares) | | 1,169 | 29,467 |
Zijin Mining Group Co. Ltd. (H Shares) | | 33,112 | 72,233 |
TOTAL CHINA | | | 1,527,950 |
Greece - 0.5% | | | |
Athens International Airport SA | | 600 | 5,321 |
OPAP SA | | 1,472 | 24,522 |
TOTAL GREECE | | | 29,843 |
Hungary - 1.7% | | | |
OTP Bank PLC | | 953 | 47,289 |
Richter Gedeon PLC | | 1,698 | 43,240 |
TOTAL HUNGARY | | | 90,529 |
India - 13.5% | | | |
Axis Bank Ltd. | | 4,138 | 57,742 |
Bharti Airtel Ltd. | | 5,633 | 89,138 |
Computer Age Management Services Private Ltd. | | 756 | 28,968 |
HDFC Bank Ltd. | | 3,437 | 62,400 |
HDFC Bank Ltd. sponsored ADR | | 540 | 31,104 |
HDFC Standard Life Insurance Co. Ltd. (b) | | 4,036 | 28,163 |
ICICI Bank Ltd. | | 3,686 | 50,775 |
Infosys Ltd. sponsored ADR | | 1,212 | 20,253 |
Larsen & Toubro Ltd. | | 1,361 | 58,487 |
Mankind Pharma Ltd. | | 877 | 24,786 |
NTPC Ltd. | | 7,794 | 33,863 |
Reliance Industries Ltd. | | 1,457 | 51,132 |
Reliance Industries Ltd. GDR (b) | | 1,103 | 77,982 |
SRF Ltd. | | 422 | 13,215 |
Tata Consultancy Services Ltd. | | 348 | 15,878 |
Tata Steel Ltd. | | 7,998 | 15,761 |
Ultratech Cement Ltd. | | 163 | 19,435 |
Zomato Ltd. (a) | | 25,296 | 58,365 |
TOTAL INDIA | | | 737,447 |
Indonesia - 2.5% | | | |
PT Bank Central Asia Tbk | | 137,509 | 82,682 |
PT Bank Mandiri (Persero) Tbk | | 58,173 | 24,588 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 24,259 | 7,343 |
PT Telkom Indonesia Persero Tbk | | 102,012 | 19,776 |
TOTAL INDONESIA | | | 134,389 |
Korea (South) - 13.8% | | | |
AMOREPACIFIC Corp. | | 347 | 42,176 |
BGF Retail Co. Ltd. | | 91 | 8,555 |
Hana Financial Group, Inc. | | 223 | 9,379 |
Hyundai Motor Co. Ltd. | | 332 | 59,552 |
JYP Entertainment Corp. | | 75 | 3,577 |
KB Financial Group, Inc. | | 575 | 31,099 |
Kia Corp. | | 238 | 20,108 |
LG Corp. | | 84 | 4,779 |
NAVER Corp. | | 328 | 43,142 |
Samsung Biologics Co. Ltd. (a)(b) | | 49 | 27,464 |
Samsung Electronics Co. Ltd. | | 6,250 | 346,444 |
Samsung Fire & Marine Insurance Co. Ltd. | | 72 | 16,070 |
SK Hynix, Inc. | | 881 | 108,416 |
SK Square Co. Ltd. (a) | | 570 | 31,230 |
TOTAL KOREA (SOUTH) | | | 751,991 |
Mexico - 4.1% | | | |
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR | | 1,100 | 39,061 |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | | 116 | 13,649 |
Grupo Aeroportuario Norte S.A.B. de CV | | 1,295 | 14,337 |
Grupo Financiero Banorte S.A.B. de CV Series O | | 10,304 | 101,983 |
Wal-Mart de Mexico SA de CV Series V | | 15,091 | 56,309 |
TOTAL MEXICO | | | 225,339 |
Peru - 1.0% | | | |
Credicorp Ltd. (United States) | | 321 | 53,161 |
Philippines - 0.4% | | | |
Ayala Land, Inc. | | 42,913 | 21,291 |
Poland - 0.9% | | | |
Powszechna Kasa Oszczednosci Bank SA | | 3,202 | 47,915 |
Saudi Arabia - 1.7% | | | |
Al Rajhi Bank | | 1,428 | 30,421 |
Alinma Bank | | 2,205 | 19,607 |
The Saudi National Bank | | 4,503 | 45,143 |
TOTAL SAUDI ARABIA | | | 95,171 |
Singapore - 0.7% | | | |
Sea Ltd. ADR (a) | | 643 | 40,631 |
South Africa - 4.6% | | | |
Absa Group Ltd. | | 890 | 6,863 |
Bid Corp. Ltd. | | 647 | 14,747 |
Capitec Bank Holdings Ltd. | | 357 | 44,183 |
FirstRand Ltd. | | 5,814 | 20,071 |
Gold Fields Ltd. sponsored ADR | | 1,231 | 19,905 |
Impala Platinum Holdings Ltd. | | 5,068 | 22,560 |
MTN Group Ltd. | | 6,757 | 32,385 |
Naspers Ltd. Class N | | 188 | 35,979 |
Pepkor Holdings Ltd. (b) | | 15,017 | 14,166 |
Shoprite Holdings Ltd. | | 1,490 | 19,880 |
Standard Bank Group Ltd. | | 2,085 | 19,580 |
TOTAL SOUTH AFRICA | | | 250,319 |
Taiwan - 14.3% | | | |
Alchip Technologies Ltd. | | 462 | 43,496 |
Chailease Holding Co. Ltd. | | 7,759 | 40,850 |
E.SUN Financial Holdings Co. Ltd. | | 15,067 | 12,638 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 9,457 | 44,939 |
MediaTek, Inc. | | 2,116 | 63,686 |
Quanta Computer, Inc. | | 2,212 | 17,329 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 3,576 | 491,127 |
Unimicron Technology Corp. | | 3,278 | 18,095 |
Wiwynn Corp. | | 151 | 10,723 |
Yageo Corp. | | 2,144 | 40,823 |
TOTAL TAIWAN | | | 783,706 |
Thailand - 0.9% | | | |
PTT Exploration and Production PCL (For. Reg.) | | 11,402 | 47,570 |
United Kingdom - 0.7% | | | |
AngloGold Ashanti PLC | | 1,699 | 39,060 |
TOTAL COMMON STOCKS (Cost $4,617,254) | | | 5,133,115 |
| | | |
Nonconvertible Preferred Stocks - 0.9% |
| | Shares | Value ($) |
Brazil - 0.9% | | | |
Itau Unibanco Holding SA (Cost $42,386) | | 8,190 | 49,462 |
| | | |
Money Market Funds - 4.5% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (c) (Cost $246,600) | | 246,551 | 246,600 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $4,906,240) | 5,429,177 |
NET OTHER ASSETS (LIABILITIES) - 0.7% | 37,481 |
NET ASSETS - 100.0% | 5,466,658 |
| |
Futures Contracts |
| Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Purchased | | | | | |
| | | | | |
Equity Index Contracts | | | | | |
ICE MSCI Emerging Markets Index Contracts (United States) | 1 | Jun 2024 | 52,100 | 1,061 | 1,061 |
| | | | | |
The notional amount of futures purchased as a percentage of Net Assets is 1.0% |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $300,991 or 5.5% of net assets. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 151,488 | 1,328,192 | 1,233,080 | 8,831 | - | - | 246,600 | 0.0% |
Total | 151,488 | 1,328,192 | 1,233,080 | 8,831 | - | - | 246,600 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 598,580 | 86,203 | 512,377 | - |
Consumer Discretionary | 864,062 | 262,852 | 601,210 | - |
Consumer Staples | 210,159 | 92,914 | 117,245 | - |
Energy | 176,684 | 77,982 | 98,702 | - |
Financials | 1,265,946 | 561,875 | 704,071 | - |
Health Care | 190,043 | 58,987 | 131,056 | - |
Industrials | 303,527 | 68,908 | 234,619 | - |
Information Technology | 1,267,195 | 511,380 | 755,815 | - |
Materials | 212,166 | 68,962 | 143,204 | - |
Real Estate | 60,352 | 39,061 | 21,291 | - |
Utilities | 33,863 | - | 33,863 | - |
|
Money Market Funds | 246,600 | 246,600 | - | - |
Total Investments in Securities: | 5,429,177 | 2,075,724 | 3,353,453 | - |
Derivative Instruments: Assets | | | | |
Futures Contracts | 1,061 | 1,061 | - | - |
Total Assets | 1,061 | 1,061 | - | - |
Total Derivative Instruments: | 1,061 | 1,061 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
Equity Risk | | |
Futures Contracts (a) | 1,061 | 0 |
Total Equity Risk | 1,061 | 0 |
Total Value of Derivatives | 1,061 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,659,640) | $ | 5,182,577 | | |
Fidelity Central Funds (cost $246,600) | | 246,600 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $4,906,240) | | | $ | 5,429,177 |
Segregated cash with brokers for derivative instruments | | | | 1,526 |
Cash | | | | 17,462 |
Foreign currency held at value (cost $12,557) | | | | 12,555 |
Receivable for investments sold | | | | 60,208 |
Receivable for fund shares sold | | | | 26,118 |
Dividends receivable | | | | 5,341 |
Distributions receivable from Fidelity Central Funds | | | | 1,342 |
Prepaid expenses | | | | 2 |
Receivable from investment adviser for expense reductions | | | | 7,567 |
Total assets | | | | 5,561,298 |
Liabilities | | | | |
Payable for investments purchased | $ | 27,904 | | |
Payable for fund shares redeemed | | 2,466 | | |
Accrued management fee | | 4,162 | | |
Distribution and service plan fees payable | | 329 | | |
Payable for daily variation margin on futures contracts | | 715 | | |
Deferred taxes | | 15,777 | | |
Audit fee payable | | 34,886 | | |
Custody fee payable | | 8,261 | | |
Other payables and accrued expenses | | 140 | | |
Total liabilities | | | | 94,640 |
Net Assets | | | $ | 5,466,658 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 5,759,276 |
Total accumulated earnings (loss) | | | | (292,618) |
Net Assets | | | $ | 5,466,658 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($280,244 ÷ 33,314 shares)(a) | | | $ | 8.41 |
Maximum offering price per share (100/94.25 of $8.41) | | | $ | 8.92 |
Class M : | | | | |
Net Asset Value and redemption price per share ($225,227 ÷ 26,784 shares)(a) | | | $ | 8.41 |
Maximum offering price per share (100/96.50 of $8.41) | | | $ | 8.72 |
Class C : | | | | |
Net Asset Value and offering price per share ($214,206 ÷ 25,568 shares)(a) | | | $ | 8.38 |
Fidelity Sustainable Emerging Markets Equity Fund : | | | | |
Net Asset Value, offering price and redemption price per share ($4,049,720 ÷ 480,747 shares) | | | $ | 8.42 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($226,553 ÷ 26,898 shares) | | | $ | 8.42 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($470,708 ÷ 55,709 shares) | | | $ | 8.45 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 45,847 |
Income from Fidelity Central Funds | | | | 8,831 |
Income before foreign taxes withheld | | | $ | 54,678 |
Less foreign taxes withheld | | | | (5,684) |
Total income | | | | 48,994 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 20,414 | | |
Performance adjustment | | 68 | | |
Transfer agent fees | | 2,956 | | |
Distribution and service plan fees | | 1,887 | | |
Accounting fees and expenses | | 786 | | |
Custodian fees and expenses | | 13,045 | | |
Independent trustees' fees and expenses | | 12 | | |
Registration fees | | 76,889 | | |
Audit | | 43,415 | | |
Legal | | 2 | | |
Miscellaneous | | 9 | | |
Total expenses before reductions | | 159,483 | | |
Expense reductions | | (127,506) | | |
Total expenses after reductions | | | | 31,977 |
Net Investment income (loss) | | | | 17,017 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $5,485) | | 41,752 | | |
Foreign currency transactions | | (1,635) | | |
Futures contracts | | (2,290) | | |
Total net realized gain (loss) | | | | 37,827 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $11,106) | | 631,913 | | |
Assets and liabilities in foreign currencies | | (148) | | |
Futures contracts | | 1,228 | | |
Total change in net unrealized appreciation (depreciation) | | | | 632,993 |
Net gain (loss) | | | | 670,820 |
Net increase (decrease) in net assets resulting from operations | | | $ | 687,837 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 17,017 | $ | 55,252 |
Net realized gain (loss) | | 37,827 | | (415,154) |
Change in net unrealized appreciation (depreciation) | | 632,993 | | 636,341 |
Net increase (decrease) in net assets resulting from operations | | 687,837 | | 276,439 |
Distributions to shareholders | | (77,705) | | (23,630) |
| | | | |
Share transactions - net increase (decrease) | | 725,020 | | 866,372 |
Total increase (decrease) in net assets | | 1,335,152 | | 1,119,181 |
| | | | |
Net Assets | | | | |
Beginning of period | | 4,131,506 | | 3,012,325 |
End of period | $ | 5,466,658 | $ | 4,131,506 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.36 | $ | 6.55 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .02 | | .08 | | .03 |
Net realized and unrealized gain (loss) | | 1.15 | | .77 | | (3.48) |
Total from investment operations | | 1.17 | | .85 | | (3.45) |
Distributions from net investment income | | (.12) | | (.04) | | - |
Total distributions | | (.12) | | (.04) | | - |
Net asset value, end of period | $ | 8.41 | $ | 7.36 | $ | 6.55 |
Total Return D,E,F | | | | 12.93% | | (34.50)% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions | | 6.68% I | | 6.44% | | 8.77% I,J |
Expenses net of fee waivers, if any | | | | 1.49% | | 1.57% I |
Expenses net of all reductions | | 1.48% I | | 1.48% | | 1.56% I |
Net investment income (loss) | | .50% I | | 1.06% | | .51% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 280 | $ | 224 | $ | 164 |
Portfolio turnover rate K | | | | 119% | | 84% I |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.35 | $ | 6.54 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .01 | | .06 | | .01 |
Net realized and unrealized gain (loss) | | 1.15 | | .77 | | (3.47) |
Total from investment operations | | 1.16 | | .83 | | (3.46) |
Distributions from net investment income | | (.10) | | (.02) | | - |
Total distributions | | (.10) | | (.02) | | - |
Net asset value, end of period | $ | 8.41 | $ | 7.35 | $ | 6.54 |
Total Return D,E,F | | | | 12.65% | | (34.60)% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions | | 6.84% I | | 6.57% | | 9.01% I,J |
Expenses net of fee waivers, if any | | | | 1.74% | | 1.82% I |
Expenses net of all reductions | | 1.73% I | | 1.73% | | 1.82% I |
Net investment income (loss) | | .25% I | | .81% | | .26% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 225 | $ | 184 | $ | 164 |
Portfolio turnover rate K | | | | 119% | | 84% I |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.30 | $ | 6.52 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | (.01) | | .02 | | (.01) |
Net realized and unrealized gain (loss) | | 1.15 | | .76 | | (3.47) |
Total from investment operations | | 1.14 | | .78 | | (3.48) |
Distributions from net investment income | | (.06) | | - | | - |
Total distributions | | (.06) | | - | | - |
Net asset value, end of period | $ | 8.38 | $ | 7.30 | $ | 6.52 |
Total Return D,E,F | | | | 11.96% | | (34.80)% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions | | 7.36% I | | 7.07% | | 9.51% I,J |
Expenses net of fee waivers, if any | | | | 2.25% | | 2.32% I |
Expenses net of all reductions | | 2.23% I | | 2.24% | | 2.32% I |
Net investment income (loss) | | (.25)% I | | .31% | | (.24)% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 214 | $ | 185 | $ | 163 |
Portfolio turnover rate K | | | | 119% | | 84% I |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Sustainable Emerging Markets Equity Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.38 | $ | 6.57 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .03 | | .10 | | .05 |
Net realized and unrealized gain (loss) | | 1.15 | | .76 | | (3.48) |
Total from investment operations | | 1.18 | | .86 | | (3.43) |
Distributions from net investment income | | (.14) | | (.05) | | - |
Total distributions | | (.14) | | (.05) | | - |
Net asset value, end of period | $ | 8.42 | $ | 7.38 | $ | 6.57 |
Total Return D,E | | | | 13.11% | | (34.30)% |
Ratios to Average Net Assets C,F,G | | | | | | |
Expenses before reductions | | 6.37% H | | 6.16% | | 8.07% H,I |
Expenses net of fee waivers, if any | | | | 1.25% | | 1.25% H |
Expenses net of all reductions | | 1.23% H | | 1.24% | | 1.25% H |
Net investment income (loss) | | .75% H | | 1.31% | | .83% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,050 | $ | 2,947 | $ | 2,082 |
Portfolio turnover rate J | | | | 119% | | 84% H |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.38 | $ | 6.57 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .03 | | .10 | | .04 |
Net realized and unrealized gain (loss) | | 1.15 | | .76 | | (3.47) |
Total from investment operations | | 1.18 | | .86 | | (3.43) |
Distributions from net investment income | | (.14) | | (.05) | | - |
Total distributions | | (.14) | | (.05) | | - |
Net asset value, end of period | $ | 8.42 | $ | 7.38 | $ | 6.57 |
Total Return D,E | | | | 13.11% | | (34.30)% |
Ratios to Average Net Assets C,F,G | | | | | | |
Expenses before reductions | | 6.39% H | | 6.00% | | 8.50% H,I |
Expenses net of fee waivers, if any | | | | 1.24% | | 1.31% H |
Expenses net of all reductions | | 1.23% H | | 1.23% | | 1.31% H |
Net investment income (loss) | | .75% H | | 1.31% | | .76% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 227 | $ | 201 | $ | 164 |
Portfolio turnover rate J | | | | 119% | | 84% H |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.40 | $ | 6.57 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .04 | | .11 | | .05 |
Net realized and unrealized gain (loss) | | 1.15 | | .77 | | (3.48) |
Total from investment operations | | 1.19 | | .88 | | (3.43) |
Distributions from net investment income | | (.14) | | (.05) | | - |
Total distributions | | (.14) | | (.05) | | - |
Net asset value, end of period | $ | 8.45 | $ | 7.40 | $ | 6.57 |
Total Return D,E | | | | 13.42% | | (34.30)% |
Ratios to Average Net Assets C,F,G | | | | | | |
Expenses before reductions | | 6.25% H | | 5.87% | | 8.23% H,I |
Expenses net of fee waivers, if any | | | | 1.09% | | 1.15% H |
Expenses net of all reductions | | 1.08% H | | 1.09% | | 1.15% H |
Net investment income (loss) | | .90% H | | 1.46% | | .93% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 471 | $ | 390 | $ | 276 |
Portfolio turnover rate J | | | | 119% | | 84% H |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable Emerging Markets Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $700,098 |
Gross unrealized depreciation | (255,868) |
Net unrealized appreciation (depreciation) | $444,230 |
Tax cost | $4,986,006 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(574,011) |
Long-term | (169,094) |
Total capital loss carryforward | $(743,105) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Sustainable Emerging Markets Equity Fund | 2,707,109 | 2,235,531 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .98 |
Class M | .90 |
Class C | .90 |
Fidelity Sustainable Emerging Markets Equity Fund | .98 |
Class I | .90 |
Class Z | .83 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .97 |
Class M | .90 |
Class C | .90 |
Fidelity Sustainable Emerging Markets Equity Fund | .93 |
Class I | .90 |
Class Z | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .77%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Sustainable Emerging Markets Equity Fund | MSCI Emerging Markets Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable Emerging Markets Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was less than .005%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 328 | 261 |
Class M | .25% | .25% | 520 | 518 |
Class C | .75% | .25% | 1,039 | 1,024 |
| | | 1,887 | 1,803 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 13 |
| |
| |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .1963 |
Class M | .1153 |
Class C | .1151 |
Fidelity Sustainable Emerging Markets Equity Fund | .2000 |
Class I | .1217 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 195 | .23 |
Class M | 81 | .12 |
Class C | 79 | .12 |
Fidelity Sustainable Emerging Markets Equity Fund | 2,450 | .21 |
Class I | 92 | .13 |
Class Z | 59 | .04 |
| 2,956 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Sustainable Emerging Markets Equity Fund | .0498 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Sustainable Emerging Markets Equity Fund | .05 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Sustainable Emerging Markets Equity Fund | 38,006 | 58,627 | 1,840 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Sustainable Emerging Markets Equity Fund | 4 |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense Limitations | Reimbursement ($) |
Class A | 1.50% | 6,801 |
Class M | 1.75% | 5,288 |
Class C | 2.25% | 5,307 |
Fidelity Sustainable Emerging Markets Equity Fund | 1.25% | 92,680 |
Class I | 1.25% | 5,731 |
Class Z | 1.10% | 11,146 |
| | 126,953 |
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $337.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $216.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Sustainable Emerging Markets Equity Fund | | |
Distributions to shareholders | | |
Class A | $3,751 | $1,114 |
Class M | 2,609 | 450 |
Class C | 1,624 | - |
Fidelity Sustainable Emerging Markets Equity Fund | 59,025 | 18,515 |
Class I | 3,903 | 1,326 |
Class Z | 6,793 | 2,225 |
Total | $77,705 | $23,630 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Sustainable Emerging Markets Equity Fund | | | | |
Class A | | | | |
Shares sold | 2,473 | 8,323 | $20,365 | $64,307 |
Reinvestment of distributions | 479 | 147 | 3,751 | 1,114 |
Shares redeemed | (58) | (3,050) | (497) | (25,227) |
Net increase (decrease) | 2,894 | 5,420 | $23,619 | $40,194 |
Class M | | | | |
Shares sold | 1,381 | 11 | $11,309 | $89 |
Reinvestment of distributions | 333 | 59 | 2,609 | 450 |
Net increase (decrease) | 1,714 | 70 | $13,918 | $539 |
Class C | | | | |
Shares sold | 45 | 848 | $346 | $6,892 |
Reinvestment of distributions | 207 | - | 1,624 | - |
Shares redeemed | - | (532) | - | (4,129) |
Net increase (decrease) | 252 | 316 | $1,970 | $2,763 |
Fidelity Sustainable Emerging Markets Equity Fund | | | | |
Shares sold | 130,633 | 371,692 | $1,061,368 | $2,989,168 |
Reinvestment of distributions | 6,946 | 2,252 | 54,391 | 17,120 |
Shares redeemed | (56,284) | (291,557) | (451,308) | (2,290,199) |
Net increase (decrease) | 81,295 | 82,387 | $664,451 | $716,089 |
Class I | | | | |
Shares sold | - | 2,102 | $ - | $17,000 |
Reinvestment of distributions | 498 | 174 | 3,903 | 1,326 |
Shares redeemed | (876) | - | (7,101) | - |
Net increase (decrease) | (378) | 2,276 | $(3,198) | $18,326 |
Class Z | | | | |
Shares sold | 14,468 | 14,147 | $118,373 | $113,210 |
Reinvestment of distributions | 462 | 174 | 3,624 | 1,326 |
Shares redeemed | (11,989) | (3,509) | (97,737) | (26,075) |
Net increase (decrease) | 2,941 | 10,812 | $24,260 | $88,461 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
Fund | Affiliated % |
Fidelity Sustainable Emerging Markets Equity Fund | 28% |
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Fidelity Sustainable Multi-Asset Fund |
Fidelity Sustainable Emerging Markets Equity Fund | 21% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® Sustainable Emerging Markets Equity Fund | | | | | | | | | | |
Class A | | | | 1.49% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,160.60 | | $ 8.00 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.45 | | $ 7.47 |
Class M | | | | 1.74% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,159.40 | | $ 9.34 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.21 | | $ 8.72 |
Class C | | | | 2.24% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,157.30 | | $ 12.01 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,013.72 | | $ 11.22 |
Fidelity® Sustainable Emerging Markets Equity Fund | | | | 1.24% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,161.80 | | $ 6.66 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.70 | | $ 6.22 |
Class I | | | | 1.24% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,161.80 | | $ 6.66 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.70 | | $ 6.22 |
Class Z | | | | 1.09% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,162.70 | | $ 5.86 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.44 | | $ 5.47 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Sustainable Emerging Markets Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9905244.102
MAR-SANN-0624
Fidelity® Sustainable International Equity Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 5.3 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 4.2 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 3.3 | |
Itochu Corp. (Japan, Trading Companies & Distributors) | 3.2 | |
Sony Group Corp. (Japan, Household Durables) | 3.2 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.9 | |
ORIX Corp. (Japan, Financial Services) | 2.7 | |
CRH PLC (United States of America, Construction Materials) | 2.4 | |
Schneider Electric SA (United States of America, Electrical Equipment) | 2.4 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.4 | |
| 32.0 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 23.1 | |
Industrials | 16.6 | |
Health Care | 13.6 | |
Information Technology | 13.2 | |
Consumer Discretionary | 11.7 | |
Materials | 5.9 | |
Consumer Staples | 5.0 | |
Utilities | 3.7 | |
Communication Services | 2.0 | |
Real Estate | 1.3 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 96.1% |
| | Shares | Value ($) |
Australia - 1.5% | | | |
Brambles Ltd. | | 2,852 | 26,831 |
Macquarie Group Ltd. | | 922 | 110,399 |
TOTAL AUSTRALIA | | | 137,230 |
Austria - 1.0% | | | |
Wienerberger AG | | 2,641 | 94,588 |
Belgium - 1.9% | | | |
KBC Group NV | | 800 | 59,678 |
UCB SA | | 895 | 118,963 |
TOTAL BELGIUM | | | 178,641 |
Canada - 0.2% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 377 | 20,895 |
China - 0.4% | | | |
Chervon Holdings Ltd. | | 15,591 | 37,864 |
Denmark - 7.0% | | | |
Carlsberg A/S Series B | | 1,002 | 134,782 |
Novo Nordisk A/S Series B | | 3,891 | 498,988 |
Vestas Wind Systems A/S (a) | | 1,128 | 30,408 |
TOTAL DENMARK | | | 664,178 |
France - 10.8% | | | |
Air Liquide SA | | 560 | 109,524 |
Amundi SA (b) | | 1,564 | 109,743 |
AXA SA | | 5,824 | 201,627 |
BNP Paribas SA | | 2,008 | 144,499 |
EssilorLuxottica SA | | 389 | 83,360 |
L'Oreal SA | | 343 | 160,934 |
LVMH Moet Hennessy Louis Vuitton SE | | 255 | 209,466 |
TOTAL FRANCE | | | 1,019,153 |
Germany - 6.4% | | | |
adidas AG | | 247 | 59,679 |
DHL Group | | 1,715 | 71,807 |
Gerresheimer AG | | 207 | 22,312 |
Instone Real Estate Group BV (b) | | 6,652 | 61,548 |
Merck KGaA | | 910 | 144,653 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 253 | 111,295 |
SAP SE | | 423 | 76,380 |
Siemens AG | | 302 | 56,575 |
TOTAL GERMANY | | | 604,249 |
Hong Kong - 1.7% | | | |
AIA Group Ltd. | | 21,525 | 157,657 |
India - 0.9% | | | |
HDFC Bank Ltd. sponsored ADR | | 1,497 | 86,227 |
Ireland - 1.9% | | | |
Dalata Hotel Group PLC | | 18,025 | 81,177 |
Kingspan Group PLC (Ireland) | | 1,075 | 96,196 |
TOTAL IRELAND | | | 177,373 |
Italy - 3.2% | | | |
Prysmian SpA | | 2,023 | 110,495 |
UniCredit SpA | | 5,345 | 196,185 |
TOTAL ITALY | | | 306,680 |
Japan - 20.6% | | | |
Eisai Co. Ltd. | | 639 | 26,243 |
Fuji Electric Co. Ltd. | | 1,000 | 62,204 |
Hitachi Ltd. | | 3,411 | 314,701 |
Hoya Corp. | | 1,368 | 158,606 |
Itochu Corp. | | 6,728 | 303,532 |
Net One Systems Co. Ltd. | | 5,995 | 100,312 |
ORIX Corp. | | 12,690 | 259,706 |
Renesas Electronics Corp. | | 5,077 | 82,429 |
Sony Group Corp. | | 3,618 | 299,033 |
Sumitomo Mitsui Financial Group, Inc. | | 2,727 | 154,904 |
Tokio Marine Holdings, Inc. | | 1,923 | 60,779 |
Tokyo Electron Ltd. | | 575 | 126,124 |
TOTAL JAPAN | | | 1,948,573 |
Korea (South) - 1.0% | | | |
Samsung Electronics Co. Ltd. | | 949 | 52,604 |
SK Hynix, Inc. | | 366 | 45,040 |
TOTAL KOREA (SOUTH) | | | 97,644 |
Netherlands - 9.4% | | | |
ASML Holding NV (Netherlands) | | 447 | 397,230 |
BE Semiconductor Industries NV | | 360 | 48,216 |
ING Groep NV (Certificaten Van Aandelen) | | 8,848 | 139,889 |
Koninklijke KPN NV | | 53,298 | 193,692 |
Wolters Kluwer NV | | 750 | 112,656 |
TOTAL NETHERLANDS | | | 891,683 |
New Zealand - 1.0% | | | |
Contact Energy Ltd. | | 19,058 | 97,299 |
Norway - 0.0% | | | |
Schibsted ASA (A Shares) | | 65 | 1,860 |
Singapore - 0.9% | | | |
United Overseas Bank Ltd. | | 3,608 | 80,064 |
Spain - 1.5% | | | |
CaixaBank SA | | 8,255 | 43,533 |
EDP Renovaveis SA | | 269 | 3,695 |
Iberdrola SA | | 6,651 | 81,552 |
Puig Group SL Class B | | 400 | 10,459 |
TOTAL SPAIN | | | 139,239 |
Sweden - 0.7% | | | |
Investor AB (B Shares) | | 1,793 | 44,311 |
Lagercrantz Group AB (B Shares) | | 1,680 | 24,986 |
TOTAL SWEDEN | | | 69,297 |
Switzerland - 0.8% | | | |
Compagnie Financiere Richemont SA Series A | | 524 | 72,431 |
Taiwan - 2.9% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 11,410 | 272,713 |
United Kingdom - 12.4% | | | |
3i Group PLC | | 2,250 | 80,387 |
AstraZeneca PLC (United Kingdom) | | 1,487 | 224,907 |
Beazley PLC | | 3,417 | 28,308 |
Bellway PLC | | 3,279 | 103,661 |
Berkeley Group Holdings PLC | | 1,838 | 108,265 |
Big Yellow Group PLC | | 1,361 | 18,367 |
Compass Group PLC | | 4,756 | 132,282 |
Diageo PLC | | 2,160 | 74,649 |
Direct Line Insurance Group PLC | | 22,877 | 53,113 |
Grainger Trust PLC | | 11,726 | 37,583 |
London Stock Exchange Group PLC | | 421 | 46,411 |
National Grid PLC | | 5,753 | 75,463 |
RELX PLC (London Stock Exchange) | | 1,013 | 41,621 |
Renewi PLC (a) | | 2,622 | 18,446 |
Sage Group PLC | | 2,060 | 30,014 |
SSE PLC | | 4,688 | 97,447 |
TOTAL UNITED KINGDOM | | | 1,170,924 |
United States of America - 8.0% | | | |
CRH PLC | | 2,980 | 232,207 |
Ferguson PLC | | 480 | 101,723 |
Linde PLC | | 271 | 119,500 |
Nestle SA (Reg. S) | | 812 | 81,525 |
Schneider Electric SA | | 988 | 225,277 |
TOTAL UNITED STATES OF AMERICA | | | 760,232 |
TOTAL COMMON STOCKS (Cost $7,857,404) | | | 9,086,694 |
| | | |
Money Market Funds - 3.3% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (c) (Cost $310,273) | | 310,211 | 310,273 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $8,167,677) | 9,396,967 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 59,805 |
NET ASSETS - 100.0% | 9,456,772 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $171,291 or 1.8% of net assets. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 226,885 | 1,931,593 | 1,848,205 | 8,139 | - | - | 310,273 | 0.0% |
Total | 226,885 | 1,931,593 | 1,848,205 | 8,139 | - | - | 310,273 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 195,552 | 1,860 | 193,692 | - |
Consumer Discretionary | 1,103,858 | 352,782 | 751,076 | - |
Consumer Staples | 483,244 | 181,829 | 301,415 | - |
Financials | 2,168,715 | 694,302 | 1,474,413 | - |
Health Care | 1,278,032 | 369,288 | 908,744 | - |
Industrials | 1,572,472 | 469,924 | 1,102,548 | - |
Information Technology | 1,256,048 | 500,446 | 755,602 | - |
Materials | 555,819 | 446,295 | 109,524 | - |
Real Estate | 117,498 | 117,498 | - | - |
Utilities | 355,456 | 3,695 | 351,761 | - |
|
Money Market Funds | 310,273 | 310,273 | - | - |
Total Investments in Securities: | 9,396,967 | 3,448,192 | 5,948,775 | - |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $7,857,404) | $ | 9,086,694 | | |
Fidelity Central Funds (cost $310,273) | | 310,273 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $8,167,677) | | | $ | 9,396,967 |
Cash | | | | 29,358 |
Foreign currency held at value (cost $7,373) | | | | 7,355 |
Receivable for fund shares sold | | | | 10,906 |
Dividends receivable | | | | 51,684 |
Reclaims receivable | | | | 12,530 |
Distributions receivable from Fidelity Central Funds | | | | 1,763 |
Prepaid expenses | | | | 3 |
Receivable from investment adviser for expense reductions | | | | 10,816 |
Total assets | | | | 9,521,382 |
Liabilities | | | | |
Payable for investments purchased | $ | 10,459 | | |
Payable for fund shares redeemed | | 7,004 | | |
Accrued management fee | | 5,902 | | |
Distribution and service plan fees payable | | 379 | | |
Audit fee payable | | 31,537 | | |
Custody fee payable | | 9,304 | | |
Other payables and accrued expenses | | 25 | | |
Total liabilities | | | | 64,610 |
Net Assets | | | $ | 9,456,772 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 8,828,889 |
Total accumulated earnings (loss) | | | | 627,883 |
Net Assets | | | $ | 9,456,772 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($277,676 ÷ 30,180 shares)(a) | | | $ | 9.20 |
Maximum offering price per share (100/94.25 of $9.20) | | | $ | 9.76 |
Class M : | | | | |
Net Asset Value and redemption price per share ($253,819 ÷ 27,607 shares)(a) | | | $ | 9.19 |
Maximum offering price per share (100/96.50 of $9.19) | | | $ | 9.52 |
Class C : | | | | |
Net Asset Value and offering price per share ($265,822 ÷ 29,025 shares)(a) | | | $ | 9.16 |
Fidelity Sustainable International Equity Fund : | | | | |
Net Asset Value, offering price and redemption price per share ($8,138,058 ÷ 883,380 shares) | | | $ | 9.21 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($235,442 ÷ 25,559 shares) | | | $ | 9.21 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($285,955 ÷ 30,941 shares) | | | $ | 9.24 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 118,054 |
Income from Fidelity Central Funds | | | | 8,139 |
Income before foreign taxes withheld | | | $ | 126,193 |
Less foreign taxes withheld | | | | (11,957) |
Total income | | | | 114,236 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 30,224 | | |
Performance adjustment | | (2,837) | | |
Transfer agent fees | | 5,045 | | |
Distribution and service plan fees | | 2,176 | | |
Accounting fees and expenses | | 1,297 | | |
Custodian fees and expenses | | 8,626 | | |
Independent trustees' fees and expenses | | 20 | | |
Registration fees | | 75,668 | | |
Audit | | 33,592 | | |
Legal | | 4 | | |
Miscellaneous | | 15 | | |
Total expenses before reductions | | 153,830 | | |
Expense reductions | | (108,827) | | |
Total expenses after reductions | | | | 45,003 |
Net Investment income (loss) | | | | 69,233 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (82,156) | | |
Foreign currency transactions | | 355 | | |
Total net realized gain (loss) | | | | (81,801) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 1,328,495 | | |
Assets and liabilities in foreign currencies | | (547) | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,327,948 |
Net gain (loss) | | | | 1,246,147 |
Net increase (decrease) in net assets resulting from operations | | | $ | 1,315,380 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 69,233 | $ | 98,930 |
Net realized gain (loss) | | (81,801) | | (273,187) |
Change in net unrealized appreciation (depreciation) | | 1,327,948 | | 561,529 |
Net increase (decrease) in net assets resulting from operations | | 1,315,380 | | 387,272 |
Distributions to shareholders | | (119,018) | | (29,290) |
| | | | |
Share transactions - net increase (decrease) | | 1,467,174 | | 1,623,323 |
Total increase (decrease) in net assets | | 2,663,536 | | 1,981,305 |
| | | | |
Net Assets | | | | |
Beginning of period | | 6,793,236 | | 4,811,931 |
End of period | $ | 9,456,772 | $ | 6,793,236 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Sustainable International Equity Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.85 | $ | 7.20 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .06 | | .10 | | .07 |
Net realized and unrealized gain (loss) | | 1.41 | | .58 | | (2.87) |
Total from investment operations | | 1.47 | | .68 | | (2.80) |
Distributions from net investment income | | (.12) | | (.03) | | - |
Total distributions | | (.12) | | (.03) | | - |
Net asset value, end of period | $ | 9.20 | $ | 7.85 | $ | 7.20 |
Total Return D,E,F | | | | 9.43% | | (28.00)% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions | | 4.05% I | | 3.91% | | 7.77% I,J |
Expenses net of fee waivers, if any | | | | 1.29% | | 1.30% I |
Expenses net of all reductions | | 1.29% I | | 1.29% | | 1.28% I |
Net investment income (loss) | | 1.46% I | | 1.23% | | 1.18% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 278 | $ | 353 | $ | 185 |
Portfolio turnover rate K | | | | 36% | | 43% I |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable International Equity Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.83 | $ | 7.19 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .05 | | .08 | | .05 |
Net realized and unrealized gain (loss) | | 1.41 | | .57 | | (2.86) |
Total from investment operations | | 1.46 | | .65 | | (2.81) |
Distributions from net investment income | | (.10) | | (.01) | | - |
Total distributions | | (.10) | | (.01) | | - |
Net asset value, end of period | $ | 9.19 | $ | 7.83 | $ | 7.19 |
Total Return D,E,F | | | | 9.08% | | (28.10)% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions | | 4.12% I | | 4.24% | | 8.02% I,J |
Expenses net of fee waivers, if any | | | | 1.55% | | 1.55% I |
Expenses net of all reductions | | 1.53% I | | 1.54% | | 1.55% I |
Net investment income (loss) | | 1.21% I | | .98% | | .91% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 254 | $ | 196 | $ | 180 |
Portfolio turnover rate K | | | | 36% | | 43% I |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable International Equity Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.78 | $ | 7.16 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .03 | | .04 | | .02 |
Net realized and unrealized gain (loss) | | 1.40 | | .58 | | (2.86) |
Total from investment operations | | 1.43 | | .62 | | (2.84) |
Distributions from net investment income | | (.05) | | - | | - |
Total distributions | | (.05) | | - | | - |
Net asset value, end of period | $ | 9.16 | $ | 7.78 | $ | 7.16 |
Total Return D,E,F | | | | 8.66% | | (28.40)% |
Ratios to Average Net Assets B,G,H | | | | | | |
Expenses before reductions | | 4.56% I | | 4.73% | | 8.51% I,J |
Expenses net of fee waivers, if any | | | | 2.04% | | 2.05% I |
Expenses net of all reductions | | 2.03% I | | 2.04% | | 2.05% I |
Net investment income (loss) | | .71% I | | .48% | | .41% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 266 | $ | 194 | $ | 179 |
Portfolio turnover rate K | | | | 36% | | 43% I |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Sustainable International Equity Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.87 | $ | 7.21 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .08 | | .12 | | .08 |
Net realized and unrealized gain (loss) | | 1.40 | | .58 | | (2.87) |
Total from investment operations | | 1.48 | | .70 | | (2.79) |
Distributions from net investment income | | (.14) | | (.04) | | - |
Total distributions | | (.14) | | (.04) | | - |
Net asset value, end of period | $ | 9.21 | $ | 7.87 | $ | 7.21 |
Total Return D,E | | | | 9.73% | | (27.90)% |
Ratios to Average Net Assets C,F,G | | | | | | |
Expenses before reductions | | 3.65% H | | 3.72% | | 7.64% H,I |
Expenses net of fee waivers, if any | | | | 1.04% | | 1.05% H |
Expenses net of all reductions | | 1.04% H | | 1.04% | | 1.01% H |
Net investment income (loss) | | 1.71% H | | 1.48% | | 1.45% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 8,138 | $ | 5,563 | $ | 3,908 |
Portfolio turnover rate J | | | | 36% | | 43% H |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable International Equity Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.87 | $ | 7.21 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .08 | | .12 | | .08 |
Net realized and unrealized gain (loss) | | 1.40 | | .58 | | (2.87) |
Total from investment operations | | 1.48 | | .70 | | (2.79) |
Distributions from net investment income | | (.14) | | (.04) | | - |
Total distributions | | (.14) | | (.04) | | - |
Net asset value, end of period | $ | 9.21 | $ | 7.87 | $ | 7.21 |
Total Return D,E | | | | 9.73% | | (27.90)% |
Ratios to Average Net Assets C,F,G | | | | | | |
Expenses before reductions | | 3.63% H | | 3.74% | | 7.52% H,I |
Expenses net of fee waivers, if any | | | | 1.04% | | 1.05% H |
Expenses net of all reductions | | 1.04% H | | 1.04% | | 1.03% H |
Net investment income (loss) | | 1.71% H | | 1.48% | | 1.43% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 235 | $ | 199 | $ | 180 |
Portfolio turnover rate J | | | | 36% | | 43% H |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Sustainable International Equity Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 7.89 | $ | 7.22 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .08 | | .14 | | .09 |
Net realized and unrealized gain (loss) | | 1.41 | | .57 | | (2.87) |
Total from investment operations | | 1.49 | | .71 | | (2.78) |
Distributions from net investment income | | (.14) | | (.04) | | - |
Total distributions | | (.14) | | (.04) | | - |
Net asset value, end of period | $ | 9.24 | $ | 7.89 | $ | 7.22 |
Total Return D,E | | | | 9.86% | | (27.80)% |
Ratios to Average Net Assets C,F,G | | | | | | |
Expenses before reductions | | 3.51% H | | 3.56% | | 7.46% H,I |
Expenses net of fee waivers, if any | | | | .89% | | .90% H |
Expenses net of all reductions | | .89% H | | .89% | | .90% H |
Net investment income (loss) | | 1.86% H | | 1.63% | | 1.56% H |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 286 | $ | 287 | $ | 181 |
Portfolio turnover rate J | | | | 36% | | 43% H |
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAudit fees are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable International Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,435,995 |
Gross unrealized depreciation | (240,128) |
Net unrealized appreciation (depreciation) | $1,195,867 |
Tax cost | $8,201,100 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(377,972) |
Long-term | (122,079) |
Total capital loss carryforward | $(500,051) |
Due to large subscriptions in a prior period, approximately $219,163 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $74,614 of those capital losses per year to offset capital gains. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Sustainable International Equity Fund | 3,983,170 | 2,719,979 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .82 |
Class M | .79 |
Class C | .78 |
Fidelity Sustainable International Equity Fund | .88 |
Class I | .79 |
Class Z | .73 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .82 |
Class M | .79 |
Class C | .78 |
Fidelity Sustainable International Equity Fund | .83 |
Class I | .79 |
Class Z | .73 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Sustainable International Equity Fund | MSCI EAFE Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable International Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.07)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 450 | 284 |
Class M | .25% | .25% | 562 | 558 |
Class C | .75% | .25% | 1,164 | 1,142 |
| | | 2,176 | 1,984 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 7 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .1367 |
Class M | .1048 |
Class C | .0960 |
Fidelity Sustainable International Equity Fund | .2000 |
Class I | .1047 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net Assets |
Class A | 199 | .16 |
Class M | 78 | .11 |
Class C | 69 | .09 |
Fidelity Sustainable International Equity Fund | 4,582 | .21 |
Class I | 78 | .11 |
Class Z | 39 | .04 |
| 5,045 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Sustainable International Equity Fund | .0498 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Sustainable International Equity Fund | .05 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Sustainable International Equity Fund | 255,787 | 322,741 | (275) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Sustainable International Equity Fund | 7 |
7. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense Limitations | Reimbursement ($) |
Class A | 1.30% | 4,928 |
Class M | 1.55% | 2,899 |
Class C | 2.05% | 2,920 |
Fidelity Sustainable International Equity Fund | 1.05% | 90,872 |
Class I | 1.05% | 2,927 |
Class Z | .90% | 3,709 |
| | 108,255 |
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $213.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $359.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Sustainable International Equity Fund | | |
Distributions to shareholders | | |
Class A | $5,401 | $863 |
Class M | 2,380 | 325 |
Class C | 1,175 | - |
Fidelity Sustainable International Equity Fund | 101,474 | 25,952 |
Class I | 3,624 | 1,075 |
Class Z | 4,964 | 1,075 |
Total | $119,018 | $29,290 |
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Sustainable International Equity Fund | | | | |
Class A | | | | |
Shares sold | 363 | 19,860 | $3,271 | $158,247 |
Reinvestment of distributions | 639 | 107 | 5,401 | 863 |
Shares redeemed | (15,789) | (633) | (146,263) | (5,146) |
Net increase (decrease) | (14,787) | 19,334 | $(137,591) | $153,964 |
Class M | | | | |
Shares sold | 2,276 | 9 | $20,478 | $77 |
Reinvestment of distributions | 282 | 40 | 2,380 | 325 |
Net increase (decrease) | 2,558 | 49 | $22,858 | $402 |
Class C | | | | |
Shares sold | 3,886 | - | $35,522 | $ - |
Reinvestment of distributions | 139 | - | 1,175 | - |
Net increase (decrease) | 4,025 | - | $36,697 | $ - |
Fidelity Sustainable International Equity Fund | | | | |
Shares sold | 231,187 | 397,160 | $2,060,351 | $3,312,938 |
Reinvestment of distributions | 10,727 | 2,932 | 90,641 | 23,779 |
Shares redeemed | (65,236) | (235,082) | (560,635) | (1,968,118) |
Net increase (decrease) | 176,678 | 165,010 | $1,590,357 | $1,368,599 |
Class I | | | | |
Shares sold | - | 211 | $ - | $1,800 |
Reinvestment of distributions | 429 | 133 | 3,624 | 1,075 |
Shares redeemed | (210) | (4) | (1,824) | (30) |
Net increase (decrease) | 219 | 340 | $1,800 | $2,845 |
Class Z | | | | |
Shares sold | 63 | 12,333 | $558 | $104,463 |
Reinvestment of distributions | 424 | 132 | 3,594 | 1,075 |
Shares redeemed | (5,981) | (1,030) | (51,099) | (8,025) |
Net increase (decrease) | (5,494) | 11,435 | $(46,947) | $97,513 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
Fund | Affiliated % |
Fidelity Sustainable International Equity Fund | 18% |
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Fidelity Sustainable Multi-Asset Fund |
Fidelity Sustainable International Equity Fund | 35% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® Sustainable International Equity Fund | | | | | | | | | | |
Class A | | | | 1.29% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,188.60 | | $ 7.02 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.45 | | $ 6.47 |
Class M | | | | 1.54% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,186.90 | | $ 8.37 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.21 | | $ 7.72 |
Class C | | | | 2.04% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,183.90 | | $ 11.08 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.72 | | $ 10.22 |
Fidelity® Sustainable International Equity Fund | | | | 1.04% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,190.10 | | $ 5.66 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.69 | | $ 5.22 |
Class I | | | | 1.04% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,190.10 | | $ 5.66 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.69 | | $ 5.22 |
Class Z | | | | .89% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,190.90 | | $ 4.85 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.44 | | $ 4.47 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Sustainable International Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9904430.102
SIC-SANN-0624
Fidelity® Emerging Markets Discovery Fund
Fidelity® Total Emerging Markets Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Qualitas Controladora S.A.B. de CV (Mexico, Insurance) | 1.5 | |
AMOREPACIFIC Corp. (Korea (South), Personal Care Products) | 1.5 | |
Impala Platinum Holdings Ltd. (South Africa, Metals & Mining) | 1.5 | |
Haier Smart Home Co. Ltd. (A Shares) (China, Household Durables) | 1.4 | |
Shriram Finance Ltd. (India, Consumer Finance) | 1.4 | |
International Games Systems Co. Ltd. (Taiwan, Entertainment) | 1.4 | |
Flat Glass Group Co. Ltd. (China, Semiconductors & Semiconductor Equipment) | 1.4 | |
Realtek Semiconductor Corp. (Taiwan, Semiconductors & Semiconductor Equipment) | 1.3 | |
Mavi Jeans Class B (Turkey, Textiles, Apparel & Luxury Goods) | 1.3 | |
Hansoh Pharmaceutical Group Co. Ltd. (China, Pharmaceuticals) | 1.3 | |
| 14.0 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 21.8 | |
Consumer Discretionary | 16.4 | |
Financials | 15.2 | |
Information Technology | 9.7 | |
Consumer Staples | 9.2 | |
Real Estate | 6.3 | |
Materials | 4.9 | |
Utilities | 4.4 | |
Energy | 4.3 | |
Health Care | 4.2 | |
Communication Services | 1.8 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Emerging Markets Discovery Fund
Common Stocks - 98.2% |
| | Shares | Value ($) |
Brazil - 13.6% | | | |
Afya Ltd. (a) | | 756,659 | 13,037,235 |
Atacadao SA | | 5,773,094 | 12,418,723 |
Caixa Seguridade Participacoes | | 4,529,890 | 13,661,379 |
Enauta Participacoes SA | | 3,044,558 | 16,018,435 |
Equatorial Energia SA | | 2,106,377 | 12,408,826 |
Hypera SA (a) | | 2,289,899 | 13,018,106 |
Localiza Rent a Car SA | | 1,187,615 | 11,213,797 |
LOG Commercial Properties e Participacoes SA | | 2,681,456 | 11,221,361 |
Lojas Renner SA | | 4,420,326 | 13,050,032 |
Orizon Valorizacao de Residuos SA (a) | | 1,442,010 | 10,733,291 |
PRIO SA | | 1,767,610 | 16,339,653 |
Rumo SA | | 3,688,256 | 14,319,463 |
XP, Inc. Class A | | 586,382 | 12,003,240 |
TOTAL BRAZIL | | | 169,443,541 |
Chile - 0.9% | | | |
Banco de Chile sponsored ADR | | 520,779 | 11,498,800 |
China - 21.5% | | | |
Airtac International Group | | 458,330 | 16,198,713 |
China Communications Services Corp. Ltd. (H Shares) | | 26,852,394 | 12,836,706 |
China Resources Beer Holdings Co. Ltd. | | 3,418,083 | 15,579,836 |
Far East Horizon Ltd. | | 15,163,244 | 11,255,802 |
Flat Glass Group Co. Ltd. (b) | | 7,020,410 | 16,910,582 |
Fu Shou Yuan International Group Ltd. | | 18,217,916 | 12,333,210 |
Guangdong Investment Ltd. | | 21,826,860 | 11,401,596 |
Haier Smart Home Co. Ltd. (A Shares) | | 4,241,211 | 17,644,792 |
Haitian International Holdings Ltd. | | 4,624,227 | 15,060,411 |
Hansoh Pharmaceutical Group Co. Ltd. (c) | | 7,410,308 | 16,374,524 |
Li Ning Co. Ltd. | | 5,473,380 | 14,328,591 |
Shenzhen Expressway Co. Ltd. (H Shares) | | 12,291,465 | 11,182,957 |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 1,423,087 | 11,670,683 |
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) | | 3,385,673 | 12,479,815 |
Sinopec Engineering Group Co. Ltd. (H Shares) | | 22,301,632 | 14,364,581 |
Sinotruk Hong Kong Ltd. | | 6,103,335 | 15,189,434 |
SITC International Holdings Co. Ltd. (b) | | 7,546,220 | 16,364,698 |
Tongdao Liepin Group (a)(b) | | 11,976,997 | 4,580,297 |
TravelSky Technology Ltd. (H Shares) | | 11,333,719 | 14,722,868 |
Tsingtao Brewery Co. Ltd. (H Shares) | | 1,158,266 | 8,346,930 |
TOTAL CHINA | | | 268,827,026 |
Georgia - 1.3% | | | |
Bank of Georgia Group PLC | | 242,426 | 16,297,279 |
Greece - 0.7% | | | |
Athens International Airport SA | | 903,030 | 8,008,460 |
Hong Kong - 2.3% | | | |
ASMPT Ltd. | | 1,181,733 | 14,686,201 |
WH Group Ltd. (c) | | 18,708,743 | 13,598,265 |
TOTAL HONG KONG | | | 28,284,466 |
Hungary - 0.8% | | | |
Richter Gedeon PLC | | 367,685 | 9,363,108 |
India - 12.4% | | | |
Bharat Electronics Ltd. | | 5,764,803 | 16,115,955 |
Computer Age Management Services Private Ltd. | | 351,220 | 13,457,804 |
Deccan Cements Ltd. (d) | | 745,139 | 5,630,283 |
Eicher Motors Ltd. | | 261,613 | 14,398,649 |
Embassy Office Parks (REIT) | | 3,281,665 | 14,029,553 |
Hindustan Aeronautics Ltd. | | 337,760 | 15,934,903 |
Indraprastha Gas Ltd. | | 1,853,883 | 10,398,027 |
ITC Ltd. | | 1,873,345 | 9,765,284 |
Mahanagar Gas Ltd. | | 612,600 | 10,585,417 |
Manappuram General Finance & Leasing Ltd. | | 940,273 | 2,244,329 |
Oberoi Realty Ltd. | | 640,691 | 11,363,544 |
Shriram Finance Ltd. | | 575,207 | 17,544,638 |
Torrent Pharmaceuticals Ltd. | | 432,698 | 13,664,756 |
TOTAL INDIA | | | 155,133,142 |
Indonesia - 1.8% | | | |
First Resources Ltd. | | 9,486,841 | 9,773,498 |
PT United Tractors Tbk | | 8,520,790 | 12,986,500 |
TOTAL INDONESIA | | | 22,759,998 |
Korea (South) - 9.5% | | | |
AMOREPACIFIC Corp. | | 152,000 | 18,474,703 |
Coway Co. Ltd. | | 341,449 | 13,642,349 |
Db Insurance Co. Ltd. | | 191,585 | 13,401,090 |
Fila Holdings Corp. | | 368,715 | 10,823,703 |
Hanon Systems | | 2,736,412 | 10,928,272 |
Hansol Chemical Co. Ltd. | | 87,438 | 12,094,084 |
Hyundai Marine & Fire Insurance Co. Ltd. | | 366,299 | 8,245,706 |
LG Corp. | | 166,621 | 9,480,437 |
SFA Engineering Corp. | | 477,510 | 8,836,825 |
Soulbrain Co. Ltd. | | 58,867 | 12,672,769 |
TOTAL KOREA (SOUTH) | | | 118,599,938 |
Malaysia - 0.0% | | | |
Scientex Bhd warrants 1/14/26 (a) | | 130,640 | 16,157 |
Mexico - 5.3% | | | |
FIBRA Macquarie Mexican (REIT) (b)(c) | | 5,190,385 | 9,338,042 |
Fibra Uno Administracion SA de CV | | 6,423,936 | 9,221,113 |
Grupo Comercial Chedraui S.A.B. de CV | | 2,086,673 | 15,417,317 |
Qualitas Controladora S.A.B. de CV | | 1,450,463 | 18,967,804 |
Regional S.A.B. de CV | | 1,474,062 | 13,313,303 |
TOTAL MEXICO | | | 66,257,579 |
Philippines - 0.9% | | | |
Robinsons Land Corp. | | 38,856,129 | 10,482,095 |
Poland - 0.9% | | | |
Dino Polska SA (a)(c) | | 120,110 | 11,544,939 |
Romania - 0.9% | | | |
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | | 403,860 | 11,665,796 |
Russia - 0.0% | | | |
Etalon Group PLC GDR (Reg. S) (a)(e) | | 167,549 | 13,330 |
LSR Group OJSC (a)(e) | | 67,346 | 67,454 |
TKS Holding MKPAO JSC (a)(e) | | 59,253 | 75,127 |
TOTAL RUSSIA | | | 155,911 |
Saudi Arabia - 2.6% | | | |
Bupa Arabia for Cooperative Insurance Co. | | 253,671 | 16,313,509 |
Catrion Catering Holding Co. | | 468,260 | 15,780,959 |
TOTAL SAUDI ARABIA | | | 32,094,468 |
South Africa - 4.4% | | | |
Bidvest Group Ltd./The (b) | | 916,207 | 11,948,299 |
FirstRand Ltd. | | 3,138,536 | 10,834,704 |
Impala Platinum Holdings Ltd. | | 4,129,147 | 18,381,123 |
Mr Price Group Ltd. | | 1,535,008 | 14,221,089 |
TOTAL SOUTH AFRICA | | | 55,385,215 |
Taiwan - 13.3% | | | |
BizLink Holding, Inc. | | 1,625,758 | 11,432,905 |
Chailease Holding Co. Ltd. | | 2,144,682 | 11,291,503 |
Cleanaway Co. Ltd. | | 1,949,105 | 11,546,741 |
E Ink Holdings, Inc. | | 2,400,780 | 15,321,431 |
International Games Systems Co. Ltd. | | 565,195 | 17,253,634 |
Makalot Industrial Co. Ltd. | | 1,101,557 | 13,165,445 |
Nanya Technology Corp. | | 6,329,370 | 12,752,759 |
Nien Made Enterprise Co. Ltd. | | 1,137,860 | 13,273,795 |
Poya International Co. Ltd. | | 826,681 | 12,642,597 |
Realtek Semiconductor Corp. | | 1,053,372 | 16,587,566 |
Unimicron Technology Corp. | | 2,835,504 | 15,652,530 |
Yageo Corp. | | 805,504 | 15,337,270 |
TOTAL TAIWAN | | | 166,258,176 |
Turkey - 1.3% | | | |
Mavi Jeans Class B (c) | | 5,741,852 | 16,399,593 |
United Arab Emirates - 1.0% | | | |
Aldar Properties PJSC | | 8,503,561 | 12,641,086 |
United States of America - 2.7% | | | |
FirstCash Holdings, Inc. | | 106,540 | 12,036,889 |
Parade Technologies Ltd. | | 564,735 | 12,798,148 |
Tenaris SA sponsored ADR | | 274,390 | 9,052,126 |
TOTAL UNITED STATES OF AMERICA | | | 33,887,163 |
Vietnam - 0.1% | | | |
FPT Corp. | | 225,647 | 1,096,325 |
TOTAL COMMON STOCKS (Cost $1,076,261,354) | | | 1,226,100,261 |
| | | |
Money Market Funds - 5.6% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 36,666,399 | 36,673,732 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 33,581,683 | 33,585,041 |
TOTAL MONEY MARKET FUNDS (Cost $70,258,773) | | | 70,258,773 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 103.8% (Cost $1,146,520,127) | 1,296,359,034 |
NET OTHER ASSETS (LIABILITIES) - (3.8)% | (47,026,678) |
NET ASSETS - 100.0% | 1,249,332,356 |
| |
Legend
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $67,255,363 or 5.4% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 41,349,421 | 212,346,285 | 217,022,032 | 1,068,274 | 58 | - | 36,673,732 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 11,126,496 | 78,365,722 | 55,907,177 | 259,998 | - | - | 33,585,041 | 0.1% |
Total | 52,475,917 | 290,712,007 | 272,929,209 | 1,328,272 | 58 | - | 70,258,773 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Deccan Cements Ltd. | 4,283,550 | 283,827 | - | - | - | 1,062,906 | 5,630,283 |
Total | 4,283,550 | 283,827 | - | - | - | 1,062,906 | 5,630,283 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 21,833,931 | - | 21,833,931 | - |
Consumer Discretionary | 204,612,220 | 42,486,860 | 162,125,360 | - |
Consumer Staples | 114,919,495 | 39,380,979 | 75,538,516 | - |
Energy | 54,396,714 | 41,410,214 | 12,986,500 | - |
Financials | 188,985,102 | 114,092,203 | 74,817,772 | 75,127 |
Health Care | 52,420,494 | 22,381,214 | 30,039,280 | - |
Industrials | 271,678,022 | 60,055,970 | 211,622,052 | - |
Information Technology | 121,142,812 | - | 121,142,812 | - |
Materials | 61,274,231 | - | 61,274,231 | - |
Real Estate | 78,377,578 | 42,421,602 | 35,875,192 | 80,784 |
Utilities | 56,459,662 | 24,074,622 | 32,385,040 | - |
|
Money Market Funds | 70,258,773 | 70,258,773 | - | - |
Total Investments in Securities: | 1,296,359,034 | 456,562,437 | 839,640,686 | 155,911 |
Fidelity® Emerging Markets Discovery Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $31,360,711) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,071,009,261) | $ | 1,220,469,978 | | |
Fidelity Central Funds (cost $70,258,773) | | 70,258,773 | | |
Other affiliated issuers (cost $5,252,093) | | 5,630,283 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $1,146,520,127) | | | $ | 1,296,359,034 |
Foreign currency held at value (cost $140,264) | | | | 124,986 |
Receivable for investments sold | | | | 6,414,387 |
Receivable for fund shares sold | | | | 1,087,511 |
Dividends receivable | | | | 1,600,173 |
Distributions receivable from Fidelity Central Funds | | | | 187,976 |
Prepaid expenses | | | | 271 |
Other receivables | | | | 118,399 |
Total assets | | | | 1,305,892,737 |
Liabilities | | | | |
Payable for investments purchased | $ | 11,592,128 | | |
Payable for fund shares redeemed | | 1,882,877 | | |
Accrued management fee | | 957,264 | | |
Distribution and service plan fees payable | | 11,417 | | |
Deferred taxes | | 8,381,088 | | |
Other payables and accrued expenses | | 150,566 | | |
Collateral on securities loaned | | 33,585,041 | | |
Total liabilities | | | | 56,560,381 |
Net Assets | | | $ | 1,249,332,356 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 1,134,827,791 |
Total accumulated earnings (loss) | | | | 114,504,565 |
Net Assets | | | $ | 1,249,332,356 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($29,574,988 ÷ 1,814,822 shares)(a) | | | $ | 16.30 |
Maximum offering price per share (100/94.25 of $16.30) | | | $ | 17.29 |
Class M : | | | | |
Net Asset Value and redemption price per share ($5,962,750 ÷ 366,532 shares)(a) | | | $ | 16.27 |
Maximum offering price per share (100/96.50 of $16.27) | | | $ | 16.86 |
Class C : | | | | |
Net Asset Value and offering price per share ($3,324,052 ÷ 209,752 shares)(a) | | | $ | 15.85 |
Emerging Markets Discovery : | | | | |
Net Asset Value, offering price and redemption price per share ($449,161,361 ÷ 27,383,776 shares) | | | $ | 16.40 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($591,718,290 ÷ 35,978,541 shares) | | | $ | 16.45 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($169,590,915 ÷ 10,332,170 shares) | | | $ | 16.41 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 11,988,489 |
Interest | | | | 1,441 |
Income from Fidelity Central Funds (including $259,998 from security lending) | | | | 1,328,272 |
Income before foreign taxes withheld | | | $ | 13,318,202 |
Less foreign taxes withheld | | | | (1,557,575) |
Total income | | | | 11,760,627 |
Expenses | | | | |
Management fee | $ | 4,947,513 | | |
Transfer agent fees | | 622,458 | | |
Distribution and service plan fees | | 68,662 | | |
Accounting fees | | 167,037 | | |
Custodian fees and expenses | | 175,703 | | |
Independent trustees' fees and expenses | | 2,691 | | |
Registration fees | | 74,673 | | |
Audit | | 56,816 | | |
Legal | | 572 | | |
Miscellaneous | | 1,840 | | |
Total expenses before reductions | | 6,117,965 | | |
Expense reductions | | (50,889) | | |
Total expenses after reductions | | | | 6,067,076 |
Net Investment income (loss) | | | | 5,693,551 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $2,328,005) | | (9,365,120) | | |
Fidelity Central Funds | | 58 | | |
Foreign currency transactions | | 25,342 | | |
Total net realized gain (loss) | | | | (9,339,720) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $4,366,028) | | 132,964,820 | | |
Affiliated issuers | | 1,062,906 | | |
Assets and liabilities in foreign currencies | | 21,656 | | |
Total change in net unrealized appreciation (depreciation) | | | | 134,049,382 |
Net gain (loss) | | | | 124,709,662 |
Net increase (decrease) in net assets resulting from operations | | | $ | 130,403,213 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 5,693,551 | $ | 16,742,394 |
Net realized gain (loss) | | (9,339,720) | | (3,777,524) |
Change in net unrealized appreciation (depreciation) | | 134,049,382 | | 49,069,215 |
Net increase (decrease) in net assets resulting from operations | | 130,403,213 | | 62,034,085 |
Distributions to shareholders | | (23,040,155) | | (8,639,871) |
| | | | |
Share transactions - net increase (decrease) | | 212,767,920 | | 444,710,316 |
Total increase (decrease) in net assets | | 320,130,978 | | 498,104,530 |
| | | | |
Net Assets | | | | |
Beginning of period | | 929,201,378 | | 431,096,848 |
End of period | $ | 1,249,332,356 | $ | 929,201,378 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Emerging Markets Discovery Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.69 | $ | 12.89 | $ | 18.36 | $ | 13.93 | $ | 13.66 | $ | 12.01 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .31 | | .31 | | .11 | | .04 | | .13 |
Net realized and unrealized gain (loss) | | 1.85 | | 1.69 | | (3.92) | | 4.37 | | .34 | | 1.71 |
Total from investment operations | | 1.91 | | 2.00 | | (3.61) | | 4.48 | | .38 | | 1.84 |
Distributions from net investment income | | (.30) | | (.20) | | (.37) | | (.05) | | (.11) | | (.18) |
Distributions from net realized gain | | - | | - | | (1.49) | | - | | - | | (.01) |
Total distributions | | (.30) | | (.20) | | (1.86) | | (.05) | | (.11) | | (.19) |
Net asset value, end of period | $ | 16.30 | $ | 14.69 | $ | 12.89 | $ | 18.36 | $ | 13.93 | $ | 13.66 |
Total Return C,D,E | | | | 15.56% | | (21.58)% | | 32.23% | | 2.76% | | 15.50% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.32% H | | 1.43% | | 1.49% | | 1.49% | | 1.54% | | 1.55% |
Expenses net of fee waivers, if any | | | | 1.42% | | 1.49% | | 1.49% | | 1.53% | | 1.54% |
Expenses net of all reductions | | 1.32% H | | 1.42% | | 1.49% | | 1.49% | | 1.51% | | 1.54% |
Net investment income (loss) | | .72% H | | 2.07% | | 2.11% | | .60% | | .33% | | .96% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 29,575 | $ | 23,373 | $ | 16,063 | $ | 18,900 | $ | 11,745 | $ | 15,323 |
Portfolio turnover rate I | | | | 30% | | 33% | | 64% | | 43% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Emerging Markets Discovery Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.65 | $ | 12.85 | $ | 18.30 | $ | 13.89 | $ | 13.62 | $ | 11.94 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .27 | | .27 | | .06 | | - C | | .08 |
Net realized and unrealized gain (loss) | | 1.85 | | 1.68 | | (3.91) | | 4.36 | | .34 | | 1.71 |
Total from investment operations | | 1.89 | | 1.95 | | (3.64) | | 4.42 | | .34 | | 1.79 |
Distributions from net investment income | | (.27) | | (.15) | | (.32) | | (.01) | | (.07) | | (.10) |
Distributions from net realized gain | | - | | - | | (1.49) | | - | | - | | (.01) |
Total distributions | | (.27) | | (.15) | | (1.81) | | (.01) | | (.07) | | (.11) |
Net asset value, end of period | $ | 16.27 | $ | 14.65 | $ | 12.85 | $ | 18.30 | $ | 13.89 | $ | 13.62 |
Total Return D,E,F | | | | 15.25% | | (21.77)% | | 31.82% | | 2.49% | | 15.06% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.55% I | | 1.69% | | 1.75% | | 1.76% | | 1.83% | | 1.86% |
Expenses net of fee waivers, if any | | | | 1.69% | | 1.75% | | 1.76% | | 1.83% | | 1.86% |
Expenses net of all reductions | | 1.54% I | | 1.68% | | 1.75% | | 1.76% | | 1.80% | | 1.86% |
Net investment income (loss) | | .50% I | | 1.80% | | 1.85% | | .33% | | .03% | | .64% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 5,963 | $ | 6,560 | $ | 4,355 | $ | 6,095 | $ | 4,552 | $ | 5,773 |
Portfolio turnover rate J | | | | 30% | | 33% | | 64% | | 43% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Emerging Markets Discovery Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.23 | $ | 12.47 | $ | 17.78 | $ | 13.55 | $ | 13.29 | $ | 11.66 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | - C | | .19 | | .19 | | (.03) | | (.06) | | .02 |
Net realized and unrealized gain (loss) | | 1.79 | | 1.65 | | (3.81) | | 4.26 | | .32 | | 1.67 |
Total from investment operations | | 1.79 | | 1.84 | | (3.62) | | 4.23 | | .26 | | 1.69 |
Distributions from net investment income | | (.17) | | (.08) | | (.20) | | - | | - | | (.05) |
Distributions from net realized gain | | - | | - | | (1.49) | | - | | - | | (.01) |
Total distributions | | (.17) | | (.08) | | (1.69) | | - | | - | | (.06) |
Net asset value, end of period | $ | 15.85 | $ | 14.23 | $ | 12.47 | $ | 17.78 | $ | 13.55 | $ | 13.29 |
Total Return D,E,F | | | | 14.76% | | (22.21)% | | 31.22% | | 1.96% | | 14.54% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 2.06% I | | 2.20% | | 2.25% | | 2.25% | | 2.32% | | 2.36% |
Expenses net of fee waivers, if any | | | | 2.19% | | 2.25% | | 2.25% | | 2.31% | | 2.35% |
Expenses net of all reductions | | 2.05% I | | 2.19% | | 2.25% | | 2.25% | | 2.29% | | 2.35% |
Net investment income (loss) | | (.02)% I | | 1.29% | | 1.35% | | (.16)% | | (.45)% | | .14% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 3,324 | $ | 3,300 | $ | 3,079 | $ | 4,995 | $ | 5,080 | $ | 7,562 |
Portfolio turnover rate J | | | | 30% | | 33% | | 64% | | 43% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Emerging Markets Discovery Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.80 | $ | 12.98 | $ | 18.48 | $ | 14.02 | $ | 13.75 | $ | 12.10 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .08 | | .35 | | .36 | | .16 | | .08 | | .16 |
Net realized and unrealized gain (loss) | | 1.86 | | 1.71 | | (3.95) | | 4.40 | | .34 | | 1.72 |
Total from investment operations | | 1.94 | | 2.06 | | (3.59) | | 4.56 | | .42 | | 1.88 |
Distributions from net investment income | | (.34) | | (.24) | | (.42) | | (.10) | | (.15) | | (.22) |
Distributions from net realized gain | | - | | - | | (1.49) | | - | | - | | (.01) |
Total distributions | | (.34) | | (.24) | | (1.91) | | (.10) | | (.15) | | (.23) |
Net asset value, end of period | $ | 16.40 | $ | 14.80 | $ | 12.98 | $ | 18.48 | $ | 14.02 | $ | 13.75 |
Total Return C,D | | | | 15.94% | | (21.37)% | | 32.63% | | 3.07% | | 15.78% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | 1.06% G | | 1.15% | | 1.19% | | 1.19% | | 1.23% | | 1.25% |
Expenses net of fee waivers, if any | | | | 1.15% | | 1.19% | | 1.18% | | 1.23% | | 1.25% |
Expenses net of all reductions | | 1.05% G | | 1.15% | | 1.19% | | 1.18% | | 1.20% | | 1.25% |
Net investment income (loss) | | .99% G | | 2.34% | | 2.41% | | .90% | | .63% | | 1.25% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 449,161 | $ | 368,811 | $ | 248,805 | $ | 283,133 | $ | 189,784 | $ | 208,657 |
Portfolio turnover rate H | | | | 30% | | 33% | | 64% | | 43% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Emerging Markets Discovery Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.85 | $ | 13.03 | $ | 18.54 | $ | 14.06 | $ | 13.79 | $ | 12.13 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .08 | | .36 | | .34 | | .16 | | .08 | | .17 |
Net realized and unrealized gain (loss) | | 1.87 | | 1.71 | | (3.95) | | 4.41 | | .34 | | 1.72 |
Total from investment operations | | 1.95 | | 2.07 | | (3.61) | | 4.57 | | .42 | | 1.89 |
Distributions from net investment income | | (.35) | | (.25) | | (.41) | | (.09) | | (.15) | | (.22) |
Distributions from net realized gain | | - | | - | | (1.49) | | - | | - | | (.01) |
Total distributions | | (.35) | | (.25) | | (1.90) | | (.09) | | (.15) | | (.23) |
Net asset value, end of period | $ | 16.45 | $ | 14.85 | $ | 13.03 | $ | 18.54 | $ | 14.06 | $ | 13.79 |
Total Return C,D | | | | 15.99% | | (21.37)% | | 32.62% | | 3.07% | | 15.78% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | 1.07% G | | 1.12% | | 1.17% | | 1.19% | | 1.24% | | 1.25% |
Expenses net of fee waivers, if any | | | | 1.11% | | 1.16% | | 1.19% | | 1.23% | | 1.24% |
Expenses net of all reductions | | 1.06% G | | 1.11% | | 1.16% | | 1.19% | | 1.21% | | 1.24% |
Net investment income (loss) | | .98% G | | 2.37% | | 2.44% | | .90% | | .63% | | 1.26% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 591,718 | $ | 404,844 | $ | 129,250 | $ | 27,397 | $ | 28,034 | $ | 51,081 |
Portfolio turnover rate H | | | | 30% | | 33% | | 64% | | 43% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Emerging Markets Discovery Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.82 | $ | 13.00 | $ | 18.51 | $ | 14.04 | $ | 13.77 | $ | 12.13 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .09 | | .38 | | .37 | | .19 | | .10 | | .18 |
Net realized and unrealized gain (loss) | | 1.86 | | 1.70 | | (3.95) | | 4.40 | | .35 | | 1.72 |
Total from investment operations | | 1.95 | | 2.08 | | (3.58) | | 4.59 | | .45 | | 1.90 |
Distributions from net investment income | | (.36) | | (.26) | | (.44) | | (.12) | | (.18) | | (.26) |
Distributions from net realized gain | | - | | - | | (1.49) | | - | | - | | (.01) |
Total distributions | | (.36) | | (.26) | | (1.93) | | (.12) | | (.18) | | (.26) C |
Net asset value, end of period | $ | 16.41 | $ | 14.82 | $ | 13.00 | $ | 18.51 | $ | 14.04 | $ | 13.77 |
Total Return D,E | | | | 16.10% | | (21.27)% | | 32.82% | | 3.24% | | 15.97% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .94% H | | .99% | | 1.03% | | 1.05% | | 1.09% | | 1.10% |
Expenses net of fee waivers, if any | | | | .98% | | 1.03% | | 1.05% | | 1.08% | | 1.10% |
Expenses net of all reductions | | .93% H | | .98% | | 1.03% | | 1.05% | | 1.06% | | 1.10% |
Net investment income (loss) | | 1.11% H | | 2.50% | | 2.57% | | 1.04% | | .78% | | 1.40% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 169,591 | $ | 122,312 | $ | 29,546 | $ | 16,365 | $ | 11,561 | $ | 18,267 |
Portfolio turnover rate I | | | | 30% | | 33% | | 64% | | 43% | | 80% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Emerging Markets Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets Discovery, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $234,548,065 |
Gross unrealized depreciation | (93,955,355) |
Net unrealized appreciation (depreciation) | $140,592,710 |
Tax cost | $1,155,766,324 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(2,477,383) |
Long-term | (7,772,917) |
Total capital loss carryforward | $(10,250,300) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Emerging Markets Discovery Fund | 311,964,009 | 104,695,387 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | 1.02 |
Class M | 1.02 |
Class C | 1.02 |
Emerging Markets Discovery | 1.00 |
Class I | 1.01 |
Class Z | 0.88 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .95 |
Class M | .96 |
Class C | .96 |
Emerging Markets Discovery | .91 |
Class I | .95 |
Class Z | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .82%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 34,835 | 2,571 |
Class M | .25% | .25% | 16,406 | 82 |
Class C | .75% | .25% | 17,421 | 1,787 |
| | | 68,662 | 4,440 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 4,188 |
Class M | 344 |
Class CA | 104 |
| 4,636 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Emerging Markets Discovery | .2000 |
Class I | .1752 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 18,487 | .20 |
Class M | 4,771 | .21 |
Class C | 2,429 | .21 |
Emerging Markets Discovery | 283,822 | .20 |
Class I | 292,454 | .17 |
Class Z | 20,495 | .04 |
| 622,458 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Emerging Markets Discovery Fund | .0455 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Emerging Markets Discovery Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Emerging Markets Discovery Fund | 401 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Emerging Markets Discovery Fund | 1,344,442 | - | - |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Emerging Markets Discovery Fund | 1,026 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Emerging Markets Discovery Fund | 28,451 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $315. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 30 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $50,544.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Emerging Markets Discovery Fund | | |
Distributions to shareholders | | |
Class A | $509,536 | $244,475 |
Class M | 117,571 | 51,851 |
Class C | 40,122 | 19,009 |
Emerging Markets Discovery | 8,637,465 | 4,513,320 |
Class I | 10,634,852 | 3,021,352 |
Class Z | 3,100,609 | 789,864 |
Total | $23,040,155 | $8,639,871 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Emerging Markets Discovery Fund | | | | |
Class A | | | | |
Shares sold | 357,226 | 510,197 | $5,656,991 | $7,644,504 |
Reinvestment of distributions | 32,877 | 17,518 | 509,269 | 244,303 |
Shares redeemed | (166,267) | (183,067) | (2,661,937) | (2,708,612) |
Net increase (decrease) | 223,836 | 344,648 | $3,504,323 | $5,180,195 |
Class M | | | | |
Shares sold | 18,272 | 154,343 | $290,286 | $2,297,021 |
Reinvestment of distributions | 7,600 | 3,721 | 117,571 | 51,851 |
Shares redeemed | (107,083) | (49,285) | (1,708,930) | (724,267) |
Net increase (decrease) | (81,211) | 108,779 | $(1,301,073) | $1,624,605 |
Class C | | | | |
Shares sold | 14,824 | 67,155 | $228,814 | $954,938 |
Reinvestment of distributions | 2,657 | 1,399 | 40,122 | 19,009 |
Shares redeemed | (39,675) | (83,426) | (616,517) | (1,201,723) |
Net increase (decrease) | (22,194) | (14,872) | $(347,581) | $(227,776) |
Emerging Markets Discovery | | | | |
Shares sold | 5,929,341 | 10,451,564 | $94,821,625 | $157,422,112 |
Reinvestment of distributions | 500,754 | 291,173 | 7,796,740 | 4,078,445 |
Shares redeemed | (3,968,804) | (4,985,788) | (63,688,810) | (74,007,673) |
Net increase (decrease) | 2,461,291 | 5,756,949 | $38,929,555 | $87,492,884 |
Class I | | | | |
Shares sold | 13,588,420 | 21,737,486 | $216,790,912 | $328,505,575 |
Reinvestment of distributions | 647,193 | 205,837 | 10,102,677 | 2,893,435 |
Shares redeemed | (5,527,805) | (4,589,758) | (88,048,909) | (69,325,801) |
Net increase (decrease) | 8,707,808 | 17,353,565 | $138,844,680 | $262,073,209 |
Class Z | | | | |
Shares sold | 3,051,186 | 7,691,312 | $48,738,217 | $114,184,599 |
Reinvestment of distributions | 169,011 | 55,484 | 2,631,506 | 777,160 |
Shares redeemed | (1,140,765) | (1,766,483) | (18,231,707) | (26,394,560) |
Net increase (decrease) | 2,079,432 | 5,980,313 | $33,138,016 | $88,567,199 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 8.6 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.8 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 3.5 | |
HDFC Bank Ltd. (India, Banks) | 1.7 | |
Alibaba Group Holding Ltd. (China, Broadline Retail) | 1.7 | |
PDD Holdings, Inc. ADR (China, Broadline Retail) | 1.5 | |
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.3 | |
Meituan Class B (China, Hotels, Restaurants & Leisure) | 1.1 | |
China Construction Bank Corp. (H Shares) (China, Banks) | 1.1 | |
Sea Ltd. ADR (Singapore, Entertainment) | 1.0 | |
| 25.3 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 17.0 | |
Financials | 17.0 | |
Consumer Discretionary | 12.5 | |
Energy | 8.8 | |
Materials | 7.4 | |
Communication Services | 6.9 | |
Industrials | 5.1 | |
Consumer Staples | 4.4 | |
Utilities | 3.3 | |
Health Care | 2.2 | |
Real Estate | 1.0 | |
|
Asset Allocation (% of Fund's net assets) |
|
Short-Term Investments and Net Other Assets (Liabilities) - (3.5)% |
Futures - 0.4% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Total Emerging Markets Fund
Common Stocks - 73.3% |
| | Shares | Value ($) |
Brazil - 4.5% | | | |
Cury Construtora e Incorporado SA | | 16,600 | 62,658 |
Cyrela Brazil Realty SA | | 11,300 | 44,176 |
Dexco SA | | 212,643 | 296,077 |
ENGIE Brasil Energia SA | | 29,500 | 232,360 |
Equatorial Energia SA | | 64,315 | 378,885 |
Hapvida Participacoes e Investimentos SA (a)(b) | | 161,651 | 114,874 |
Hypera SA (a) | | 13,325 | 75,753 |
Localiza Rent a Car SA | | 62,734 | 592,352 |
LOG Commercial Properties e Participacoes SA | | 18,100 | 75,745 |
Lojas Renner SA | | 87,220 | 257,498 |
MercadoLibre, Inc. (a) | | 318 | 463,867 |
Multiplan Empreendimentos Imobiliarios SA | | 2,700 | 11,902 |
PagSeguro Digital Ltd. (a) | | 81,880 | 1,019,406 |
PRIO SA | | 39,500 | 365,135 |
Raia Drogasil SA | | 152,508 | 751,291 |
Rede D'Oregon Sao Luiz SA (b) | | 4,700 | 23,533 |
Rumo SA | | 141,000 | 547,425 |
StoneCo Ltd. Class A (a) | | 2,851 | 44,476 |
Suzano SA | | 40,300 | 453,711 |
Transmissora Alianca de Energia Eletrica SA | | 29,000 | 196,699 |
Vale SA sponsored ADR | | 79,968 | 973,211 |
XP, Inc. Class A | | 54,135 | 1,108,143 |
YDUQS Participacoes SA | | 55,268 | 155,290 |
TOTAL BRAZIL | | | 8,244,467 |
Canada - 0.5% | | | |
Barrick Gold Corp. | | 56,700 | 943,488 |
Chile - 1.0% | | | |
Antofagasta PLC | | 35,958 | 992,982 |
Banco de Chile | | 6,678,000 | 740,802 |
TOTAL CHILE | | | 1,733,784 |
China - 19.7% | | | |
Airtac International Group | | 13,000 | 459,458 |
Akeso, Inc. (a)(b) | | 17,675 | 108,155 |
Alibaba Group Holding Ltd. | | 328,232 | 3,073,257 |
Angelalign Technology, Inc. (b)(c) | | 4,168 | 41,754 |
Anta Sports Products Ltd. | | 46,927 | 531,260 |
Baidu, Inc. Class A (a) | | 8,203 | 106,275 |
BeiGene Ltd. ADR (a) | | 441 | 67,888 |
Beijing Enlight Media Co. Ltd. (A Shares) | | 61,200 | 78,875 |
Bilibili, Inc. ADR (a) | | 10,736 | 135,703 |
BYD Co. Ltd. (H Shares) | | 25,842 | 708,396 |
C&S Paper Co. Ltd. (A Shares) | | 154,300 | 189,087 |
China Communications Services Corp. Ltd. (H Shares) | | 480,000 | 229,463 |
China Construction Bank Corp. (H Shares) | | 3,042,000 | 1,968,147 |
China Gas Holdings Ltd. | | 219,544 | 205,566 |
China Jushi Co. Ltd. (A Shares) | | 334,100 | 549,177 |
China Life Insurance Co. Ltd. (H Shares) | | 572,000 | 753,280 |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 27,100 | 31,573 |
China Overseas Land and Investment Ltd. | | 55,540 | 102,131 |
China Petroleum & Chemical Corp. (H Shares) | | 994,000 | 593,321 |
China Resources Beer Holdings Co. Ltd. | | 85,666 | 390,471 |
China Resources Land Ltd. | | 90,510 | 325,459 |
China Tower Corp. Ltd. (H Shares) (b) | | 488,502 | 57,184 |
ENN Energy Holdings Ltd. | | 45,900 | 391,086 |
ESR Group Ltd. (b) | | 41,600 | 45,588 |
Foxconn Industrial Internet Co. Ltd. (A Shares) | | 15,615 | 51,595 |
Fuyao Glass Industries Group Co. Ltd. (A Shares) | | 59,700 | 410,485 |
Glodon Co. Ltd. (A Shares) | | 21,000 | 32,661 |
Guangdong Investment Ltd. | | 280,000 | 146,262 |
Haier Smart Home Co. Ltd. | | 218,800 | 810,441 |
Haier Smart Home Co. Ltd. (A Shares) | | 105,948 | 440,778 |
Haitian International Holdings Ltd. | | 108,000 | 351,740 |
Hansoh Pharmaceutical Group Co. Ltd. (b) | | 92,715 | 204,872 |
Hygeia Healthcare Holdings Co. (b)(c) | | 9,198 | 37,964 |
Innovent Biologics, Inc. (a)(b) | | 49,563 | 239,933 |
JD.com, Inc.: | | | |
Class A | | 45,380 | 653,852 |
sponsored ADR | | 3,500 | 101,115 |
Kanzhun Ltd. ADR | | 5,170 | 102,314 |
KE Holdings, Inc. ADR | | 15,267 | 230,837 |
Kuaishou Technology Class B (a)(b) | | 36,004 | 252,414 |
Kunlun Energy Co. Ltd. | | 342,040 | 331,566 |
Kweichow Moutai Co. Ltd. (A Shares) | | 3,200 | 750,292 |
Lenovo Group Ltd. | | 22,225 | 24,998 |
Li Auto, Inc.: | | | |
ADR (a) | | 10,030 | 263,588 |
Class A (a) | | 1,456 | 19,076 |
Li Ning Co. Ltd. | | 200,600 | 525,145 |
Medlive Technology Co. Ltd. (b) | | 66,407 | 69,762 |
Meituan Class B (a)(b) | | 150,356 | 2,053,041 |
Midea Group Co. Ltd. (A Shares) | | 30,000 | 288,533 |
NetEase, Inc. ADR | | 3,081 | 287,981 |
New Oriental Education & Technology Group, Inc. (a) | | 4,971 | 39,499 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 6,586 | 507,781 |
PDD Holdings, Inc. ADR (a) | | 21,353 | 2,672,969 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 323,500 | 1,466,129 |
Proya Cosmetics Co. Ltd. (A Shares) | | 38,356 | 578,703 |
Shangri-La Asia Ltd. | | 46,000 | 32,085 |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 76,800 | 629,834 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 5,587 | 234,597 |
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (H Shares) (c) | | 2,101 | 44,688 |
Sinopec Engineering Group Co. Ltd. (H Shares) | | 299,000 | 192,587 |
Sinopharm Group Co. Ltd. (H Shares) | | 59,964 | 151,431 |
Sinotruk Hong Kong Ltd. | | 104,500 | 260,070 |
TAL Education Group ADR (a) | | 14,260 | 171,690 |
Tencent Holdings Ltd. | | 143,509 | 6,297,634 |
Tongdao Liepin Group (a) | | 28,670 | 10,964 |
TravelSky Technology Ltd. (H Shares) | | 145,000 | 188,360 |
Trip.com Group Ltd. ADR (a) | | 18,193 | 877,994 |
Tsingtao Brewery Co. Ltd. (H Shares) | | 62,000 | 446,797 |
Uni-President China Holdings Ltd. | | 232,600 | 178,378 |
Vipshop Holdings Ltd. ADR | | 15,982 | 240,369 |
Xiaomi Corp. Class B (a)(b) | | 21,289 | 46,408 |
Xinyi Solar Holdings Ltd. | | 41,710 | 28,699 |
Yifeng Pharmacy Chain Co. Ltd. | | 11,662 | 70,542 |
ZTO Express, Inc. sponsored ADR | | 34,495 | 724,050 |
TOTAL CHINA | | | 35,916,057 |
Greece - 0.8% | | | |
Alpha Bank SA (a) | | 494,600 | 840,581 |
Piraeus Financial Holdings SA (a) | | 161,200 | 645,759 |
TOTAL GREECE | | | 1,486,340 |
Hong Kong - 0.5% | | | |
ASMPT Ltd. | | 4,862 | 60,423 |
Huanxi Media Group Ltd. (a) | | 761,081 | 55,096 |
Kerry Properties Ltd. | | 38,000 | 73,667 |
Prudential PLC | | 80,056 | 696,275 |
TOTAL HONG KONG | | | 885,461 |
Hungary - 0.2% | | | |
Richter Gedeon PLC | | 10,288 | 261,984 |
India - 12.7% | | | |
Apollo Hospitals Enterprise Ltd. | | 3,160 | 224,691 |
Bajaj Auto Ltd. | | 4,156 | 443,559 |
Bajaj Finance Ltd. | | 14,364 | 1,191,187 |
Bharat Electronics Ltd. | | 305,800 | 854,888 |
Bharti Airtel Ltd. | | 64,832 | 1,025,914 |
Coal India Ltd. | | 113,900 | 619,092 |
Divi's Laboratories Ltd. | | 3,771 | 180,513 |
Embassy Office Parks (REIT) | | 13,200 | 56,432 |
HDFC Bank Ltd. | | 173,396 | 3,148,078 |
HDFC Standard Life Insurance Co. Ltd. (b) | | 123,100 | 859,000 |
Hero Motocorp Ltd. | | 7,582 | 411,374 |
Hindustan Aeronautics Ltd. | | 17,700 | 835,054 |
ICICI Bank Ltd. | | 80,700 | 1,111,645 |
Indraprastha Gas Ltd. | | 49,093 | 275,352 |
Infosys Ltd. sponsored ADR | | 2,607 | 43,563 |
ITC Ltd. | | 149,113 | 777,289 |
JK Cement Ltd. | | 16,174 | 773,477 |
Larsen & Toubro Ltd. | | 25,558 | 1,098,322 |
Mahanagar Gas Ltd. | | 19,625 | 339,110 |
Mahindra & Mahindra Ltd. | | 5,900 | 152,141 |
MakeMyTrip Ltd. (a) | | 6,020 | 398,584 |
Mankind Pharma Ltd. | | 5,482 | 154,931 |
Max Healthcare Institute Ltd. | | 9,875 | 99,205 |
NTPC Ltd. | | 161,238 | 700,531 |
Petronet LNG Ltd. | | 54,706 | 203,000 |
Power Grid Corp. of India Ltd. | | 195,716 | 705,703 |
Reliance Industries Ltd. | | 67,413 | 2,365,811 |
Shree Cement Ltd. | | 1,251 | 366,150 |
Sona Blw Precision Forgings Ltd. (b) | | 29,667 | 221,695 |
Star Health & Allied Insurance Co. Ltd. (a) | | 87,500 | 599,011 |
Sun Pharmaceutical Industries Ltd. | | 21,486 | 385,890 |
Tata Motors Ltd. | | 17,660 | 212,902 |
Tata Steel Ltd. | | 414,000 | 815,838 |
Torrent Pharmaceuticals Ltd. | | 6,062 | 191,440 |
Zomato Ltd. (a) | | 566,079 | 1,306,098 |
TOTAL INDIA | | | 23,147,470 |
Indonesia - 1.8% | | | |
First Resources Ltd. | | 325,500 | 335,335 |
PT Bank Central Asia Tbk | | 2,155,800 | 1,296,249 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 3,858,679 | 1,168,036 |
PT Sumber Alfaria Trijaya Tbk | | 2,394,900 | 430,720 |
PT Telkom Indonesia Persero Tbk | | 426,100 | 82,603 |
TOTAL INDONESIA | | | 3,312,943 |
Kazakhstan - 0.1% | | | |
Kaspi.KZ JSC ADR | | 1,800 | 211,968 |
Korea (South) - 7.0% | | | |
AMOREPACIFIC Corp. | | 6,690 | 813,130 |
Celltrion, Inc. | | 1,818 | 246,165 |
Coway Co. Ltd. | | 6,830 | 272,888 |
Delivery Hero AG (a)(b) | | 3,272 | 91,543 |
HPSP Co. Ltd. | | 400 | 11,168 |
Hyundai Motor Co. Ltd. | | 1,502 | 269,417 |
Kakao Corp. | | 4,718 | 163,392 |
Kakao Pay Corp. (a) | | 1,872 | 47,045 |
Kia Corp. | | 8,740 | 738,403 |
LG Corp. | | 6,550 | 372,683 |
LS Electric Co. Ltd. | | 2,450 | 308,324 |
NAVER Corp. | | 3,955 | 520,202 |
Samsung Biologics Co. Ltd. (a)(b) | | 616 | 345,258 |
Samsung Electronics Co. Ltd. | | 126,761 | 7,026,492 |
Samsung SDI Co. Ltd. | | 35 | 10,801 |
SK Hynix, Inc. | | 13,110 | 1,613,319 |
TOTAL KOREA (SOUTH) | | | 12,850,230 |
Mauritius - 0.0% | | | |
Jumo World Holding Ltd. (d)(e) | | 30,055 | 48,689 |
Jumo World Ltd. (a)(e) | | 30 | 0 |
TOTAL MAURITIUS | | | 48,689 |
Mexico - 1.7% | | | |
CEMEX S.A.B. de CV sponsored ADR (a) | | 66,500 | 526,015 |
Corporacion Inmobiliaria Vesta S.A.B. de CV | | 20,155 | 71,310 |
Fibra Uno Administracion SA de CV | | 76,300 | 109,523 |
Gruma S.A.B. de CV Series B | | 2,500 | 49,102 |
Grupo Financiero Banorte S.A.B. de CV Series O | | 162,521 | 1,608,536 |
Wal-Mart de Mexico SA de CV Series V | | 175,200 | 653,724 |
TOTAL MEXICO | | | 3,018,210 |
Netherlands - 0.1% | | | |
CTP BV (b) | | 5,352 | 91,158 |
CTP BV rights (a)(f) | | 5,352 | 1,571 |
TOTAL NETHERLANDS | | | 92,729 |
Panama - 0.2% | | | |
Copa Holdings SA Class A | | 4,486 | 428,413 |
Peru - 0.4% | | | |
Credicorp Ltd. (United States) | | 4,579 | 758,328 |
Philippines - 0.3% | | | |
Ayala Land, Inc. | | 322,400 | 159,955 |
SM Investments Corp. | | 15,000 | 246,485 |
SM Prime Holdings, Inc. | | 205,900 | 99,576 |
TOTAL PHILIPPINES | | | 506,016 |
Poland - 0.2% | | | |
CD Projekt SA | | 4,705 | 137,448 |
Dino Polska SA (a)(b) | | 2,900 | 278,747 |
TOTAL POLAND | | | 416,195 |
Puerto Rico - 0.0% | | | |
Liberty Latin America Ltd. Class C (a) | | 7,700 | 58,058 |
Romania - 0.1% | | | |
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | | 2,900 | 83,769 |
Russia - 0.5% | | | |
Gazprom OAO sponsored ADR (Reg. S) (a)(e) | | 155,600 | 77,178 |
LSR Group OJSC (a)(e) | | 755 | 756 |
LUKOIL PJSC sponsored ADR (a)(e) | | 35,200 | 443,520 |
Novatek PJSC GDR (Reg. S) (a)(e) | | 9,100 | 444,080 |
Sberbank of Russia (a)(e) | | 30 | 0 |
Sberbank of Russia sponsored ADR (a)(e) | | 324,104 | 5,769 |
Severstal PAO GDR (Reg. S) (a)(e) | | 83,700 | 1,976 |
TOTAL RUSSIA | | | 973,279 |
Saudi Arabia - 2.7% | | | |
Al Rajhi Bank | | 53,814 | 1,146,414 |
Alinma Bank | | 107,100 | 952,324 |
Bupa Arabia for Cooperative Insurance Co. | | 13,175 | 847,280 |
Dr Sulaiman Al Habib Medical Services Group Co. | | 1,939 | 160,575 |
Sabic Agriculture-Nutrients Co. | | 6,800 | 209,950 |
Saudi Arabian Oil Co. (b) | | 25,100 | 201,437 |
The Saudi National Bank | | 137,867 | 1,382,125 |
TOTAL SAUDI ARABIA | | | 4,900,105 |
Singapore - 1.0% | | | |
Sea Ltd. ADR (a) | | 27,353 | 1,728,436 |
South Africa - 2.6% | | | |
Capitec Bank Holdings Ltd. | | 10,650 | 1,318,075 |
Discovery Ltd. | | 103,100 | 656,816 |
Gold Fields Ltd. | | 29,500 | 477,241 |
Impala Platinum Holdings Ltd. | | 106,200 | 472,755 |
Naspers Ltd. Class N | | 5,453 | 1,043,582 |
Pick 'n Pay Stores Ltd. | | 141,000 | 150,123 |
Shoprite Holdings Ltd. | | 47,400 | 632,426 |
TOTAL SOUTH AFRICA | | | 4,751,018 |
Taiwan - 13.1% | | | |
Alchip Technologies Ltd. | | 10,062 | 947,311 |
ASE Technology Holding Co. Ltd. | | 85,471 | 383,816 |
Asia Vital Components Co. Ltd. | | 9,474 | 186,549 |
AURAS Technology Co. Ltd. | | 13,304 | 321,063 |
BizLink Holding, Inc. | | 31,027 | 218,193 |
Chailease Holding Co. Ltd. | | 188,626 | 993,094 |
Chroma ATE, Inc. | | 1,768 | 14,334 |
Delta Electronics, Inc. | | 60,000 | 586,553 |
eMemory Technology, Inc. | | 5,946 | 398,935 |
Formosa Plastics Corp. | | 149,000 | 312,483 |
Gigabyte Technology Co. Ltd. | | 15,374 | 138,402 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 131,000 | 622,497 |
King Yuan Electronics Co. Ltd. | | 16,013 | 46,512 |
M31 Technology Corp. | | 1,689 | 61,364 |
MediaTek, Inc. | | 1,349 | 40,602 |
Quanta Computer, Inc. | | 139,000 | 1,088,966 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 653,161 | 15,611,298 |
Uni-President Enterprises Corp. | | 229,000 | 536,189 |
Unimicron Technology Corp. | | 58,787 | 324,516 |
Wistron Corp. | | 95,000 | 324,707 |
Wiwynn Corp. | | 11,043 | 784,192 |
TOTAL TAIWAN | | | 23,941,576 |
Tanzania - 0.0% | | | |
Helios Towers PLC (a) | | 54,000 | 66,666 |
Thailand - 0.3% | | | |
PTT Global Chemical PCL (For. Reg.) | | 426,900 | 419,928 |
Supalai PCL (For. Reg.) | | 101,400 | 53,891 |
TOTAL THAILAND | | | 473,819 |
United Arab Emirates - 0.1% | | | |
Emaar Properties PJSC | | 99,400 | 222,188 |
United States of America - 1.2% | | | |
FirstCash Holdings, Inc. | | 7,701 | 870,059 |
Legend Biotech Corp. ADR (a) | | 6,624 | 289,734 |
Tenaris SA sponsored ADR | | 8,700 | 287,013 |
Titan Cement International Trading SA | | 25,900 | 818,158 |
TOTAL UNITED STATES OF AMERICA | | | 2,264,964 |
TOTAL COMMON STOCKS (Cost $105,697,301) | | | 133,726,650 |
| | | |
Preferred Stocks - 1.8% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.2% | | | |
China - 0.0% | | | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) | | 11,962 | 58,973 |
India - 0.2% | | | |
Meesho Series F (a)(d)(e) | | 7,108 | 404,943 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 463,916 |
Nonconvertible Preferred Stocks - 1.6% | | | |
Brazil - 1.2% | | | |
Companhia de Transmissao de Energia Eletrica Paulista (PN) | | 38,500 | 185,138 |
Metalurgica Gerdau SA (PN) | | 271,170 | 552,513 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | | 48,806 | 786,753 |
sponsored ADR | | 40,900 | 694,073 |
| | | 2,218,477 |
Korea (South) - 0.3% | | | |
Hyundai Motor Co. Ltd. Series 2 | | 4,341 | 494,648 |
Samsung Electronics Co. Ltd. | | 769 | 35,805 |
| | | 530,453 |
United States of America - 0.1% | | | |
Gupshup, Inc. (a)(d)(e) | | 8,409 | 88,547 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 2,837,477 |
TOTAL PREFERRED STOCKS (Cost $2,166,702) | | | 3,301,393 |
| | | |
Corporate Bonds - 10.1% |
| | Principal Amount (g) | Value ($) |
Convertible Bonds - 0.2% | | | |
Brazil - 0.2% | | | |
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e) | | 506,964 | 482,376 |
Nonconvertible Bonds - 9.9% | | | |
Azerbaijan - 0.2% | | | |
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | | 395,000 | 396,778 |
Brazil - 0.6% | | | |
Braskem Netherlands BV 7.25% 2/13/33 (b) | | 170,000 | 161,160 |
Embraer Netherlands Finance BV: | | | |
5.4% 2/1/27 | | 55,000 | 54,158 |
7% 7/28/30 (b) | | 240,000 | 245,850 |
MARB BondCo PLC 3.95% 1/29/31 (b) | | 145,000 | 116,181 |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) | | 366,039 | 316,166 |
Samarco Mineracao SA 9% 6/30/31 pay-in-kind (b)(h) | | 164,786 | 150,285 |
| | | 1,043,800 |
Burkina Faso - 0.2% | | | |
Endeavour Mining PLC 5% 10/14/26 (b) | | 285,000 | 267,544 |
Chile - 0.6% | | | |
Antofagasta PLC 2.375% 10/14/30 (b) | | 250,000 | 199,963 |
Corporacion Nacional del Cobre de Chile (Codelco): | | | |
4.5% 8/1/47 (b) | | 250,000 | 188,750 |
5.95% 1/8/34 (b) | | 200,000 | 194,063 |
6.3% 9/8/53 (b) | | 200,000 | 189,313 |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | | 200,000 | 190,073 |
VTR Comunicaciones SpA 5.125% 1/15/28 (b) | | 200,000 | 158,750 |
| | | 1,120,912 |
China - 0.4% | | | |
Ant International Co. Ltd. 3.55% 8/14/24 (d)(e) | | 585,256 | 586,017 |
Prosus NV 3.832% 2/8/51 (b) | | 225,000 | 138,094 |
| | | 724,111 |
Colombia - 0.4% | | | |
Aris Mining Corp. 6.875% 8/9/26 (b) | | 200,000 | 185,000 |
EnfraGen Energia Sur SA 5.375% 12/30/30 (b) | | 200,000 | 163,063 |
GeoPark Ltd. 5.5% 1/17/27 (b) | | 200,000 | 179,813 |
Termocandelaria Power Ltd. 7.875% 1/30/29 (b) | | 234,500 | 232,800 |
| | | 760,676 |
Ghana - 0.4% | | | |
Kosmos Energy Ltd. 7.125% 4/4/26 (b) | | 320,000 | 310,900 |
Tullow Oil PLC: | | | |
7% 3/1/25 (b) | | 200,000 | 193,375 |
10.25% 5/15/26 (b) | | 261,000 | 251,783 |
| | | 756,058 |
Guatemala - 0.3% | | | |
CT Trust 5.125% 2/3/32 (b) | | 240,000 | 208,164 |
Investment Energy Resources Ltd. 6.25% 4/26/29 (b) | | 260,000 | 247,894 |
| | | 456,058 |
Hungary - 0.1% | | | |
Magyar Export-Import Bank 6.125% 12/4/27 (b) | | 200,000 | 200,000 |
India - 0.1% | | | |
CA Magnum Holdings 5.375% 10/31/26 (b) | | 200,000 | 189,200 |
Indonesia - 0.7% | | | |
Medco Bell Pte Ltd. 6.375% 1/30/27 (b) | | 335,000 | 325,473 |
PT Freeport Indonesia 6.2% 4/14/52 (b) | | 200,000 | 187,260 |
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b) | | 415,000 | 401,799 |
PT Pertamina Persero 4.175% 1/21/50 (b) | | 450,000 | 332,156 |
| | | 1,246,688 |
Israel - 0.2% | | | |
Energean Israel Finance Ltd. 8.5% 9/30/33 (Reg. S) (b) | | 250,000 | 240,120 |
Energean PLC 6.5% 4/30/27 (b) | | 160,000 | 148,800 |
| | | 388,920 |
Kazakhstan - 0.2% | | | |
KazMunaiGaz National Co. 3.5% 4/14/33 (b) | | 200,000 | 159,938 |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) | | 350,000 | 279,344 |
| | | 439,282 |
Malaysia - 0.4% | | | |
Petronas Capital Ltd.: | | | |
3.404% 4/28/61 (b) | | 500,000 | 319,245 |
3.5% 4/21/30 (b) | | 450,000 | 404,123 |
| | | 723,368 |
Mexico - 1.2% | | | |
Bimbo Bakeries U.S.A., Inc. 6.4% 1/15/34 (b) | | 200,000 | 206,748 |
Braskem Idesa SAPI: | | | |
6.99% 2/20/32 (b) | | 160,000 | 120,000 |
7.45% 11/15/29 (b) | | 135,000 | 106,610 |
Petroleos Mexicanos: | | | |
6.5% 6/2/41 | | 170,000 | 112,583 |
6.625% 6/15/35 | | 85,000 | 62,782 |
6.7% 2/16/32 | | 415,000 | 339,927 |
6.75% 9/21/47 | | 960,000 | 612,048 |
6.84% 1/23/30 | | 80,000 | 69,192 |
6.95% 1/28/60 | | 225,000 | 143,190 |
7.69% 1/23/50 | | 589,000 | 411,063 |
| | | 2,184,143 |
Morocco - 0.1% | | | |
OCP SA: | | | |
5.125% 6/23/51 (b) | | 200,000 | 144,750 |
6.875% 4/25/44 (b) | | 85,000 | 78,067 |
| | | 222,817 |
Nigeria - 0.2% | | | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | | 315,000 | 296,100 |
Panama - 0.2% | | | |
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/61 (b) | | 200,000 | 141,125 |
Telecomunicaciones Digitales SA 4.5% 1/30/30 (b) | | 330,000 | 290,730 |
| | | 431,855 |
Paraguay - 0.1% | | | |
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) | | 250,000 | 244,673 |
Peru - 0.2% | | | |
Camposol SA 6% 2/3/27 (b) | | 300,000 | 233,063 |
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b) | | 165,000 | 157,936 |
| | | 390,999 |
Qatar - 0.5% | | | |
QatarEnergy: | | | |
2.25% 7/12/31 (b) | | 305,000 | 248,194 |
3.125% 7/12/41 (b) | | 650,000 | 466,375 |
3.3% 7/12/51 (b) | | 230,000 | 153,525 |
| | | 868,094 |
Saudi Arabia - 0.9% | | | |
EIG Pearl Holdings SARL 3.545% 8/31/36 (b) | | 420,000 | 348,994 |
Greensaif Pipelines Bidco SARL 6.129% 2/23/38 (b) | | 200,000 | 196,750 |
Saudi Arabian Oil Co.: | | | |
3.25% 11/24/50 (b) | | 260,000 | 167,515 |
4.25% 4/16/39 (b) | | 1,080,000 | 911,588 |
| | | 1,624,847 |
South Africa - 0.5% | | | |
Eskom Holdings SOC Ltd.: | | | |
7.125% 2/11/25 (b) | | 410,000 | 407,438 |
8.45% 8/10/28 (b) | | 235,000 | 231,181 |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | | 270,000 | 159,131 |
Stillwater Mining Co. 4% 11/16/26 (b) | | 165,000 | 147,520 |
| | | 945,270 |
Ukraine - 0.1% | | | |
NAK Naftogaz Ukraine 7.65% (Reg. S) (i) | | 190,000 | 162,450 |
United Arab Emirates - 0.7% | | | |
Abu Dhabi National Energy Co. PJSC: | | | |
4% 10/3/49 (b) | | 115,000 | 89,377 |
4.696% 4/24/33 (b) | | 165,000 | 156,595 |
4.875% 4/23/30 (b) | | 50,000 | 48,953 |
Galaxy Pipeline Assets BidCo Ltd.: | | | |
2.16% 3/31/34 (b) | | 364,680 | 305,237 |
2.625% 3/31/36 (b) | | 220,000 | 173,360 |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | | 250,000 | 248,516 |
MDGH GMTN RSC Ltd. 5.5% 4/28/33 (b) | | 200,000 | 200,688 |
| | | 1,222,726 |
Venezuela - 0.4% | | | |
Petroleos de Venezuela SA: | | | |
6% (b)(i) | | 3,325,000 | 399,000 |
6% (Reg. S) (i) | | 2,775,000 | 337,163 |
| | | 736,163 |
TOTAL NONCONVERTIBLE BONDS | | | 18,043,532 |
TOTAL CORPORATE BONDS (Cost $20,870,722) | | | 18,525,908 |
| | | |
Government Obligations - 17.9% |
| | Principal Amount (g) | Value ($) |
Angola - 0.5% | | | |
Angola Republic: | | | |
8% 11/26/29 (b) | | 50,000 | 45,625 |
8.25% 5/9/28 (b) | | 150,000 | 141,422 |
8.75% 4/14/32 (b) | | 200,000 | 180,938 |
9.125% 11/26/49 (b) | | 225,000 | 188,016 |
9.375% 5/8/48 (b) | | 120,000 | 102,000 |
9.5% 11/12/25 (b) | | 265,000 | 270,168 |
TOTAL ANGOLA | | | 928,169 |
Argentina - 0.7% | | | |
Argentine Republic: | | | |
0.75% 7/9/30 (j) | | 410,365 | 236,781 |
1% 7/9/29 | | 188,666 | 111,254 |
3.625% 7/9/35 (j) | | 1,607,734 | 734,734 |
4.25% 1/9/38 (j) | | 331,834 | 168,240 |
TOTAL ARGENTINA | | | 1,251,009 |
Bahrain - 0.1% | | | |
Bahrain Kingdom 7.5% 2/12/36 (b) | | 200,000 | 198,700 |
Benin - 0.2% | | | |
Republic of Benin: | | | |
4.875% 1/19/32 (b) | EUR | 140,000 | 126,437 |
7.96% 2/13/38 (b) | | 200,000 | 188,938 |
TOTAL BENIN | | | 315,375 |
Brazil - 0.4% | | | |
Brazilian Federative Republic: | | | |
3.875% 6/12/30 | | 375,000 | 329,063 |
4.75% 1/14/50 | | 230,000 | 161,805 |
6% 10/20/33 | | 295,000 | 281,578 |
TOTAL BRAZIL | | | 772,446 |
Chile - 0.4% | | | |
Chilean Republic: | | | |
3.5% 1/31/34 | | 280,000 | 236,513 |
4% 1/31/52 | | 200,000 | 148,250 |
4.34% 3/7/42 | | 200,000 | 166,125 |
5.33% 1/5/54 | | 230,000 | 208,653 |
TOTAL CHILE | | | 759,541 |
Colombia - 0.9% | | | |
Colombian Republic: | | | |
3% 1/30/30 | | 215,000 | 172,000 |
3.125% 4/15/31 | | 548,000 | 422,234 |
5% 6/15/45 | | 165,000 | 113,025 |
5.2% 5/15/49 | | 185,000 | 127,095 |
6.125% 1/18/41 | | 200,000 | 163,600 |
7.375% 9/18/37 | | 125,000 | 118,688 |
7.5% 2/2/34 | | 200,000 | 195,900 |
8% 4/20/33 | | 160,000 | 162,480 |
Ecopetrol SA 8.375% 1/19/36 | | 75,000 | 72,794 |
TOTAL COLOMBIA | | | 1,547,816 |
Costa Rica - 0.3% | | | |
Costa Rican Republic: | | | |
6.55% 4/3/34 (b) | | 285,000 | 287,708 |
7% 4/4/44 (b) | | 105,000 | 106,477 |
7.3% 11/13/54 (b) | | 200,000 | 208,000 |
TOTAL COSTA RICA | | | 602,185 |
Dominican Republic - 1.0% | | | |
Dominican Republic: | | | |
4.5% 1/30/30 (b) | | 265,000 | 236,248 |
4.875% 9/23/32 (b) | | 445,000 | 389,653 |
5.3% 1/21/41 (b) | | 200,000 | 164,188 |
5.875% 1/30/60 (b) | | 450,000 | 367,172 |
6% 2/22/33 (b) | | 225,000 | 212,400 |
6.5% 2/15/48 (b) | | 200,000 | 182,625 |
6.85% 1/27/45 (b) | | 175,000 | 166,523 |
7.05% 2/3/31 (b) | | 150,000 | 151,547 |
TOTAL DOMINICAN REPUBLIC | | | 1,870,356 |
Ecuador - 0.4% | | | |
Ecuador Republic: | | | |
2.5% 7/31/40 (b)(j) | | 250,000 | 124,125 |
3.5% 7/31/35 (b)(j) | | 705,256 | 384,365 |
6% 7/31/30 (b)(j) | | 390,630 | 273,246 |
TOTAL ECUADOR | | | 781,736 |
Egypt - 0.8% | | | |
Arab Republic of Egypt: | | | |
yield at date of purchase 29.1003% to 31.6253% 12/10/24 to 3/18/25 | EGP | 6,375,000 | 111,272 |
7.5% 1/31/27 (b) | | 200,000 | 189,250 |
7.903% 2/21/48 (b) | | 865,000 | 629,017 |
8.5% 1/31/47 (b) | | 710,000 | 541,943 |
TOTAL EGYPT | | | 1,471,482 |
El Salvador - 0.2% | | | |
El Salvador Republic: | | | |
7.1246% 1/20/50 (b) | | 335,000 | 214,400 |
7.65% 6/15/35 (b) | | 170,000 | 122,506 |
TOTAL EL SALVADOR | | | 336,906 |
Gabon - 0.2% | | | |
Gabonese Republic: | | | |
6.625% 2/6/31 (b) | | 70,000 | 54,950 |
7% 11/24/31 (b) | | 390,000 | 307,125 |
TOTAL GABON | | | 362,075 |
Ghana - 0.3% | | | |
Ghana Republic: | | | |
8.125% (b)(i) | | 200,000 | 99,438 |
8.627% (b)(i) | | 215,000 | 102,039 |
10.75% 10/14/30 (b) | | 475,000 | 308,750 |
TOTAL GHANA | | | 510,227 |
Guatemala - 0.2% | | | |
Guatemalan Republic 6.125% 6/1/50 (b) | | 350,000 | 306,250 |
Hungary - 0.4% | | | |
Hungarian Republic: | | | |
2.125% 9/22/31 (b) | | 300,000 | 231,180 |
5.5% 6/16/34 (b) | | 95,000 | 90,495 |
6.75% 9/25/52 (b) | | 200,000 | 205,750 |
7.625% 3/29/41 | | 125,000 | 138,809 |
TOTAL HUNGARY | | | 666,234 |
Indonesia - 0.5% | | | |
Indonesian Republic: | | | |
3.35% 3/12/71 | | 220,000 | 135,369 |
3.5% 2/14/50 | | 380,000 | 264,100 |
4.2% 10/15/50 | | 300,000 | 237,281 |
8.5% 10/12/35 (b) | | 150,000 | 186,047 |
TOTAL INDONESIA | | | 822,797 |
Ivory Coast - 0.3% | | | |
Ivory Coast: | | | |
5.875% 10/17/31 (b) | EUR | 255,000 | 245,453 |
6.375% 3/3/28 (b) | | 260,000 | 252,337 |
TOTAL IVORY COAST | | | 497,790 |
Jordan - 0.1% | | | |
Jordanian Kingdom 7.375% 10/10/47 (b) | | 280,000 | 238,700 |
Kenya - 0.2% | | | |
Republic of Kenya: | | | |
6.3% 1/23/34 (b) | | 280,000 | 221,725 |
9.75% 2/16/31 (b) | | 200,000 | 200,563 |
TOTAL KENYA | | | 422,288 |
Lebanon - 0.1% | | | |
Lebanese Republic 6.375% (i) | | 2,090,000 | 130,625 |
Mexico - 0.5% | | | |
United Mexican States: | | | |
4.35% 1/15/47 | | 255,000 | 187,808 |
4.75% 3/8/44 | | 150,000 | 118,575 |
6% 5/7/36 | | 250,000 | 240,500 |
6.338% 5/4/53 | | 200,000 | 186,500 |
6.35% 2/9/35 | | 220,000 | 219,038 |
TOTAL MEXICO | | | 952,421 |
Mongolia - 0.1% | | | |
Mongolia Government 7.875% 6/5/29 (b) | | 200,000 | 202,272 |
Montenegro - 0.1% | | | |
Republic of Montenegro 7.25% 3/12/31 (b) | | 200,000 | 200,313 |
Nigeria - 0.7% | | | |
Republic of Nigeria: | | | |
yield at date of purchase 26.7874% 3/6/25 | NGN | 158,590,000 | 96,614 |
6.125% 9/28/28 (b) | | 325,000 | 286,796 |
6.5% 11/28/27 (b) | | 230,000 | 212,267 |
7.143% 2/23/30 (b) | | 275,000 | 241,570 |
7.875% 2/16/32 (b) | | 40,000 | 35,000 |
8.25% 9/28/51 (b) | | 200,000 | 156,813 |
8.375% 3/24/29 (b) | | 190,000 | 180,073 |
TOTAL NIGERIA | | | 1,209,133 |
Oman - 0.7% | | | |
Sultanate of Oman: | | | |
6% 8/1/29 (b) | | 285,000 | 285,267 |
6.25% 1/25/31 (b) | | 300,000 | 303,281 |
6.5% 3/8/47 (b) | | 650,000 | 630,370 |
7% 1/25/51 (b) | | 115,000 | 117,480 |
TOTAL OMAN | | | 1,336,398 |
Pakistan - 0.4% | | | |
Islamic Republic of Pakistan: | | | |
6% 4/8/26 (b) | | 245,000 | 220,653 |
6.875% 12/5/27 (b) | | 560,000 | 478,862 |
TOTAL PAKISTAN | | | 699,515 |
Panama - 0.7% | | | |
Panamanian Republic: | | | |
2.252% 9/29/32 | | 485,000 | 334,893 |
3.298% 1/19/33 | | 190,000 | 141,847 |
4.5% 5/15/47 | | 205,000 | 135,172 |
6.4% 2/14/35 | | 250,000 | 229,000 |
6.853% 3/28/54 | | 200,000 | 174,313 |
7.875% 3/1/57 | | 200,000 | 196,250 |
TOTAL PANAMA | | | 1,211,475 |
Paraguay - 0.3% | | | |
Republic of Paraguay: | | | |
2.739% 1/29/33 (b) | | 215,000 | 168,977 |
5.4% 3/30/50 (b) | | 215,000 | 179,055 |
5.6% 3/13/48 (b) | | 65,000 | 55,981 |
6% 2/9/36 (b) | | 200,000 | 194,875 |
TOTAL PARAGUAY | | | 598,888 |
Peru - 0.2% | | | |
Peruvian Republic: | | | |
2.783% 1/23/31 | | 210,000 | 174,825 |
3.3% 3/11/41 | | 310,000 | 219,906 |
TOTAL PERU | | | 394,731 |
Philippines - 0.3% | | | |
Philippine Republic: | | | |
2.65% 12/10/45 | | 230,000 | 141,738 |
2.95% 5/5/45 | | 320,000 | 210,800 |
5.95% 10/13/47 | | 225,000 | 228,400 |
TOTAL PHILIPPINES | | | 580,938 |
Poland - 0.2% | | | |
Bank Gospodarstwa Krajowego 6.25% 10/31/28 (b) | | 200,000 | 205,500 |
Polish Government: | | | |
5.5% 4/4/53 | | 170,000 | 160,839 |
5.5% 3/18/54 | | 75,000 | 70,609 |
TOTAL POLAND | | | 436,948 |
Qatar - 0.7% | | | |
State of Qatar: | | | |
4.4% 4/16/50 (b) | | 425,000 | 352,750 |
4.625% 6/2/46 (b) | | 225,000 | 196,242 |
4.817% 3/14/49 (b) | | 855,000 | 755,051 |
TOTAL QATAR | | | 1,304,043 |
Romania - 0.4% | | | |
Romanian Republic: | | | |
2% 4/14/33 (Reg. S) | EUR | 60,000 | 47,944 |
3.375% 1/28/50 (Reg. S) | EUR | 100,000 | 72,025 |
3.625% 3/27/32 (b) | | 84,000 | 69,668 |
6.125% 1/22/44 (b) | | 400,000 | 374,875 |
7.125% 1/17/33 (b) | | 35,000 | 36,094 |
8% 4/29/30 | RON | 295,000 | 67,013 |
TOTAL ROMANIA | | | 667,619 |
Rwanda - 0.1% | | | |
Rwanda Republic 5.5% 8/9/31 (b) | | 200,000 | 161,500 |
Saudi Arabia - 0.2% | | | |
Kingdom of Saudi Arabia: | | | |
2.25% 2/2/33 (b) | | 245,000 | 190,488 |
3.45% 2/2/61 (b) | | 370,000 | 228,013 |
TOTAL SAUDI ARABIA | | | 418,501 |
Senegal - 0.1% | | | |
Republic of Senegal 6.75% 3/13/48 (b) | | 200,000 | 147,375 |
Serbia - 0.2% | | | |
Republic of Serbia: | | | |
2.125% 12/1/30 (b) | | 295,000 | 229,547 |
6.25% 5/26/28 (b) | | 105,000 | 105,066 |
6.5% 9/26/33 (b) | | 55,000 | 54,863 |
TOTAL SERBIA | | | 389,476 |
South Africa - 0.3% | | | |
South African Republic: | | | |
5% 10/12/46 | | 155,000 | 100,944 |
5.65% 9/27/47 | | 325,000 | 229,531 |
5.75% 9/30/49 | | 295,000 | 209,450 |
TOTAL SOUTH AFRICA | | | 539,925 |
Sri Lanka - 0.3% | | | |
Democratic Socialist Republic of Sri Lanka: | | | |
6.2% (b)(i) | | 360,000 | 203,440 |
6.85% (b)(i) | | 345,000 | 198,413 |
7.55% (b)(i) | | 150,000 | 84,422 |
7.85% (b)(i) | | 210,000 | 118,411 |
TOTAL SRI LANKA | | | 604,686 |
TAJIKISTAN - 0.1% | | | |
Tajikistan Republic 7.125% 9/14/27 (b) | | 260,000 | 237,088 |
Turkey - 1.2% | | | |
Export Credit Bank of Turkey 9% 1/28/27 (b) | | 200,000 | 208,125 |
Turkish Republic: | | | |
4.875% 10/9/26 | | 520,000 | 503,913 |
4.875% 4/16/43 | | 455,000 | 311,106 |
5.75% 5/11/47 | | 405,000 | 300,397 |
6.625% 2/17/45 | | 15,000 | 12,553 |
7.625% 5/15/34 | | 200,000 | 197,813 |
9.375% 3/14/29 | | 495,000 | 536,456 |
26.2% 10/5/33 | TRY | 3,765,000 | 114,858 |
TOTAL TURKEY | | | 2,185,221 |
Ukraine - 0.4% | | | |
Ukraine Government: | | | |
6.876% 5/21/31 (b) | | 200,000 | 49,840 |
7.253% 3/15/35 (b) | | 380,000 | 93,252 |
7.75% 9/1/25 (b) | | 280,000 | 87,500 |
7.75% 9/1/26 (b) | | 380,000 | 109,060 |
7.75% 9/1/27 (b) | | 120,000 | 33,840 |
7.75% 9/1/28 (b) | | 560,000 | 157,052 |
7.75% 9/1/29 (b) | | 125,000 | 34,875 |
7.75% 8/1/41 (b)(h) | | 250,000 | 130,625 |
TOTAL UKRAINE | | | 696,044 |
United Arab Emirates - 0.3% | | | |
Emirate of Abu Dhabi 3.125% 9/30/49 (b) | | 210,000 | 137,813 |
Emirate of Dubai: | | | |
3.9% 9/9/50 (Reg. S) | | 225,000 | 157,922 |
5.25% 1/30/43 (Reg. S) | | 295,000 | 270,847 |
TOTAL UNITED ARAB EMIRATES | | | 566,582 |
United States of America - 0.4% | | | |
U.S. Treasury Bills, yield at date of purchase 5.31% 7/18/24 | | 180,000 | 177,953 |
U.S. Treasury Bonds: | | | |
2.875% 5/15/52 | | 333,000 | 234,336 |
3.625% 2/15/53 | | 399,000 | 325,995 |
TOTAL UNITED STATES OF AMERICA | | | 738,284 |
Uruguay - 0.2% | | | |
Uruguay Republic 5.1% 6/18/50 | | 430,000 | 391,085 |
Uzbekistan - 0.1% | | | |
Republic of Uzbekistan 3.9% 10/19/31 (b) | | 240,000 | 191,400 |
Venezuela - 0.4% | | | |
Venezuelan Republic 9.25% (i) | | 3,625,000 | 760,525 |
Zambia - 0.1% | | | |
Republic of Zambia: | | | |
8.5% (b)(i) | | 50,000 | 36,758 |
8.97% (b)(i) | | 145,000 | 105,125 |
TOTAL ZAMBIA | | | 141,883 |
TOTAL GOVERNMENT OBLIGATIONS (Cost $36,760,496) | | | 32,756,976 |
| | | |
Preferred Securities - 0.4% |
| | Principal Amount (g) | Value ($) |
Mexico - 0.2% | | | |
Banco Mercantil del Norte SA 7.625% (b)(h)(k) | | 125,000 | 122,438 |
CEMEX S.A.B. de CV 5.125% (b)(h)(k) | | 200,000 | 193,414 |
TOTAL MEXICO | | | 315,852 |
United Arab Emirates - 0.2% | | | |
DP World Salaam 6% (Reg. S) (h)(k) | | 350,000 | 353,773 |
TOTAL PREFERRED SECURITIES (Cost $720,935) | | | 669,625 |
| | | |
Money Market Funds - 1.7% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (l) | | 3,034,266 | 3,034,873 |
Fidelity Securities Lending Cash Central Fund 5.39% (l)(m) | | 79,210 | 79,218 |
TOTAL MONEY MARKET FUNDS (Cost $3,113,794) | | | 3,114,091 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 105.2% (Cost $169,329,950) | 192,094,643 |
NET OTHER ASSETS (LIABILITIES) - (5.2)% | (9,553,418) |
NET ASSETS - 100.0% | 182,541,225 |
| |
Futures Contracts |
| Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Purchased | | | | | |
| | | | | |
Treasury Contracts | | | | | |
CBOT 10-Year U.S. Treasury Note Contracts (United States) | 7 | Jun 2024 | 752,063 | (18,221) | (18,221) |
| | | | | |
The notional amount of futures purchased as a percentage of Net Assets is 0.4% |
Currency Abbreviations
EGP | - | Egyptian pound |
EUR | - | European Monetary Unit |
NGN | - | Nigerian naira |
RON | - | Romanian leu |
TRY | - | Turkish Lira |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $39,771,546 or 21.8% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,669,545 or 0.9% of net assets. |
(f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(i) | Non-income producing - Security is in default. |
(j) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(k) | Security is perpetual in nature with no stated maturity date. |
(l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(m) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 585,256 |
| | |
Creditas Financial Solutions Ltd. 5% 7/28/27 | 1/28/22 - 7/28/23 | 506,964 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 169,898 |
| | |
Gupshup, Inc. | 6/08/21 | 192,273 |
| | |
Jumo World Holding Ltd. | 9/06/23 | 30,055 |
| | |
Meesho Series F | 9/21/21 | 544,986 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 2,632,253 | 86,702,021 | 86,298,920 | 120,154 | (481) | - | 3,034,873 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 255,433 | 1,974,351 | 2,150,566 | 806 | - | - | 79,218 | 0.0% |
Total | 2,887,686 | 88,676,372 | 88,449,486 | 120,960 | (481) | - | 3,114,091 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 11,167,159 | 2,516,606 | 8,650,553 | - |
Consumer Discretionary | 22,054,980 | 6,217,579 | 15,432,458 | 404,943 |
Consumer Staples | 8,012,346 | 1,732,864 | 6,279,482 | - |
Energy | 7,080,413 | 2,334,411 | 3,781,224 | 964,778 |
Financials | 29,502,726 | 11,530,442 | 17,917,826 | 54,458 |
Health Care | 4,014,563 | 994,341 | 2,961,249 | 58,973 |
Industrials | 8,349,341 | 2,292,240 | 6,057,101 | - |
Information Technology | 30,956,096 | 43,563 | 30,823,986 | 88,547 |
Materials | 9,955,130 | 5,766,105 | 4,187,049 | 1,976 |
Real Estate | 1,763,262 | 814,234 | 948,272 | 756 |
Utilities | 4,172,027 | 1,076,851 | 3,095,176 | - |
|
Corporate Bonds | 18,525,908 | - | 17,457,515 | 1,068,393 |
|
Government Obligations | 32,756,976 | - | 32,756,976 | - |
|
Preferred Securities | 669,625 | - | 669,625 | - |
|
Money Market Funds | 3,114,091 | 3,114,091 | - | - |
Total Investments in Securities: | 192,094,643 | 38,433,327 | 151,018,492 | 2,642,824 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (18,221) | (18,221) | - | - |
Total Liabilities | (18,221) | (18,221) | - | - |
Total Derivative Instruments: | (18,221) | (18,221) | - | - |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
Investments in Securities: | |
Beginning Balance | $ | 4,920,412 | |
Net Realized Gain (Loss) on Investment Securities | | (4,460,295) | |
Net Unrealized Gain (Loss) on Investment Securities | | 6,171,110 | |
Cost of Purchases | | - | |
Proceeds of Sales | | (3,788,383) | |
Amortization/Accretion | | - | |
Transfers into Level 3 | | - | |
Transfers out of Level 3 | | (200,020) | |
Ending Balance | $ | 2,642,824 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 344,592 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
Interest Rate Risk | | |
Futures Contracts (a) | 0 | (18,221) |
Total Interest Rate Risk | 0 | (18,221) |
Total Value of Derivatives | 0 | (18,221) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Total Emerging Markets Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $75,170) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $166,216,156) | $ | 188,980,552 | | |
Fidelity Central Funds (cost $3,113,794) | | 3,114,091 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $169,329,950) | | | $ | 192,094,643 |
Segregated cash with brokers for derivative instruments | | | | 22,172 |
Foreign currency held at value (cost $127,982) | | | | 127,951 |
Receivable for investments sold | | | | 1,262,164 |
Dividends receivable | | | | 167,350 |
Interest receivable | | | | 1,169,709 |
Distributions receivable from Fidelity Central Funds | | | | 15,285 |
Prepaid expenses | | | | 81 |
Other receivables | | | | 174,805 |
Total assets | | | | 195,034,160 |
Liabilities | | | | |
Payable to custodian bank | $ | 4,169,595 | | |
Payable for investments purchased | | | | |
Regular delivery | | 147,357 | | |
Delayed delivery | | 1,571 | | |
Payable for fund shares redeemed | | 178,801 | | |
Accrued management fee | | 159,546 | | |
Distribution and service plan fees payable | | 17,828 | | |
Notes payable to affiliates | | 6,914,000 | | |
Payable for daily variation margin on futures contracts | | 3,609 | | |
Deferred taxes | | 724,745 | | |
Other payables and accrued expenses | | 96,665 | | |
Collateral on securities loaned | | 79,218 | | |
Total liabilities | | | | 12,492,935 |
Net Assets | | | $ | 182,541,225 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 212,202,932 |
Total accumulated earnings (loss) | | | | (29,661,707) |
Net Assets | | | $ | 182,541,225 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($30,606,411 ÷ 2,475,080 shares)(a) | | | $ | 12.37 |
Maximum offering price per share (100/94.25 of $12.37) | | | $ | 13.12 |
Class M : | | | | |
Net Asset Value and redemption price per share ($6,187,034 ÷ 500,496 shares)(a) | | | $ | 12.36 |
Maximum offering price per share (100/96.50 of $12.36) | | | $ | 12.81 |
Class C : | | | | |
Net Asset Value and offering price per share ($9,927,171 ÷ 804,399 shares)(a) | | | $ | 12.34 |
Total Emerging Markets : | | | | |
Net Asset Value, offering price and redemption price per share ($79,289,446 ÷ 6,396,728 shares) | | | $ | 12.40 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($48,292,660 ÷ 3,902,090 shares) | | | $ | 12.38 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($8,238,503 ÷ 667,931 shares) | | | $ | 12.33 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 1,379,847 |
Interest | | | | 2,206,879 |
Income from Fidelity Central Funds (including $806 from security lending) | | | | 120,960 |
Income before foreign taxes withheld | | | $ | 3,707,686 |
Less foreign taxes withheld | | | | (167,984) |
Total income | | | | 3,539,702 |
Expenses | | | | |
Management fee | $ | 884,756 | | |
Transfer agent fees | | 131,422 | | |
Distribution and service plan fees | | 113,087 | | |
Accounting fees | | 33,950 | | |
Custodian fees and expenses | | 72,431 | | |
Independent trustees' fees and expenses | | 552 | | |
Registration fees | | 31,347 | | |
Audit | | 72,923 | | |
Legal | | 2,088 | | |
Interest | | 8,414 | | |
Miscellaneous | | 442 | | |
Total expenses before reductions | | 1,351,412 | | |
Expense reductions | | (9,744) | | |
Total expenses after reductions | | | | 1,341,668 |
Net Investment income (loss) | | | | 2,198,034 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $314,481) | | (15,927,939) | | |
Fidelity Central Funds | | (481) | | |
Foreign currency transactions | | (24,931) | | |
Futures contracts | | (1,059,603) | | |
Total net realized gain (loss) | | | | (17,012,954) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $359,296) | | 45,370,063 | | |
Assets and liabilities in foreign currencies | | (3,492) | | |
Futures contracts | | (19,374) | | |
Total change in net unrealized appreciation (depreciation) | | | | 45,347,197 |
Net gain (loss) | | | | 28,334,243 |
Net increase (decrease) in net assets resulting from operations | | | $ | 30,532,277 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 2,198,034 | $ | 8,046,071 |
Net realized gain (loss) | | (17,012,954) | | (2,785,672) |
Change in net unrealized appreciation (depreciation) | | 45,347,197 | | 27,137,426 |
Net increase (decrease) in net assets resulting from operations | | 30,532,277 | | 32,397,825 |
Distributions to shareholders | | (6,596,866) | | (7,044,986) |
| | | | |
Share transactions - net increase (decrease) | | (48,640,330) | | (70,365,479) |
Total increase (decrease) in net assets | | (24,704,919) | | (45,012,640) |
| | | | |
Net Assets | | | | |
Beginning of period | | 207,246,144 | | 252,258,784 |
End of period | $ | 182,541,225 | $ | 207,246,144 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Total Emerging Markets Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 11.07 | $ | 10.09 | $ | 15.26 | $ | 13.55 | $ | 12.80 | $ | 11.53 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .11 | | .36 | | .28 | | .20 | | .19 | | .37 C |
Net realized and unrealized gain (loss) | | 1.54 | | .91 | | (5.19) | | 1.67 | | .89 | | 1.14 |
Total from investment operations | | 1.65 | | 1.27 | | (4.91) | | 1.87 | | 1.08 | | 1.51 |
Distributions from net investment income | | (.35) | | (.29) | | (.26) | | (.16) | | (.33) | | (.24) |
Total distributions | | (.35) | | (.29) | | (.26) | | (.16) | | (.33) | | (.24) |
Net asset value, end of period | $ | 12.37 | $ | 11.07 | $ | 10.09 | $ | 15.26 | $ | 13.55 | $ | 12.80 |
Total Return D,E,F | | | | 12.57% | | (32.69)% | | 13.78% | | 8.54% | | 13.38% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.44% I | | 1.45% | | 1.39% | | 1.36% | | 1.40% | | 1.39% |
Expenses net of fee waivers, if any | | | | 1.44% | | 1.39% | | 1.36% | | 1.39% | | 1.39% |
Expenses net of all reductions | | 1.43% I | | 1.44% | | 1.39% | | 1.36% | | 1.37% | | 1.39% |
Net investment income (loss) | | 1.88% I | | 3.16% | | 2.21% | | 1.26% | | 1.49% | | 3.02% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 30,606 | $ | 29,938 | $ | 28,302 | $ | 46,981 | $ | 37,022 | $ | 39,958 |
Portfolio turnover rate J | | | | 33% | | 67% | | 58% | | 58% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.37%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total Emerging Markets Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 11.05 | $ | 10.07 | $ | 15.23 | $ | 13.52 | $ | 12.78 | $ | 11.51 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .10 | | .33 | | .24 | | .15 | | .15 | | .33 C |
Net realized and unrealized gain (loss) | | 1.52 | | .91 | | (5.19) | | 1.67 | | .88 | | 1.15 |
Total from investment operations | | 1.62 | | 1.24 | | (4.95) | | 1.82 | | 1.03 | | 1.48 |
Distributions from net investment income | | (.31) | | (.26) | | (.21) | | (.11) | | (.29) | | (.21) |
Total distributions | | (.31) | | (.26) | | (.21) | | (.11) | | (.29) | | (.21) |
Net asset value, end of period | $ | 12.36 | $ | 11.05 | $ | 10.07 | $ | 15.23 | $ | 13.52 | $ | 12.78 |
Total Return D,E,F | | | | 12.26% | | (32.92)% | | 13.47% | | 8.16% | | 13.05% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.69% I | | 1.74% | | 1.69% | | 1.66% | | 1.71% | | 1.72% |
Expenses net of fee waivers, if any | | | | 1.74% | | 1.69% | | 1.66% | | 1.71% | | 1.71% |
Expenses net of all reductions | | 1.68% I | | 1.73% | | 1.69% | | 1.66% | | 1.69% | | 1.71% |
Net investment income (loss) | | 1.63% I | | 2.87% | | 1.90% | | .96% | | 1.17% | | 2.69% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 6,187 | $ | 6,477 | $ | 6,237 | $ | 9,530 | $ | 7,885 | $ | 8,841 |
Portfolio turnover rate J | | | | 33% | | 67% | | 58% | | 58% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.04%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total Emerging Markets Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 10.99 | $ | 10.00 | $ | 15.09 | $ | 13.41 | $ | 12.66 | $ | 11.40 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .27 | | .18 | | .08 | | .09 | | .28 C |
Net realized and unrealized gain (loss) | | 1.52 | | .90 | | (5.15) | | 1.65 | | .89 | | 1.13 |
Total from investment operations | | 1.59 | | 1.17 | | (4.97) | | 1.73 | | .98 | | 1.41 |
Distributions from net investment income | | (.24) | | (.18) | | (.12) | | (.05) | | (.23) | | (.15) |
Total distributions | | (.24) | | (.18) | | (.12) | | (.05) | | (.23) | | (.15) |
Net asset value, end of period | $ | 12.34 | $ | 10.99 | $ | 10.00 | $ | 15.09 | $ | 13.41 | $ | 12.66 |
Total Return D,E,F | | | | 11.68% | | (33.17)% | | 12.89% | | 7.83% | | 12.54% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 2.17% I | | 2.19% | | 2.14% | | 2.11% | | 2.14% | | 2.14% |
Expenses net of fee waivers, if any | | | | 2.19% | | 2.13% | | 2.11% | | 2.14% | | 2.14% |
Expenses net of all reductions | | 2.16% I | | 2.19% | | 2.13% | | 2.11% | | 2.12% | | 2.13% |
Net investment income (loss) | | 1.14% I | | 2.41% | | 1.46% | | .51% | | .74% | | 2.27% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 9,927 | $ | 11,349 | $ | 13,469 | $ | 27,673 | $ | 28,884 | $ | 35,545 |
Portfolio turnover rate J | | | | 33% | | 67% | | 58% | | 58% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.62%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Total Emerging Markets Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 11.11 | $ | 10.12 | $ | 15.31 | $ | 13.59 | $ | 12.84 | $ | 11.56 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .39 | | .32 | | .24 | | .22 | | .40 C |
Net realized and unrealized gain (loss) | | 1.53 | | .91 | | (5.21) | | 1.67 | | .90 | | 1.16 |
Total from investment operations | | 1.66 | | 1.30 | | (4.89) | | 1.91 | | 1.12 | | 1.56 |
Distributions from net investment income | | (.37) | | (.31) | | (.30) | | (.19) | | (.37) | | (.28) |
Total distributions | | (.37) | | (.31) | | (.30) | | (.19) | | (.37) | | (.28) |
Net asset value, end of period | $ | 12.40 | $ | 11.11 | $ | 10.12 | $ | 15.31 | $ | 13.59 | $ | 12.84 |
Total Return D,E | | | | 12.86% | | (32.52)% | | 14.06% | | 8.79% | | 13.80% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.18% H | | 1.20% | | 1.12% | | 1.11% | | 1.16% | | 1.14% |
Expenses net of fee waivers, if any | | | | 1.19% | | 1.11% | | 1.11% | | 1.15% | | 1.14% |
Expenses net of all reductions | | 1.17% H | | 1.19% | | 1.11% | | 1.11% | | 1.14% | | 1.14% |
Net investment income (loss) | | 2.14% H | | 3.41% | | 2.48% | | 1.51% | | 1.73% | | 3.27% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 79,289 | $ | 79,640 | $ | 91,615 | $ | 259,331 | $ | 205,009 | $ | 199,708 |
Portfolio turnover rate I | | | | 33% | | 67% | | 58% | | 58% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.62%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total Emerging Markets Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 11.10 | $ | 10.11 | $ | 15.29 | $ | 13.57 | $ | 12.82 | $ | 11.55 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .39 | | .32 | | .24 | | .22 | | .41 C |
Net realized and unrealized gain (loss) | | 1.53 | | .92 | | (5.20) | | 1.67 | | .90 | | 1.14 |
Total from investment operations | | 1.66 | | 1.31 | | (4.88) | | 1.91 | | 1.12 | | 1.55 |
Distributions from net investment income | | (.38) | | (.32) | | (.30) | | (.19) | | (.37) | | (.28) |
Total distributions | | (.38) | | (.32) | | (.30) | | (.19) | | (.37) | | (.28) |
Net asset value, end of period | $ | 12.38 | $ | 11.10 | $ | 10.11 | $ | 15.29 | $ | 13.57 | $ | 12.82 |
Total Return D,E | | | | 12.96% | | (32.50)% | | 14.10% | | 8.85% | | 13.77% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.14% H | | 1.16% | | 1.10% | | 1.09% | | 1.11% | | 1.11% |
Expenses net of fee waivers, if any | | | | 1.15% | | 1.10% | | 1.08% | | 1.10% | | 1.10% |
Expenses net of all reductions | | 1.13% H | | 1.15% | | 1.10% | | 1.08% | | 1.09% | | 1.10% |
Net investment income (loss) | | 2.18% H | | 3.45% | | 2.49% | | 1.54% | | 1.78% | | 3.30% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 48,293 | $ | 68,874 | $ | 98,727 | $ | 209,635 | $ | 232,450 | $ | 372,286 |
Portfolio turnover rate I | | | | 33% | | 67% | | 58% | | 58% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.65%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total Emerging Markets Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 11.07 | $ | 10.09 | $ | 15.26 | $ | 13.55 | $ | 12.80 | $ | 11.55 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .41 | | .34 | | .26 | | .24 | | .43 C |
Net realized and unrealized gain (loss) | | 1.52 | | .91 | | (5.19) | | 1.66 | | .90 | | 1.13 |
Total from investment operations | | 1.66 | | 1.32 | | (4.85) | | 1.92 | | 1.14 | | 1.56 |
Distributions from net investment income | | (.40) | | (.34) | | (.32) | | (.21) | | (.39) | | (.31) |
Total distributions | | (.40) | | (.34) | | (.32) | | (.21) | | (.39) | | (.31) |
Net asset value, end of period | $ | 12.33 | $ | 11.07 | $ | 10.09 | $ | 15.26 | $ | 13.55 | $ | 12.80 |
Total Return D,E | | | | 13.04% | | (32.40)% | | 14.21% | | 9.03% | | 13.85% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.02% H | | 1.03% | | .97% | | .96% | | .98% | | .98% |
Expenses net of fee waivers, if any | | | | 1.02% | | .97% | | .96% | | .98% | | .97% |
Expenses net of all reductions | | 1.01% H | | 1.02% | | .97% | | .96% | | .96% | | .97% |
Net investment income (loss) | | 2.30% H | | 3.58% | | 2.62% | | 1.66% | | 1.91% | | 3.43% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 8,239 | $ | 10,969 | $ | 13,909 | $ | 68,119 | $ | 56,395 | $ | 61,175 |
Portfolio turnover rate I | | | | 33% | | 67% | | 58% | | 58% | | 75% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.79%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total Emerging Markets, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile. Effective April 5, 2024 the Fund was closed to new accounts.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency, preferred securities, and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $1,574,431 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.6 - 2.6 / 2.4 | Increase |
| | Market approach | Discount rate | 20.0% - 50.0% / 20.3% | Decrease |
| | Recovery value | Recovery value | $0.00 | Increase |
| | Black scholes | Discount rate | 4.8% | Increase |
| | | Term | 3.0 | Increase |
| | | Volatility | 60.0% | Increase |
Corporate Bonds | $1,068,393 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 8.8 | Increase |
| | | Discount rate | 23.2% | Decrease |
| | | Probability rate | 33.3% | Increase |
| | Discounted cash flow | Discount rate | 3.3% | Decrease |
| | Black scholes | Discount rate | 4.8% - 5.0% / 4.9% | Increase |
| | | Term | 1.7 - 2.8 / 2.2 | Increase |
| | | Volatility | 65.0% | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $45,389,056 |
Gross unrealized depreciation | (23,877,928) |
Net unrealized appreciation (depreciation) | $21,511,128 |
Tax cost | $170,565,294 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(32,318,283) |
Long-term | (957,668) |
Total capital loss carryforward | $(33,275,951) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Interest Rate Risk | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
Primary Risk Exposure / Derivative Type | Net Realized Gain (Loss)($) | Change in Net Unrealized Appreciation (Depreciation)($) |
Fidelity Total Emerging Markets Fund | | |
Equity Risk | | |
Futures Contracts | (1,062,282) | (1,153) |
Total Equity Risk | (1,062,282) | (1,153) |
Interest Rate Risk | | |
Futures Contracts | 2,679 | (18,221) |
Total Interest Rate Risk | 2,679 | (18,221) |
Totals | (1,059,603) | (19,374) |
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market, bond market and fluctuations in interest rates.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Total Emerging Markets Fund | 63,044,610 | 106,474,738 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | 0.98 |
Class M | 0.98 |
Class C | 0.98 |
Total Emerging Markets | 0.98 |
Class I | 0.95 |
Class Z | 0.82 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .97 |
Class M | .97 |
Class C | .97 |
Total Emerging Markets | .93 |
Class I | .95 |
Class Z | .82 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .77%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 40,393 | 1,088 |
Class M | .25% | .25% | 17,234 | 148 |
Class C | .75% | .25% | 55,460 | 3,901 |
| | | 113,087 | 5,137 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 2,812 |
Class M | 243 |
Class CA | 29 |
| 3,084 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
Total Emerging Markets | .2000 |
Class I | .1693 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 21,805 | .20 |
Class M | 4,877 | .21 |
Class C | 7,589 | .20 |
Total Emerging Markets | 56,447 | .20 |
Class I | 39,110 | .17 |
Class Z | 1,594 | .04 |
| 131,422 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Total Emerging Markets Fund | .0471 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Total Emerging Markets Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Total Emerging Markets Fund | 356 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Total Emerging Markets Fund | Borrower | 4,463,000 | 5.57% | 8,286 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Total Emerging Markets Fund | 1,322,823 | 947,469 | (31,468) |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Total Emerging Markets Fund | 199 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Total Emerging Markets Fund | 80 | - | - |
Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Total Emerging Markets Fund | 788,000 | 5.83% | 128 |
9. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 15 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9,729.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Total Emerging Markets Fund | | |
Distributions to shareholders | | |
Class A | $934,878 | $794,178 |
Class M | 182,001 | 155,913 |
Class C | 232,022 | 234,768 |
Total Emerging Markets | 2,618,719 | 2,687,846 |
Class I | 2,243,723 | 2,776,747 |
Class Z | 385,523 | 395,534 |
Total | $6,596,866 | $7,044,986 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Total Emerging Markets Fund | | | | |
Class A | | | | |
Shares sold | 181,618 | 451,041 | $2,171,680 | $5,132,208 |
Reinvestment of distributions | 80,798 | 71,386 | 931,603 | 792,381 |
Shares redeemed | (491,106) | (623,211) | (5,981,368) | (7,049,102) |
Net increase (decrease) | (228,690) | (100,784) | $(2,878,085) | $(1,124,513) |
Class M | | | | |
Shares sold | 16,028 | 28,227 | $189,513 | $321,892 |
Reinvestment of distributions | 15,771 | 14,022 | 182,001 | 155,787 |
Shares redeemed | (117,436) | (75,454) | (1,436,784) | (856,020) |
Net increase (decrease) | (85,637) | (33,205) | $(1,065,270) | $(378,341) |
Class C | | | | |
Shares sold | 28,096 | 104,348 | $336,738 | $1,182,359 |
Reinvestment of distributions | 20,106 | 21,155 | 232,022 | 234,608 |
Shares redeemed | (276,440) | (440,401) | (3,316,539) | (4,961,807) |
Net increase (decrease) | (228,238) | (314,898) | $(2,747,779) | $(3,544,840) |
Total Emerging Markets | | | | |
Shares sold | 1,155,750 | 563,824 | $14,126,802 | $6,430,664 |
Reinvestment of distributions | 193,395 | 206,717 | 2,231,775 | 2,296,623 |
Shares redeemed | (2,121,756) | (2,655,457) | (25,977,283) | (30,066,472) |
Net increase (decrease) | (772,611) | (1,884,916) | $(9,618,706) | $(21,339,185) |
Class I | | | | |
Shares sold | 349,443 | 918,341 | $4,166,692 | $10,406,208 |
Reinvestment of distributions | 191,996 | 246,056 | 2,213,715 | 2,728,758 |
Shares redeemed | (2,846,902) | (4,721,988) | (34,745,386) | (53,094,986) |
Net increase (decrease) | (2,305,463) | (3,557,591) | $(28,364,979) | $(39,960,020) |
Class Z | | | | |
Shares sold | 52,295 | 923,752 | $622,544 | $10,820,507 |
Reinvestment of distributions | 24,261 | 25,674 | 278,517 | 283,693 |
Shares redeemed | (399,385) | (1,337,270) | (4,866,572) | (15,122,780) |
Net increase (decrease) | (322,829) | (387,844) | $(3,965,511) | $(4,018,580) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
In March 2024, the Board of Trustees approved a Plan of Liquidation and Dissolution. The Fund will distribute all of its net assets to its shareholders on or about July 19, 2024.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® Emerging Markets Discovery Fund | | | | | | | | | | |
Class A ** | | | | 1.32% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,131.20 | | $ 6.99 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.30 | | $ 6.62 |
Class M | | | | 1.54% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,129.70 | | $ 8.15 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.21 | | $ 7.72 |
Class C | | | | 2.05% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,126.60 | | $ 10.84 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.67 | | $ 10.27 |
Fidelity® Emerging Markets Discovery Fund ** | | | | 1.05% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,132.10 | | $ 5.57 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.64 | | $ 5.27 |
Class I ** | | | | 1.06% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,132.40 | | $ 5.62 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.59 | | $ 5.32 |
Class Z ** | | | | .93% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,133.00 | | $ 4.93 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.24 | | $ 4.67 |
Fidelity® Total Emerging Markets Fund | | | | | | | | | | |
Class A | | | | 1.43% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,151.00 | | $ 7.65 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.75 | | $ 7.17 |
Class M | | | | 1.68% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,148.80 | | $ 8.98 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.51 | | $ 8.42 |
Class C | | | | 2.16% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,146.00 | | $ 11.53 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.12 | | $ 10.82 |
Fidelity® Total Emerging Markets Fund ** | | | | 1.17% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,152.20 | | $ 6.26 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.05 | | $ 5.87 |
Class I | | | | 1.13% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,151.80 | | $ 6.05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.24 | | $ 5.67 |
Class Z | | | | 1.01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,152.10 | | $ 5.40 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.84 | | $ 5.07 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
Fidelity® Emerging Markets Discovery Fund | | | | | | |
Class A | | | | 1.25% | | |
Actual | | | | | | $ 6.62 |
Hypothetical- B | | | | | | $ 6.27 |
Fidelity® Emerging Markets Discovery Fund | | | | .96% | | |
Actual | | | | | | $ 5.09 |
Hypothetical- B | | | | | | $ 4.82 |
Class I | | | | 1.00% | | |
Actual | | | | | | $ 5.30 |
Hypothetical- B | | | | | | $ 5.02 |
Class Z | | | | .87% | | |
Actual | | | | | | $ 4.61 |
Hypothetical- B | | | | | | $ 4.37 |
Fidelity® Total Emerging Markets Fund | | | | | | |
Fidelity® Total Emerging Markets Fund | | | | 1.09% | | |
Actual | | | | | | $ 5.83 |
Hypothetical- B | | | | | | $ 5.47 |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity Emerging Markest Discovery Fund
Fidelity Total Emerging Markets Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund and each class of each fund into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of each fund would be no higher than the sum of (i) the lowest contractual management fee rate under each fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to each fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of each fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of a fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the funds' agreements with FIL were amended to provide that FMR will compensate FIL at a flat fee rate of 0.50% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.931240.112
EMD-TEK-SANN-0624
Fidelity® Series Sustainable Emerging Markets Fund
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 10.9 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.8 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 4.5 | |
ICICI Bank Ltd. sponsored ADR (India, Banks) | 3.4 | |
Reliance Industries Ltd. GDR (India, Oil, Gas & Consumable Fuels) | 2.8 | |
Alibaba Group Holding Ltd. (China, Broadline Retail) | 2.5 | |
Axis Bank Ltd. sponsored GDR (Reg. S) (India, Banks) | 2.4 | |
HDFC Bank Ltd. sponsored ADR (India, Banks) | 2.0 | |
China Construction Bank Corp. (H Shares) (China, Banks) | 1.8 | |
Infosys Ltd. sponsored ADR (India, IT Services) | 1.6 | |
| 36.7 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 25.8 | |
Information Technology | 24.4 | |
Consumer Discretionary | 14.4 | |
Communication Services | 7.8 | |
Industrials | 5.5 | |
Consumer Staples | 4.3 | |
Energy | 4.3 | |
Materials | 4.2 | |
Health Care | 3.3 | |
Real Estate | 1.9 | |
Utilities | 1.8 | |
|
Asset Allocation (% of Fund's net assets) |
|
Futures - 0.8% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Series Sustainable Emerging Markets Fund
Common Stocks - 95.6% |
| | Shares | Value ($) |
Brazil - 6.0% | | | |
Banco do Brasil SA | | 1,092 | 5,766 |
Cury Construtora e Incorporado SA | | 1,385 | 5,228 |
Cyrela Brazil Realty SA | | 500 | 1,955 |
ENGIE Brasil Energia SA | | 4,275 | 33,672 |
Hapvida Participacoes e Investimentos SA (a)(b) | | 26,901 | 19,117 |
Localiza Rent a Car SA | | 3,860 | 36,447 |
LOG Commercial Properties e Participacoes SA | | 1,243 | 5,202 |
Lojas Renner SA | | 13,994 | 41,314 |
MercadoLibre, Inc. (a) | | 29 | 42,302 |
Nu Holdings Ltd. (a) | | 2,310 | 25,087 |
PRIO SA | | 1,500 | 13,866 |
Raia Drogasil SA | | 9,173 | 45,188 |
Rede D'Oregon Sao Luiz SA (b) | | 2,300 | 11,516 |
StoneCo Ltd. Class A (a) | | 1,368 | 21,341 |
Suzano SA | | 2,556 | 28,776 |
Transmissora Alianca de Energia Eletrica SA | | 2,672 | 18,123 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 6,200 | 8,489 |
XP, Inc. Class A | | 2,601 | 53,242 |
TOTAL BRAZIL | | | 416,631 |
Chile - 0.9% | | | |
Antofagasta PLC | | 1,722 | 47,553 |
Banco de Chile | | 154,024 | 17,086 |
TOTAL CHILE | | | 64,639 |
China - 26.8% | | | |
Airtac International Group | | 1,000 | 35,343 |
Alibaba Group Holding Ltd. | | 17,323 | 162,196 |
Alibaba Group Holding Ltd. sponsored ADR | | 185 | 13,847 |
Anta Sports Products Ltd. | | 2,200 | 24,906 |
BeiGene Ltd. ADR (a) | | 68 | 10,468 |
BYD Co. Ltd. (H Shares) | | 1,710 | 46,876 |
China Communications Services Corp. Ltd. (H Shares) | | 32,735 | 15,649 |
China Construction Bank Corp. (H Shares) | | 188,178 | 121,749 |
China Gas Holdings Ltd. | | 13,715 | 12,842 |
China Jushi Co. Ltd. (A Shares) | | 15,400 | 25,314 |
China Life Insurance Co. Ltd. (H Shares) | | 17,358 | 22,859 |
China Merchants Bank Co. Ltd. (H Shares) | | 500 | 2,165 |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 8,200 | 9,553 |
China Resources Beer Holdings Co. Ltd. | | 1,753 | 7,990 |
ENN Energy Holdings Ltd. | | 3,187 | 27,154 |
Flat Glass Group Co. Ltd. | | 3,000 | 7,226 |
Foxconn Industrial Internet Co. Ltd. (A Shares) | | 2,600 | 8,591 |
Fuyao Glass Industries Group Co. Ltd. (A Shares) | | 1,800 | 12,376 |
Guangdong Investment Ltd. | | 9,959 | 5,202 |
Haier Smart Home Co. Ltd. | | 12,371 | 45,822 |
Haier Smart Home Co. Ltd. (A Shares) | | 7,600 | 31,618 |
Haitian International Holdings Ltd. | | 5,755 | 18,743 |
Hansoh Pharmaceutical Group Co. Ltd. (b) | | 10,000 | 22,097 |
Industrial & Commercial Bank of China Ltd. (H Shares) | | 49,036 | 26,295 |
Innovent Biologics, Inc. (a)(b) | | 6,762 | 32,735 |
JD.com, Inc.: | | | |
Class A | | 2,808 | 40,459 |
sponsored ADR | | 707 | 20,425 |
Kanzhun Ltd. ADR | | 369 | 7,303 |
KE Holdings, Inc. ADR | | 326 | 4,929 |
Kuaishou Technology Class B (a)(b) | | 900 | 6,310 |
Kunlun Energy Co. Ltd. | | 9,844 | 9,543 |
Kweichow Moutai Co. Ltd. (A Shares) | | 100 | 23,447 |
Lenovo Group Ltd. | | 35,229 | 39,624 |
Li Auto, Inc.: | | | |
ADR (a) | | 967 | 25,413 |
Class A (a) | | 2,088 | 27,357 |
Li Ning Co. Ltd. | | 5,000 | 13,089 |
Medlive Technology Co. Ltd. (b) | | 6,000 | 6,303 |
Meituan Class B (a)(b) | | 7,650 | 104,457 |
NetEase, Inc. ADR | | 380 | 35,519 |
New Oriental Education & Technology Group, Inc. (a) | | 600 | 4,768 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 636 | 49,036 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 13,506 | 61,210 |
Proya Cosmetics Co. Ltd. (A Shares) | | 700 | 10,561 |
Shangri-La Asia Ltd. | | 6,000 | 4,185 |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 3,700 | 30,344 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 1,100 | 46,189 |
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (H Shares) | | 400 | 8,508 |
Sinopharm Group Co. Ltd. (H Shares) | | 5,919 | 14,948 |
Sinotruk Hong Kong Ltd. | | 12,782 | 31,811 |
TAL Education Group ADR (a) | | 183 | 2,203 |
Tencent Holdings Ltd. | | 7,070 | 310,254 |
Tongdao Liepin Group (a) | | 1,001 | 383 |
TravelSky Technology Ltd. (H Shares) | | 8,198 | 10,649 |
Trip.com Group Ltd. ADR (a) | | 1,400 | 67,564 |
Tsingtao Brewery Co. Ltd. (H Shares) | | 2,320 | 16,719 |
Vipshop Holdings Ltd. ADR | | 2,072 | 31,163 |
Xinyi Solar Holdings Ltd. | | 4,000 | 2,752 |
Zai Lab Ltd. (a) | | 2,045 | 3,287 |
Zhongji Innolight Co. Ltd. (A Shares) | | 500 | 12,604 |
ZTO Express, Inc. sponsored ADR | | 925 | 19,416 |
TOTAL CHINA | | | 1,852,348 |
Greece - 1.1% | | | |
Alpha Bank SA (a) | | 29,521 | 50,171 |
OPAP SA | | 1,297 | 21,607 |
Piraeus Financial Holdings SA (a) | | 1,478 | 5,921 |
TOTAL GREECE | | | 77,699 |
Hong Kong - 1.2% | | | |
ASMPT Ltd. | | 1,666 | 20,705 |
Huanxi Media Group Ltd. (a) | | 61,876 | 4,479 |
Kerry Properties Ltd. | | 11,552 | 22,395 |
Prudential PLC | | 4,004 | 34,824 |
TOTAL HONG KONG | | | 82,403 |
Hungary - 0.5% | | | |
OTP Bank PLC | | 632 | 31,361 |
India - 13.8% | | | |
Axis Bank Ltd. sponsored GDR (Reg. S) | | 2,351 | 164,570 |
HDFC Bank Ltd. sponsored ADR | | 2,446 | 140,890 |
ICICI Bank Ltd. sponsored ADR | | 8,532 | 234,886 |
Infosys Ltd. sponsored ADR | | 6,555 | 109,534 |
Larsen & Toubro Ltd. GDR | | 2,406 | 104,180 |
Mahindra & Mahindra Ltd. sponsored GDR | | 272 | 7,099 |
Reliance Industries Ltd. GDR (b) | | 2,748 | 194,284 |
TOTAL INDIA | | | 955,443 |
Indonesia - 3.0% | | | |
PT Bank Central Asia Tbk | | 126,030 | 75,780 |
PT Bank Mandiri (Persero) Tbk | | 27,100 | 11,455 |
PT Bank Negara Indonesia (Persero) Tbk | | 64,500 | 20,752 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 227,566 | 68,885 |
PT Sumber Alfaria Trijaya Tbk | | 33,528 | 6,030 |
PT Telkom Indonesia Persero Tbk | | 133,303 | 25,842 |
TOTAL INDONESIA | | | 208,744 |
Korea (South) - 11.1% | | | |
AMOREPACIFIC Corp. | | 272 | 33,060 |
Coway Co. Ltd. | | 425 | 16,981 |
Delivery Hero AG (a)(b) | | 650 | 18,185 |
Hana Financial Group, Inc. | | 485 | 20,398 |
Hyundai Motor Co. Ltd. | | 66 | 11,839 |
JYP Entertainment Corp. | | 54 | 2,576 |
Kakao Corp. | | 774 | 26,805 |
Kakao Pay Corp. (a) | | 101 | 2,538 |
KB Financial Group, Inc. | | 706 | 38,184 |
Kia Corp. | | 268 | 22,642 |
LG Corp. | | 146 | 8,307 |
LS Electric Co. Ltd. | | 104 | 13,088 |
NAVER Corp. | | 571 | 75,104 |
Samsung Biologics Co. Ltd. (a)(b) | | 43 | 24,101 |
Samsung Electronics Co. Ltd. | | 6,002 | 332,697 |
Samsung Fire & Marine Insurance Co. Ltd. | | 47 | 10,490 |
SK Hynix, Inc. | | 852 | 104,847 |
SK Square Co. Ltd. (a) | | 129 | 7,068 |
TOTAL KOREA (SOUTH) | | | 768,910 |
Mexico - 2.4% | | | |
Corporacion Inmobiliaria Vesta S.A.B. de CV | | 3,091 | 10,936 |
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR | | 410 | 14,559 |
Fibra Uno Administracion SA de CV | | 3,108 | 4,461 |
Gruma S.A.B. de CV Series B | | 399 | 7,837 |
Grupo Financiero Banorte S.A.B. de CV Series O | | 6,591 | 65,234 |
Grupo Mexico SA de CV Series B | | 1,900 | 11,740 |
Wal-Mart de Mexico SA de CV Series V | | 13,223 | 49,339 |
TOTAL MEXICO | | | 164,106 |
Netherlands - 0.5% | | | |
CTP BV (b) | | 2,092 | 35,632 |
CTP BV rights (a)(c) | | 2,092 | 614 |
TOTAL NETHERLANDS | | | 36,246 |
Panama - 0.4% | | | |
Copa Holdings SA Class A | | 277 | 26,454 |
Philippines - 0.1% | | | |
SM Investments Corp. | | 533 | 8,758 |
Poland - 0.6% | | | |
CD Projekt SA | | 413 | 12,065 |
Dino Polska SA (a)(b) | | 85 | 8,170 |
Powszechna Kasa Oszczednosci Bank SA | | 1,451 | 21,713 |
TOTAL POLAND | | | 41,948 |
Saudi Arabia - 3.5% | | | |
Al Rajhi Bank | | 3,073 | 65,465 |
Alinma Bank | | 7,038 | 62,581 |
Bupa Arabia for Cooperative Insurance Co. | | 321 | 20,643 |
Dr Sulaiman Al Habib Medical Services Group Co. | | 403 | 33,374 |
Sabic Agriculture-Nutrients Co. | | 385 | 11,887 |
The Saudi National Bank | | 4,331 | 43,419 |
TOTAL SAUDI ARABIA | | | 237,369 |
South Africa - 4.1% | | | |
Absa Group Ltd. | | 341 | 2,629 |
Bid Corp. Ltd. | | 306 | 6,975 |
Capitec Bank Holdings Ltd. | | 513 | 63,490 |
Discovery Ltd. | | 4,708 | 29,993 |
FirstRand Ltd. | | 8,145 | 28,118 |
Gold Fields Ltd. | | 2,402 | 38,859 |
Gold Fields Ltd. sponsored ADR | | 401 | 6,484 |
Impala Platinum Holdings Ltd. | | 4,430 | 19,720 |
Northam Platinum Holdings Ltd. | | 419 | 2,776 |
Pepkor Holdings Ltd. (b) | | 35,635 | 33,616 |
Pick 'n Pay Stores Ltd. | | 5,772 | 6,145 |
Shoprite Holdings Ltd. | | 2,448 | 32,662 |
Standard Bank Group Ltd. | | 834 | 7,832 |
TOTAL SOUTH AFRICA | | | 279,299 |
Taiwan - 17.3% | | | |
Accton Technology Corp. | | 73 | 1,021 |
Alchip Technologies Ltd. | | 1,000 | 94,147 |
ASE Technology Holding Co. Ltd. | | 3,242 | 14,559 |
Asia Vital Components Co. Ltd. | | 1,073 | 21,128 |
BizLink Holding, Inc. | | 2,225 | 15,647 |
Chailease Holding Co. Ltd. | | 12,208 | 64,274 |
Delta Electronics, Inc. | | 4,000 | 39,104 |
Gigabyte Technology Co. Ltd. | | 1,000 | 9,002 |
HIWIN Technologies Corp. | | 1,302 | 9,191 |
International Games Systems Co. Ltd. | | 150 | 4,579 |
King Yuan Electronics Co. Ltd. | | 4,755 | 13,812 |
MediaTek, Inc. | | 1,000 | 30,098 |
Quanta Computer, Inc. | | 5,073 | 39,743 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 31,437 | 751,382 |
Uni-President Enterprises Corp. | | 23,473 | 54,961 |
Unimicron Technology Corp. | | 2,000 | 11,040 |
Wistron Corp. | | 6,219 | 21,256 |
Yageo Corp. | | 73 | 1,390 |
TOTAL TAIWAN | | | 1,196,334 |
Tanzania - 0.3% | | | |
Helios Towers PLC (a) | | 17,218 | 21,257 |
United Arab Emirates - 0.3% | | | |
Emaar Properties PJSC | | 9,389 | 20,987 |
United Kingdom - 0.3% | | | |
AngloGold Ashanti PLC | | 797 | 18,323 |
United States of America - 1.4% | | | |
FirstCash Holdings, Inc. | | 409 | 46,209 |
Tenaris SA sponsored ADR | | 192 | 6,334 |
Titan Cement International Trading SA | | 1,262 | 39,865 |
TOTAL UNITED STATES OF AMERICA | | | 92,408 |
TOTAL COMMON STOCKS (Cost $6,254,773) | | | 6,601,667 |
| | | |
Nonconvertible Preferred Stocks - 2.1% |
| | Shares | Value ($) |
Brazil - 1.8% | | | |
Companhia de Transmissao de Energia Eletrica Paulista (PN) | | 3,714 | 17,860 |
Metalurgica Gerdau SA (PN) | | 11,364 | 23,154 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | | 2,393 | 38,575 |
sponsored ADR | | 2,628 | 44,597 |
TOTAL BRAZIL | | | 124,186 |
Korea (South) - 0.3% | | | |
Hyundai Motor Co. Ltd. Series 2 | | 217 | 24,727 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $120,001) | | | 148,913 |
| | | |
Money Market Funds - 1.9% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) (Cost $129,292) | | 129,266 | 129,292 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $6,504,066) | 6,879,872 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 25,107 |
NET ASSETS - 100.0% | 6,904,979 |
| |
Futures Contracts |
| Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Purchased | | | | | |
| | | | | |
Equity Index Contracts | | | | | |
ICE MSCI Emerging Markets Index Contracts (United States) | 1 | Jun 2024 | 52,100 | 1,491 | 1,491 |
| | | | | |
The notional amount of futures purchased as a percentage of Net Assets is 0.8% |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $516,523 or 7.5% of net assets. |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 118,523 | 1,987,101 | 1,976,332 | 5,794 | - | - | 129,292 | 0.0% |
Total | 118,523 | 1,987,101 | 1,976,332 | 5,794 | - | - | 129,292 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 532,476 | 76,144 | 456,332 | - |
Consumer Discretionary | 985,904 | 329,156 | 656,748 | - |
Consumer Staples | 309,084 | 110,534 | 198,550 | - |
Energy | 297,656 | 297,656 | - | - |
Financials | 1,789,505 | 1,069,664 | 719,841 | - |
Health Care | 232,643 | 74,475 | 158,168 | - |
Industrials | 388,935 | 194,986 | 193,949 | - |
Information Technology | 1,686,262 | 109,534 | 1,576,728 | - |
Materials | 274,451 | 187,782 | 86,669 | - |
Real Estate | 129,268 | 97,320 | 31,948 | - |
Utilities | 124,396 | 69,655 | 54,741 | - |
|
Money Market Funds | 129,292 | 129,292 | - | - |
Total Investments in Securities: | 6,879,872 | 2,746,198 | 4,133,674 | - |
Derivative Instruments: Assets | | | | |
Futures Contracts | 1,491 | 1,491 | - | - |
Total Assets | 1,491 | 1,491 | - | - |
Total Derivative Instruments: | 1,491 | 1,491 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
Equity Risk | | |
Futures Contracts (a) | 1,491 | 0 |
Total Equity Risk | 1,491 | 0 |
Total Value of Derivatives | 1,491 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Series Sustainable Emerging Markets Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,374,774) | $ | 6,750,580 | | |
Fidelity Central Funds (cost $129,292) | | 129,292 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $6,504,066) | | | $ | 6,879,872 |
Segregated cash with brokers for derivative instruments | | | | 14,573 |
Cash | | | | 26,932 |
Foreign currency held at value (cost $16) | | | | 16 |
Receivable for fund shares sold | | | | 768 |
Dividends receivable | | | | 7,632 |
Distributions receivable from Fidelity Central Funds | | | | 1,392 |
Total assets | | | | 6,931,185 |
Liabilities | | | | |
Payable for investments purchased on a delayed delivery basis | $ | 614 | | |
Payable for fund shares redeemed | | 13,281 | | |
Payable for daily variation margin on futures contracts | | 1,462 | | |
Custody fee payable | | 10,849 | | |
Total liabilities | | | | 26,206 |
Net Assets | | | $ | 6,904,979 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 6,599,972 |
Total accumulated earnings (loss) | | | | 305,007 |
Net Assets | | | $ | 6,904,979 |
Net Asset Value, offering price and redemption price per share ($6,904,979 ÷ 648,073 shares) | | | $ | 10.65 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 52,319 |
Interest | | | | 197 |
Income from Fidelity Central Funds | | | | 5,794 |
Income before foreign taxes withheld | | | $ | 58,310 |
Less foreign taxes withheld | | | | (6,358) |
Total income | | | | 51,952 |
Expenses | | | | |
Custodian fees and expenses | $ | 14,932 | | |
Independent trustees' fees and expenses | | 12 | | |
Total expenses before reductions | | 14,944 | | |
Expense reductions | | (14,572) | | |
Total expenses after reductions | | | | 372 |
Net Investment income (loss) | | | | 51,580 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (48,745) | | |
Foreign currency transactions | | (2,826) | | |
Futures contracts | | (6,109) | | |
Total net realized gain (loss) | | | | (57,680) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 598,496 | | |
Assets and liabilities in foreign currencies | | (125) | | |
Futures contracts | | 4,450 | | |
Total change in net unrealized appreciation (depreciation) | | | | 602,821 |
Net gain (loss) | | | | 545,141 |
Net increase (decrease) in net assets resulting from operations | | | $ | 596,721 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | For the period May 11, 2023 (commencement of operations) through October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 51,580 | $ | 69,905 |
Net realized gain (loss) | | (57,680) | | (38,471) |
Change in net unrealized appreciation (depreciation) | | 602,821 | | (225,646) |
Net increase (decrease) in net assets resulting from operations | | 596,721 | | (194,212) |
Distributions to shareholders | | (97,501) | | - |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 2,078,322 | | 4,692,849 |
Reinvestment of distributions | | 97,501 | | - |
Cost of shares redeemed | | (111,235) | | (157,466) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 2,064,588 | | 4,535,383 |
Total increase (decrease) in net assets | | 2,563,808 | | 4,341,171 |
| | | | |
Net Assets | | | | |
Beginning of period | | 4,341,171 | | - |
End of period | $ | 6,904,979 | $ | 4,341,171 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 198,042 | | 466,593 |
Issued in reinvestment of distributions | | 9,663 | | - |
Redeemed | | (10,790) | | (15,435) |
Net increase (decrease) | | 196,915 | | 451,158 |
| | | | |
Financial Highlights
Fidelity® Series Sustainable Emerging Markets Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 A |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ | 9.62 | $ | 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) B,C | | .10 | | .16 |
Net realized and unrealized gain (loss) | | 1.15 | | (.54) |
Total from investment operations | | 1.25 | | (.38) |
Distributions from net investment income | | (.22) | | - |
Total distributions | | (.22) | | - |
Net asset value, end of period | $ | 10.65 | $ | 9.62 |
Total Return D,E | | | | (3.80)% |
Ratios to Average Net Assets C,F,G | | | | |
Expenses before reductions | | .54% H | | .31% H |
Expenses net of fee waivers, if any | | | | .01% H |
Expenses net of all reductions | | .01% H | | .01% H |
Net investment income (loss) | | 1.86% H | | 3.40% H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ | 6,905 | $ | 4,341 |
Portfolio turnover rate I | | | | 36% J |
AFor the period May 11, 2023 (commencement of operations) through October 31, 2023.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JAmount not annualized.
Top Holdings (% of Fund's net assets) |
|
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.0 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 2.6 | |
SAP SE (Germany, Software) | 1.9 | |
BAE Systems PLC (United Kingdom, Aerospace & Defense) | 1.6 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.6 | |
Linde PLC (United States of America, Chemicals) | 1.6 | |
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) | 1.5 | |
Shell PLC ADR (United States of America, Oil, Gas & Consumable Fuels) | 1.2 | |
Atlas Copco AB (A Shares) (Sweden, Machinery) | 1.1 | |
Hoya Corp. (Japan, Health Care Equipment & Supplies) | 1.0 | |
| 17.1 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 20.7 | |
Industrials | 20.2 | |
Information Technology | 14.4 | |
Consumer Discretionary | 9.2 | |
Materials | 8.2 | |
Health Care | 7.7 | |
Energy | 5.4 | |
Consumer Staples | 3.7 | |
Communication Services | 1.8 | |
Real Estate | 1.0 | |
Utilities | 0.3 | |
|
Asset Allocation (% of Fund's net assets) |
|
Futures - 6.1% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
Common Stocks - 92.6% |
| | Shares | Value ($) |
Australia - 1.9% | | | |
APA Group unit | | 443 | 2,364 |
ASX Ltd. | | 75 | 3,064 |
BlueScope Steel Ltd. | | 278 | 4,058 |
Brambles Ltd. | | 1,811 | 17,037 |
Cochlear Ltd. | | 65 | 13,560 |
Commonwealth Bank of Australia | | 60 | 4,396 |
Computershare Ltd. | | 292 | 5,130 |
EBOS Group Ltd. | | 430 | 8,861 |
Fortescue Ltd. | | 284 | 4,707 |
Imdex Ltd. | | 1,927 | 2,584 |
Macquarie Group Ltd. | | 297 | 35,562 |
Mineral Resources Ltd. | | 183 | 8,301 |
Pilbara Minerals Ltd. | | 2,606 | 6,635 |
QBE Insurance Group Ltd. | | 1,017 | 11,633 |
REA Group Ltd. | | 45 | 5,158 |
Transurban Group unit | | 3,743 | 30,051 |
Woodside Energy Group Ltd. | | 2,544 | 45,581 |
TOTAL AUSTRALIA | | | 208,682 |
Austria - 0.2% | | | |
Mondi PLC | | 381 | 7,232 |
OMV AG | | 206 | 9,823 |
Verbund AG | | 62 | 4,738 |
TOTAL AUSTRIA | | | 21,793 |
Belgium - 1.0% | | | |
Azelis Group NV | | 816 | 19,716 |
Fagron NV | | 143 | 2,784 |
KBC Ancora | | 250 | 12,099 |
KBC Group NV | | 967 | 72,136 |
TOTAL BELGIUM | | | 106,735 |
Brazil - 0.3% | | | |
Wheaton Precious Metals Corp. | | 740 | 38,552 |
Canada - 10.2% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,554 | 86,130 |
Andlauer Healthcare Group, Inc. | | 387 | 11,725 |
Aritzia, Inc. (a) | | 141 | 3,650 |
Bank of Montreal | | 701 | 62,617 |
Brookfield Asset Management Ltd. Class A | | 131 | 5,004 |
Brookfield Corp. (Canada) Class A | | 976 | 39,149 |
CAE, Inc. (a) | | 2,291 | 44,201 |
Cameco Corp. | | 562 | 25,641 |
Cameco Corp. | | 127 | 5,795 |
Canadian National Railway Co. | | 432 | 52,434 |
Canadian Natural Resources Ltd. | | 253 | 19,172 |
Canadian Pacific Kansas City Ltd. | | 1,224 | 96,024 |
CCL Industries, Inc. Class B | | 48 | 2,451 |
Computer Modelling Group Ltd. | | 781 | 6,229 |
Constellation Software, Inc. | | 24 | 61,790 |
Definity Financial Corp. | | 509 | 16,967 |
Dollarama, Inc. | | 201 | 16,767 |
Enbridge, Inc. | | 888 | 31,575 |
Franco-Nevada Corp. | | 269 | 32,382 |
Gildan Activewear, Inc. | | 87 | 3,016 |
Intact Financial Corp. | | 176 | 28,928 |
Jamieson Wellness, Inc. (b) | | 25 | 475 |
Metro, Inc. | | 243 | 12,430 |
North West Co., Inc. | | 224 | 6,349 |
Nutrien Ltd. | | 603 | 31,796 |
Parkland Corp. | | 429 | 13,216 |
Pason Systems, Inc. | | 1,146 | 13,028 |
PrairieSky Royalty Ltd. | | 1,766 | 33,648 |
Real Matters, Inc. (a) | | 413 | 1,542 |
Restaurant Brands International, Inc. | | 169 | 12,821 |
Richelieu Hardware Ltd. | | 419 | 11,824 |
Royal Bank of Canada | | 894 | 86,494 |
Shopify, Inc. Class A (a) | | 628 | 44,090 |
Stella-Jones, Inc. | | 136 | 7,901 |
Sun Life Financial, Inc. | | 1,228 | 62,700 |
The Toronto-Dominion Bank | | 1,800 | 106,785 |
Thomson Reuters Corp. | | 110 | 16,614 |
TMX Group Ltd. | | 708 | 18,746 |
Triple Flag Precious Metals Corp. | | 116 | 1,871 |
TOTAL CANADA | | | 1,133,977 |
China - 0.0% | | | |
BOC Hong Kong (Holdings) Ltd. | | 1,500 | 4,598 |
Denmark - 3.2% | | | |
A.P. Moller - Maersk A/S Series A | | 2 | 2,850 |
Carlsberg A/S Series B | | 97 | 13,048 |
DSV A/S | | 193 | 27,554 |
Genmab A/S (a) | | 6 | 1,666 |
Novo Nordisk A/S Series B | | 2,264 | 290,341 |
Novonesis (NOVOZYMES) B Series B | | 27 | 1,501 |
ORSTED A/S (a)(b) | | 111 | 6,126 |
Pandora A/S | | 65 | 9,947 |
Svitzer A/S | | 4 | 134 |
Vestas Wind Systems A/S (a) | | 311 | 8,384 |
TOTAL DENMARK | | | 361,551 |
Finland - 1.0% | | | |
Elisa Corp. (A Shares) | | 192 | 8,671 |
Kesko Oyj | | 262 | 4,482 |
Metso Corp. | | 768 | 8,749 |
Neste OYJ | | 277 | 6,308 |
Nokia Corp. | | 2,645 | 9,616 |
Nordea Bank Abp | | 2,044 | 23,852 |
Sampo Oyj (A Shares) | | 589 | 23,836 |
Stora Enso Oyj (R Shares) | | 571 | 7,648 |
UPM-Kymmene Corp. | | 294 | 10,329 |
Wartsila Corp. | | 608 | 11,264 |
TOTAL FINLAND | | | 114,755 |
France - 9.4% | | | |
Accor SA | | 425 | 18,737 |
Air Liquide SA | | 259 | 50,655 |
Airbus Group NV | | 424 | 69,772 |
ALTEN | | 254 | 30,007 |
ARGAN SA | | 33 | 2,599 |
AXA SA | | 2,133 | 73,844 |
BNP Paribas SA | | 665 | 47,855 |
Capgemini SA | | 286 | 60,112 |
Compagnie Generale des Etablissements Michelin SCA Series B | | 1,186 | 45,565 |
Covivio | | 452 | 22,604 |
Covivio rights (a)(c) | | 452 | 1,592 |
Danone SA | | 321 | 20,091 |
Dassault Systemes SA | | 401 | 15,740 |
Edenred SA | | 638 | 30,272 |
Elis SA | | 181 | 4,080 |
EssilorLuxottica SA | | 188 | 40,287 |
Eurazeo SA | | 141 | 12,760 |
Exclusive Networks SA (a) | | 246 | 5,251 |
Gecina SA | | 63 | 6,454 |
Hermes International SCA | | 1 | 2,402 |
Kering SA | | 14 | 4,930 |
L'Oreal SA | | 92 | 43,166 |
Lectra | | 478 | 16,324 |
Legrand SA | | 206 | 21,170 |
LVMH Moet Hennessy Louis Vuitton SE | | 221 | 181,537 |
Publicis Groupe SA | | 35 | 3,862 |
Rexel SA | | 753 | 19,632 |
Societe Generale Series A | | 339 | 9,134 |
Stef SA | | 39 | 5,294 |
Thales SA | | 86 | 14,497 |
Thermador Groupe SA | | 56 | 4,781 |
TotalEnergies SE | | 2,324 | 168,719 |
TOTAL FRANCE | | | 1,053,725 |
Germany - 6.6% | | | |
adidas AG | | 15 | 3,624 |
Allianz SE | | 141 | 40,014 |
Deutsche Borse AG | | 385 | 74,225 |
GEA Group AG | | 255 | 10,314 |
Hannover Reuck SE | | 229 | 56,796 |
Henkel AG & Co. KGaA | | 302 | 21,716 |
Infineon Technologies AG | | 1,275 | 44,246 |
Instone Real Estate Group BV (b) | | 222 | 2,054 |
LEG Immobilien AG | | 85 | 7,250 |
Merck KGaA | | 276 | 43,873 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 129 | 56,747 |
Puma AG | | 149 | 6,879 |
Rheinmetall AG | | 122 | 67,339 |
SAP SE | | 1,165 | 210,361 |
Siemens AG | | 398 | 74,559 |
Siemens Healthineers AG (b) | | 225 | 12,478 |
Stabilus Se | | 66 | 4,099 |
TOTAL GERMANY | | | 736,574 |
Hong Kong - 0.3% | | | |
AIA Group Ltd. | | 1,194 | 8,745 |
Hang Lung Properties Ltd. | | 2,000 | 2,207 |
Hong Kong Exchanges and Clearing Ltd. | | 3 | 95 |
MTR Corp. Ltd. | | 3,297 | 10,835 |
Prudential PLC | | 1,436 | 12,489 |
Sino Land Ltd. | | 4,000 | 4,277 |
TOTAL HONG KONG | | | 38,648 |
India - 0.3% | | | |
HDFC Bank Ltd. sponsored ADR | | 51 | 2,938 |
Reliance Industries Ltd. GDR (b) | | 381 | 26,937 |
TOTAL INDIA | | | 29,875 |
Indonesia - 0.2% | | | |
PT Bank Central Asia Tbk | | 21,589 | 12,981 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 13,700 | 4,147 |
TOTAL INDONESIA | | | 17,128 |
Ireland - 0.8% | | | |
AerCap Holdings NV (a) | | 124 | 10,477 |
Bank of Ireland Group PLC | | 1,378 | 14,772 |
Cairn Homes PLC | | 3,126 | 5,297 |
Cairn Homes PLC | | 1,983 | 3,348 |
Kerry Group PLC Class A | | 215 | 18,539 |
Kingspan Group PLC (Ireland) | | 380 | 34,004 |
TOTAL IRELAND | | | 86,437 |
Israel - 0.3% | | | |
Elbit Systems Ltd. (Israel) | | 14 | 2,859 |
Ituran Location & Control Ltd. | | 143 | 3,672 |
NICE Ltd. (a) | | 11 | 2,462 |
NICE Ltd. sponsored ADR (a) | | 93 | 20,786 |
Wix.com Ltd. (a) | | 68 | 8,083 |
TOTAL ISRAEL | | | 37,862 |
Italy - 2.3% | | | |
Assicurazioni Generali SpA | | 2,134 | 52,153 |
Banca Generali SpA | | 66 | 2,593 |
Enel SpA | | 368 | 2,419 |
Eni SpA | | 1,612 | 25,891 |
Industrie de Nora SpA | | 119 | 1,605 |
Intesa Sanpaolo SpA | | 7,644 | 28,612 |
Moncler SpA | | 196 | 13,412 |
Prada SpA | | 2,571 | 20,967 |
Prysmian SpA | | 124 | 6,773 |
Recordati SpA | | 269 | 14,368 |
UniCredit SpA | | 2,300 | 84,420 |
TOTAL ITALY | | | 253,213 |
Japan - 15.8% | | | |
Advantest Corp. | | 200 | 6,260 |
Ajinomoto Co., Inc. | | 461 | 17,141 |
As One Corp. | | 200 | 3,295 |
Asahi Kasei Corp. | | 3,378 | 23,552 |
Astellas Pharma, Inc. | | 96 | 921 |
Azbil Corp. | | 2,000 | 55,860 |
BayCurrent Consulting, Inc. | | 196 | 4,172 |
Bridgestone Corp. | | 1,362 | 60,101 |
Capcom Co. Ltd. | | 396 | 6,519 |
Chugai Pharmaceutical Co. Ltd. | | 200 | 6,361 |
CTS Co. Ltd. | | 600 | 2,811 |
Curves Holdings Co. Ltd. | | 1,618 | 7,599 |
Daiichi Sankyo Kabushiki Kaisha | | 306 | 10,299 |
Daiwa Securities Group, Inc. | | 4,597 | 33,784 |
DENSO Corp. | | 1,600 | 27,269 |
Eisai Co. Ltd. | | 201 | 8,255 |
Elan Corp. | | 507 | 2,910 |
ENEOS Holdings, Inc. | | 699 | 3,230 |
FANUC Corp. | | 632 | 18,719 |
Fast Retailing Co. Ltd. | | 92 | 24,055 |
FUJIFILM Holdings Corp. | | 2,592 | 55,138 |
Fujitsu Ltd. | | 2,890 | 44,645 |
Hankyu Hanshin Holdings, Inc. | | 747 | 19,585 |
Hitachi Ltd. | | 1,050 | 96,874 |
Hoya Corp. | | 963 | 111,650 |
Ibiden Co. Ltd. | | 557 | 21,174 |
Itochu Corp. | | 1,881 | 84,861 |
JFE Holdings, Inc. | | 378 | 5,642 |
KDDI Corp. | | 946 | 26,250 |
Koshidaka Holdings Co. Ltd. | | 592 | 3,239 |
Kubota Corp. | | 494 | 7,924 |
LY Corp. | | 1,100 | 2,643 |
Marubeni Corp. | | 1,039 | 18,511 |
MatsukiyoCocokara & Co. | | 200 | 2,836 |
Minebea Mitsumi, Inc. | | 298 | 5,582 |
Mitsubishi Chemical Holdings Corp. | | 400 | 2,334 |
Mitsubishi Electric Corp. | | 300 | 5,229 |
Mitsubishi Heavy Industries Ltd. | | 7,640 | 68,310 |
Mitsui Chemicals, Inc. | | 200 | 5,693 |
Mizuho Financial Group, Inc. | | 700 | 13,530 |
NEC Corp. | | 97 | 7,023 |
Nippon Yusen KK | | 100 | 2,839 |
Nitto Kohki Co. Ltd. | | 200 | 3,091 |
Nomura Holdings, Inc. | | 1,897 | 10,794 |
Nomura Research Institute Ltd. | | 439 | 10,623 |
OMRON Corp. | | 362 | 12,425 |
Oriental Land Co. Ltd. | | 278 | 7,671 |
ORIX Corp. | | 1,292 | 26,441 |
Pan Pacific International Holdings Ltd. | | 200 | 4,697 |
Persol Holdings Co. Ltd. | | 7,100 | 9,822 |
ProNexus, Inc. | | 700 | 5,094 |
Recruit Holdings Co. Ltd. | | 1,306 | 56,246 |
Renesas Electronics Corp. | | 3,335 | 54,146 |
San-Ai Obbli Co. Ltd. | | 200 | 2,624 |
Seiko Epson Corp. | | 400 | 6,580 |
Sekisui House Ltd. | | 700 | 16,086 |
SG Holdings Co. Ltd. | | 791 | 9,259 |
Shimadzu Corp. | | 300 | 8,150 |
Shin-Etsu Chemical Co. Ltd. | | 2,123 | 82,179 |
Shiseido Co. Ltd. | | 100 | 2,677 |
SoftBank Corp. | | 2,174 | 26,222 |
SoftBank Group Corp. | | 299 | 14,705 |
Softcreate Co. Ltd. | | 200 | 2,347 |
Software Service, Inc. | | 100 | 8,560 |
Sompo Holdings, Inc. | | 795 | 15,733 |
Sony Group Corp. | | 941 | 77,775 |
Sumitomo Metal Mining Co. Ltd. | | 399 | 13,330 |
SWCC Showa Holdings Co. Ltd. | | 100 | 2,637 |
Sysmex Corp. | | 603 | 9,642 |
TDK Corp. | | 99 | 4,416 |
TIS, Inc. | | 621 | 13,262 |
Tokio Marine Holdings, Inc. | | 2,913 | 92,069 |
Tokyo Electron Ltd. | | 188 | 41,237 |
Tokyo Gas Co. Ltd. | | 97 | 2,175 |
Toray Industries, Inc. | | 4,969 | 22,712 |
Toyota Motor Corp. | | 3,024 | 68,973 |
USS Co. Ltd. | | 928 | 7,089 |
YAKUODO Holdings Co. Ltd. | | 200 | 3,633 |
Yamaha Corp. | | 461 | 9,715 |
Yamaha Motor Co. Ltd. | | 2,724 | 25,407 |
Yaskawa Electric Corp. | | 452 | 18,624 |
Yokogawa Electric Corp. | | 776 | 17,146 |
TOTAL JAPAN | | | 1,760,639 |
Korea (South) - 0.1% | | | |
Samsung Electronics Co. Ltd. | | 207 | 11,474 |
Netherlands - 5.0% | | | |
Akzo Nobel NV | | 284 | 18,834 |
ASM International NV (Netherlands) | | 57 | 36,206 |
ASML Holding NV (Netherlands) | | 377 | 335,025 |
BE Semiconductor Industries NV | | 110 | 14,733 |
IMCD NV | | 335 | 50,856 |
Koninklijke Ahold Delhaize NV | | 179 | 5,433 |
Koninklijke KPN NV | | 5,237 | 19,032 |
TKH Group NV (bearer) (depositary receipt) | | 70 | 3,030 |
Topicus.Com, Inc. | | 20 | 1,630 |
Universal Music Group NV | | 343 | 10,140 |
Wolters Kluwer NV | | 417 | 62,637 |
TOTAL NETHERLANDS | | | 557,556 |
New Zealand - 0.1% | | | |
Meridian Energy Ltd. | | 696 | 2,455 |
Xero Ltd. (a) | | 53 | 4,115 |
TOTAL NEW ZEALAND | | | 6,570 |
Norway - 0.8% | | | |
DNB Bank ASA | | 615 | 10,746 |
Equinor ASA | | 865 | 23,016 |
Gjensidige Forsikring ASA | | 478 | 7,689 |
Kongsberg Gruppen ASA | | 449 | 31,770 |
Norsk Hydro ASA | | 1,391 | 8,548 |
Orkla ASA | | 939 | 6,407 |
TOTAL NORWAY | | | 88,176 |
Portugal - 0.3% | | | |
Galp Energia SGPS SA Class B | | 1,641 | 35,376 |
Singapore - 0.7% | | | |
CapitaLand Investment Ltd. | | 3,533 | 6,832 |
City Developments Ltd. | | 3,928 | 17,605 |
Keppel Ltd. | | 3,396 | 16,987 |
STMicroelectronics NV (France) | | 430 | 17,022 |
United Overseas Bank Ltd. | | 827 | 18,352 |
TOTAL SINGAPORE | | | 76,798 |
South Africa - 0.2% | | | |
Anglo American PLC (United Kingdom) | | 629 | 20,554 |
Spain - 1.6% | | | |
Amadeus IT Holding SA Class A | | 894 | 56,746 |
Banco Bilbao Vizcaya Argentaria SA | | 733 | 7,927 |
Banco Santander SA (Spain) | | 15,560 | 75,938 |
CaixaBank SA | | 2,374 | 12,519 |
Cellnex Telecom SA (b) | | 325 | 10,743 |
Fluidra SA | | 124 | 2,633 |
Iberdrola SA | | 244 | 2,992 |
Industria de Diseno Textil SA | | 8 | 366 |
Redeia Corp. SA | | 665 | 11,107 |
TOTAL SPAIN | | | 180,971 |
Sweden - 3.5% | | | |
Addlife AB | | 216 | 2,011 |
AddTech AB (B Shares) | | 1,359 | 28,708 |
Alfa Laval AB | | 57 | 2,450 |
ASSA ABLOY AB (B Shares) | | 858 | 22,670 |
Atlas Copco AB (A Shares) | | 7,250 | 126,992 |
Autoliv, Inc. | | 205 | 24,557 |
Bergman & Beving AB (B Shares) | | 290 | 5,881 |
Boliden AB | | 731 | 24,417 |
Dometic Group AB (b) | | 239 | 1,724 |
Epiroc AB (A Shares) | | 1,787 | 33,037 |
EQT AB | | 298 | 8,174 |
Essity AB (B Shares) | | 138 | 3,439 |
Evolution AB (b) | | 49 | 5,478 |
Hemnet Group AB | | 266 | 6,976 |
Indutrade AB | | 902 | 21,133 |
Investor AB (B Shares) | | 672 | 16,607 |
INVISIO AB | | 471 | 10,407 |
John Mattson Fastighetsforetagen AB (a) | | 377 | 1,902 |
Lagercrantz Group AB (B Shares) | | 501 | 7,451 |
Svenska Cellulosa AB SCA (B Shares) | | 835 | 12,278 |
Svenska Handelsbanken AB (A Shares) | | 972 | 8,335 |
Swedbank AB (A Shares) | | 155 | 2,987 |
Tele2 AB (B Shares) | | 848 | 7,933 |
Telia Co. AB | | 2,656 | 6,088 |
Volvo AB (A Shares) | | 142 | 3,773 |
TOTAL SWEDEN | | | 395,408 |
Switzerland - 3.4% | | | |
ABB Ltd. (Reg.) | | 1,507 | 73,223 |
Alcon, Inc. (Switzerland) | | 609 | 47,104 |
Banque Cantonale Vaudoise | | 12 | 1,256 |
Clariant AG (Reg.) | | 201 | 3,013 |
Compagnie Financiere Richemont SA Series A | | 264 | 36,492 |
DSM-Firmenich AG | | 94 | 10,603 |
Givaudan SA | | 5 | 21,463 |
Kuehne & Nagel International AG | | 84 | 22,269 |
Logitech International SA (Reg.) | | 165 | 12,934 |
Novartis AG | | 76 | 7,376 |
Partners Group Holding AG | | 15 | 19,410 |
SGS SA (Reg.) | | 114 | 10,053 |
Sig Group AG | | 929 | 18,595 |
Swiss Life Holding AG | | 15 | 10,133 |
Tecan Group AG | | 35 | 12,450 |
VAT Group AG (b) | | 20 | 10,067 |
Zurich Insurance Group Ltd. | | 130 | 62,819 |
TOTAL SWITZERLAND | | | 379,260 |
Taiwan - 0.8% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 3,823 | 91,374 |
United Kingdom - 10.9% | | | |
3i Group PLC | | 1,799 | 64,274 |
AstraZeneca PLC (United Kingdom) | | 712 | 107,689 |
Aviva PLC | | 2,703 | 15,729 |
B&M European Value Retail SA | | 837 | 5,428 |
BAE Systems PLC | | 10,962 | 182,322 |
Barratt Developments PLC | | 4,484 | 25,477 |
Beazley PLC | | 1,610 | 13,338 |
Berkeley Group Holdings PLC | | 143 | 8,423 |
Bunzl PLC | | 70 | 2,689 |
Burberry Group PLC | | 382 | 5,466 |
Clarkson PLC | | 47 | 2,282 |
Coca-Cola European Partners PLC | | 77 | 5,546 |
Compass Group PLC | | 3,272 | 91,007 |
Croda International PLC | | 154 | 8,871 |
DCC PLC (United Kingdom) | | 243 | 16,655 |
Diageo PLC | | 1,755 | 60,652 |
Diploma PLC | | 302 | 13,691 |
Flutter Entertainment PLC (a) | | 122 | 22,752 |
Halma PLC | | 449 | 12,382 |
Hill & Smith Holdings PLC | | 165 | 3,897 |
Howden Joinery Group PLC | | 793 | 8,680 |
HSBC Holdings PLC (United Kingdom) | | 1,880 | 16,296 |
Informa PLC | | 1,601 | 15,920 |
InterContinental Hotel Group PLC | | 97 | 9,461 |
InterContinental Hotel Group PLC ADR | | 595 | 58,518 |
Intertek Group PLC | | 140 | 8,649 |
J Sainsbury PLC | | 3,974 | 13,080 |
JD Sports Fashion PLC | | 2,909 | 4,202 |
Kingfisher PLC | | 4,354 | 13,412 |
Legal & General Group PLC | | 613 | 1,808 |
Lloyds Banking Group PLC | | 23,589 | 15,224 |
London Stock Exchange Group PLC | | 700 | 77,168 |
Mears Group PLC | | 749 | 3,388 |
Melrose Industries PLC | | 360 | 2,842 |
National Grid PLC | | 155 | 2,033 |
NatWest Group PLC | | 1,966 | 7,420 |
On The Beach Group PLC (a)(b) | | 1,107 | 1,997 |
Pearson PLC | | 539 | 6,540 |
RELX PLC (London Stock Exchange) | | 2,246 | 92,281 |
Rentokil Initial PLC | | 859 | 4,336 |
Rightmove PLC | | 1,890 | 12,162 |
Sabre Insurance Group PLC (b) | | 986 | 1,981 |
Sage Group PLC | | 4,871 | 70,969 |
Schroders PLC | | 245 | 1,080 |
Segro PLC | | 991 | 10,501 |
Spectris PLC | | 903 | 37,574 |
SSE PLC | | 426 | 8,855 |
St. James's Place PLC | | 1,035 | 5,634 |
Standard Chartered PLC (United Kingdom) | | 3,628 | 31,170 |
Synthomer PLC (a) | | 22 | 71 |
Unilever PLC | | 64 | 3,311 |
TOTAL UNITED KINGDOM | | | 1,215,133 |
United States of America - 11.3% | | | |
CBRE Group, Inc. (a) | | 266 | 23,113 |
CDW Corp. | | 79 | 19,107 |
CRH PLC | | 1,140 | 88,831 |
CRH PLC | | 888 | 68,749 |
CSL Ltd. | | 17 | 3,021 |
CyberArk Software Ltd. (a) | | 22 | 5,264 |
Experian PLC | | 1,397 | 56,347 |
Ferguson PLC | | 236 | 50,014 |
GSK PLC | | 1,673 | 34,710 |
ICON PLC (a) | | 64 | 19,064 |
James Hardie Industries PLC CDI (a) | | 16 | 550 |
Linde PLC | | 400 | 176,384 |
Marsh & McLennan Companies, Inc. | | 433 | 86,353 |
MasterCard, Inc. Class A | | 91 | 41,059 |
Microsoft Corp. | | 44 | 17,131 |
Moody's Corp. | | 112 | 41,477 |
Morningstar, Inc. | | 41 | 11,589 |
MSCI, Inc. | | 50 | 23,290 |
Nestle SA (Reg. S) | | 629 | 63,152 |
PriceSmart, Inc. | | 42 | 3,385 |
ResMed, Inc. | | 30 | 6,420 |
S&P Global, Inc. | | 182 | 75,681 |
Schneider Electric SA | | 429 | 97,818 |
Shell PLC: | | | |
ADR | | 1,658 | 118,812 |
(London) | | 425 | 15,108 |
Sherwin-Williams Co. | | 130 | 38,949 |
Swiss Re Ltd. | | 251 | 27,256 |
Thermo Fisher Scientific, Inc. | | 17 | 9,668 |
Visa, Inc. Class A | | 143 | 38,411 |
TOTAL UNITED STATES OF AMERICA | | | 1,260,713 |
Zambia - 0.1% | | | |
First Quantum Minerals Ltd. | | 1,146 | 14,551 |
TOTAL COMMON STOCKS (Cost $9,598,318) | | | 10,338,658 |
| | | |
Nonconvertible Preferred Stocks - 0.0% |
| | Shares | Value ($) |
Germany - 0.0% | | | |
Sartorius AG (non-vtg.) (Cost $7,511) | | 22 | 6,628 |
| | | |
Money Market Funds - 7.0% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) (Cost $779,462) | | 779,301 | 779,457 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $10,385,291) | 11,124,743 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 41,554 |
NET ASSETS - 100.0% | 11,166,297 |
| |
Futures Contracts |
| Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Purchased | | | | | |
| | | | | |
Equity Index Contracts | | | | | |
ICE E-mini MSCI EAFE Index Contracts (United States) | 6 | Jun 2024 | 680,250 | (11,548) | (11,548) |
| | | | | |
The notional amount of futures purchased as a percentage of Net Assets is 6.1% |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $80,060 or 0.7% of net assets. |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 246,454 | 3,554,807 | 3,021,799 | 10,676 | - | (5) | 779,457 | 0.0% |
Total | 246,454 | 3,554,807 | 3,021,799 | 10,676 | - | (5) | 779,457 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 183,024 | 67,890 | 115,134 | - |
Consumer Discretionary | 1,070,621 | 256,873 | 813,748 | - |
Consumer Staples | 417,118 | 203,428 | 213,690 | - |
Energy | 623,500 | 339,331 | 284,169 | - |
Financials | 2,295,639 | 1,462,633 | 833,006 | - |
Health Care | 857,977 | 216,382 | 641,595 | - |
Industrials | 2,234,816 | 860,059 | 1,374,757 | - |
Information Technology | 1,593,592 | 769,100 | 824,492 | - |
Materials | 913,203 | 651,169 | 262,034 | - |
Real Estate | 110,532 | 79,611 | 30,921 | - |
Utilities | 45,264 | 21,971 | 23,293 | - |
|
Money Market Funds | 779,457 | 779,457 | - | - |
Total Investments in Securities: | 11,124,743 | 5,707,904 | 5,416,839 | - |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (11,548) | (11,548) | - | - |
Total Liabilities | (11,548) | (11,548) | - | - |
Total Derivative Instruments: | (11,548) | (11,548) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
Equity Risk | | |
Futures Contracts (a) | 0 | (11,548) |
Total Equity Risk | 0 | (11,548) |
Total Value of Derivatives | 0 | (11,548) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $9,605,829) | $ | 10,345,286 | | |
Fidelity Central Funds (cost $779,462) | | 779,457 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $10,385,291) | | | $ | 11,124,743 |
Segregated cash with brokers for derivative instruments | | | | 21,849 |
Foreign currency held at value (cost $4,555) | | | | 4,552 |
Receivable for fund shares sold | | | | 4,706 |
Dividends receivable | | | | 41,750 |
Distributions receivable from Fidelity Central Funds | | | | 2,303 |
Total assets | | | | 11,199,903 |
Liabilities | | | | |
Payable for investments purchased on a delayed delivery basis | $ | 1,592 | | |
Payable for fund shares redeemed | | 16,441 | | |
Payable for daily variation margin on futures contracts | | 9,360 | | |
Custody fee payable | | 6,213 | | |
Total liabilities | | | | 33,606 |
Net Assets | | | $ | 11,166,297 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 10,411,434 |
Total accumulated earnings (loss) | | | | 754,863 |
Net Assets | | | $ | 11,166,297 |
Net Asset Value, offering price and redemption price per share ($11,166,297 ÷ 1,011,155 shares) | | | $ | 11.04 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 116,470 |
Interest | | | | 234 |
Income from Fidelity Central Funds | | | | 10,676 |
Income before foreign taxes withheld | | | $ | 127,380 |
Less foreign taxes withheld | | | | (12,967) |
Total income | | | | 114,413 |
Expenses | | | | |
Custodian fees and expenses | $ | 10,832 | | |
Independent trustees' fees and expenses | | 20 | | |
Total expenses before reductions | | 10,852 | | |
Expense reductions | | (10,627) | | |
Total expenses after reductions | | | | 225 |
Net Investment income (loss) | | | | 114,188 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (64,854) | | |
Foreign currency transactions | | 3,663 | | |
Futures contracts | | 39,265 | | |
Total net realized gain (loss) | | | | (21,926) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 1,266,379 | | |
Fidelity Central Funds | | (5) | | |
Assets and liabilities in foreign currencies | | (467) | | |
Futures contracts | | (11,213) | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,254,694 |
Net gain (loss) | | | | 1,232,768 |
Net increase (decrease) in net assets resulting from operations | | | $ | 1,346,956 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | For the period May 11, 2023 (commencement of operations) through October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 114,188 | $ | 73,251 |
Net realized gain (loss) | | (21,926) | | (43,017) |
Change in net unrealized appreciation (depreciation) | | 1,254,694 | | (527,429) |
Net increase (decrease) in net assets resulting from operations | | 1,346,956 | | (497,195) |
Distributions to shareholders | | (94,899) | | - |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 3,552,106 | | 7,829,024 |
Reinvestment of distributions | | 94,899 | | - |
Cost of shares redeemed | | (577,167) | | (487,427) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 3,069,838 | | 7,341,597 |
Total increase (decrease) in net assets | | 4,321,895 | | 6,844,402 |
| | | | |
Net Assets | | | | |
Beginning of period | | 6,844,402 | | - |
End of period | $ | 11,166,297 | $ | 6,844,402 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 322,377 | | 782,048 |
Issued in reinvestment of distributions | | 9,304 | | - |
Redeemed | | (53,419) | | (49,155) |
Net increase (decrease) | | 278,262 | | 732,893 |
| | | | |
Financial Highlights
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 A |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ | 9.34 | $ | 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) B,C | | .14 | | .11 |
Net realized and unrealized gain (loss) | | 1.69 | | (.77) |
Total from investment operations | | 1.83 | | (.66) |
Distributions from net investment income | | (.13) | | - |
Total distributions | | (.13) | | - |
Net asset value, end of period | $ | 11.04 | $ | 9.34 |
Total Return D,E | | | | (6.60)% |
Ratios to Average Net Assets C,F,G | | | | |
Expenses before reductions | | .24% H | | .29% H |
Expenses net of fee waivers, if any | | | | .01% H |
Expenses net of all reductions | | .01% H | | .01% H |
Net investment income (loss) | | 2.54% H | | 2.35% H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ | 11,166 | $ | 6,844 |
Portfolio turnover rate I | | | | 8% J |
AFor the period May 11, 2023 (commencement of operations) through October 31, 2023.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JAmount not annualized.
For the period ended April 30, 2024
1. Organization.
Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, futures transactions and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation)($) |
Fidelity Series Sustainable Emerging Markets Fund | 6,514,846 | 683,537 | (317,020) | 366,517 |
Fidelity Series Sustainable Non-U.S. Developed Markets Fund | 10,390,708 | 1,152,695 | (430,208) | 722,487 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
Fidelity Series Sustainable Emerging Markets Fund | (25,100) | (8,347) | (33,447) |
Fidelity Series Sustainable Non-U.S. Developed Markets Fund | (32,131) | (11,446) | (43,577) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Series Sustainable Emerging Markets Fund | 3,283,319 | 1,238,313 |
Fidelity Series Sustainable Non-U.S. Developed Markets Fund | 4,165,642 | 1,582,631 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount |
Fidelity Series Sustainable Emerging Markets Fund | $13 |
Fidelity Series Sustainable Non-U.S. Developed Markets Fund | 1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Series Sustainable Emerging Markets Fund | 4,195 | 22,898 | (3,516) |
Fidelity Series Sustainable Non-U.S. Developed Markets Fund | 66,523 | 35,464 | (3,242) |
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| Expense Limitations | Reimbursement ($) |
Fidelity Series Sustainable Emerging Markets Fund | .013% | 14,572 |
Fidelity Series Sustainable Non-U.S. Developed Markets Fund | .013% | 10,250 |
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Custodian credits ($) |
Fidelity Series Sustainable Non-U.S. Developed Markets Fund | 377 |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Series Sustainable Emerging Markets Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,130.70 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
| | | | | | | | | | |
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,196.60 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Series Sustainable Emerging Markets Fund
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the funds under the management contracts with FMR will remain unchanged.
The Board further considered that the approval of each fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of services provided to each fund by FMR and its affiliates.
In connection with its consideration of future renewals of each fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9908949.100
SMKC-SANN-0624
Fidelity® International Growth Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 6.9 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 6.1 | |
Linde PLC (United States of America, Chemicals) | 4.1 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 3.9 | |
Safran SA (France, Aerospace & Defense) | 3.9 | |
SAP SE (Germany, Software) | 3.9 | |
Atlas Copco AB (A Shares) (Sweden, Machinery) | 3.6 | |
CRH PLC (United States of America, Construction Materials) | 3.2 | |
Keyence Corp. (Japan, Electronic Equipment, Instruments & Components) | 3.0 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.7 | |
| 41.3 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 26.9 | |
Information Technology | 22.9 | |
Financials | 15.5 | |
Consumer Discretionary | 10.4 | |
Materials | 9.8 | |
Health Care | 7.2 | |
Consumer Staples | 2.6 | |
Energy | 0.7 | |
Communication Services | 0.7 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 96.4% |
| | Shares | Value ($) |
Belgium - 0.4% | | | |
Azelis Group NV | | 886,605 | 21,421,625 |
Canada - 3.2% | | | |
CAE, Inc. (a) | | 1,458,511 | 28,139,362 |
Canadian Pacific Kansas City Ltd. | | 1,350,300 | 105,932,808 |
Franco-Nevada Corp. | | 280,680 | 33,788,029 |
TOTAL CANADA | | | 167,860,199 |
Denmark - 6.1% | | | |
Novo Nordisk A/S Series B | | 2,498,600 | 320,426,237 |
Finland - 0.5% | | | |
Kone OYJ (B Shares) | | 565,900 | 27,659,925 |
France - 13.1% | | | |
Airbus Group NV | | 795,500 | 130,905,701 |
Edenred SA | | 1,325,422 | 62,888,242 |
Lectra | | 336,961 | 11,507,353 |
Legrand SA | | 726,900 | 74,701,034 |
LVMH Moet Hennessy Louis Vuitton SE | | 253,845 | 208,517,507 |
Safran SA | | 950,100 | 206,012,102 |
TOTAL FRANCE | | | 694,531,939 |
Germany - 5.0% | | | |
Deutsche Borse AG | | 301,000 | 58,030,389 |
SAP SE | | 1,132,300 | 204,456,070 |
TOTAL GERMANY | | | 262,486,459 |
Hong Kong - 0.7% | | | |
AIA Group Ltd. | | 5,019,200 | 36,762,418 |
India - 1.6% | | | |
HDFC Bank Ltd. | | 1,301,691 | 23,632,754 |
Jio Financial Services Ltd. | | 697,900 | 3,141,854 |
Kotak Mahindra Bank Ltd. | | 1,011,800 | 19,659,138 |
Reliance Industries Ltd. | | 675,000 | 23,688,638 |
Reliance Industries Ltd. GDR (b) | | 198,000 | 13,998,600 |
TOTAL INDIA | | | 84,120,984 |
Israel - 0.7% | | | |
NICE Ltd. sponsored ADR (a)(c) | | 168,950 | 37,762,015 |
Italy - 1.4% | | | |
Interpump Group SpA | | 625,126 | 27,405,884 |
Prada SpA | | 5,780,500 | 47,141,798 |
TOTAL ITALY | | | 74,547,682 |
Japan - 9.7% | | | |
Azbil Corp. | | 1,538,503 | 42,970,390 |
Hoya Corp. | | 497,000 | 57,622,093 |
Keyence Corp. | | 354,748 | 156,007,478 |
Lasertec Corp. | | 358,000 | 77,222,546 |
Misumi Group, Inc. | | 1,462,385 | 23,775,251 |
OSG Corp. (c) | | 681,200 | 8,784,961 |
Recruit Holdings Co. Ltd. | | 2,351,600 | 101,277,203 |
SHO-BOND Holdings Co. Ltd. | | 695,400 | 26,854,190 |
USS Co. Ltd. | | 2,048,800 | 15,651,387 |
TOTAL JAPAN | | | 510,165,499 |
Netherlands - 8.4% | | | |
Aalberts Industries NV | | 226,400 | 10,853,305 |
ASML Holding NV (Netherlands) | | 412,200 | 366,304,594 |
BE Semiconductor Industries NV | | 197,566 | 26,460,726 |
IMCD NV | | 257,300 | 39,060,507 |
TOTAL NETHERLANDS | | | 442,679,132 |
Spain - 0.7% | | | |
Amadeus IT Holding SA Class A | | 595,600 | 37,805,085 |
Sweden - 7.1% | | | |
ASSA ABLOY AB (B Shares) (c) | | 2,551,210 | 67,406,584 |
Atlas Copco AB (A Shares) (c) | | 10,845,100 | 189,963,726 |
Autoliv, Inc. | | 348,669 | 41,767,060 |
Epiroc AB (A Shares) | | 3,466,017 | 64,077,568 |
Lagercrantz Group AB (B Shares) | | 688,100 | 10,233,711 |
TOTAL SWEDEN | | | 373,448,649 |
Switzerland - 1.7% | | | |
Schindler Holding AG: | | | |
(participation certificate) | | 113,078 | 28,292,565 |
(Reg.) | | 18,350 | 4,481,452 |
UBS Group AG | | 2,194,392 | 57,936,246 |
TOTAL SWITZERLAND | | | 90,710,263 |
Taiwan - 2.7% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 6,081,000 | 145,343,171 |
United Kingdom - 8.7% | | | |
BAE Systems PLC | | 5,761,700 | 95,829,841 |
Compass Group PLC | | 4,061,400 | 112,962,672 |
InterContinental Hotel Group PLC ADR | | 898,870 | 88,403,865 |
London Stock Exchange Group PLC | | 596,600 | 65,769,249 |
Rightmove PLC | | 2,957,994 | 19,035,231 |
Sage Group PLC | | 2,306,000 | 33,597,851 |
Spectris PLC | | 1,094,157 | 45,527,889 |
TOTAL UNITED KINGDOM | | | 461,126,598 |
United States of America - 24.7% | | | |
CRH PLC | | 2,181,866 | 168,920,066 |
Experian PLC | | 2,585,900 | 104,299,549 |
Linde PLC | | 484,979 | 213,856,340 |
Marsh & McLennan Companies, Inc. | | 564,451 | 112,568,463 |
MasterCard, Inc. Class A | | 227,700 | 102,738,240 |
Microsoft Corp. | | 138,200 | 53,805,406 |
Moody's Corp. | | 241,100 | 89,286,563 |
Nestle SA (Reg. S) | | 1,262,559 | 126,761,174 |
Otis Worldwide Corp. | | 384,900 | 35,102,880 |
PriceSmart, Inc. | | 144,798 | 11,669,271 |
S&P Global, Inc. | | 207,500 | 86,284,725 |
Sherwin-Williams Co. | | 317,700 | 95,186,097 |
Visa, Inc. Class A | | 381,060 | 102,356,527 |
TOTAL UNITED STATES OF AMERICA | | | 1,302,835,301 |
TOTAL COMMON STOCKS (Cost $3,303,216,400) | | | 5,091,693,181 |
| | | |
Convertible Preferred Stocks - 0.3% |
| | Shares | Value ($) |
China - 0.3% | | | |
ByteDance Ltd. Series E1 (a)(d)(e) (Cost $6,992,915) | | 63,819 | 14,708,365 |
| | | |
Money Market Funds - 6.7% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 135,926,214 | 135,953,399 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 219,295,145 | 219,317,075 |
TOTAL MONEY MARKET FUNDS (Cost $355,270,474) | | | 355,270,474 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 103.4% (Cost $3,665,479,789) | 5,461,672,020 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (180,195,477) |
NET ASSETS - 100.0% | 5,281,476,543 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,998,600 or 0.3% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,708,365 or 0.3% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 6,992,915 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 71,840,035 | 821,502,635 | 757,391,206 | 2,258,594 | 1,935 | - | 135,953,399 | 0.3% |
Fidelity Securities Lending Cash Central Fund 5.39% | 12,775,303 | 426,567,629 | 220,025,857 | 155,960 | - | - | 219,317,075 | 0.8% |
Total | 84,615,338 | 1,248,070,264 | 977,417,063 | 2,414,554 | 1,935 | - | 355,270,474 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 33,743,596 | 19,035,231 | - | 14,708,365 |
Consumer Discretionary | 552,249,374 | 130,170,925 | 422,078,449 | - |
Consumer Staples | 138,430,445 | 11,669,271 | 126,761,174 | - |
Energy | 37,687,238 | 13,998,600 | 23,688,638 | - |
Financials | 821,054,808 | 614,059,006 | 206,995,802 | - |
Health Care | 378,048,330 | - | 378,048,330 | - |
Industrials | 1,422,238,023 | 328,350,313 | 1,093,887,710 | - |
Information Technology | 1,211,199,200 | 585,199,545 | 625,999,655 | - |
Materials | 511,750,532 | 511,750,532 | - | - |
|
Money Market Funds | 355,270,474 | 355,270,474 | - | - |
Total Investments in Securities: | 5,461,672,020 | 2,569,503,897 | 2,877,459,758 | 14,708,365 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $206,964,966) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,310,209,315) | $ | 5,106,401,546 | | |
Fidelity Central Funds (cost $355,270,474) | | 355,270,474 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $3,665,479,789) | | | $ | 5,461,672,020 |
Foreign currency held at value (cost $7,196,540) | | | | 7,196,548 |
Receivable for investments sold | | | | 22,167,684 |
Receivable for fund shares sold | | | | 8,060,962 |
Dividends receivable | | | | 9,866,750 |
Reclaims receivable | | | | 10,782,525 |
Distributions receivable from Fidelity Central Funds | | | | 558,943 |
Prepaid expenses | | | | 1,636 |
Other receivables | | | | 10,424 |
Total assets | | | | 5,520,317,492 |
Liabilities | | | | |
Payable for investments purchased | $ | 11,243,461 | | |
Payable for fund shares redeemed | | 4,025,565 | | |
Accrued management fee | | 3,854,908 | | |
Distribution and service plan fees payable | | 80,094 | | |
Other payables and accrued expenses | | 320,550 | | |
Collateral on securities loaned | | 219,316,371 | | |
Total liabilities | | | | 238,840,949 |
Net Assets | | | $ | 5,281,476,543 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 3,464,233,132 |
Total accumulated earnings (loss) | | | | 1,817,243,411 |
Net Assets | | | $ | 5,281,476,543 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($201,719,654 ÷ 10,390,626 shares)(a) | | | $ | 19.41 |
Maximum offering price per share (100/94.25 of $19.41) | | | $ | 20.59 |
Class M : | | | | |
Net Asset Value and redemption price per share ($30,969,083 ÷ 1,609,483 shares)(a) | | | $ | 19.24 |
Maximum offering price per share (100/96.50 of $19.24) | | | $ | 19.94 |
Class C : | | | | |
Net Asset Value and offering price per share ($27,400,694 ÷ 1,480,703 shares)(a) | | | $ | 18.51 |
International Growth : | | | | |
Net Asset Value, offering price and redemption price per share ($1,534,181,214 ÷ 78,238,493 shares) | | | $ | 19.61 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($1,707,285,110 ÷ 87,299,308 shares) | | | $ | 19.56 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($1,779,920,788 ÷ 90,848,211 shares) | | | $ | 19.59 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 40,091,292 |
Foreign Tax Reclaims | | | | 3,527,163 |
Income from Fidelity Central Funds (including $155,960 from security lending) | | | | 2,414,554 |
Income before foreign taxes withheld | | | $ | 46,033,009 |
Less foreign taxes withheld | | | | (4,896,837) |
Total income | | | | 41,136,172 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 17,570,088 | | |
Performance adjustment | | 2,988,285 | | |
Transfer agent fees | | 2,139,569 | | |
Distribution and service plan fees | | 476,378 | | |
Accounting fees | | 490,504 | | |
Custodian fees and expenses | | 145,001 | | |
Independent trustees' fees and expenses | | 12,100 | | |
Registration fees | | 90,849 | | |
Audit | | 43,252 | | |
Legal | | 3,651 | | |
Interest | | 18,414 | | |
Miscellaneous | | 9,393 | | |
Total expenses before reductions | | 23,987,484 | | |
Expense reductions | | (218,232) | | |
Total expenses after reductions | | | | 23,769,252 |
Net Investment income (loss) | | | | 17,366,920 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $291,052) | | 101,727,802 | | |
Fidelity Central Funds | | 1,935 | | |
Foreign currency transactions | | (290,159) | | |
Total net realized gain (loss) | | | | 101,439,578 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $19,626) | | 720,059,582 | | |
Assets and liabilities in foreign currencies | | (42,547) | | |
Total change in net unrealized appreciation (depreciation) | | | | 720,017,035 |
Net gain (loss) | | | | 821,456,613 |
Net increase (decrease) in net assets resulting from operations | | | $ | 838,823,533 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 17,366,920 | $ | 23,770,653 |
Net realized gain (loss) | | 101,439,578 | | (81,088,074) |
Change in net unrealized appreciation (depreciation) | | 720,017,035 | | 420,336,910 |
Net increase (decrease) in net assets resulting from operations | | 838,823,533 | | 363,019,489 |
Distributions to shareholders | | (24,060,079) | | (63,050,595) |
| | | | |
Share transactions - net increase (decrease) | | 126,475,737 | | 265,402,755 |
Total increase (decrease) in net assets | | 941,239,191 | | 565,371,649 |
| | | | |
Net Assets | | | | |
Beginning of period | | 4,340,237,352 | | 3,774,865,703 |
End of period | $ | 5,281,476,543 | $ | 4,340,237,352 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® International Growth Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.19 | $ | 14.89 | $ | 21.04 | $ | 16.06 | $ | 15.03 | $ | 12.47 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .04 | | - C | | (.04) | | (.01) | | .15 D |
Net realized and unrealized gain (loss) | | 3.22 | | 1.49 | | (5.80) | | 5.02 | | 1.16 | | 2.48 |
Total from investment operations | | 3.26 | | 1.53 | | (5.80) | | 4.98 | | 1.15 | | 2.63 |
Distributions from net investment income | | (.04) | | - | | (.03) | | - | | (.12) | | (.07) |
Distributions from net realized gain | | - | | (.23) | | (.32) | | - | | - | | - |
Total distributions | | (.04) | | (.23) | | (.35) | | - | | (.12) | | (.07) |
Net asset value, end of period | $ | 19.41 | $ | 16.19 | $ | 14.89 | $ | 21.04 | $ | 16.06 | $ | 15.03 |
Total Return E,F,G | | | | 10.26% | | (28.00)% | | 31.01% | | 7.66% | | 21.25% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 1.25% J | | 1.21% | | 1.30% | | 1.28% | | 1.30% | | 1.28% |
Expenses net of fee waivers, if any | | | | 1.21% | | 1.30% | | 1.28% | | 1.30% | | 1.28% |
Expenses net of all reductions | | 1.24% J | | 1.21% | | 1.30% | | 1.28% | | 1.29% | | 1.27% |
Net investment income (loss) | | .41% J | | .23% | | .02% | | (.20)% | | (.08)% | | 1.14% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 201,720 | $ | 171,656 | $ | 157,490 | $ | 232,527 | $ | 174,561 | $ | 164,247 |
Portfolio turnover rate K | | | | 22% | | 22% | | 21% | | 23% | | 21% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .65%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Growth Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.04 | $ | 14.79 | $ | 20.92 | $ | 16.01 | $ | 14.99 | $ | 12.43 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .02 | | (.01) | | (.04) | | (.09) | | (.06) | | .11 C |
Net realized and unrealized gain (loss) | | 3.18 | | 1.49 | | (5.77) | | 5.00 | | 1.15 | | 2.48 |
Total from investment operations | | 3.20 | | 1.48 | | (5.81) | | 4.91 | | 1.09 | | 2.59 |
Distributions from net investment income | | - | | - | | - | | - | | (.07) | | (.03) |
Distributions from net realized gain | | - | | (.23) | | (.32) | | - | | - | | - |
Total distributions | | - | | (.23) | | (.32) | | - | | (.07) | | (.03) |
Net asset value, end of period | $ | 19.24 | $ | 16.04 | $ | 14.79 | $ | 20.92 | $ | 16.01 | $ | 14.99 |
Total Return D,E,F | | | | 9.99% | | (28.18)% | | 30.67% | | 7.27% | | 20.92% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.50% I | | 1.48% | | 1.57% | | 1.55% | | 1.59% | | 1.58% |
Expenses net of fee waivers, if any | | | | 1.48% | | 1.57% | | 1.55% | | 1.59% | | 1.58% |
Expenses net of all reductions | | 1.49% I | | 1.47% | | 1.57% | | 1.55% | | 1.58% | | 1.58% |
Net investment income (loss) | | .16% I | | (.03)% | | (.25)% | | (.48)% | | (.37)% | | .83% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 30,969 | $ | 27,016 | $ | 26,250 | $ | 38,761 | $ | 30,353 | $ | 28,534 |
Portfolio turnover rate J | | | | 22% | | 22% | | 21% | | 23% | | 21% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .34%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Growth Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 15.46 | $ | 14.33 | $ | 20.39 | $ | 15.68 | $ | 14.68 | $ | 12.20 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.03) | | (.09) | | (.13) | | (.18) | | (.13) | | .05 C |
Net realized and unrealized gain (loss) | | 3.08 | | 1.45 | | (5.61) | | 4.89 | | 1.13 | | 2.43 |
Total from investment operations | | 3.05 | | 1.36 | | (5.74) | | 4.71 | | 1.00 | | 2.48 |
Distributions from net realized gain | | - | | (.23) | | (.32) | | - | | - | | - |
Total distributions | | - | | (.23) | | (.32) | | - | | - | | - |
Net asset value, end of period | $ | 18.51 | $ | 15.46 | $ | 14.33 | $ | 20.39 | $ | 15.68 | $ | 14.68 |
Total Return D,E,F | | | | 9.47% | | (28.58)% | | 30.04% | | 6.81% | | 20.33% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.99% I | | 1.98% | | 2.07% | | 2.05% | | 2.07% | | 2.04% |
Expenses net of fee waivers, if any | | | | 1.97% | | 2.06% | | 2.05% | | 2.07% | | 2.04% |
Expenses net of all reductions | | 1.98% I | | 1.97% | | 2.06% | | 2.05% | | 2.06% | | 2.03% |
Net investment income (loss) | | (.33)% I | | (.53)% | | (.74)% | | (.97)% | | (.85)% | | .38% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 27,401 | $ | 27,270 | $ | 33,575 | $ | 58,867 | $ | 55,013 | $ | 57,291 |
Portfolio turnover rate J | | | | 22% | | 22% | | 21% | | 23% | | 21% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® International Growth Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.38 | $ | 15.05 | $ | 21.26 | $ | 16.20 | $ | 15.16 | $ | 12.57 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .09 | | .05 | | .02 | | .03 | | .19 C |
Net realized and unrealized gain (loss) | | 3.25 | | 1.51 | | (5.85) | | 5.06 | | 1.17 | | 2.51 |
Total from investment operations | | 3.32 | | 1.60 | | (5.80) | | 5.08 | | 1.20 | | 2.70 |
Distributions from net investment income | | (.09) | | (.04) | | (.09) | | (.02) | | (.16) | | (.11) |
Distributions from net realized gain | | - | | (.23) | | (.32) | | - | | - | | - |
Total distributions | | (.09) | | (.27) | | (.41) | | (.02) | | (.16) | | (.11) |
Net asset value, end of period | $ | 19.61 | $ | 16.38 | $ | 15.05 | $ | 21.26 | $ | 16.20 | $ | 15.16 |
Total Return D,E | | | | 10.59% | | (27.79)% | | 31.38% | | 7.93% | | 21.66% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .96% H | | .93% | | 1.01% | | .99% | | 1.01% | | .99% |
Expenses net of fee waivers, if any | | | | .92% | | 1.01% | | .99% | | 1.01% | | .99% |
Expenses net of all reductions | | .95% H | | .92% | | 1.01% | | .99% | | 1.00% | | .99% |
Net investment income (loss) | | .70% H | | .52% | | .31% | | .09% | | .21% | | 1.42% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,534,181 | $ | 1,277,884 | $ | 1,194,442 | $ | 1,773,433 | $ | 1,292,392 | $ | 1,040,532 |
Portfolio turnover rate I | | | | 22% | | 22% | | 21% | | 23% | | 21% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .93%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Growth Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.34 | $ | 15.01 | $ | 21.20 | $ | 16.16 | $ | 15.13 | $ | 12.55 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .09 | | .05 | | .01 | | .03 | | .20 C |
Net realized and unrealized gain (loss) | | 3.25 | | 1.50 | | (5.83) | | 5.05 | | 1.16 | | 2.49 |
Total from investment operations | | 3.31 | | 1.59 | | (5.78) | | 5.06 | | 1.19 | | 2.69 |
Distributions from net investment income | | (.09) | | (.03) | | (.09) | | (.02) | | (.16) | | (.11) |
Distributions from net realized gain | | - | | (.23) | | (.32) | | - | | - | | - |
Total distributions | | (.09) | | (.26) | | (.41) | | (.02) | | (.16) | | (.11) |
Net asset value, end of period | $ | 19.56 | $ | 16.34 | $ | 15.01 | $ | 21.20 | $ | 16.16 | $ | 15.13 |
Total Return D,E | | | | 10.59% | | (27.78)% | | 31.36% | | 7.90% | | 21.64% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .98% H | | .94% | | 1.02% | | 1.00% | | 1.01% | | .97% |
Expenses net of fee waivers, if any | | | | .93% | | 1.02% | | 1.00% | | 1.01% | | .97% |
Expenses net of all reductions | | .97% H | | .93% | | 1.02% | | 1.00% | | 1.00% | | .97% |
Net investment income (loss) | | .68% H | | .51% | | .30% | | .07% | | .21% | | 1.44% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,707,285 | $ | 1,441,605 | $ | 1,373,850 | $ | 2,035,690 | $ | 1,382,837 | $ | 953,360 |
Portfolio turnover rate I | | | | 22% | | 22% | | 21% | | 23% | | 21% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .96%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Growth Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.38 | $ | 15.05 | $ | 21.25 | $ | 16.19 | $ | 15.16 | $ | 12.57 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .08 | | .11 | | .08 | | .04 | | .05 | | .22 C |
Net realized and unrealized gain (loss) | | 3.25 | | 1.51 | | (5.85) | | 5.06 | | 1.16 | | 2.50 |
Total from investment operations | | 3.33 | | 1.62 | | (5.77) | | 5.10 | | 1.21 | | 2.72 |
Distributions from net investment income | | (.12) | | (.06) | | (.11) | | (.04) | | (.18) | | (.13) |
Distributions from net realized gain | | - | | (.23) | | (.32) | | - | | - | | - |
Total distributions | | (.12) | | (.29) | | (.43) | | (.04) | | (.18) | | (.13) |
Net asset value, end of period | $ | 19.59 | $ | 16.38 | $ | 15.05 | $ | 21.25 | $ | 16.19 | $ | 15.16 |
Total Return D,E | | | | 10.74% | | (27.68)% | | 31.55% | | 8.01% | | 21.85% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .87% H | | .80% | | .89% | | .87% | | .88% | | .84% |
Expenses net of fee waivers, if any | | | | .79% | | .89% | | .87% | | .88% | | .84% |
Expenses net of all reductions | | .86% H | | .79% | | .89% | | .87% | | .87% | | .84% |
Net investment income (loss) | | .79% H | | .65% | | .43% | | .20% | | .34% | | 1.57% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,779,921 | $ | 1,394,806 | $ | 989,259 | $ | 1,277,877 | $ | 1,350,267 | $ | 1,082,899 |
Portfolio turnover rate I | | | | 22% | | 22% | | 21% | | 23% | | 21% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.08%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,884,249,483 |
Gross unrealized depreciation | (93,059,885) |
Net unrealized appreciation (depreciation) | $1,791,189,598 |
Tax cost | $3,670,482,422 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(19,969,920) |
Long-term | (59,075,488) |
Total capital loss carryforward | $(79,045,408) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Growth Fund | 884,728,163 | 854,883,188 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .87 |
Class M | .87 |
Class C | .87 |
International Growth | .84 |
Class I | .85 |
Class Z | .71 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .81 |
Class M | .81 |
Class C | .81 |
International Growth | .78 |
Class I | .81 |
Class Z | .69 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity International Growth Fund | MSCI EAFE Growth Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .12%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 251,815 | 3,856 |
Class M | .25% | .25% | 77,796 | 572 |
Class C | .75% | .25% | 146,767 | 11,722 |
| | | 476,378 | 16,150 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 23,973 |
Class M | 1,294 |
Class CA | 201 |
| 25,468 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
International Growth | .1672 |
Class I | .1771 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 130,920 | .20 |
Class M | 20,774 | .20 |
Class C | 19,864 | .20 |
International Growth | 806,056 | .17 |
Class I | 962,437 | .18 |
Class Z | 199,518 | .04 |
| 2,139,569 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity International Growth Fund | .0302 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity International Growth Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Growth Fund | 1,044 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity International Growth Fund | Borrower | 19,849,000 | 5.57% | 18,414 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Growth Fund | 47,153,146 | 24,931,317 | 5,069,008 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity International Growth Fund | 4,477 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity International Growth Fund | 17,121 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $116. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 72 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $218,044.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Growth Fund | | |
Distributions to shareholders | | |
Class A | $381,200 | $2,422,202 |
Class M | - | 405,995 |
Class C | - | 523,121 |
International Growth | 7,052,424 | 20,712,364 |
Class I | 7,886,338 | 22,283,776 |
Class Z | 8,740,117 | 16,703,137 |
Total | $24,060,079 | $63,050,595 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Growth Fund | | | | |
Class A | | | | |
Shares sold | 783,361 | 1,715,103 | $14,844,494 | $29,331,847 |
Reinvestment of distributions | 21,028 | 147,890 | 380,608 | 2,418,006 |
Shares redeemed | (1,015,601) | (1,838,431) | (19,358,896) | (31,184,405) |
Net increase (decrease) | (211,212) | 24,562 | $(4,133,794) | $565,448 |
Class M | | | | |
Shares sold | 66,187 | 132,875 | $1,269,544 | $2,258,104 |
Reinvestment of distributions | - | 25,006 | - | 405,854 |
Shares redeemed | (141,407) | (248,334) | (2,679,591) | (4,205,991) |
Net increase (decrease) | (75,220) | (90,453) | $(1,410,047) | $(1,542,033) |
Class C | | | | |
Shares sold | 69,479 | 198,976 | $1,271,287 | $3,272,412 |
Reinvestment of distributions | - | 33,238 | - | 522,168 |
Shares redeemed | (352,580) | (810,575) | (6,409,154) | (13,278,845) |
Net increase (decrease) | (283,101) | (578,361) | $(5,137,867) | $(9,484,265) |
International Growth | | | | |
Shares sold | 6,920,643 | 14,951,508 | $134,774,744 | $259,687,765 |
Reinvestment of distributions | 347,988 | 1,147,426 | 6,354,264 | 18,921,062 |
Shares redeemed | (7,046,764) | (17,451,945) | (135,489,993) | (300,038,938) |
Net increase (decrease) | 221,867 | (1,353,011) | $5,639,015 | $(21,430,111) |
Class I | | | | |
Shares sold | 11,346,163 | 26,254,085 | $219,645,367 | $452,275,393 |
Reinvestment of distributions | 424,789 | 1,326,495 | 7,735,409 | 21,820,838 |
Shares redeemed | (12,714,795) | (30,872,229) | (245,815,777) | (525,218,348) |
Net increase (decrease) | (943,843) | (3,291,649) | $(18,435,001) | $(51,122,117) |
Class Z | | | | |
Shares sold | 25,490,620 | 46,420,503 | $513,364,245 | $799,082,627 |
Reinvestment of distributions | 267,865 | 410,878 | 4,883,179 | 6,767,160 |
Shares redeemed | (20,064,440) | (27,405,076) | (368,293,993) | (457,433,954) |
Net increase (decrease) | 5,694,045 | 19,426,305 | $149,953,431 | $348,415,833 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® International Growth Fund | | | | | | | | | | |
Class A | | | | 1.24% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,201.30 | | $ 6.79 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.70 | | $ 6.22 |
Class M | | | | 1.49% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,199.50 | | $ 8.15 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.45 | | $ 7.47 |
Class C | | | | 1.98% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,197.30 | | $ 10.82 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,015.02 | | $ 9.92 |
Fidelity® International Growth Fund ** | | | | .95% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,203.20 | | $ 5.20 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.14 | | $ 4.77 |
Class I | | | | .97% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,203.00 | | $ 5.31 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.04 | | $ 4.87 |
Class Z | | | | .86% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,203.60 | | $ 4.71 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.59 | | $ 4.32 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
Fidelity® International Growth Fund | | | | | | |
Fidelity® International Growth Fund | | | | .90% | | |
Actual | | | | | | $ 4.93 |
Hypothetical- B | | | | | | $ 4.52 |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity International Growth Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.912353.114
IGF-SANN-0624
Fidelity® International Discovery Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.6 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.4 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.5 | |
UniCredit SpA (Italy, Banks) | 2.4 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 2.3 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 | |
L'Oreal SA (France, Personal Care Products) | 1.9 | |
Constellation Software, Inc. (Canada, Software) | 1.8 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.7 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 1.7 | |
| 23.4 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 19.0 | |
Financials | 19.4 | |
Industrials | 18.3 | |
Consumer Discretionary | 12.9 | |
Health Care | 11.1 | |
Materials | 5.2 | |
Consumer Staples | 4.0 | |
Energy | 3.5 | |
Communication Services | 2.2 | |
Real Estate | 0.9 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 95.8% |
| | Shares | Value ($) (000s) |
Australia - 2.0% | | | |
Aristocrat Leisure Ltd. | | 1,038,597 | 26,505 |
CAR Group Ltd. | | 2,199,799 | 47,699 |
IperionX Ltd. (a)(b) | | 18,273,999 | 24,717 |
National Storage REIT unit | | 36,790,981 | 50,732 |
Steadfast Group Ltd. | | 6,712,311 | 24,429 |
TOTAL AUSTRALIA | | | 174,082 |
Bailiwick of Jersey - 0.4% | | | |
JTC PLC (c) | | 3,584,663 | 38,297 |
Belgium - 1.2% | | | |
UCB SA | | 829,720 | 110,286 |
Brazil - 1.3% | | | |
MercadoLibre, Inc. (a) | | 51,523 | 75,157 |
Nu Holdings Ltd. (a) | | 3,709,128 | 40,281 |
TOTAL BRAZIL | | | 115,438 |
Canada - 4.8% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,149,500 | 63,710 |
Cameco Corp. | | 995,500 | 45,420 |
Canadian Natural Resources Ltd. | | 1,742,939 | 132,077 |
Constellation Software, Inc. | | 63,091 | 162,432 |
Constellation Software, Inc. warrants 3/31/40 (a)(d) | | 50,942 | 0 |
Definity Financial Corp. | | 504,012 | 16,801 |
Lumine Group, Inc. (a) | | 158,038 | 4,329 |
TOTAL CANADA | | | 424,769 |
China - 0.1% | | | |
Chervon Holdings Ltd. | | 4,724,529 | 11,474 |
Denmark - 3.6% | | | |
Novo Nordisk A/S Series B | | 2,504,919 | 321,235 |
France - 11.7% | | | |
Air Liquide SA | | 700,823 | 137,066 |
Airbus Group NV | | 553,538 | 91,089 |
AXA SA | | 4,000,431 | 138,495 |
BNP Paribas SA | | 1,019,433 | 73,360 |
EssilorLuxottica SA | | 410,239 | 87,912 |
Hermes International SCA | | 37,081 | 89,078 |
L'Oreal SA | | 351,503 | 164,923 |
LVMH Moet Hennessy Louis Vuitton SE | | 228,948 | 188,066 |
Safran SA | | 321,800 | 69,777 |
TOTAL FRANCE | | | 1,039,766 |
Germany - 6.4% | | | |
adidas AG | | 201,700 | 48,734 |
Merck KGaA | | 366,514 | 58,261 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 176,486 | 77,636 |
Nexus AG | | 562,762 | 31,050 |
Rheinmetall AG | | 260,442 | 143,752 |
SAP SE | | 595,100 | 107,455 |
Siemens AG | | 475,952 | 89,162 |
Siemens Healthineers AG (c) | | 333,238 | 18,481 |
TOTAL GERMANY | | | 574,531 |
Hong Kong - 0.3% | | | |
AIA Group Ltd. | | 3,524,126 | 25,812 |
Hungary - 0.2% | | | |
Richter Gedeon PLC | | 845,978 | 21,543 |
India - 3.1% | | | |
Avenue Supermarts Ltd. (a)(c) | | 505,358 | 27,878 |
Computer Age Management Services Private Ltd. | | 717,700 | 27,500 |
Delhivery Private Ltd. (a) | | 2,843,400 | 15,282 |
HDFC Bank Ltd. | | 7,036,719 | 127,755 |
HDFC Bank Ltd. sponsored ADR | | 32,600 | 1,878 |
Larsen & Toubro Ltd. | | 807,273 | 34,692 |
Lenskart Solutions Pvt Ltd. (d)(e) | | 327,400 | 9,023 |
Pine Labs Private Ltd. (a)(d)(e) | | 8,672 | 2,836 |
Sona Blw Precision Forgings Ltd. (c) | | 2,874,000 | 21,477 |
Star Health & Allied Insurance Co. Ltd. (a) | | 853,800 | 5,845 |
TOTAL INDIA | | | 274,166 |
Ireland - 1.9% | | | |
Cairn Homes PLC | | 25,817,293 | 43,745 |
Dalata Hotel Group PLC | | 11,086,402 | 49,929 |
Kingspan Group PLC (Ireland) | | 809,970 | 72,480 |
TOTAL IRELAND | | | 166,154 |
Israel - 0.3% | | | |
NICE Ltd. sponsored ADR (a) | | 138,600 | 30,978 |
Italy - 4.9% | | | |
BFF Bank SpA (c) | | 3,138,320 | 40,358 |
Davide Campari Milano NV (f) | | 3,205,337 | 32,223 |
Ferrari NV (f) | | 142,328 | 59,166 |
FinecoBank SpA | | 1,616,874 | 24,917 |
Prysmian SpA | | 1,010,786 | 55,208 |
Recordati SpA | | 195,159 | 10,424 |
UniCredit SpA | | 5,906,834 | 216,807 |
TOTAL ITALY | | | 439,103 |
Japan - 17.3% | | | |
Capcom Co. Ltd. | | 2,442,502 | 40,210 |
Daiichi Sankyo Kabushiki Kaisha | | 1,761,149 | 59,276 |
Disco Corp. | | 112,200 | 31,960 |
Fast Retailing Co. Ltd. | | 292,980 | 76,605 |
Fuji Electric Co. Ltd. | | 1,100,900 | 68,480 |
Hitachi Ltd. | | 2,274,792 | 209,874 |
Hoya Corp. | | 1,024,243 | 118,751 |
Itochu Corp. | | 2,622,771 | 118,326 |
JTOWER, Inc. (a)(f) | | 550,353 | 11,241 |
Keyence Corp. | | 124,562 | 54,779 |
Mitsubishi Heavy Industries Ltd. | | 5,650,000 | 50,517 |
Mitsubishi UFJ Financial Group, Inc. | | 8,091,699 | 80,604 |
ORIX Corp. | | 4,209,538 | 86,150 |
Pan Pacific International Holdings Ltd. | | 1,963,033 | 46,104 |
Renesas Electronics Corp. | | 7,016,459 | 113,917 |
Shin-Etsu Chemical Co. Ltd. | | 3,260,278 | 126,202 |
Sony Group Corp. | | 1,199,050 | 99,103 |
Sumitomo Mitsui Financial Group, Inc. | | 1,057,613 | 60,076 |
TIS, Inc. | | 940,404 | 20,084 |
Tokio Marine Holdings, Inc. | | 1,712,126 | 54,114 |
Visional, Inc. (a) | | 360,400 | 16,444 |
TOTAL JAPAN | | | 1,542,817 |
Kazakhstan - 0.2% | | | |
Kaspi.KZ JSC ADR | | 131,337 | 15,466 |
Korea (South) - 2.2% | | | |
HD Hyundai Marine Solution Co. Ltd. (g) | | 22,500 | 1,354 |
Samsung Electronics Co. Ltd. | | 2,819,550 | 156,291 |
SK Hynix, Inc. | | 339,330 | 41,758 |
TOTAL KOREA (SOUTH) | | | 199,403 |
Luxembourg - 0.1% | | | |
CVC Capital Partners PLC | | 287,000 | 5,207 |
Netherlands - 7.0% | | | |
ASML Holding NV (Netherlands) | | 345,394 | 306,937 |
BE Semiconductor Industries NV | | 723,294 | 96,873 |
IMCD NV | | 224,001 | 34,005 |
ING Groep NV (Certificaten Van Aandelen) | | 3,178,787 | 50,257 |
Topicus.Com, Inc. | | 101,012 | 8,232 |
Universal Music Group NV | | 965,422 | 28,539 |
Wolters Kluwer NV | | 670,117 | 100,657 |
TOTAL NETHERLANDS | | | 625,500 |
Spain - 1.1% | | | |
CaixaBank SA | | 15,919,377 | 83,952 |
Cie Automotive SA | | 55,844 | 1,484 |
Puig Group SL Class B | | 336,200 | 8,790 |
TOTAL SPAIN | | | 94,226 |
Sweden - 2.6% | | | |
ASSA ABLOY AB (B Shares) (f) | | 1,375,155 | 36,334 |
Indutrade AB | | 2,758,346 | 64,626 |
Investor AB (B Shares) | | 3,467,400 | 85,691 |
Kry International AB (a)(d)(e) | | 4,183 | 127 |
Lagercrantz Group AB (B Shares) | | 2,923,515 | 43,480 |
TOTAL SWEDEN | | | 230,258 |
Switzerland - 0.8% | | | |
Partners Group Holding AG | | 55,482 | 71,793 |
Taiwan - 2.5% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 9,193,000 | 219,724 |
United Kingdom - 11.8% | | | |
3i Group PLC | | 3,278,815 | 117,144 |
AstraZeneca PLC (United Kingdom) | | 996,640 | 150,741 |
BAE Systems PLC | | 8,633,334 | 143,591 |
Big Yellow Group PLC | | 1,838,537 | 24,811 |
Cab Payments Holdings Ltd. (f) | | 3,835,950 | 6,375 |
Compass Group PLC | | 4,958,904 | 137,926 |
Diageo PLC | | 664,480 | 22,964 |
Flutter Entertainment PLC (a) | | 303,195 | 56,544 |
Games Workshop Group PLC | | 401,752 | 49,749 |
JD Sports Fashion PLC | | 11,510,700 | 16,627 |
London Stock Exchange Group PLC | | 942,321 | 103,882 |
RELX PLC (London Stock Exchange) | | 2,197,707 | 90,297 |
Sage Group PLC | | 3,579,473 | 52,152 |
Starling Bank Ltd. Series D (a)(d)(e) | | 6,223,100 | 23,406 |
Zegona Communications PLC (a) | | 20,350,692 | 58,487 |
TOTAL UNITED KINGDOM | | | 1,054,696 |
United States of America - 8.0% | | | |
Canva, Inc. Class A (d)(e) | | 5,900 | 6,293 |
CRH PLC | | 1,132,926 | 88,280 |
Globant SA (a) | | 132,796 | 23,716 |
Linde PLC | | 201,223 | 88,731 |
Microsoft Corp. | | 201,140 | 78,310 |
Nestle SA (Reg. S) | | 353,523 | 35,494 |
NVIDIA Corp. | | 135,751 | 117,292 |
Samsonite International SA (c) | | 9,300,083 | 32,696 |
Schneider Electric SA | | 489,800 | 111,681 |
Shell PLC (London) | | 3,760,399 | 133,677 |
TOTAL UNITED STATES OF AMERICA | | | 716,170 |
TOTAL COMMON STOCKS (Cost $6,060,412) | | | 8,542,894 |
| | | |
Preferred Stocks - 0.7% |
| | Shares | Value ($) (000s) |
Convertible Preferred Stocks - 0.5% | | | |
China - 0.4% | | | |
ByteDance Ltd. Series E1 (a)(d)(e) | | 131,235 | 30,246 |
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) | | 727,754 | 3,588 |
| | | 33,834 |
Estonia - 0.1% | | | |
Bolt Technology OU Series E (a)(d)(e) | | 87,239 | 10,713 |
United States of America - 0.0% | | | |
Canva, Inc.: | | | |
Series A (d)(e) | | 931 | 993 |
Series A2 (d)(e) | | 169 | 180 |
| | | 1,173 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 45,720 |
Nonconvertible Preferred Stocks - 0.2% | | | |
India - 0.2% | | | |
Pine Labs Private Ltd.: | | | |
Series 1 (a)(d)(e) | | 20,726 | 6,777 |
Series A (a)(d)(e) | | 5,179 | 1,693 |
Series B (a)(d)(e) | | 5,635 | 1,843 |
Series B2 (a)(d)(e) | | 4,558 | 1,490 |
Series C (a)(d)(e) | | 8,478 | 2,772 |
Series C1 (a)(d)(e) | | 1,786 | 584 |
Series D (a)(d)(e) | | 1,910 | 625 |
| | | 15,784 |
Sweden - 0.0% | | | |
Kry International AB Series E (a)(d)(e) | | 24,162 | 1,001 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 16,785 |
TOTAL PREFERRED STOCKS (Cost $77,597) | | | 62,505 |
| | | |
Money Market Funds - 3.6% |
| | Shares | Value ($) (000s) |
Fidelity Cash Central Fund 5.39% (h) | | 278,064,388 | 278,120 |
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 44,727,264 | 44,732 |
TOTAL MONEY MARKET FUNDS (Cost $322,852) | | | 322,852 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $6,460,861) | 8,928,251 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (6,166) |
NET ASSETS - 100.0% | 8,922,085 |
| |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $179,187,000 or 2.0% of net assets. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $104,190,000 or 1.2% of net assets. |
(f) | Security or a portion of the security is on loan at period end. |
(g) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Bolt Technology OU Series E | 1/03/22 | 22,664 |
| | |
ByteDance Ltd. Series E1 | 11/18/20 | 14,380 |
| | |
Canva, Inc. Class A | 3/18/24 | 6,293 |
| | |
Canva, Inc. Series A | 9/22/23 | 993 |
| | |
Canva, Inc. Series A2 | 9/22/23 | 180 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 10,336 |
| | |
Kry International AB | 5/14/21 | 1,817 |
| | |
Kry International AB Series E | 5/14/21 | 11,046 |
| | |
Lenskart Solutions Pvt Ltd. | 4/30/24 | 9,023 |
| | |
Pine Labs Private Ltd. | 6/30/21 | 3,233 |
| | |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 7,728 |
| | |
Pine Labs Private Ltd. Series A | 6/30/21 | 1,931 |
| | |
Pine Labs Private Ltd. Series B | 6/30/21 | 2,101 |
| | |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 1,699 |
| | |
Pine Labs Private Ltd. Series C | 6/30/21 | 3,161 |
| | |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 666 |
| | |
Pine Labs Private Ltd. Series D | 6/30/21 | 712 |
| | |
Starling Bank Ltd. Series D | 6/18/21 | 11,126 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 264,603 | 1,289,599 | 1,276,082 | 4,860 | - | - | 278,120 | 0.6% |
Fidelity Securities Lending Cash Central Fund 5.39% | 31,747 | 416,913 | 403,928 | 313 | - | - | 44,732 | 0.2% |
Total | 296,350 | 1,706,512 | 1,680,010 | 5,173 | - | - | 322,852 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
IperionX Ltd. | 13,105 | 1,429 | 41 | - | 19 | 10,205 | 24,717 |
Zegona Communications PLC | 122 | 36,973 | 87 | - | 29 | 21,450 | - |
Total | 13,227 | 38,402 | 128 | - | 48 | 31,655 | 24,717 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 216,422 | 87,026 | 99,150 | 30,246 |
Consumer Discretionary | 1,146,658 | 490,213 | 639,956 | 16,489 |
Consumer Staples | 355,982 | 260,856 | 95,126 | - |
Energy | 311,174 | 177,497 | 133,677 | - |
Financials | 1,696,788 | 563,195 | 1,110,187 | 23,406 |
Health Care | 991,548 | 319,476 | 668,484 | 3,588 |
Industrials | 1,645,128 | 470,728 | 1,174,400 | - |
Information Technology | 1,701,160 | 924,731 | 745,968 | 30,461 |
Materials | 464,996 | 177,011 | 287,985 | - |
Real Estate | 75,543 | 24,811 | 50,732 | - |
|
Money Market Funds | 322,852 | 322,852 | - | - |
Total Investments in Securities: | 8,928,251 | 3,818,396 | 5,005,665 | 104,190 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Beginning Balance | $ | 101,024 | |
Net Realized Gain (Loss) on Investment Securities | | (5,048) | |
Net Unrealized Gain (Loss) on Investment Securities | | 7,116 | |
Cost of Purchases | | 15,316 | |
Proceeds of Sales | | (991) | |
Amortization/Accretion | | - | |
Transfers into Level 3 | | - | |
Transfers out of Level 3 | | (13,227) | |
Ending Balance | $ | 104,190 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 1,306 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Statement of Assets and Liabilities |
Amounts in thousands (except per-share amounts) | | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $42,241) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,123,420) | $ | 8,580,682 | | |
Fidelity Central Funds (cost $322,852) | | 322,852 | | |
Other affiliated issuers (cost $14,589) | | 24,717 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $6,460,861) | | | $ | 8,928,251 |
Foreign currency held at value (cost $7,317) | | | | 7,306 |
Receivable for investments sold | | | | 601 |
Receivable for fund shares sold | | | | 3,386 |
Dividends receivable | | | | 30,022 |
Reclaims receivable | | | | 26,844 |
Distributions receivable from Fidelity Central Funds | | | | 1,362 |
Prepaid expenses | | | | 3 |
Other receivables | | | | 3,436 |
Total assets | | | | 9,001,211 |
Liabilities | | | | |
Payable for investments purchased | | | | |
Regular delivery | $ | 17,824 | | |
Delayed delivery | | 1,367 | | |
Payable for fund shares redeemed | | 2,847 | | |
Accrued management fee | | 3,999 | | |
Distribution and service plan fees payable | | 41 | | |
Deferred taxes | | 7,622 | | |
Other payables and accrued expenses | | 694 | | |
Collateral on securities loaned | | 44,732 | | |
Total liabilities | | | | 79,126 |
Net Assets | | | $ | 8,922,085 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 6,957,989 |
Total accumulated earnings (loss) | | | | 1,964,096 |
Net Assets | | | $ | 8,922,085 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($141,249 ÷ 3,002 shares)(a) | | | $ | 47.05 |
Maximum offering price per share (100/94.25 of $47.05) | | | $ | 49.92 |
Class M : | | | | |
Net Asset Value and redemption price per share ($17,569 ÷ 377 shares)(a) | | | $ | 46.60 |
Maximum offering price per share (100/96.50 of $46.60) | | | $ | 48.29 |
Class C : | | | | |
Net Asset Value and offering price per share ($4,638 ÷ 101 shares)(a)(b) | | | $ | 46.00 |
International Discovery : | | | | |
Net Asset Value, offering price and redemption price per share ($3,857,459 ÷ 81,339 shares) | | | $ | 47.42 |
Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($550,014 ÷ 11,640 shares) | | | $ | 47.25 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($603,538 ÷ 12,776 shares) | | | $ | 47.24 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($3,747,618 ÷ 79,428 shares) | | | $ | 47.18 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
Statement of Operations |
Amounts in thousands | | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 98,353 |
Income from Fidelity Central Funds (including $313 from security lending) | | | | 5,173 |
Income before foreign taxes withheld | | | $ | 103,526 |
Less foreign taxes withheld | | | | (8,683) |
Total income | | | | 94,843 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 28,437 | | |
Performance adjustment | | (9,052) | | |
Transfer agent fees | | 2,692 | | |
Distribution and service plan fees | | 239 | | |
Accounting fees | | 547 | | |
Custodian fees and expenses | | 325 | | |
Independent trustees' fees and expenses | | 20 | | |
Registration fees | | 104 | | |
Audit | | 97 | | |
Legal | | 6 | | |
Interest | | 1 | | |
Miscellaneous | | 16 | | |
Total expenses before reductions | | 23,432 | | |
Expense reductions | | (371) | | |
Total expenses after reductions | | | | 23,061 |
Net Investment income (loss) | | | | 71,782 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 57,991 | | |
Redemptions in-kind | | 9,303 | | |
Affiliated issuers | | 48 | | |
Foreign currency transactions | | 342 | | |
Total net realized gain (loss) | | | | 67,684 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $476) | | 1,441,265 | | |
Affiliated issuers | | 31,655 | | |
Assets and liabilities in foreign currencies | | (220) | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,472,700 |
Net gain (loss) | | | | 1,540,384 |
Net increase (decrease) in net assets resulting from operations | | | $ | 1,612,166 |
Statement of Changes in Net Assets |
|
Amount in thousands | | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 71,782 | $ | 121,221 |
Net realized gain (loss) | | 67,684 | | (92,662) |
Change in net unrealized appreciation (depreciation) | | 1,472,700 | | 524,383 |
Net increase (decrease) in net assets resulting from operations | | 1,612,166 | | 552,942 |
Distributions to shareholders | | (157,784) | | (30,708) |
| | | | |
Share transactions - net increase (decrease) | | 332,033 | | (756,854) |
Total increase (decrease) in net assets | | 1,786,415 | | (234,620) |
| | | | |
Net Assets | | | | |
Beginning of period | | 7,135,670 | | 7,370,290 |
End of period | $ | 8,922,085 | $ | 7,135,670 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® International Discovery Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 39.12 | $ | 36.68 | $ | 58.79 | $ | 45.84 | $ | 43.31 | $ | 39.99 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .31 | | .49 | | .56 C | | .18 | | .16 | | .63 D |
Net realized and unrealized gain (loss) | | 8.32 | | 1.95 | | (16.91) | | 14.60 | | 3.27 | | 3.93 |
Total from investment operations | | 8.63 | | 2.44 | | (16.35) | | 14.78 | | 3.43 | | 4.56 |
Distributions from net investment income | | (.70) | | - | | (1.38) | | (.12) | | (.62) | | (.33) |
Distributions from net realized gain | | - | | - | | (4.38) | | (1.71) | | (.28) | | (.91) |
Total distributions | | (.70) | | - | | (5.76) | | (1.83) | | (.90) | | (1.24) |
Net asset value, end of period | $ | 47.05 | $ | 39.12 | $ | 36.68 | $ | 58.79 | $ | 45.84 | $ | 43.31 |
Total Return E,F,G | | | | 6.65% | | (30.57)% | | 32.86% | | 8.02% | | 11.90% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | .89% J | | 1.00% | | 1.31% | | 1.32% | | 1.36% | | 1.12% |
Expenses net of fee waivers, if any | | | | .99% | | 1.30% | | 1.32% | | 1.36% | | 1.12% |
Expenses net of all reductions | | .88% J | | .99% | | 1.30% | | 1.32% | | 1.36% | | 1.11% |
Net investment income (loss) | | 1.37% J | | 1.17% | | 1.27% C | | .32% | | .38% | | 1.57% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 141 | $ | 122 | $ | 131 | $ | 206 | $ | 173 | $ | 185 |
Portfolio turnover rate K | | | | 49% L | | 43% L | | 41% L | | 34% L | | 70% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .92%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Discovery Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 38.71 | $ | 36.38 | $ | 58.35 | $ | 45.53 | $ | 43.01 | $ | 39.71 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .25 | | .38 | | .45 C | | .04 | | .06 | | .53 D |
Net realized and unrealized gain (loss) | | 8.24 | | 1.95 | | (16.81) | | 14.51 | | 3.24 | | 3.91 |
Total from investment operations | | 8.49 | | 2.33 | | (16.36) | | 14.55 | | 3.30 | | 4.44 |
Distributions from net investment income | | (.60) | | - | | (1.23) | | (.02) | | (.51) | | (.22) |
Distributions from net realized gain | | - | | - | | (4.38) | | (1.71) | | (.28) | | (.91) |
Total distributions | | (.60) | | - | | (5.61) | | (1.73) | | (.78) E | | (1.14) E |
Net asset value, end of period | $ | 46.60 | $ | 38.71 | $ | 36.38 | $ | 58.35 | $ | 45.53 | $ | 43.01 |
Total Return F,G,H | | | | 6.40% | | (30.76)% | | 32.53% | | 7.77% | | 11.62% |
Ratios to Average Net Assets A,I,J | | | | | | | | | | | | |
Expenses before reductions | | 1.14% K | | 1.24% | | 1.55% | | 1.57% | | 1.61% | | 1.37% |
Expenses net of fee waivers, if any | | | | 1.24% | | 1.55% | | 1.57% | | 1.61% | | 1.37% |
Expenses net of all reductions | | 1.13% K | | 1.23% | | 1.55% | | 1.57% | | 1.60% | | 1.35% |
Net investment income (loss) | | 1.12% K | | .93% | | 1.02% C | | .07% | | .13% | | 1.32% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 18 | $ | 15 | $ | 16 | $ | 25 | $ | 21 | $ | 24 |
Portfolio turnover rate L | | | | 49% M | | 43% M | | 41% M | | 34% M | | 70% M |
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .67%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .80%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Discovery Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 38.06 | $ | 35.96 | $ | 57.59 | $ | 45.18 | $ | 42.60 | $ | 39.32 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .16 | | .21 C | | (.27) | | (.18) | | .31 D |
Net realized and unrealized gain (loss) | | 8.13 | | 1.94 | | (16.66) | | 14.38 | | 3.22 | | 3.88 |
Total from investment operations | | 8.27 | | 2.10 | | (16.45) | | 14.11 | | 3.04 | | 4.19 |
Distributions from net investment income | | (.33) | | - | | (.80) | | - | | (.19) | | - |
Distributions from net realized gain | | - | | - | | (4.38) | | (1.70) | | (.28) | | (.91) |
Total distributions | | (.33) | | - | | (5.18) | | (1.70) | | (.46) E | | (.91) |
Net asset value, end of period | $ | 46.00 | $ | 38.06 | $ | 35.96 | $ | 57.59 | $ | 45.18 | $ | 42.60 |
Total Return F,G,H | | | | 5.84% | | (31.14)% | | 31.79% | | 7.19% | | 11.02% |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
Expenses before reductions | | 1.64% K | | 1.77% | | 2.10% | | 2.14% | | 2.16% | | 1.91% |
Expenses net of fee waivers, if any | | | | 1.76% | | 2.10% | | 2.13% | | 2.15% | | 1.91% |
Expenses net of all reductions | | 1.63% K | | 1.76% | | 2.10% | | 2.13% | | 2.15% | | 1.90% |
Net investment income (loss) | | .63% K | | .40% | | .48% C | | (.50)% | | (.41)% | | .78% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 5 | $ | 4 | $ | 5 | $ | 10 | $ | 11 | $ | 12 |
Portfolio turnover rate L | | | | 49% M | | 43% M | | 41% M | | 34% M | | 70% M |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .26%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the contingent deferred sales charge.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® International Discovery Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 39.51 | $ | 37.04 | $ | 59.31 | $ | 46.20 | $ | 43.65 | $ | 40.32 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .38 | | .63 | | .72 C | | .36 | | .32 | | .78 D |
Net realized and unrealized gain (loss) | | 8.38 | | 1.98 | | (17.07) | | 14.71 | | 3.29 | | 3.95 |
Total from investment operations | | 8.76 | | 2.61 | | (16.35) | | 15.07 | | 3.61 | | 4.73 |
Distributions from net investment income | | (.85) | | (.14) | | (1.54) | | (.25) | | (.78) | | (.49) |
Distributions from net realized gain | | - | | - | | (4.38) | | (1.71) | | (.28) | | (.91) |
Total distributions | | (.85) | | (.14) | | (5.92) | | (1.96) | | (1.06) | | (1.40) |
Net asset value, end of period | $ | 47.42 | $ | 39.51 | $ | 37.04 | $ | 59.31 | $ | 46.20 | $ | 43.65 |
Total Return E,F | | | | 7.04% | | (30.36)% | | 33.29% | | 8.39% | | 12.31% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .59% I | | .66% | | .98% | | .99% | | 1.02% | | .78% |
Expenses net of fee waivers, if any | | | | .65% | | .97% | | .99% | | 1.02% | | .78% |
Expenses net of all reductions | | .58% I | | .65% | | .97% | | .99% | | 1.01% | | .76% |
Net investment income (loss) | | 1.67% I | | 1.51% | | 1.60% C | | .65% | | .72% | | 1.92% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 3,857 | $ | 3,353 | $ | 3,386 | $ | 5,117 | $ | 6,784 | $ | 6,726 |
Portfolio turnover rate J | | | | 49% K | | 43% K | | 41% K | | 34% K | | 70% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.40%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® International Discovery Fund Class K |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 39.39 | $ | 36.93 | $ | 59.18 | $ | 46.10 | $ | 43.55 | $ | 40.25 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .40 | | .68 | | .78 C | | .41 | | .36 | | .82 D |
Net realized and unrealized gain (loss) | | 8.35 | | 1.96 | | (17.02) | | 14.67 | | 3.29 | | 3.93 |
Total from investment operations | | 8.75 | | 2.64 | | (16.24) | | 15.08 | | 3.65 | | 4.75 |
Distributions from net investment income | | (.89) | | (.18) | | (1.62) | | (.29) | | (.82) | | (.54) |
Distributions from net realized gain | | - | | - | | (4.38) | | (1.71) | | (.28) | | (.91) |
Total distributions | | (.89) | | (.18) | | (6.01) E | | (2.00) | | (1.10) | | (1.45) |
Net asset value, end of period | $ | 47.25 | $ | 39.39 | $ | 36.93 | $ | 59.18 | $ | 46.10 | $ | 43.55 |
Total Return F,G | | | | 7.15% | | (30.28)% | | 33.40% | | 8.52% | | 12.41% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | .50% J | | .55% | | .87% | | .90% | | .91% | | .66% |
Expenses net of fee waivers, if any | | | | .54% | | .87% | | .90% | | .91% | | .66% |
Expenses net of all reductions | | .49% J | | .54% | | .87% | | .90% | | .91% | | .65% |
Net investment income (loss) | | 1.76% J | | 1.62% | | 1.71% C | | .74% | | .83% | | 2.03% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 550 | $ | 476 | $ | 603 | $ | 1,371 | $ | 1,401 | $ | 1,566 |
Portfolio turnover rate K | | | | 49% L | | 43% L | | 41% L | | 34% L | | 70% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Discovery Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 39.35 | $ | 36.90 | $ | 59.15 | $ | 46.08 | $ | 43.53 | $ | 40.22 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .37 | | .63 | | .69 C | | .35 | | .31 | | .77 D |
Net realized and unrealized gain (loss) | | 8.36 | | 1.96 | | (16.99) | | 14.67 | | 3.28 | | 3.93 |
Total from investment operations | | 8.73 | | 2.59 | | (16.30) | | 15.02 | | 3.59 | | 4.70 |
Distributions from net investment income | | (.84) | | (.14) | | (1.57) | | (.24) | | (.76) | | (.48) |
Distributions from net realized gain | | - | | - | | (4.38) | | (1.71) | | (.28) | | (.91) |
Total distributions | | (.84) | | (.14) | | (5.95) | | (1.95) | | (1.04) | | (1.39) |
Net asset value, end of period | $ | 47.24 | $ | 39.35 | $ | 36.90 | $ | 59.15 | $ | 46.08 | $ | 43.53 |
Total Return E,F | | | | 7.01% | | (30.37)% | | 33.26% | | 8.37% | | 12.26% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .61% I | | .67% | | .99% | | 1.02% | | 1.04% | | .80% |
Expenses net of fee waivers, if any | | | | .66% | | .99% | | 1.02% | | 1.04% | | .80% |
Expenses net of all reductions | | .60% I | | .66% | | .99% | | 1.02% | | 1.03% | | .79% |
Net investment income (loss) | | 1.65% I | | 1.50% | | 1.59% C | | .62% | | .70% | | 1.89% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 604 | $ | 497 | $ | 509 | $ | 566 | $ | 388 | $ | 463 |
Portfolio turnover rate J | | | | 49% K | | 43% K | | 41% K | | 34% K | | 70% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.37%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Discovery Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 39.33 | $ | 36.88 | $ | 59.14 | $ | 46.07 | $ | 43.52 | $ | 40.22 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .40 | | .67 | | .76 C | | .43 | | .36 | | .82 D |
Net realized and unrealized gain (loss) | | 8.35 | | 1.97 | | (16.99) | | 14.64 | | 3.29 | | 3.94 |
Total from investment operations | | 8.75 | | 2.64 | | (16.23) | | 15.07 | | 3.65 | | 4.76 |
Distributions from net investment income | | (.90) | | (.19) | | (1.65) | | (.29) | | (.82) | | (.54) |
Distributions from net realized gain | | - | | - | | (4.38) | | (1.71) | | (.28) | | (.91) |
Total distributions | | (.90) | | (.19) | | (6.03) | | (2.00) | | (1.10) | | (1.46) E |
Net asset value, end of period | $ | 47.18 | $ | 39.33 | $ | 36.88 | $ | 59.14 | $ | 46.07 | $ | 43.52 |
Total Return F,G | | | | 7.14% | | (30.29)% | | 33.40% | | 8.53% | | 12.42% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | .50% J | | .55% | | .87% | | .90% | | .91% | | .66% |
Expenses net of fee waivers, if any | | | | .54% | | .87% | | .90% | | .91% | | .66% |
Expenses net of all reductions | | .50% J | | .54% | | .87% | | .90% | | .91% | | .65% |
Net investment income (loss) | | 1.76% J | | 1.62% | | 1.71% C | | .74% | | .83% | | 2.03% D |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (in millions) | $ | 3,748 | $ | 2,668 | $ | 2,720 | $ | 3,972 | $ | 54 | $ | 82 |
Portfolio turnover rate K | | | | 49% L | | 43% L | | 41% L | | 34% L | | 70% L |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Discovery, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $ 104,190 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.9 - 12.5 / 5.6 | Increase |
| | | Enterprise value/Net income multiple (EV/NI) | 16.0 | Increase |
| | Market approach | Transaction price | $27.56 | Increase |
| | Recovery value | Recovery value | $0.00 | Increase |
| | Black scholes | Discount rate | 3.1% - 4.8% / 4.4% | Increase |
| | | Term | 2.0 - 3.0 / 2.8 | Increase |
| | | Volatility | 60.0% - 75.0% / 63.6% | Increase |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity International Discovery Fund | $422 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $2,598,202 |
Gross unrealized depreciation | (161,708) |
Net unrealized appreciation (depreciation) | $2,436,494 |
Tax cost | $6,491,757 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(533,865) |
Total capital loss carryforward | $(533,865) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Discovery Fund | 2,027,369 | 1,772,200 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity International Discovery Fund | 873 | 9,303 | 36,397 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity International Discovery Fund | 2,746 | 29,458 | 115,652 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .84 |
Class M | .84 |
Class C | .84 |
International Discovery | .78 |
Class K | .68 |
Class I | .80 |
Class Z | .68 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .81 |
Class M | .81 |
Class C | .81 |
International Discovery | .77 |
Class K | .68 |
Class I | .80 |
Class Z | .68 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity International Discovery Fund | MSCI EAFE Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Discovery. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.22)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 172 | 1 |
Class M | .25% | .25% | 43 | -A |
Class C | .75% | .25% | 24 | 2 |
| | | 239 | 3 |
A In the amount of less than five hundred dollars.
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 4 |
Class M | -B |
Class CA | -B |
| 4 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
B In the amount of less than five hundred dollars.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
International Discovery | .1447 |
Class I | .1603 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC received an asset-based fee of Class K's and Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 93 | .21 |
Class M | 12 | .21 |
Class C | 3 | .21 |
International Discovery | 1,775 | .14 |
Class K | 69 | .04 |
Class I | 292 | .16 |
Class Z | 448 | .04 |
| 2,692 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity International Discovery Fund | .0200 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity International Discovery Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Discovery Fund | 1 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity International Discovery Fund | Borrower | 4,624 | 5.57% | 1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Discovery Fund | 46,758 | 75,681 | (11,604) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity International Discovery Fund | 8 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity International Discovery Fund | 34 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.
| Expense reduction |
Class M | -A |
A In the amount of less than five hundred dollars.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $370.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Discovery Fund | | |
Distributions to shareholders | | |
Class A | $2,140 | $ - |
Class M | 233 | - |
Class C | 37 | - |
International Discovery | 70,858 | 12,630 |
Class K | 9,876 | 2,923 |
Class I | 10,534 | 1,852 |
Class Z | 64,106 | 13,303 |
Total | $157,784 | $30,708 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Discovery Fund | | | | |
Class A | | | | |
Shares sold | 67 | 180 | $3,077 | $7,469 |
Reinvestment of distributions | 50 | - | 2,114 | - |
Shares redeemed | (242) | (617) | (10,877) | (25,738) |
Net increase (decrease) | (125) | (437) | $(5,686) | $(18,269) |
Class M | | | | |
Shares sold | 5 | 16 | $270 | $693 |
Reinvestment of distributions | 6 | - | 231 | - |
Shares redeemed | (29) | (64) | (1,282) | (2,637) |
Net increase (decrease) | (18) | (48) | $(781) | $(1,944) |
Class C | | | | |
Shares sold | 7 | 14 | $291 | $581 |
Reinvestment of distributions | 1 | - | 37 | - |
Shares redeemed | (22) | (50) | (966) | (2,029) |
Net increase (decrease) | (14) | (36) | $(638) | $(1,448) |
International Discovery | | | | |
Shares sold | 2,399 | 4,512 | $110,953 | $188,209 |
Reinvestment of distributions | 1,539 | 286 | 65,254 | 11,602 |
Shares redeemed | (7,469) | (11,328) | (339,451) | (472,160) |
Net increase (decrease) | (3,531) | (6,530) | $(163,244) | $(272,349) |
Class K | | | | |
Shares sold | 1,418 | 1,401 | $65,375 | $58,356 |
Reinvestment of distributions | 234 | 72 | 9,876 | 2,923 |
Shares redeemed | (2,100) | (5,700) | (91,815) | (236,604) |
Net increase (decrease) | (448) | (4,227) | $(16,564) | $(175,325) |
Class I | | | | |
Shares sold | 1,678 | 2,991 | $75,348 | $122,437 |
Reinvestment of distributions | 48 | 9 | 2,029 | 373 |
Shares redeemed | (1,576) | (4,177) | (70,697) | (170,989) |
Net increase (decrease) | 150 | (1,177) | $6,680 | $(48,179) |
Class Z | | | | |
Shares sold | 10,302 | 576 | $458,206 | $24,069 |
Reinvestment of distributions | 1,513 | 329 | 63,826 | 13,272 |
Shares redeemed | (215) | (6,831) | (9,766) | (276,681) |
Net increase (decrease) | 11,600 | (5,926) | $512,266 | $(239,340) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity International Fund |
Fidelity International Discovery Fund | 31% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity International Discovery Fund | 44% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® International Discovery Fund | | | | | | | | | | |
Class A | | | | .88% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,222.60 | | $ 4.86 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.49 | | $ 4.42 |
Class M | | | | 1.13% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,221.00 | | $ 6.24 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.24 | | $ 5.67 |
Class C | | | | 1.63% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,218.20 | | $ 8.99 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.76 | | $ 8.17 |
Fidelity® International Discovery Fund | | | | .58% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,224.20 | | $ 3.21 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.98 | | $ 2.92 |
Class K | | | | .49% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,224.90 | | $ 2.71 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,022.43 | | $ 2.46 |
Class I | | | | .60% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,224.40 | | $ 3.32 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.88 | | $ 3.02 |
Class Z | | | | .50% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,225.10 | | $ 2.77 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,022.38 | | $ 2.51 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity International Discovery Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.807261.119
IGI-SANN-0624
Fidelity® International Value Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Shell PLC ADR (United States of America, Oil, Gas & Consumable Fuels) | 4.7 | |
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) | 3.3 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 2.8 | |
BHP Group Ltd. (Australia, Metals & Mining) | 2.5 | |
Toyota Motor Corp. (Japan, Automobiles) | 2.4 | |
Banco Santander SA (Spain) (Spain, Banks) | 2.4 | |
BAE Systems PLC (United Kingdom, Aerospace & Defense) | 2.3 | |
Siemens AG (Germany, Industrial Conglomerates) | 2.3 | |
AXA SA (France, Insurance) | 2.3 | |
Mitsubishi UFJ Financial Group, Inc. (Japan, Banks) | 2.1 | |
| 27.1 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 31.8 | |
Industrials | 17.9 | |
Materials | 12.2 | |
Energy | 11.6 | |
Consumer Discretionary | 8.4 | |
Information Technology | 5.8 | |
Health Care | 5.0 | |
Communication Services | 2.4 | |
Utilities | 0.9 | |
Real Estate | 0.6 | |
Consumer Staples | 0.6 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 96.5% |
| | Shares | Value ($) |
Australia - 6.7% | | | |
BHP Group Ltd. | | 974,666 | 26,731,303 |
Commonwealth Bank of Australia | | 67,505 | 4,946,060 |
Glencore PLC | | 3,765,000 | 21,906,895 |
Macquarie Group Ltd. | | 100,807 | 12,070,481 |
Woodside Energy Group Ltd. | | 393,062 | 7,042,495 |
TOTAL AUSTRALIA | | | 72,697,234 |
Belgium - 1.6% | | | |
KBC Group NV | | 130,716 | 9,751,058 |
UCB SA | | 56,900 | 7,563,134 |
TOTAL BELGIUM | | | 17,314,192 |
Finland - 0.8% | | | |
Mandatum Holding OY | | 195,434 | 907,684 |
Sampo Oyj (A Shares) | | 208,834 | 8,451,141 |
TOTAL FINLAND | | | 9,358,825 |
France - 12.0% | | | |
Air Liquide SA | | 65,570 | 12,824,090 |
Airbus Group NV | | 36,600 | 6,022,814 |
ALTEN | | 36,400 | 4,300,261 |
AXA SA | | 708,405 | 24,524,959 |
BNP Paribas SA | | 246,300 | 17,724,205 |
Capgemini SA | | 44,393 | 9,330,568 |
TotalEnergies SE | | 494,105 | 35,871,391 |
VINCI SA | | 94,700 | 11,096,573 |
Vivendi SA | | 820,892 | 8,380,351 |
TOTAL FRANCE | | | 130,075,212 |
Germany - 11.0% | | | |
Bayer AG | | 79,300 | 2,314,602 |
Bayerische Motoren Werke AG (BMW) | | 81,000 | 8,856,106 |
Covestro AG (a)(b) | | 53,400 | 2,677,319 |
DHL Group | | 224,300 | 9,391,426 |
Fresenius SE & Co. KGaA | | 189,300 | 5,650,526 |
Hannover Reuck SE | | 47,100 | 11,681,614 |
Infineon Technologies AG | | 109,600 | 3,803,451 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 27,700 | 12,185,226 |
Rheinmetall AG | | 40,050 | 22,105,831 |
RWE AG | | 265,200 | 9,238,380 |
Siemens AG | | 133,639 | 25,035,071 |
Vonovia SE | | 235,229 | 6,797,183 |
TOTAL GERMANY | | | 119,736,735 |
Hong Kong - 0.7% | | | |
Prudential PLC | | 947,266 | 8,238,704 |
India - 0.8% | | | |
Reliance Industries Ltd. GDR (b) | | 118,300 | 8,363,810 |
Indonesia - 0.4% | | | |
PT Bank Rakyat Indonesia (Persero) Tbk | | 15,789,994 | 4,779,688 |
Ireland - 0.7% | | | |
Bank of Ireland Group PLC | | 682,500 | 7,316,416 |
Italy - 5.1% | | | |
Eni SpA | | 1,035,400 | 16,630,275 |
Mediobanca SpA | | 825,325 | 11,758,504 |
Prysmian SpA | | 125,200 | 6,838,336 |
Ryanair Holdings PLC sponsored ADR | | 73,000 | 9,942,600 |
UniCredit SpA | | 272,000 | 9,983,587 |
TOTAL ITALY | | | 55,153,302 |
Japan - 24.5% | | | |
Daiichi Sankyo Kabushiki Kaisha | | 54,400 | 1,830,980 |
DENSO Corp. | | 768,600 | 13,099,344 |
Eisai Co. Ltd. | | 72,500 | 2,977,507 |
Fast Retailing Co. Ltd. | | 11,600 | 3,033,041 |
FUJIFILM Holdings Corp. | | 457,900 | 9,740,672 |
Fujitsu Ltd. | | 568,900 | 8,788,454 |
Hitachi Ltd. | | 329,400 | 30,390,673 |
Hoya Corp. | | 26,500 | 3,072,405 |
Ibiden Co. Ltd. | | 94,700 | 3,599,880 |
INPEX Corp. | | 421,300 | 6,310,991 |
Itochu Corp. | | 456,200 | 20,581,359 |
LY Corp. | | 816,100 | 1,960,790 |
Minebea Mitsumi, Inc. | | 199,270 | 3,732,398 |
Mitsubishi Heavy Industries Ltd. | | 1,295,600 | 11,584,111 |
Mitsubishi UFJ Financial Group, Inc. | | 2,275,961 | 22,671,659 |
NOF Corp. | | 217,300 | 2,915,282 |
ORIX Corp. | | 578,700 | 11,843,336 |
Renesas Electronics Corp. | | 645,888 | 10,486,477 |
Shin-Etsu Chemical Co. Ltd. | | 429,300 | 16,617,748 |
SoftBank Group Corp. | | 127,600 | 6,275,444 |
Sony Group Corp. | | 45,800 | 3,785,433 |
Sumitomo Mitsui Financial Group, Inc. | | 329,300 | 18,705,496 |
Suzuki Motor Corp. | | 696,220 | 8,108,029 |
TIS, Inc. | | 136,801 | 2,921,601 |
Tokio Marine Holdings, Inc. | | 465,744 | 14,720,489 |
Toyota Motor Corp. | | 1,144,925 | 26,114,131 |
TOTAL JAPAN | | | 265,867,730 |
Korea (South) - 0.8% | | | |
Samsung Electronics Co. Ltd. | | 165,800 | 9,190,464 |
Luxembourg - 0.4% | | | |
ArcelorMittal SA (Netherlands) | | 186,032 | 4,683,402 |
Netherlands - 0.4% | | | |
Universal Music Group NV | | 134,638 | 3,980,093 |
Singapore - 1.0% | | | |
United Overseas Bank Ltd. | | 503,005 | 11,162,085 |
South Africa - 1.1% | | | |
Anglo American PLC (United Kingdom) | | 354,840 | 11,595,277 |
Thungela Resources Ltd. | | 43,581 | 300,056 |
TOTAL SOUTH AFRICA | | | 11,895,333 |
Spain - 3.0% | | | |
Banco Santander SA (Spain) | | 5,283,482 | 25,785,007 |
Cellnex Telecom SA (b) | | 123,100 | 4,069,033 |
Unicaja Banco SA (b) | | 1,861,200 | 2,437,157 |
TOTAL SPAIN | | | 32,291,197 |
Sweden - 1.6% | | | |
Investor AB (B Shares) | | 699,840 | 17,295,327 |
Switzerland - 3.4% | | | |
Swiss Life Holding AG | | 11,673 | 7,885,704 |
UBS Group AG | | 536,458 | 14,403,897 |
Zurich Insurance Group Ltd. | | 30,081 | 14,535,741 |
TOTAL SWITZERLAND | | | 36,825,342 |
United Kingdom - 10.5% | | | |
AstraZeneca PLC (United Kingdom) | | 86,812 | 13,130,224 |
B&M European Value Retail SA | | 493,500 | 3,200,429 |
BAE Systems PLC | | 1,517,874 | 25,245,609 |
Barratt Developments PLC | | 1,844,732 | 10,481,221 |
Beazley PLC | | 643,600 | 5,331,915 |
Flutter Entertainment PLC (a) | | 23,300 | 4,345,341 |
HSBC Holdings PLC (United Kingdom) | | 894,800 | 7,756,085 |
Imperial Brands PLC | | 285,239 | 6,517,756 |
JD Sports Fashion PLC | | 2,192,400 | 3,166,878 |
Lloyds Banking Group PLC | | 17,825,354 | 11,504,189 |
London Stock Exchange Group PLC | | 51,300 | 5,655,318 |
Rolls-Royce Holdings PLC (a) | | 1,230,400 | 6,309,523 |
Standard Chartered PLC (United Kingdom) | | 1,308,849 | 11,245,029 |
TOTAL UNITED KINGDOM | | | 113,889,517 |
United States of America - 10.0% | | | |
CRH PLC | | 243,402 | 18,966,356 |
Ferguson PLC | | 37,916 | 8,035,298 |
GSK PLC | | 857,511 | 17,790,712 |
Linde PLC | | 29,314 | 12,926,301 |
Shell PLC ADR | | 705,600 | 50,563,296 |
TOTAL UNITED STATES OF AMERICA | | | 108,281,963 |
TOTAL COMMON STOCKS (Cost $858,340,206) | | | 1,048,396,571 |
| | | |
Nonconvertible Preferred Stocks - 0.7% |
| | Shares | Value ($) |
Germany - 0.7% | | | |
Porsche Automobil Holding SE (Germany) (Cost $9,038,824) | | 139,200 | 7,092,449 |
| | | |
Money Market Funds - 2.4% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (c) (Cost $26,606,300) | | 26,600,980 | 26,606,300 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $893,985,330) | 1,082,095,320 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 3,899,733 |
NET ASSETS - 100.0% | 1,085,995,053 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,547,319 or 1.6% of net assets. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 17,765,904 | 186,779,020 | 177,938,280 | 838,007 | (344) | - | 26,606,300 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 2,951 | 2,951 | - | - | - | - | 0.0% |
Total | 17,765,904 | 186,781,971 | 177,941,231 | 838,007 | (344) | - | 26,606,300 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 24,665,711 | 12,360,444 | 12,305,267 | - |
Consumer Discretionary | 91,282,402 | 30,049,975 | 61,232,427 | - |
Consumer Staples | 6,517,756 | - | 6,517,756 | - |
Energy | 125,082,314 | 59,227,162 | 65,855,152 | - |
Financials | 347,257,761 | 174,251,350 | 173,006,411 | - |
Health Care | 54,330,090 | 15,528,262 | 38,801,828 | - |
Industrials | 196,311,622 | 46,922,065 | 149,389,557 | - |
Information Technology | 62,161,828 | 4,300,261 | 57,861,567 | - |
Materials | 131,843,973 | 39,253,378 | 92,590,595 | - |
Real Estate | 6,797,183 | - | 6,797,183 | - |
Utilities | 9,238,380 | - | 9,238,380 | - |
|
Money Market Funds | 26,606,300 | 26,606,300 | - | - |
Total Investments in Securities: | 1,082,095,320 | 408,499,197 | 673,596,123 | - |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $867,379,030) | $ | 1,055,489,020 | | |
Fidelity Central Funds (cost $26,606,300) | | 26,606,300 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $893,985,330) | | | $ | 1,082,095,320 |
Foreign currency held at value (cost $434,757) | | | | 434,757 |
Receivable for investments sold | | | | 1,524,573 |
Receivable for fund shares sold | | | | 3,167,905 |
Dividends receivable | | | | 6,244,913 |
Reclaims receivable | | | | 2,272,438 |
Distributions receivable from Fidelity Central Funds | | | | 170,039 |
Prepaid expenses | | | | 266 |
Total assets | | | | 1,095,910,211 |
Liabilities | | | | |
Payable for investments purchased | $ | 7,927,248 | | |
Payable for fund shares redeemed | | 1,166,715 | | |
Accrued management fee | | 757,183 | | |
Distribution and service plan fees payable | | 8,320 | | |
Other payables and accrued expenses | | 55,692 | | |
Total liabilities | | | | 9,915,158 |
Net Assets | | | $ | 1,085,995,053 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 989,315,307 |
Total accumulated earnings (loss) | | | | 96,679,746 |
Net Assets | | | $ | 1,085,995,053 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($20,282,779 ÷ 1,971,357 shares)(a) | | | $ | 10.29 |
Maximum offering price per share (100/94.25 of $10.29) | | | $ | 10.92 |
Class M : | | | | |
Net Asset Value and redemption price per share ($4,742,106 ÷ 460,654 shares)(a) | | | $ | 10.29 |
Maximum offering price per share (100/96.50 of $10.29) | | | $ | 10.66 |
Class C : | | | | |
Net Asset Value and offering price per share ($2,484,433 ÷ 240,247 shares)(a) | | | $ | 10.34 |
International Value : | | | | |
Net Asset Value, offering price and redemption price per share ($646,632,797 ÷ 62,816,967 shares) | | | $ | 10.29 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($152,826,891 ÷ 14,825,897 shares) | | | $ | 10.31 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($259,026,047 ÷ 25,135,556 shares) | | | $ | 10.31 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 16,269,633 |
Income from Fidelity Central Funds | | | | 838,007 |
Income before foreign taxes withheld | | | $ | 17,107,640 |
Less foreign taxes withheld | | | | (730,312) |
Total income | | | | 16,377,328 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 3,280,482 | | |
Performance adjustment | | 182,074 | | |
Transfer agent fees | | 431,250 | | |
Distribution and service plan fees | | 48,643 | | |
Accounting fees and expenses | | 130,449 | | |
Custodian fees and expenses | | 33,472 | | |
Independent trustees' fees and expenses | | 2,088 | | |
Registration fees | | 101,944 | | |
Audit | | 33,829 | | |
Legal | | 430 | | |
Miscellaneous | | 1,595 | | |
Total expenses before reductions | | 4,246,256 | | |
Expense reductions | | (39,026) | | |
Total expenses after reductions | | | | 4,207,230 |
Net Investment income (loss) | | | | 12,170,098 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (4,949,296) | | |
Fidelity Central Funds | | (344) | | |
Foreign currency transactions | | 7,762 | | |
Total net realized gain (loss) | | | | (4,941,878) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 134,467,936 | | |
Assets and liabilities in foreign currencies | | (66,276) | | |
Total change in net unrealized appreciation (depreciation) | | | | 134,401,660 |
Net gain (loss) | | | | 129,459,782 |
Net increase (decrease) in net assets resulting from operations | | | $ | 141,629,880 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 12,170,098 | $ | 18,147,329 |
Net realized gain (loss) | | (4,941,878) | | (17,312,969) |
Change in net unrealized appreciation (depreciation) | | 134,401,660 | | 104,612,501 |
Net increase (decrease) in net assets resulting from operations | | 141,629,880 | | 105,446,861 |
Distributions to shareholders | | (16,926,327) | | (11,902,522) |
| | | | |
Share transactions - net increase (decrease) | | 244,107,754 | | 45,467,490 |
Total increase (decrease) in net assets | | 368,811,307 | | 139,011,829 |
| | | | |
Net Assets | | | | |
Beginning of period | | 717,183,746 | | 578,171,917 |
End of period | $ | 1,085,995,053 | $ | 717,183,746 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® International Value Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 8.85 | $ | 7.64 | $ | 9.65 | $ | 6.87 | $ | 8.25 | $ | 8.13 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .12 | | .20 | | .24 | | .25 C | | .13 | | .25 |
Net realized and unrealized gain (loss) | | 1.50 | | 1.15 | | (1.87) | | 2.66 | | (1.24) | | .08 |
Total from investment operations | | 1.62 | | 1.35 | | (1.63) | | 2.91 | | (1.11) | | .33 |
Distributions from net investment income | | (.18) | | (.14) | | (.38) | | (.13) | | (.24) | | (.21) |
Distributions from net realized gain | | - | | - | | - | | - | | (.03) | | - |
Total distributions | | (.18) | | (.14) | | (.38) | | (.13) | | (.27) | | (.21) |
Net asset value, end of period | $ | 10.29 | $ | 8.85 | $ | 7.64 | $ | 9.65 | $ | 6.87 | $ | 8.25 |
Total Return D,E,F | | | | 17.72% | | (17.43)% | | 42.56% | | (14.01)% | | 4.38% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.21% I | | 1.33% | | 1.46% | | 1.37% | | 1.30% | | 1.14% |
Expenses net of fee waivers, if any | | | | 1.29% | | 1.30% | | 1.33% | | 1.30% | | 1.13% |
Expenses net of all reductions | | 1.20% I | | 1.29% | | 1.30% | | 1.33% | | 1.28% | | 1.12% |
Net investment income (loss) | | 2.40% I | | 2.21% | | 2.85% | | 2.77% C | | 1.71% | | 3.19% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 20,283 | $ | 17,133 | $ | 12,080 | $ | 10,566 | $ | 5,947 | $ | 7,806 |
Portfolio turnover rate J | | | | 29% | | 25% | | 29% K | | 36% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.73%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Value Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 8.84 | $ | 7.63 | $ | 9.63 | $ | 6.86 | $ | 8.24 | $ | 8.11 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .11 | | .18 | | .22 | | .23 C | | .11 | | .23 |
Net realized and unrealized gain (loss) | | 1.49 | | 1.15 | | (1.87) | | 2.65 | | (1.25) | | .08 |
Total from investment operations | | 1.60 | | 1.33 | | (1.65) | | 2.88 | | (1.14) | | .31 |
Distributions from net investment income | | (.15) | | (.12) | | (.35) | | (.11) | | (.21) | | (.18) |
Distributions from net realized gain | | - | | - | | - | | - | | (.03) | | - |
Total distributions | | (.15) | | (.12) | | (.35) | | (.11) | | (.24) | | (.18) |
Net asset value, end of period | $ | 10.29 | $ | 8.84 | $ | 7.63 | $ | 9.63 | $ | 6.86 | $ | 8.24 |
Total Return D,E,F | | | | 17.45% | | (17.65)% | | 42.20% | | (14.29)% | | 4.11% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.46% I | | 1.59% | | 1.72% | | 1.62% | | 1.57% | | 1.44% |
Expenses net of fee waivers, if any | | | | 1.54% | | 1.55% | | 1.58% | | 1.57% | | 1.43% |
Expenses net of all reductions | | 1.45% I | | 1.54% | | 1.55% | | 1.58% | | 1.55% | | 1.42% |
Net investment income (loss) | | 2.15% I | | 1.97% | | 2.60% | | 2.51% C | | 1.44% | | 2.89% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,742 | $ | 4,196 | $ | 3,498 | $ | 4,375 | $ | 2,884 | $ | 3,756 |
Portfolio turnover rate J | | | | 29% | | 25% | | 29% K | | 36% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.48%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Value Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 8.85 | $ | 7.64 | $ | 9.60 | $ | 6.85 | $ | 8.22 | $ | 8.08 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .08 | | .13 | | .18 | | .18 C | | .07 | | .19 |
Net realized and unrealized gain (loss) | | 1.51 | | 1.15 | | (1.87) | | 2.65 | | (1.24) | | .08 |
Total from investment operations | | 1.59 | | 1.28 | | (1.69) | | 2.83 | | (1.17) | | .27 |
Distributions from net investment income | | (.10) | | (.07) | | (.27) | | (.08) | | (.17) | | (.13) |
Distributions from net realized gain | | - | | - | | - | | - | | (.03) | | - |
Total distributions | | (.10) | | (.07) | | (.27) | | (.08) | | (.20) | | (.13) |
Net asset value, end of period | $ | 10.34 | $ | 8.85 | $ | 7.64 | $ | 9.60 | $ | 6.85 | $ | 8.22 |
Total Return D,E,F | | | | 16.74% | | (18.01)% | | 41.45% | | (14.67)% | | 3.53% |
Ratios to Average Net Assets A,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.95% I | | 2.09% | | 2.23% | | 2.12% | | 2.07% | | 1.93% |
Expenses net of fee waivers, if any | | | | 2.05% | | 2.05% | | 2.09% | | 2.07% | | 1.92% |
Expenses net of all reductions | | 1.94% I | | 2.05% | | 2.05% | | 2.09% | | 2.05% | | 1.91% |
Net investment income (loss) | | 1.66% I | | 1.46% | | 2.09% | | 2.00% C | | .94% | | 2.40% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,484 | $ | 2,366 | $ | 2,190 | $ | 3,177 | $ | 2,947 | $ | 3,839 |
Portfolio turnover rate J | | | | 29% | | 25% | | 29% K | | 36% | | 47% |
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns for periods of less than one year are not annualized.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® International Value Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 8.86 | $ | 7.65 | $ | 9.66 | $ | 6.87 | $ | 8.25 | $ | 8.14 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .22 | | .26 | | .28 C | | .15 | | .28 |
Net realized and unrealized gain (loss) | | 1.50 | | 1.15 | | (1.86) | | 2.66 | | (1.23) | | .07 |
Total from investment operations | | 1.63 | | 1.37 | | (1.60) | | 2.94 | | (1.08) | | .35 |
Distributions from net investment income | | (.20) | | (.16) | | (.41) | | (.15) | | (.27) | | (.24) |
Distributions from net realized gain | | - | | - | | - | | - | | (.03) | | - |
Total distributions | | (.20) | | (.16) | | (.41) | | (.15) | | (.30) | | (.24) |
Net asset value, end of period | $ | 10.29 | $ | 8.86 | $ | 7.65 | $ | 9.66 | $ | 6.87 | $ | 8.25 |
Total Return D,E | | | | 17.96% | | (17.20)% | | 43.08% | | (13.70)% | | 4.65% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .95% H | | 1.01% | | 1.13% | | 1.01% | | .94% | | .79% |
Expenses net of fee waivers, if any | | | | 1.01% | | 1.05% | | 1.01% | | .94% | | .78% |
Expenses net of all reductions | | .94% H | | 1.01% | | 1.05% | | 1.01% | | .92% | | .78% |
Net investment income (loss) | | 2.66% H | | 2.50% | | 3.10% | | 3.09% C | | 2.07% | | 3.54% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 646,633 | $ | 443,836 | $ | 367,478 | $ | 372,441 | $ | 406,661 | $ | 442,816 |
Portfolio turnover rate I | | | | 29% | | 25% | | 29% J | | 36% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.05%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Value Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 8.87 | $ | 7.66 | $ | 9.67 | $ | 6.88 | $ | 8.26 | $ | 8.15 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .22 | | .25 | | .28 C | | .15 | | .27 |
Net realized and unrealized gain (loss) | | 1.51 | | 1.15 | | (1.86) | | 2.66 | | (1.24) | | .08 |
Total from investment operations | | 1.64 | | 1.37 | | (1.61) | | 2.94 | | (1.09) | | .35 |
Distributions from net investment income | | (.20) | | (.16) | | (.40) | | (.15) | | (.26) | | (.24) |
Distributions from net realized gain | | - | | - | | - | | - | | (.03) | | - |
Total distributions | | (.20) | | (.16) | | (.40) | | (.15) | | (.29) | | (.24) |
Net asset value, end of period | $ | 10.31 | $ | 8.87 | $ | 7.66 | $ | 9.67 | $ | 6.88 | $ | 8.26 |
Total Return D,E | | | | 17.97% | | (17.23)% | | 43.05% | | (13.75)% | | 4.57% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .97% H | | 1.02% | | 1.09% | | 1.07% | | .98% | | .86% |
Expenses net of fee waivers, if any | | | | 1.01% | | 1.04% | | 1.05% | | .98% | | .85% |
Expenses net of all reductions | | .96% H | | 1.01% | | 1.04% | | 1.05% | | .97% | | .85% |
Net investment income (loss) | | 2.64% H | | 2.50% | | 3.10% | | 3.05% C | | 2.03% | | 3.47% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 152,827 | $ | 91,052 | $ | 74,751 | $ | 6,661 | $ | 10,406 | $ | 8,495 |
Portfolio turnover rate I | | | | 29% | | 25% | | 29% J | | 36% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.01%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® International Value Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 8.88 | $ | 7.66 | $ | 9.67 | $ | 6.87 | $ | 8.25 | $ | 8.14 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .24 | | .26 | | .30 C | | .16 | | .29 |
Net realized and unrealized gain (loss) | | 1.51 | | 1.15 | | (1.86) | | 2.65 | | (1.23) | | .08 |
Total from investment operations | | 1.65 | | 1.39 | | (1.60) | | 2.95 | | (1.07) | | .37 |
Distributions from net investment income | | (.22) | | (.17) | | (.41) | | (.15) | | (.28) | | (.26) |
Distributions from net realized gain | | - | | - | | - | | - | | (.03) | | - |
Total distributions | | (.22) | | (.17) | | (.41) | | (.15) | | (.31) | | (.26) |
Net asset value, end of period | $ | 10.31 | $ | 8.88 | $ | 7.66 | $ | 9.67 | $ | 6.87 | $ | 8.25 |
Total Return D,E | | | | 18.20% | | (17.13)% | | 43.35% | | (13.58)% | | 4.84% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .83% H | | .87% | | .94% | | .89% | | .82% | | .67% |
Expenses net of fee waivers, if any | | | | .86% | | .89% | | .89% | | .82% | | .67% |
Expenses net of all reductions | | .82% H | | .86% | | .89% | | .89% | | .81% | | .66% |
Net investment income (loss) | | 2.78% H | | 2.65% | | 3.25% | | 3.21% C | | 2.19% | | 3.66% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 259,026 | $ | 158,601 | $ | 118,176 | $ | 11,946 | $ | 2,549 | $ | 2,249 |
Portfolio turnover rate I | | | | 29% | | 25% | | 29% J | | 36% | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.17%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $214,383,775 |
Gross unrealized depreciation | (32,361,237) |
Net unrealized appreciation (depreciation) | $182,022,538 |
Tax cost | $900,072,782 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(32,623,835) |
Long-term | (57,020,382) |
Total capital loss carryforward | $(89,644,217) |
Due to large redemptions in a prior period, approximately $32,806,036 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $5,836,972 of those capital losses per year to offset capital gains.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Value Fund | 308,173,609 | 79,160,767 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .88 |
Class M | .88 |
Class C | .88 |
International Value | .87 |
Class I | .87 |
Class Z | .72 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .87 |
Class M | .87 |
Class C | .87 |
International Value | .83 |
Class I | .86 |
Class Z | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity International Value Fund | MSCI EAFE Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .04%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of .44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 24,280 | 2,545 |
Class M | .25% | .25% | 11,749 | 28 |
Class C | .75% | .25% | 12,614 | 1,657 |
| | | 48,643 | 4,230 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 3,483 |
Class M | 237 |
Class CA | 81 |
| 3,801 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000 |
Class M | .2000 |
Class C | .2000 |
International Value | .1862 |
Class I | .1887 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net Assets |
Class A | 13,318 | .21 |
Class M | 3,233 | .21 |
Class C | 1,788 | .21 |
International Value | 320,255 | .19 |
Class I | 64,834 | .19 |
Class Z | 27,822 | .04 |
| 431,250 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity International Value Fund | .0464 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity International Value Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Value Fund | 73 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Value Fund | 19,013,448 | 2,168,375 | 44,818 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity International Value Fund | 794 |
7. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $444. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 9 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $38,573.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Value Fund | | |
Distributions to shareholders | | |
Class A | $348,977 | $221,998 |
Class M | 72,953 | 54,560 |
Class C | 27,673 | 19,445 |
International Value | 10,313,599 | 7,434,045 |
Class I | 2,133,490 | 1,572,298 |
Class Z | 4,029,635 | 2,600,176 |
Total | $16,926,327 | $11,902,522 |
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Value Fund | | | | |
Class A | | | | |
Shares sold | 236,935 | 623,112 | $2,340,307 | $5,518,527 |
Reinvestment of distributions | 36,641 | 26,113 | 346,659 | 219,873 |
Shares redeemed | (239,121) | (293,310) | (2,366,510) | (2,616,908) |
Net increase (decrease) | 34,455 | 355,915 | $320,456 | $3,121,492 |
Class M | | | | |
Shares sold | 17,949 | 71,877 | $177,124 | $625,739 |
Reinvestment of distributions | 7,505 | 6,304 | 71,094 | 53,141 |
Shares redeemed | (39,620) | (61,576) | (395,105) | (547,185) |
Net increase (decrease) | (14,166) | 16,605 | $(146,887) | $131,695 |
Class C | | | | |
Shares sold | 15,398 | 71,043 | $151,594 | $632,329 |
Reinvestment of distributions | 2,901 | 2,290 | 27,673 | 19,445 |
Shares redeemed | (45,261) | (92,669) | (446,429) | (826,342) |
Net increase (decrease) | (26,962) | (19,336) | $(267,162) | $(174,568) |
International Value | | | | |
Shares sold | 17,284,528 | 14,718,149 | $171,132,642 | $131,108,890 |
Reinvestment of distributions | 930,687 | 764,993 | 8,794,774 | 6,441,242 |
Shares redeemed | (5,492,355) | (13,435,468) | (54,083,721) | (119,112,195) |
Net increase (decrease) | 12,722,860 | 2,047,674 | $125,843,695 | $18,437,937 |
Class I | | | | |
Shares sold | 5,853,386 | 6,837,587 | $59,860,724 | $61,109,496 |
Reinvestment of distributions | 221,911 | 184,152 | 2,101,443 | 1,552,405 |
Shares redeemed | (1,511,653) | (6,517,142) | (14,884,818) | (59,256,457) |
Net increase (decrease) | 4,563,644 | 504,597 | $47,077,349 | $3,405,444 |
Class Z | | | | |
Shares sold | 10,029,672 | 10,634,134 | $99,065,488 | $95,268,462 |
Reinvestment of distributions | 352,743 | 273,689 | 3,336,691 | 2,304,458 |
Shares redeemed | (3,114,119) | (8,469,262) | (31,121,876) | (77,027,430) |
Net increase (decrease) | 7,268,296 | 2,438,561 | $71,280,303 | $20,545,490 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® International Value Fund | | | | | | | | | | |
Class A | | | | 1.20% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,184.60 | | $ 6.52 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.90 | | $ 6.02 |
Class M | | | | 1.45% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,182.70 | | $ 7.87 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.65 | | $ 7.27 |
Class C | | | | 1.94% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,181.00 | | $ 10.52 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,015.22 | | $ 9.72 |
Fidelity® International Value Fund | | | | .94% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,186.20 | | $ 5.11 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.19 | | $ 4.72 |
Class I | | | | .96% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,187.20 | | $ 5.22 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.09 | | $ 4.82 |
Class Z | | | | .82% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,187.60 | | $ 4.46 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.79 | | $ 4.12 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity International Value Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.827485.117
FIV-SANN-0624
Fidelity's Broadly Diversified International Equity Funds
Fidelity® Diversified International Fund
Fidelity® International Capital Appreciation Fund
Fidelity® Overseas Fund
Fidelity® Worldwide Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
ASML Holding NV (depository receipt) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.6 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.3 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 2.3 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.1 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) | 1.9 | |
SAP SE (Germany, Software) | 1.6 | |
RELX PLC (Euronext N.V.) (United Kingdom, Professional Services) | 1.6 | |
Shin-Etsu Chemical Co. Ltd. (Japan, Chemicals) | 1.6 | |
Wolters Kluwer NV (Netherlands, Professional Services) | 1.5 | |
| 21.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 21.6 | |
Financials | 21.2 | |
Information Technology | 17.1 | |
Health Care | 10.5 | |
Consumer Discretionary | 8.6 | |
Materials | 7.6 | |
Energy | 5.5 | |
Consumer Staples | 3.8 | |
Communication Services | 0.5 | |
Real Estate | 0.2 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Diversified International Fund
Common Stocks - 96.1% |
| | Shares | Value ($) |
Australia - 0.6% | | | |
Aristocrat Leisure Ltd. | | 1,485,663 | 37,914,098 |
CAR Group Ltd. | | 548,347 | 11,890,092 |
Steadfast Group Ltd. | | 3,676,102 | 13,378,885 |
TOTAL AUSTRALIA | | | 63,183,075 |
Belgium - 0.4% | | | |
UCB SA | | 311,900 | 41,457,673 |
Canada - 6.9% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,882,086 | 104,313,487 |
Cameco Corp. | | 1,082,500 | 49,389,333 |
Canadian Natural Resources Ltd. | | 1,565,312 | 118,616,459 |
Canadian Pacific Kansas City Ltd. | | 585,385 | 45,911,746 |
Constellation Software, Inc. | | 39,795 | 102,454,961 |
Constellation Software, Inc. warrants 3/31/40 (a)(b) | | 50,399 | 4 |
Franco-Nevada Corp. | | 554,595 | 66,761,692 |
Imperial Oil Ltd. | | 969,000 | 66,622,489 |
Ivanhoe Mines Ltd. (a)(c) | | 5,067,748 | 68,691,518 |
Lumine Group, Inc. (a) | | 150,331 | 4,117,954 |
MEG Energy Corp. (a) | | 1,419,221 | 32,278,219 |
Thomson Reuters Corp. | | 298,065 | 45,019,907 |
TOTAL CANADA | | | 704,177,769 |
China - 1.0% | | | |
Chervon Holdings Ltd. | | 2,961,120 | 7,191,264 |
Li Ning Co. Ltd. | | 4,851,948 | 12,701,764 |
NXP Semiconductors NV | | 338,265 | 86,660,110 |
TOTAL CHINA | | | 106,553,138 |
Denmark - 4.2% | | | |
Carlsberg A/S Series B | | 332,090 | 44,670,378 |
DSV A/S | | 140,422 | 20,047,943 |
Novo Nordisk A/S Series B | | 2,587,061 | 331,770,680 |
Pandora A/S | | 178,290 | 27,283,429 |
TOTAL DENMARK | | | 423,772,430 |
France - 10.0% | | | |
Air Liquide SA | | 501,754 | 98,132,354 |
Airbus Group NV | | 428,913 | 70,580,964 |
ALTEN | | 67,000 | 7,915,316 |
AXA SA | | 2,250,289 | 77,904,934 |
BNP Paribas SA | | 1,003,977 | 72,248,046 |
Capgemini SA | | 522,344 | 109,786,822 |
EssilorLuxottica SA | | 508,631 | 108,996,450 |
Legrand SA | | 457,252 | 46,990,228 |
LVMH Moet Hennessy Louis Vuitton SE | | 264,302 | 217,107,266 |
Pernod Ricard SA | | 378,896 | 57,418,809 |
Safran SA | | 445,547 | 96,608,856 |
Sartorius Stedim Biotech | | 104,147 | 22,562,573 |
Thales SA | | 176,564 | 29,762,377 |
TOTAL FRANCE | | | 1,016,014,995 |
Germany - 7.5% | | | |
Allianz SE | | 494,663 | 140,377,883 |
Deutsche Borse AG | | 296,558 | 57,174,007 |
DHL Group | | 1,094,820 | 45,840,039 |
Hannover Reuck SE | | 291,194 | 72,221,144 |
Infineon Technologies AG | | 1,554,274 | 53,938,009 |
Merck KGaA | | 487,305 | 77,461,730 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 183,707 | 80,812,680 |
Rheinmetall AG | | 5,569 | 3,073,842 |
SAP SE | | 925,501 | 167,114,984 |
Siemens AG | | 169,626 | 31,776,644 |
Siemens Healthineers AG (d) | | 543,867 | 30,161,475 |
TOTAL GERMANY | | | 759,952,437 |
Greece - 0.2% | | | |
Piraeus Financial Holdings SA (a) | | 4,050,700 | 16,226,907 |
Hong Kong - 0.8% | | | |
AIA Group Ltd. | | 11,073,659 | 81,107,443 |
India - 2.2% | | | |
Axis Bank Ltd. | | 2,727,500 | 38,059,878 |
Fairfax India Holdings Corp. (a)(d) | | 1,327,199 | 19,669,089 |
HDFC Bank Ltd. | | 5,368,504 | 97,467,473 |
Reliance Industries Ltd. | | 1,948,046 | 68,365,269 |
TOTAL INDIA | | | 223,561,709 |
Indonesia - 1.0% | | | |
PT Bank Central Asia Tbk | | 90,992,124 | 54,712,163 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 143,542,416 | 43,450,802 |
TOTAL INDONESIA | | | 98,162,965 |
Ireland - 0.7% | | | |
Kingspan Group PLC (Ireland) | | 697,873 | 62,448,970 |
Smurfit Kappa Group PLC | | 241,992 | 10,523,845 |
TOTAL IRELAND | | | 72,972,815 |
Italy - 2.1% | | | |
FinecoBank SpA | | 3,437,241 | 52,969,149 |
Ryanair Holdings PLC sponsored ADR | | 237,198 | 32,306,368 |
UniCredit SpA | | 3,392,837 | 124,531,921 |
TOTAL ITALY | | | 209,807,438 |
Japan - 17.3% | | | |
BayCurrent Consulting, Inc. | | 772,838 | 16,451,531 |
Capcom Co. Ltd. | | 1,029,722 | 16,951,737 |
Fast Retailing Co. Ltd. | | 212,354 | 55,524,002 |
Fuji Electric Co. Ltd. | | 851,600 | 52,972,870 |
FUJIFILM Holdings Corp. | | 3,312,096 | 70,456,522 |
Fujitsu Ltd. | | 2,299,170 | 35,517,931 |
Hitachi Ltd. | | 2,538,709 | 234,223,059 |
Hoya Corp. | | 1,101,242 | 127,677,806 |
Itochu Corp. | | 2,462,072 | 111,075,818 |
Keyence Corp. | | 217,123 | 95,484,151 |
Komatsu Ltd. | | 180,000 | 5,374,107 |
Marui Group Co. Ltd. | | 838,812 | 12,811,908 |
Minebea Mitsumi, Inc. | | 1,601,336 | 29,993,592 |
Mitsubishi Electric Corp. | | 3,133,900 | 54,623,647 |
Mitsubishi Heavy Industries Ltd. | | 8,001,100 | 71,538,772 |
ORIX Corp. | | 3,361,175 | 68,787,846 |
Persol Holdings Co. Ltd. | | 8,682,051 | 12,009,964 |
Renesas Electronics Corp. | | 3,951,300 | 64,152,327 |
Shin-Etsu Chemical Co. Ltd. | | 4,153,381 | 160,772,975 |
SMC Corp. | | 92,277 | 48,479,260 |
Sony Group Corp. | | 979,124 | 80,925,940 |
Sumitomo Mitsui Financial Group, Inc. | | 944,622 | 53,658,132 |
Suzuki Motor Corp. | | 3,913,320 | 45,573,686 |
Tokio Marine Holdings, Inc. | | 3,716,430 | 117,462,957 |
Tokyo Electron Ltd. | | 501,762 | 110,059,446 |
TOTAL JAPAN | | | 1,752,559,986 |
Korea (South) - 0.6% | | | |
Samsung Electronics Co. Ltd. | | 1,110,670 | 61,565,577 |
Luxembourg - 0.1% | | | |
CVC Capital Partners PLC | | 327,200 | 5,936,193 |
Netherlands - 6.1% | | | |
ASML Holding NV (depository receipt) | | 424,310 | 370,197,744 |
BE Semiconductor Industries NV | | 323,001 | 43,260,687 |
IMCD NV | | 395,672 | 60,066,650 |
Wolters Kluwer NV | | 986,100 | 148,120,504 |
TOTAL NETHERLANDS | | | 621,645,585 |
Portugal - 0.2% | | | |
Galp Energia SGPS SA Class B | | 1,190,900 | 25,672,755 |
Spain - 2.3% | | | |
Banco Santander SA (Spain) | | 19,611,430 | 95,709,772 |
CaixaBank SA | | 13,634,395 | 71,901,788 |
Industria de Diseno Textil SA (c) | | 1,268,902 | 58,026,280 |
Puig Group SL Class B | | 382,600 | 10,003,613 |
TOTAL SPAIN | | | 235,641,453 |
Sweden - 2.9% | | | |
Atlas Copco AB (A Shares) | | 3,716,060 | 65,090,834 |
Autoliv, Inc. | | 235,787 | 28,244,925 |
Indutrade AB | | 4,010,218 | 93,956,507 |
Investor AB (B Shares) | | 4,504,030 | 111,309,260 |
Kry International AB (a)(b)(e) | | 2,651 | 80,716 |
TOTAL SWEDEN | | | 298,682,242 |
Switzerland - 2.9% | | | |
Alcon, Inc. (Switzerland) | | 447,420 | 34,605,996 |
Compagnie Financiere Richemont SA Series A | | 524,016 | 72,433,175 |
Galderma Group AG | | 304,400 | 22,683,057 |
Partners Group Holding AG | | 26,582 | 34,396,833 |
Sika AG | | 261,362 | 74,861,697 |
UBS Group AG | | 2,152,678 | 56,834,914 |
TOTAL SWITZERLAND | | | 295,815,672 |
Taiwan - 2.0% | | | |
ECLAT Textile Co. Ltd. | | 654,000 | 10,271,834 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,372,475 | 188,495,717 |
TOTAL TAIWAN | | | 198,767,551 |
United Kingdom - 12.5% | | | |
3i Group PLC | | 1,913,153 | 68,352,081 |
Ashtead Group PLC | | 328,500 | 23,980,077 |
AstraZeneca PLC (United Kingdom) | | 1,436,365 | 217,248,702 |
B&M European Value Retail SA | | 7,665,353 | 49,711,075 |
BAE Systems PLC | | 8,434,366 | 140,282,201 |
Big Yellow Group PLC | | 1,182,053 | 15,951,971 |
Compass Group PLC | | 2,857,833 | 79,486,988 |
Diageo PLC | | 2,716,530 | 93,882,403 |
Flutter Entertainment PLC (a) | | 206,922 | 38,589,988 |
Games Workshop Group PLC | | 166,449 | 20,611,447 |
InterContinental Hotel Group PLC | | 322,753 | 31,479,396 |
London Stock Exchange Group PLC | | 1,177,435 | 129,800,562 |
RELX PLC (Euronext N.V.) | | 3,948,688 | 163,083,342 |
Rolls-Royce Holdings PLC (a) | | 7,724,700 | 39,612,458 |
RS GROUP PLC | | 4,248,715 | 39,127,196 |
Sage Group PLC | | 4,360,281 | 63,528,217 |
Starling Bank Ltd. Series D (a)(b)(e) | | 8,636,400 | 32,482,757 |
WPP PLC | | 2,530,502 | 25,363,637 |
TOTAL UNITED KINGDOM | | | 1,272,574,498 |
United States of America - 11.6% | | | |
CRH PLC | | 1,236,843 | 96,377,204 |
Experian PLC | | 1,131,761 | 45,648,386 |
Ferguson PLC | | 598,431 | 126,821,700 |
GSK PLC | | 1,426,600 | 29,597,555 |
Holcim AG | | 473,900 | 39,669,116 |
ICON PLC (a) | | 36,074 | 10,745,723 |
Linde PLC | | 312,614 | 137,850,269 |
Marsh & McLennan Companies, Inc. | | 479,372 | 95,601,158 |
Marvell Technology, Inc. | | 1,095,465 | 72,202,098 |
MasterCard, Inc. Class A | | 171,544 | 77,400,653 |
Nestle SA (Reg. S) | | 819,182 | 82,246,035 |
S&P Global, Inc. | | 147,607 | 61,379,419 |
Schlumberger Ltd. | | 1,444,487 | 68,584,243 |
Schneider Electric SA | | 464,663 | 105,949,347 |
Shell PLC (London) | | 3,461,704 | 123,058,792 |
TOTAL UNITED STATES OF AMERICA | | | 1,173,131,698 |
TOTAL COMMON STOCKS (Cost $6,352,257,334) | | | 9,758,944,004 |
| | | |
Preferred Stocks - 0.5% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.5% | | | |
Estonia - 0.1% | | | |
Bolt Technology OU Series E (a)(b)(e) | | 79,275 | 9,735,184 |
United States of America - 0.4% | | | |
Wasabi Holdings, Inc. Series C (a)(b)(e) | | 2,976,172 | 39,166,424 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 48,901,608 |
Nonconvertible Preferred Stocks - 0.0% | | | |
Sweden - 0.0% | | | |
Kry International AB Series E (a)(b)(e) | | 15,316 | 634,359 |
TOTAL PREFERRED STOCKS (Cost $59,932,348) | | | 49,535,967 |
| | | |
Money Market Funds - 4.0% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 316,547,873 | 316,611,183 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 85,598,442 | 85,607,002 |
TOTAL MONEY MARKET FUNDS (Cost $402,217,228) | | | 402,218,185 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $6,814,406,910) | 10,210,698,156 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (58,820,890) |
NET ASSETS - 100.0% | 10,151,877,266 |
| |
Legend
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $49,830,564 or 0.5% of net assets. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $82,099,440 or 0.8% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Bolt Technology OU Series E | 1/03/22 | 20,595,368 |
| | |
Kry International AB | 5/14/21 | 1,151,345 |
| | |
Kry International AB Series E | 5/14/21 | 7,002,062 |
| | |
Starling Bank Ltd. Series D | 6/18/21 | 15,440,896 |
| | |
Wasabi Holdings, Inc. Series C | 3/31/21 | 32,334,918 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 345,681,349 | 1,080,566,181 | 1,109,635,232 | 9,975,763 | (1,115) | - | 316,611,183 | 0.6% |
Fidelity Securities Lending Cash Central Fund 5.39% | 221,672,979 | 432,016,269 | 568,082,246 | 183,440 | - | - | 85,607,002 | 0.3% |
Total | 567,354,328 | 1,512,582,450 | 1,677,717,478 | 10,159,203 | (1,115) | - | 402,218,185 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 54,205,466 | - | 54,205,466 | - |
Consumer Discretionary | 873,076,557 | 222,467,144 | 650,609,413 | - |
Consumer Staples | 392,534,725 | 161,732,296 | 230,802,429 | - |
Energy | 552,587,559 | 361,163,498 | 191,424,061 | - |
Financials | 2,136,138,637 | 842,145,198 | 1,261,510,682 | 32,482,757 |
Health Care | 1,054,969,420 | 318,513,202 | 736,456,218 | - |
Industrials | 2,218,849,706 | 893,727,129 | 1,325,122,577 | - |
Information Technology | 1,756,525,260 | 938,832,804 | 768,075,769 | 49,616,687 |
Materials | 753,640,670 | 455,066,225 | 298,574,445 | - |
Real Estate | 15,951,971 | 15,951,971 | - | - |
|
Money Market Funds | 402,218,185 | 402,218,185 | - | - |
Total Investments in Securities: | 10,210,698,156 | 4,611,817,652 | 5,516,781,060 | 82,099,444 |
Fidelity® Diversified International Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $76,844,123) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,412,189,682) | $ | 9,808,479,971 | | |
Fidelity Central Funds (cost $402,217,228) | | 402,218,185 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $6,814,406,910) | | | $ | 10,210,698,156 |
Foreign currency held at value (cost $15,924,578) | | | | 15,921,779 |
Receivable for investments sold | | | | 5,651,579 |
Receivable for fund shares sold | | | | 2,010,594 |
Dividends receivable | | | | 28,047,677 |
Reclaims receivable | | | | 33,469,379 |
Distributions receivable from Fidelity Central Funds | | | | 1,490,119 |
Prepaid expenses | | | | 3,339 |
Other receivables | | | | 1,434,141 |
Total assets | | | | 10,298,726,763 |
Liabilities | | | | |
Payable for investments purchased | $ | 44,239,400 | | |
Payable for fund shares redeemed | | 2,535,534 | | |
Accrued management fee | | 5,285,488 | | |
Other payables and accrued expenses | | 9,182,073 | | |
Collateral on securities loaned | | 85,607,002 | | |
Total liabilities | | | | 146,849,497 |
Net Assets | | | $ | 10,151,877,266 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 6,632,558,445 |
Total accumulated earnings (loss) | | | | 3,519,318,821 |
Net Assets | | | $ | 10,151,877,266 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Diversified International : | | | | |
Net Asset Value, offering price and redemption price per share ($9,030,414,822 ÷ 211,257,810 shares) | | | $ | 42.75 |
Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($1,121,462,444 ÷ 26,291,961 shares) | | | $ | 42.65 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 100,277,918 |
Income from Fidelity Central Funds (including $183,440 from security lending) | | | | 10,159,203 |
Income before foreign taxes withheld | | | $ | 110,437,121 |
Less foreign taxes withheld | | | | (9,832,973) |
Total income | | | | 100,604,148 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 33,453,443 | | |
Performance adjustment | | (9,554,268) | | |
Transfer agent fees | | 4,358,521 | | |
Accounting fees | | 553,373 | | |
Custodian fees and expenses | | 356,421 | | |
Independent trustees' fees and expenses | | 23,840 | | |
Registration fees | | 53,683 | | |
Audit | | 45,977 | | |
Legal | | 6,557 | | |
Miscellaneous | | 18,860 | | |
Total expenses before reductions | | 29,316,407 | | |
Expense reductions | | (431,052) | | |
Total expenses after reductions | | | | 28,885,355 |
Net Investment income (loss) | | | | 71,718,793 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $3,532,934) | | 119,087,056 | | |
Redemptions in-kind | | 36,182,254 | | |
Fidelity Central Funds | | (1,115) | | |
Foreign currency transactions | | (411,605) | | |
Total net realized gain (loss) | | | | 154,856,590 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,681,623) | | 1,355,185,908 | | |
Assets and liabilities in foreign currencies | | (155,772) | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,355,030,136 |
Net gain (loss) | | | | 1,509,886,726 |
Net increase (decrease) in net assets resulting from operations | | | $ | 1,581,605,519 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 71,718,793 | $ | 137,662,353 |
Net realized gain (loss) | | 154,856,590 | | 414,150,038 |
Change in net unrealized appreciation (depreciation) | | 1,355,030,136 | | 527,960,774 |
Net increase (decrease) in net assets resulting from operations | | 1,581,605,519 | | 1,079,773,165 |
Distributions to shareholders | | (399,892,110) | | (123,021,576) |
| | | | |
Share transactions - net increase (decrease) | | 499,914,546 | | (1,113,876,746) |
| | | | |
Total increase (decrease) in net assets | | 1,681,627,955 | | (157,125,157) |
| | | | |
Net Assets | | | | |
Beginning of period | | 8,470,249,311 | | 8,627,374,468 |
End of period | $ | 10,151,877,266 | $ | 8,470,249,311 |
| | | | |
| | | | |
Financial Highlights
Fidelity® Diversified International Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 37.63 | $ | 33.99 | $ | 53.38 | $ | 41.61 | $ | 38.67 | $ | 35.72 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .30 | | .57 | | .33 | | .16 | | .10 | | .50 |
Net realized and unrealized gain (loss) | | 6.58 | | 3.56 | | (14.58) | | 12.07 | | 3.37 | | 4.77 |
Total from investment operations | | 6.88 | | 4.13 | | (14.25) | | 12.23 | | 3.47 | | 5.27 |
Distributions from net investment income | | (.70) | | (.14) | | (.57) | | (.02) | | (.53) | | (.43) |
Distributions from net realized gain | | (1.06) | | (.35) | | (4.57) | | (.45) | | - | | (1.89) |
Total distributions | | (1.76) | | (.49) | | (5.14) | | (.46) C | | (.53) | | (2.32) |
Net asset value, end of period | $ | 42.75 | $ | 37.63 | $ | 33.99 | $ | 53.38 | $ | 41.61 | $ | 38.67 |
Total Return D,E | | | | 12.15% | | (29.36)% | | 29.58% | | 9.07% | | 16.02% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .61% H | | .65% | | .99% | | 1.01% | | 1.05% | | .75% |
Expenses net of fee waivers, if any | | | | .65% | | .99% | | 1.01% | | 1.05% | | .75% |
Expenses net of all reductions | | .61% H | | .65% | | .99% | | 1.01% | | 1.04% | | .75% |
Net investment income (loss) | | 1.46% H | | 1.45% | | .80% | | .32% | | .26% | | 1.42% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 9,030,415 | $ | 7,407,098 | $ | 7,230,515 | $ | 11,529,722 | $ | 9,419,192 | $ | 8,734,682 |
Portfolio turnover rate I,J | | | | 22% | | 20% | | 29% | | 29% | | 37% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Diversified International Fund Class K |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 37.57 | $ | 33.94 | $ | 53.32 | $ | 41.56 | $ | 38.61 | $ | 35.68 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .33 | | .61 | | .38 | | .21 | | .15 | | .55 |
Net realized and unrealized gain (loss) | | 6.55 | | 3.56 | | (14.58) | | 12.06 | | 3.37 | | 4.74 |
Total from investment operations | | 6.88 | | 4.17 | | (14.20) | | 12.27 | | 3.52 | | 5.29 |
Distributions from net investment income | | (.75) | | (.19) | | (.62) | | (.06) | | (.57) | | (.47) |
Distributions from net realized gain | | (1.06) | | (.35) | | (4.57) | | (.45) | | - | | (1.89) |
Total distributions | | (1.80) C | | (.54) | | (5.18) C | | (.51) | | (.57) | | (2.36) |
Net asset value, end of period | $ | 42.65 | $ | 37.57 | $ | 33.94 | $ | 53.32 | $ | 41.56 | $ | 38.61 |
Total Return D,E | | | | 12.29% | | (29.31)% | | 29.71% | | 9.22% | | 16.14% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .50% H | | .54% | | .88% | | .91% | | .94% | | .63% |
Expenses net of fee waivers, if any | | | | .54% | | .88% | | .91% | | .94% | | .63% |
Expenses net of all reductions | | .49% H | | .54% | | .88% | | .91% | | .93% | | .63% |
Net investment income (loss) | | 1.57% H | | 1.56% | | .91% | | .42% | | .38% | | 1.54% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,121,462 | $ | 1,063,151 | $ | 1,396,859 | $ | 3,306,774 | $ | 3,761,267 | $ | 4,246,651 |
Portfolio turnover rate I,J | | | | 22% | | 20% | | 29% | | 29% | | 37% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Diversified International Fund | $1,268,566 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $3,523,269,460 |
Gross unrealized depreciation | (170,060,606) |
Net unrealized appreciation (depreciation) | $3,353,208,854 |
Tax cost | $6,857,489,302 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Diversified International Fund | 2,166,249,205 | 1,905,158,313 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Diversified International Fund | 2,269,957 | 36,182,254 | 92,279,701 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Diversified International Fund | 9,154,362 | 127,948,104 | 353,583,024 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Diversified International | 0.79 |
Class K | 0.68 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % | | |
Diversified International | .77 | | |
Class K | .68 | | |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Diversified International Fund | MSCI EAFE Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Diversified International. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.20)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Fidelity Diversified International Fund | 0.1519 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Diversified International | 4,201,848 | .15 |
Class K | 156,673 | .04 |
| 4,358,521 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Diversified International Fund | 0.0173 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Diversified International Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Diversified International Fund | 1,085 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Diversified International Fund | 25,506,349 | 63,885,941 | (3,211,670) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Diversified International Fund | 8,828 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Diversified International Fund | 20,045 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $220.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $430,832.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Diversified International Fund | | |
Distributions to shareholders | | |
Diversified International | $350,399,026 | $101,421,493 |
Class K | 49,493,084 | 21,600,083 |
Total | $ 399,892,110 | $ 123,021,576 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Diversified International Fund | | | | |
Diversified International | | | | |
Shares sold | 16,470,490 | 9,925,175 | $686,700,616 | $388,397,522 |
Reinvestment of distributions | 7,644,991 | 2,350,798 | 300,983,288 | 87,708,207 |
Shares redeemed | (9,694,985) | (28,189,272) | (403,389,050) | (1,089,796,435) |
Net increase (decrease) | 14,420,496 | (15,913,299) | $584,294,854 | $(613,690,706) |
Class K | | | | |
Shares sold | 2,488,083 | 5,103,356 | $104,086,616 | $201,187,282 |
Reinvestment of distributions | 1,259,505 | 580,051 | 49,460,747 | 21,589,508 |
Shares redeemed | (5,750,550) | (18,542,037) | (237,927,671) | (722,962,830) |
Net increase (decrease) | (2,002,962) | (12,858,630) | $(84,380,308) | $(500,186,040) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity International Fund |
Fidelity Diversified International Fund | 24% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity Diversified International Fund | 30% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.8 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.1 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.1 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.3 | |
Schneider Electric SA (United States of America, Electrical Equipment) | 2.0 | |
SAP SE (Germany, Software) | 2.0 | |
L'Oreal SA (France, Personal Care Products) | 1.9 | |
Tokyo Electron Ltd. (Japan, Semiconductors & Semiconductor Equipment) | 1.8 | |
ASM International NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.8 | |
ICICI Bank Ltd. (India, Banks) | 1.8 | |
| 23.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 25.7 | |
Industrials | 24.8 | |
Financials | 21.8 | |
Consumer Discretionary | 10.1 | |
Health Care | 6.2 | |
Materials | 4.9 | |
Consumer Staples | 3.4 | |
Communication Services | 1.6 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® International Capital Appreciation Fund
Common Stocks - 98.5% |
| | Shares | Value ($) |
Brazil - 1.4% | | | |
MercadoLibre, Inc. (a) | | 53,093 | 77,446,759 |
Canada - 10.4% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,468,323 | 81,380,921 |
Brookfield Asset Management Ltd. Class A (b) | | 1,830,160 | 69,893,810 |
Canadian National Railway Co. | | 664,304 | 80,629,467 |
Canadian Pacific Kansas City Ltd. | | 1,030,055 | 80,809,167 |
CGI, Inc. Class A (sub. vtg.) (a) | | 706,110 | 71,547,077 |
Constellation Software, Inc. | | 35,868 | 92,344,630 |
Constellation Software, Inc. warrants 3/31/40 (a)(c) | | 38,399 | 3 |
Thomson Reuters Corp. | | 517,614 | 78,180,713 |
TOTAL CANADA | | | 554,785,788 |
Denmark - 3.1% | | | |
DSV A/S | | 16,986 | 2,425,078 |
Novo Nordisk A/S Series B | | 1,277,360 | 163,811,598 |
TOTAL DENMARK | | | 166,236,676 |
France - 13.7% | | | |
Air Liquide SA | | 473,651 | 92,636,008 |
Capgemini SA | | 370,028 | 77,772,881 |
Dassault Systemes SA | | 1,882,745 | 73,901,363 |
EssilorLuxottica SA | | 389,858 | 83,544,137 |
Hermes International SCA | | 37,492 | 90,065,802 |
L'Oreal SA | | 212,414 | 99,663,477 |
LVMH Moet Hennessy Louis Vuitton SE | | 151,723 | 124,630,785 |
Safran SA | | 418,098 | 90,657,034 |
TOTAL FRANCE | | | 732,871,487 |
Germany - 2.0% | | | |
SAP SE | | 588,087 | 106,189,134 |
India - 9.8% | | | |
Axis Bank Ltd. | | 6,500,806 | 90,713,064 |
Bharti Airtel Ltd. | | 5,510,721 | 87,202,672 |
HCL Technologies Ltd. | | 4,610,867 | 75,204,861 |
HDFC Bank Ltd. | | 5,171,864 | 93,897,390 |
ICICI Bank Ltd. | | 6,933,303 | 95,506,454 |
Larsen & Toubro Ltd. | | 1,900,999 | 81,692,949 |
TOTAL INDIA | | | 524,217,390 |
Indonesia - 1.4% | | | |
PT Bank Central Asia Tbk | | 129,025,015 | 77,580,755 |
Ireland - 1.5% | | | |
Kingspan Group PLC (Ireland) | | 915,049 | 81,882,904 |
Italy - 1.7% | | | |
Ferrari NV (Italy) | | 226,955 | 93,782,309 |
Japan - 8.1% | | | |
Hoya Corp. | | 698,060 | 80,932,955 |
Keyence Corp. | | 208,558 | 91,717,522 |
OBIC Co. Ltd. | | 562,337 | 72,241,492 |
Shin-Etsu Chemical Co. Ltd. | | 2,346,684 | 90,837,650 |
Tokyo Electron Ltd. | | 443,578 | 97,297,023 |
TOTAL JAPAN | | | 433,026,642 |
Netherlands - 6.5% | | | |
ASM International NV (Netherlands) | | 152,555 | 96,902,546 |
ASML Holding NV (Netherlands) | | 184,358 | 163,831,109 |
Wolters Kluwer NV | | 564,240 | 84,753,588 |
TOTAL NETHERLANDS | | | 345,487,243 |
Sweden - 2.9% | | | |
ASSA ABLOY AB (B Shares) | | 2,615,263 | 69,098,955 |
Atlas Copco AB (A Shares) | | 5,000,815 | 87,594,716 |
TOTAL SWEDEN | | | 156,693,671 |
Switzerland - 2.9% | | | |
Partners Group Holding AG | | 55,572 | 71,909,594 |
UBS Group AG | | 3,183,658 | 84,054,805 |
TOTAL SWITZERLAND | | | 155,964,399 |
Taiwan - 3.8% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 8,460,615 | 202,218,817 |
United Kingdom - 12.3% | | | |
3i Group PLC | | 2,249,819 | 80,380,300 |
Ashtead Group PLC | | 1,248,223 | 91,118,670 |
BAE Systems PLC | | 4,969,799 | 82,658,772 |
Compass Group PLC | | 3,016,153 | 83,890,457 |
InterContinental Hotel Group PLC | | 766,774 | 74,786,546 |
London Stock Exchange Group PLC | | 711,841 | 78,473,429 |
RELX PLC (London Stock Exchange) | | 2,242,868 | 92,152,450 |
Sage Group PLC | | 4,975,670 | 72,494,283 |
TOTAL UNITED KINGDOM | | | 655,954,907 |
United States of America - 17.0% | | | |
Arthur J. Gallagher & Co. | | 287,631 | 67,504,119 |
Experian PLC | | 1,935,507 | 78,066,633 |
Linde PLC | | 182,107 | 80,301,903 |
Marsh & McLennan Companies, Inc. | | 378,462 | 75,476,677 |
MasterCard, Inc. Class A | | 145,840 | 65,803,008 |
Moody's Corp. | | 201,430 | 74,595,572 |
NVIDIA Corp. | | 85,983 | 74,291,032 |
S&P Global, Inc. | | 183,497 | 76,303,558 |
Schneider Electric SA | | 471,983 | 107,618,405 |
Uber Technologies, Inc. (a) | | 1,033,379 | 68,482,026 |
Visa, Inc. Class A | | 246,952 | 66,333,777 |
Waste Connections, Inc. (Canada) | | 455,598 | 73,867,340 |
TOTAL UNITED STATES OF AMERICA | | | 908,644,050 |
TOTAL COMMON STOCKS (Cost $3,738,802,511) | | | 5,272,982,931 |
| | | |
Money Market Funds - 2.9% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) | | 78,031,100 | 78,046,706 |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 74,569,118 | 74,576,575 |
TOTAL MONEY MARKET FUNDS (Cost $152,623,281) | | | 152,623,281 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $3,891,425,792) | 5,425,606,212 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (73,887,306) |
NET ASSETS - 100.0% | 5,351,718,906 |
| |
Legend
(b) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 69,951,135 | 853,610,909 | 845,515,509 | 2,249,282 | 171 | - | 78,046,706 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | 12,706,225 | 440,825,062 | 378,954,712 | 22,510 | - | - | 74,576,575 | 0.3% |
Total | 82,657,360 | 1,294,435,971 | 1,224,470,221 | 2,271,792 | 171 | - | 152,623,281 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 87,202,672 | - | 87,202,672 | - |
Consumer Discretionary | 544,602,658 | 261,294,870 | 283,307,788 | - |
Consumer Staples | 181,044,398 | 181,044,398 | - | - |
Financials | 1,168,426,312 | 651,874,920 | 516,551,392 | - |
Health Care | 328,288,690 | 83,544,137 | 244,744,553 | - |
Industrials | 1,331,688,867 | 642,148,953 | 689,539,914 | - |
Information Technology | 1,367,953,773 | 571,410,677 | 796,543,093 | 3 |
Materials | 263,775,561 | 80,301,903 | 183,473,658 | - |
|
Money Market Funds | 152,623,281 | 152,623,281 | - | - |
Total Investments in Securities: | 5,425,606,212 | 2,624,243,139 | 2,801,363,070 | 3 |
Fidelity® International Capital Appreciation Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $69,891,519) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,738,802,511) | $ | 5,272,982,931 | | |
Fidelity Central Funds (cost $152,623,281) | | 152,623,281 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $3,891,425,792) | | | $ | 5,425,606,212 |
Foreign currency held at value (cost $1,511,079) | | | | 1,507,487 |
Receivable for investments sold | | | | 7,283,593 |
Receivable for fund shares sold | | | | 2,683,562 |
Dividends receivable | | | | 9,025,080 |
Reclaims receivable | | | | 5,945,740 |
Distributions receivable from Fidelity Central Funds | | | | 463,124 |
Prepaid expenses | | | | 1,555 |
Other receivables | | | | 1,865,927 |
Total assets | | | | 5,454,382,280 |
Liabilities | | | | |
Payable for investments purchased | $ | 7,249,078 | | |
Payable for fund shares redeemed | | 2,137,593 | | |
Accrued management fee | | 3,863,658 | | |
Other payables and accrued expenses | | 14,836,470 | | |
Collateral on securities loaned | | 74,576,575 | | |
Total liabilities | | | | 102,663,374 |
Net Assets | | | $ | 5,351,718,906 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 4,003,006,831 |
Total accumulated earnings (loss) | | | | 1,348,712,075 |
Net Assets | | | $ | 5,351,718,906 |
Net Asset Value, offering price and redemption price per share ($5,351,718,906 ÷ 195,383,744 shares) | | | $ | 27.39 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 29,501,752 |
Income from Fidelity Central Funds (including $22,510 from security lending) | | | | 2,271,792 |
Income before foreign taxes withheld | | | $ | 31,773,544 |
Less foreign taxes withheld | | | | (2,742,803) |
Total income | | | | 29,030,741 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 18,208,680 | | |
Performance adjustment | | 1,819,003 | | |
Transfer agent fees | | 2,566,421 | | |
Accounting fees | | 533,496 | | |
Custodian fees and expenses | | 235,277 | | |
Independent trustees' fees and expenses | | 12,186 | | |
Registration fees | | 44,060 | | |
Audit | | 54,483 | | |
Legal | | 3,117 | | |
Miscellaneous | | 9,276 | | |
Total expenses before reductions | | 23,485,999 | | |
Expense reductions | | (228,478) | | |
Total expenses after reductions | | | | 23,257,521 |
Net Investment income (loss) | | | | 5,773,220 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $1,699,958) | | 170,247,991 | | |
Fidelity Central Funds | | 171 | | |
Foreign currency transactions | | 256,812 | | |
Total net realized gain (loss) | | | | 170,504,974 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $7,219,368) | | 740,901,858 | | |
Assets and liabilities in foreign currencies | | (136,593) | | |
Total change in net unrealized appreciation (depreciation) | | | | 740,765,265 |
Net gain (loss) | | | | 911,270,239 |
Net increase (decrease) in net assets resulting from operations | | | $ | 917,043,459 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 5,773,220 | $ | 20,593,650 |
Net realized gain (loss) | | 170,504,974 | | 80,207,386 |
Change in net unrealized appreciation (depreciation) | | 740,765,265 | | 499,536,098 |
Net increase (decrease) in net assets resulting from operations | | 917,043,459 | | 600,337,134 |
Distributions to shareholders | | (18,874,608) | | (1,939,358) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 554,669,569 | | 435,752,549 |
Reinvestment of distributions | | 15,731,033 | | 1,625,726 |
Cost of shares redeemed | | (269,166,274) | | (706,723,757) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 301,234,328 | | (269,345,482) |
Total increase (decrease) in net assets | | 1,199,403,179 | | 329,052,294 |
| | | | |
Net Assets | | | | |
Beginning of period | | 4,152,315,727 | | 3,823,263,433 |
End of period | $ | 5,351,718,906 | $ | 4,152,315,727 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 21,089,761 | | 18,847,487 |
Issued in reinvestment of distributions | | 621,044 | | 72,968 |
Redeemed | | (10,042,455) | | (31,187,640) |
Net increase (decrease) | | 11,668,350 | | (12,267,185) |
| | | | |
Financial Highlights
Fidelity® International Capital Appreciation Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 22.60 | $ | 19.51 | $ | 30.93 | $ | 24.57 | $ | 22.41 | $ | 18.84 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .03 | | .11 | | .02 | | (.02) | | .06 | | .17 C |
Net realized and unrealized gain (loss) | | 4.86 | | 2.99 | | (8.86) | | 6.74 | | 2.86 | | 3.93 |
Total from investment operations | | 4.89 | | 3.10 | | (8.84) | | 6.72 | | 2.92 | | 4.10 |
Distributions from net investment income | | (.10) | | (.01) | | - | | (.05) | | (.13) | | (.08) |
Distributions from net realized gain | | - | | - | | (2.58) | | (.31) | | (.62) | | (.45) |
Total distributions | | (.10) | | (.01) | | (2.58) | | (.36) | | (.76) D | | (.53) |
Net asset value, end of period | $ | 27.39 | $ | 22.60 | $ | 19.51 | $ | 30.93 | $ | 24.57 | $ | 22.41 |
Total Return E,F | | | | 15.89% | | (30.97)% | | 27.56% | | 13.35% | | 22.45% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .91% I | | .80% | | .99% | | 1.00% | | 1.03% | | 1.01% |
Expenses net of fee waivers, if any | | | | .79% | | .98% | | 1.00% | | 1.03% | | 1.01% |
Expenses net of all reductions | | .91% I | | .79% | | .98% | | 1.00% | | .99% | | 1.00% |
Net investment income (loss) | | .22% I | | .48% | | .10% | | (.08)% | | .25% | | .81% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 5,351,719 | $ | 4,152,316 | $ | 3,823,263 | $ | 5,851,757 | $ | 4,514,343 | $ | 3,480,765 |
Portfolio turnover rate J | | | | 79% | | 112% K | | 141% | | 135% | | 131% K |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,578,310,194 |
Gross unrealized depreciation | (51,217,504) |
Net unrealized appreciation (depreciation) | $1,527,092,690 |
Tax cost | $3,898,513,522 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(333,784,644) |
Long-term | (-) |
Total capital loss carryforward | $(333,784,644) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Capital Appreciation Fund | 1,568,798,448 | 1,282,693,867 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity International Capital Appreciation Fund | 0.83 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity International Capital Appreciation Fund | .86 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged 0.22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was 0.67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity International Capital Appreciation Fund | MSCI All Country World ex USA Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .07%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1559%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .16% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity International Capital Appreciation Fund | .0322 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity International Capital Appreciation Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Capital Appreciation Fund | 1,431 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Capital Appreciation Fund | 73,817,022 | 152,120,627 | 16,166,628 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity International Capital Appreciation Fund | 4,603 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity International Capital Appreciation Fund | 2,455 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $661.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $227,817.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity International Fund |
Fidelity International Capital Appreciation Fund | 38% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity International Capital Appreciation Fund | 41% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.8 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.7 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.7 | |
SAP SE (Germany, Software) | 2.3 | |
Tokio Marine Holdings, Inc. (Japan, Insurance) | 2.1 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 | |
Safran SA (France, Aerospace & Defense) | 2.1 | |
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) | 2.0 | |
Wolters Kluwer NV (Netherlands, Professional Services) | 1.9 | |
Compass Group PLC (United Kingdom, Hotels, Restaurants & Leisure) | 1.8 | |
| 24.5 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 22.0 | |
Industrials | 18.7 | |
Information Technology | 18.7 | |
Health Care | 15.4 | |
Consumer Discretionary | 10.0 | |
Materials | 6.7 | |
Consumer Staples | 5.1 | |
Energy | 1.2 | |
Communication Services | 0.4 | |
Real Estate | 0.1 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Overseas Fund
Common Stocks - 98.3% |
| | Shares | Value ($) |
Bailiwick of Jersey - 0.3% | | | |
JTC PLC (a) | | 3,047,000 | 32,553,089 |
Belgium - 0.9% | | | |
Azelis Group NV | | 1,072,900 | 25,922,775 |
KBC Group NV | | 847,890 | 63,250,288 |
TOTAL BELGIUM | | | 89,173,063 |
Canada - 2.5% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,508,300 | 83,596,622 |
Constellation Software, Inc. | | 59,800 | 153,959,208 |
Constellation Software, Inc. warrants 3/31/40 (b)(c) | | 62,100 | 5 |
Lumine Group, Inc. (b) | | 360,322 | 9,870,150 |
TOTAL CANADA | | | 247,425,985 |
Denmark - 4.9% | | | |
Carlsberg A/S Series B | | 441,700 | 59,414,333 |
DSV A/S | | 426,903 | 60,948,620 |
Novo Nordisk A/S Series B | | 2,856,400 | 366,311,336 |
TOTAL DENMARK | | | 486,674,289 |
Finland - 0.9% | | | |
Nordea Bank Abp | | 7,631,100 | 89,049,350 |
France - 13.7% | | | |
Accor SA | | 1,823,000 | 80,368,837 |
Air Liquide SA | | 781,129 | 152,772,130 |
ALTEN | | 561,556 | 66,341,687 |
Antin Infrastructure Partners SA | | 198,900 | 2,547,193 |
Capgemini SA | | 749,433 | 157,516,631 |
Dassault Systemes SA | | 1,598,700 | 62,752,051 |
Edenred SA | | 403,579 | 19,148,900 |
EssilorLuxottica SA | | 722,813 | 154,894,316 |
L'Oreal SA | | 275,200 | 129,122,321 |
LVMH Moet Hennessy Louis Vuitton SE | | 252,942 | 207,775,750 |
Safran SA | | 945,000 | 204,906,259 |
TotalEnergies SE | | 1,683,144 | 122,194,103 |
TOTAL FRANCE | | | 1,360,340,178 |
Germany - 8.9% | | | |
Allianz SE | | 517,801 | 146,944,097 |
Deutsche Borse AG | | 649,391 | 125,197,383 |
Hannover Reuck SE | | 582,900 | 144,569,273 |
Infineon Technologies AG | | 1,675,559 | 58,146,965 |
Merck KGaA | | 530,500 | 84,327,983 |
SAP SE | | 1,244,400 | 224,697,636 |
Siemens Healthineers AG (a) | | 1,771,000 | 98,215,139 |
TOTAL GERMANY | | | 882,098,476 |
Hong Kong - 1.0% | | | |
AIA Group Ltd. | | 12,961,600 | 94,935,399 |
India - 0.4% | | | |
HDFC Bank Ltd. | | 2,302,700 | 41,806,498 |
Indonesia - 0.8% | | | |
PT Bank Central Asia Tbk | | 137,842,200 | 82,882,393 |
Ireland - 1.0% | | | |
Kingspan Group PLC (Ireland) | | 1,163,900 | 104,151,266 |
Italy - 3.3% | | | |
FinecoBank SpA | | 4,669,000 | 71,951,009 |
GVS SpA (a)(b) | | 528,100 | 3,088,464 |
Industrie de Nora SpA | | 363,000 | 4,896,655 |
Recordati SpA | | 1,698,130 | 90,702,829 |
UniCredit SpA | | 4,311,000 | 158,232,509 |
TOTAL ITALY | | | 328,871,466 |
Japan - 14.5% | | | |
Ajinomoto Co., Inc. | | 1,796,200 | 66,785,362 |
BayCurrent Consulting, Inc. | | 674,900 | 14,366,709 |
Capcom Co. Ltd. | | 2,681,600 | 44,145,679 |
DENSO Corp. | | 3,896,900 | 66,415,345 |
FUJIFILM Holdings Corp. | | 5,443,700 | 115,801,041 |
Hoya Corp. | | 1,179,800 | 136,785,806 |
Mitsubishi Heavy Industries Ltd. | | 12,308,000 | 110,047,269 |
NOF Corp. | | 2,824,200 | 37,889,275 |
Renesas Electronics Corp. | | 3,431,700 | 55,716,230 |
Rohto Pharmaceutical Co. Ltd. | | 1,063,600 | 20,751,301 |
Shin-Etsu Chemical Co. Ltd. | | 4,364,700 | 168,952,910 |
Sony Group Corp. | | 1,913,300 | 158,136,865 |
Suzuki Motor Corp. | | 8,590,700 | 100,045,450 |
TIS, Inc. | | 1,427,400 | 30,484,377 |
Tokio Marine Holdings, Inc. | | 6,650,500 | 210,198,334 |
Tokyo Electron Ltd. | | 505,900 | 110,967,099 |
TOTAL JAPAN | | | 1,447,489,052 |
Netherlands - 7.8% | | | |
ASM International NV (Netherlands) | | 163,802 | 104,046,612 |
ASML Holding NV (Netherlands) | | 424,500 | 377,235,085 |
IMCD NV | | 622,424 | 94,489,690 |
Topicus.Com, Inc. | | 122,288 | 9,965,852 |
Wolters Kluwer NV | | 1,251,421 | 187,973,947 |
TOTAL NETHERLANDS | | | 773,711,186 |
Spain - 0.8% | | | |
CaixaBank SA | | 15,424,500 | 81,342,012 |
Sweden - 2.9% | | | |
Addlife AB | | 2,778,272 | 25,865,731 |
AddTech AB (B Shares) | | 2,105,796 | 44,483,804 |
Atlas Copco AB (A Shares) | | 6,509,044 | 114,012,988 |
Indutrade AB | | 4,606,016 | 107,915,623 |
Kry International AB (b)(c)(d) | | 2,787 | 84,856 |
TOTAL SWEDEN | | | 292,363,002 |
Switzerland - 4.9% | | | |
Alcon, Inc. (Switzerland) | | 1,280,970 | 99,077,473 |
Compagnie Financiere Richemont SA Series A | | 688,376 | 95,152,170 |
Galderma Group AG | | 471,479 | 35,133,328 |
Partners Group Holding AG | | 83,670 | 108,268,115 |
Sika AG | | 524,682 | 150,284,221 |
TOTAL SWITZERLAND | | | 487,915,307 |
Taiwan - 0.8% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 3,154,000 | 75,384,371 |
United Kingdom - 17.3% | | | |
3i Group PLC | | 3,606,300 | 128,843,909 |
AstraZeneca PLC (United Kingdom) | | 1,754,000 | 265,290,663 |
BAE Systems PLC | | 7,942,700 | 132,104,705 |
Beazley PLC | | 2,466,535 | 20,434,050 |
Compass Group PLC | | 6,439,898 | 179,117,567 |
Diageo PLC | | 4,367,200 | 150,929,027 |
Diploma PLC | | 1,567,295 | 71,051,241 |
Flutter Entertainment PLC (b) | | 106,174 | 19,800,956 |
Halma PLC | | 2,359,100 | 65,058,242 |
Hiscox Ltd. | | 2,323,213 | 35,706,541 |
InterContinental Hotel Group PLC | | 775,300 | 75,618,121 |
Lloyds Banking Group PLC | | 144,221,000 | 93,077,849 |
London Stock Exchange Group PLC | | 1,460,300 | 160,983,631 |
RELX PLC (London Stock Exchange) | | 4,910,100 | 201,740,694 |
Sage Group PLC | | 6,736,400 | 98,147,685 |
Volution Group PLC | | 4,245,867 | 23,105,118 |
TOTAL UNITED KINGDOM | | | 1,721,009,999 |
United States of America - 10.7% | | | |
CBRE Group, Inc. (b) | | 54,175 | 4,707,266 |
CDW Corp. | | 297,500 | 71,953,350 |
Experian PLC | | 2,251,800 | 90,823,978 |
Ferguson PLC | | 612,700 | 129,845,639 |
ICON PLC (b) | | 294,600 | 87,755,448 |
Linde PLC | | 370,200 | 163,243,392 |
Marsh & McLennan Companies, Inc. | | 799,700 | 159,484,171 |
S&P Global, Inc. | | 320,705 | 133,358,760 |
Schneider Electric SA | | 648,200 | 147,798,226 |
Thermo Fisher Scientific, Inc. | | 129,700 | 73,762,984 |
TOTAL UNITED STATES OF AMERICA | | | 1,062,733,214 |
TOTAL COMMON STOCKS (Cost $6,935,632,777) | | | 9,781,909,595 |
| | | |
Nonconvertible Preferred Stocks - 0.0% |
| | Shares | Value ($) |
Sweden - 0.0% | | | |
Kry International AB Series E (b)(c)(d) (Cost $7,360,943) | | 16,101 | 666,872 |
| | | |
Money Market Funds - 1.1% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (e) (Cost $103,739,803) | | 103,719,060 | 103,739,803 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $7,046,733,523) | 9,886,316,270 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 63,167,241 |
NET ASSETS - 100.0% | 9,949,483,511 |
| |
Legend
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $133,856,692 or 1.3% of net assets. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $751,728 or 0.0% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Kry International AB | 5/14/21 | 1,210,410 |
| | |
Kry International AB Series E | 5/14/21 | 7,360,943 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 150,881,981 | 1,302,803,603 | 1,349,946,097 | 4,179,881 | 316 | - | 103,739,803 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 76,836,109 | 76,836,109 | 137,486 | - | - | - | 0.0% |
Total | 150,881,981 | 1,379,639,712 | 1,426,782,206 | 4,317,367 | 316 | - | 103,739,803 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 44,145,679 | - | 44,145,679 | - |
Consumer Discretionary | 982,431,061 | 100,169,793 | 882,261,268 | - |
Consumer Staples | 510,598,966 | 212,718,943 | 297,880,023 | - |
Energy | 122,194,103 | - | 122,194,103 | - |
Financials | 2,204,764,753 | 880,320,739 | 1,324,444,014 | - |
Health Care | 1,518,123,036 | 651,520,092 | 866,602,944 | - |
Industrials | 1,873,673,670 | 857,872,842 | 1,015,800,828 | - |
Information Technology | 1,848,796,005 | 956,577,871 | 891,466,401 | 751,733 |
Materials | 673,141,928 | 313,527,613 | 359,614,315 | - |
Real Estate | 4,707,266 | 4,707,266 | - | - |
|
Money Market Funds | 103,739,803 | 103,739,803 | - | - |
Total Investments in Securities: | 9,886,316,270 | 4,081,154,962 | 5,804,409,575 | 751,733 |
Fidelity® Overseas Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $6,942,993,720) | $ | 9,782,576,467 | | |
Fidelity Central Funds (cost $103,739,803) | | 103,739,803 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $7,046,733,523) | | | $ | 9,886,316,270 |
Foreign currency held at value (cost $1,938,110) | | | | 1,938,109 |
Receivable for investments sold | | | | 17,252,571 |
Receivable for fund shares sold | | | | 4,807,604 |
Dividends receivable | | | | 21,085,928 |
Reclaims receivable | | | | 30,109,868 |
Distributions receivable from Fidelity Central Funds | | | | 562,512 |
Prepaid expenses | | | | 2,760 |
Other receivables | | | | 308,288 |
Total assets | | | | 9,962,383,910 |
Liabilities | | | | |
Payable for investments purchased | $ | 3,059,844 | | |
Payable for fund shares redeemed | | 3,451,127 | | |
Accrued management fee | | 5,865,223 | | |
Other payables and accrued expenses | | 524,205 | | |
Total liabilities | | | | 12,900,399 |
Net Assets | | | $ | 9,949,483,511 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 7,108,420,796 |
Total accumulated earnings (loss) | | | | 2,841,062,715 |
Net Assets | | | $ | 9,949,483,511 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Overseas : | | | | |
Net Asset Value, offering price and redemption price per share ($8,972,493,535 ÷ 143,901,616 shares) | | | $ | 62.35 |
Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($976,989,976 ÷ 15,703,229 shares) | | | $ | 62.22 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 87,798,684 |
Income from Fidelity Central Funds (including $137,486 from security lending) | | | | 4,317,367 |
Income before foreign taxes withheld | | | $ | 92,116,051 |
Less foreign taxes withheld | | | | (7,883,629) |
Total income | | | | 84,232,422 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 31,709,230 | | |
Performance adjustment | | (2,618,613) | | |
Transfer agent fees | | 3,966,226 | | |
Accounting fees | | 583,299 | | |
Custodian fees and expenses | | 167,565 | | |
Independent trustees' fees and expenses | | 21,678 | | |
Registration fees | | 59,746 | | |
Audit | | 50,190 | | |
Legal | | 4,542 | | |
Miscellaneous | | 16,515 | | |
Total expenses before reductions | | 33,960,378 | | |
Expense reductions | | (405,855) | | |
Total expenses after reductions | | | | 33,554,523 |
Net Investment income (loss) | | | | 50,677,899 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $2,775,983) | | 50,986,141 | | |
Fidelity Central Funds | | 316 | | |
Foreign currency transactions | | (41,259) | | |
Total net realized gain (loss) | | | | 50,945,198 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,079,694) | | 1,470,186,860 | | |
Assets and liabilities in foreign currencies | | (287,878) | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,469,898,982 |
Net gain (loss) | | | | 1,520,844,180 |
Net increase (decrease) in net assets resulting from operations | | | $ | 1,571,522,079 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 50,677,899 | $ | 95,895,080 |
Net realized gain (loss) | | 50,945,198 | | 178,850,522 |
Change in net unrealized appreciation (depreciation) | | 1,469,898,982 | | 588,410,844 |
Net increase (decrease) in net assets resulting from operations | | 1,571,522,079 | | 863,156,446 |
Distributions to shareholders | | (91,103,428) | | (57,098,273) |
| | | | |
Share transactions - net increase (decrease) | | 1,091,918,127 | | (224,690,399) |
| | | | |
Total increase (decrease) in net assets | | 2,572,336,778 | | 581,367,774 |
| | | | |
Net Assets | | | | |
Beginning of period | | 7,377,146,733 | | 6,795,778,959 |
End of period | $ | 9,949,483,511 | $ | 7,377,146,733 |
| | | | |
| | | | |
Financial Highlights
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 52.19 | $ | 46.55 | $ | 69.79 | $ | 50.91 | $ | 49.51 | $ | 46.04 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .33 | | .67 | | .47 | | .21 | | .13 | | .77 |
Net realized and unrealized gain (loss) | | 10.45 | | 5.36 | | (20.64) | | 18.98 | | 1.97 | | 5.12 |
Total from investment operations | | 10.78 | | 6.03 | | (20.17) | | 19.19 | | 2.10 | | 5.89 |
Distributions from net investment income | | (.62) | | (.39) | | (.20) | | (.11) | | (.70) | | (.68) |
Distributions from net realized gain | | - | | - | | (2.87) | | (.21) | | - | | (1.74) |
Total distributions | | (.62) | | (.39) | | (3.07) | | (.31) C | | (.70) | | (2.42) |
Net asset value, end of period | $ | 62.35 | $ | 52.19 | $ | 46.55 | $ | 69.79 | $ | 50.91 | $ | 49.51 |
Total Return D,E | | | | 12.95% | | (30.12)% | | 37.83% | | 4.25% | | 13.78% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .75% H | | .73% | | .95% | | .99% | | 1.04% | | .90% |
Expenses net of fee waivers, if any | | | | .72% | | .95% | | .98% | | 1.04% | | .90% |
Expenses net of all reductions | | .74% H | | .72% | | .94% | | .98% | | 1.03% | | .89% |
Net investment income (loss) | | 1.09% H | | 1.23% | | .84% | | .33% | | .27% | | 1.68% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 8,972,494 | $ | 6,684,862 | $ | 6,175,776 | $ | 8,981,609 | $ | 6,160,617 | $ | 6,182,831 |
Portfolio turnover rate I | | | | 34% | | 25% | | 30% J | | 41% | | 46% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Overseas Fund Class K |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 52.11 | $ | 46.48 | $ | 69.68 | $ | 50.83 | $ | 49.43 | $ | 45.98 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .36 | | .73 | | .54 | | .27 | | .19 | | .82 |
Net realized and unrealized gain (loss) | | 10.43 | | 5.34 | | (20.60) | | 18.95 | | 1.96 | | 5.11 |
Total from investment operations | | 10.79 | | 6.07 | | (20.06) | | 19.22 | | 2.15 | | 5.93 |
Distributions from net investment income | | (.68) | | (.44) | | (.26) | | (.16) | | (.75) | | (.73) |
Distributions from net realized gain | | - | | - | | (2.87) | | (.21) | | - | | (1.74) |
Total distributions | | (.68) | | (.44) | | (3.14) C | | (.37) | | (.75) | | (2.48) C |
Net asset value, end of period | $ | 62.22 | $ | 52.11 | $ | 46.48 | $ | 69.68 | $ | 50.83 | $ | 49.43 |
Total Return D,E | | | | 13.06% | | (30.04)% | | 37.97% | | 4.36% | | 13.90% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .64% H | | .62% | | .84% | | .89% | | .94% | | .78% |
Expenses net of fee waivers, if any | | | | .61% | | .84% | | .88% | | .93% | | .78% |
Expenses net of all reductions | | .64% H | | .61% | | .84% | | .88% | | .93% | | .77% |
Net investment income (loss) | | 1.19% H | | 1.34% | | .94% | | .43% | | .38% | | 1.79% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 976,990 | $ | 692,284 | $ | 620,003 | $ | 1,591,397 | $ | 1,022,402 | $ | 1,040,002 |
Portfolio turnover rate I | | | | 34% | | 25% | | 30% J | | 41% | | 46% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE) , normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Overseas Fund | $280,205 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred Trustee compensation, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $2,937,375,195 | |
Gross unrealized depreciation | (110,097,007) | |
Net unrealized appreciation (depreciation) | $2,827,278,188 | |
Tax cost | $7,059,038,082 | |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(84,908,134) |
Long-term | (-) |
Total capital loss carryforward | $(84,908,134) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Overseas Fund | 2,406,482,948 | 1,313,933,516 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Overseas | 0.78 |
Class K | 0.68 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Overseas | .77 |
Class K | .68 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Overseas Fund | MSCI EAFE Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Overseas. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.06)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Fidelity Overseas Fund | 0.1476 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Overseas | 3,839,729 | .15 |
Class K | 126,497 | .04 |
| 3,966,226 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Overseas Fund | .0199 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Overseas Fund | .02 |
| |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Overseas Fund | 1,085 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Overseas Fund | 83,804,853 | 10,633,309 | (38,878) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Overseas Fund | 8,220 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Overseas Fund | 14,599 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,075.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $403,780.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Overseas Fund | | |
Distributions to shareholders | | |
Overseas | $80,812,559 | $51,233,808 |
Class K | 10,290,869 | 5,864,465 |
Total | $ 91,103,428 | $ 57,098,273 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Overseas Fund | | | | |
Overseas | | | | |
Shares sold | 19,741,573 | 10,936,067 | $1,200,059,506 | $596,408,589 |
Reinvestment of distributions | 1,223,215 | 849,241 | 70,139,126 | 44,738,039 |
Shares redeemed | (5,147,638) | (16,363,021) | (311,257,169) | (880,663,957) |
Net increase (decrease) | 15,817,150 | (4,577,713) | $958,941,463 | $(239,517,329) |
Class K | | | | |
Shares sold | 4,060,667 | 5,973,191 | $234,374,221 | $340,532,508 |
Reinvestment of distributions | 179,942 | 111,598 | 10,290,869 | 5,864,465 |
Shares redeemed | (1,822,201) | (6,139,595) | (111,688,426) | (331,570,043) |
Net increase (decrease) | 2,418,408 | (54,806) | $132,976,664 | $14,826,930 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity International Fund |
Fidelity Overseas Fund | 34% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity Overseas Fund | 51% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Top Holdings (% of Fund's net assets) |
|
NVIDIA Corp. (United States of America, Semiconductors & Semiconductor Equipment) | 6.6 | |
Microsoft Corp. (United States of America, Software) | 5.4 | |
Meta Platforms, Inc. Class A (United States of America, Interactive Media & Services) | 4.4 | |
Amazon.com, Inc. (United States of America, Broadline Retail) | 4.3 | |
Eaton Corp. PLC (United States of America, Electrical Equipment) | 3.9 | |
Eli Lilly & Co. (United States of America, Pharmaceuticals) | 3.8 | |
Fiserv, Inc. (United States of America, Financial Services) | 3.6 | |
Alphabet, Inc. Class A (United States of America, Interactive Media & Services) | 2.9 | |
Vertiv Holdings Co. (United States of America, Electrical Equipment) | 2.3 | |
Constellation Energy Corp. (United States of America, Electric Utilities) | 2.2 | |
| 39.4 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 24.2 | |
Industrials | 18.5 | |
Consumer Discretionary | 14.2 | |
Financials | 11.8 | |
Communication Services | 9.9 | |
Health Care | 9.5 | |
Energy | 4.1 | |
Utilities | 2.9 | |
Materials | 1.6 | |
Consumer Staples | 1.4 | |
Real Estate | 0.9 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Worldwide Fund
Common Stocks - 98.8% |
| | Shares | Value ($) |
Australia - 1.8% | | | |
Aristocrat Leisure Ltd. | | 268,972 | 6,864,162 |
CAR Group Ltd. | | 709,556 | 15,385,670 |
Deterra Royalties Ltd. | | 1,375,923 | 4,355,346 |
Johns Lyng Group Ltd. | | 721,288 | 2,586,559 |
Lovisa Holdings Ltd. | | 439,390 | 8,855,493 |
National Storage REIT unit | | 4,853,097 | 6,692,067 |
Suncorp Group Ltd. | | 1,163,294 | 12,424,464 |
TOTAL AUSTRALIA | | | 57,163,761 |
Austria - 0.2% | | | |
Wienerberger AG | | 178,700 | 6,400,182 |
Belgium - 0.9% | | | |
Azelis Group NV | | 232,768 | 5,624,003 |
D'ieteren Group | | 17,000 | 3,686,536 |
UCB SA | | 135,600 | 18,023,920 |
TOTAL BELGIUM | | | 27,334,459 |
Canada - 2.7% | | | |
ARC Resources Ltd. | | 558,000 | 10,104,921 |
Constellation Software, Inc. | | 3,700 | 9,525,904 |
Constellation Software, Inc. warrants 3/31/40 (a)(b) | | 3,700 | 0 |
Franco-Nevada Corp. | | 55,500 | 6,681,045 |
PrairieSky Royalty Ltd. | | 2,744,700 | 52,296,140 |
Quebecor, Inc. Class B (sub. vtg.) | | 230,500 | 4,770,236 |
TOTAL CANADA | | | 83,378,246 |
China - 0.9% | | | |
BYD Co. Ltd. (H Shares) | | 168,500 | 4,619,020 |
Centre Testing International Group Co. Ltd. (A Shares) | | 2,106,400 | 3,644,185 |
Kweichow Moutai Co. Ltd. (A Shares) | | 18,100 | 4,243,838 |
Tencent Holdings Ltd. | | 182,800 | 8,021,849 |
ZTO Express, Inc. sponsored ADR | | 306,000 | 6,422,940 |
TOTAL CHINA | | | 26,951,832 |
Denmark - 2.4% | | | |
Carlsberg A/S Series B | | 50,300 | 6,765,997 |
GN Store Nord A/S (a) | | 447,475 | 12,203,456 |
Novo Nordisk A/S: | | | |
Series B | | 225,300 | 28,892,993 |
Series B sponsored ADR | | 218,000 | 27,971,580 |
TOTAL DENMARK | | | 75,834,026 |
Finland - 0.1% | | | |
Nanoform Finland PLC (a)(c) | | 675,916 | 1,550,876 |
Olvi Oyj (A Shares) | | 86,661 | 2,769,914 |
TOTAL FINLAND | | | 4,320,790 |
France - 1.6% | | | |
Capgemini SA | | 39,700 | 8,344,189 |
Dassault Aviation SA | | 15,500 | 3,328,170 |
L'Oreal SA | | 34,400 | 16,140,290 |
LVMH Moet Hennessy Louis Vuitton SE | | 20,927 | 17,190,198 |
Thales SA | | 32,700 | 5,512,051 |
TOTAL FRANCE | | | 50,514,898 |
Germany - 1.6% | | | |
DHL Group | | 238,911 | 10,003,187 |
Infineon Technologies AG | | 242,700 | 8,422,424 |
Instone Real Estate Group BV (d) | | 332,488 | 3,076,386 |
Nexus AG | | 46,000 | 2,538,015 |
SAP SE | | 100,200 | 18,092,818 |
Stabilus Se | | 144,286 | 8,961,754 |
TOTAL GERMANY | | | 51,094,584 |
Greece - 0.1% | | | |
Athens International Airport SA | | 301,400 | 2,672,945 |
Hong Kong - 0.7% | | | |
AIA Group Ltd. | | 761,327 | 5,576,232 |
Hong Kong Exchanges and Clearing Ltd. | | 170,174 | 5,407,181 |
Prudential PLC | | 1,366,086 | 11,881,329 |
TOTAL HONG KONG | | | 22,864,742 |
Hungary - 0.1% | | | |
Richter Gedeon PLC | | 114,700 | 2,920,839 |
India - 0.0% | | | |
Pine Labs Private Ltd. (a)(b)(e) | | 792 | 258,968 |
Indonesia - 0.8% | | | |
PT Bank Central Asia Tbk | | 28,467,200 | 17,116,889 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 21,144,000 | 6,400,364 |
TOTAL INDONESIA | | | 23,517,253 |
Ireland - 0.6% | | | |
AIB Group PLC | | 1,280,000 | 6,647,034 |
Cairn Homes PLC | | 3,188,000 | 5,401,715 |
Irish Residential Properties REIT PLC | | 5,266,267 | 5,569,579 |
TOTAL IRELAND | | | 17,618,328 |
Israel - 0.3% | | | |
NICE Ltd. (a) | | 40,100 | 8,974,581 |
Italy - 1.2% | | | |
BFF Bank SpA (d) | | 1,389,790 | 17,872,366 |
Prysmian SpA | | 249,500 | 13,627,514 |
Recordati SpA | | 129,400 | 6,911,689 |
TOTAL ITALY | | | 38,411,569 |
Japan - 4.4% | | | |
Capcom Co. Ltd. | | 499,900 | 8,229,574 |
DENSO Corp. | | 50,000 | 852,156 |
Fuji Electric Co. Ltd. | | 94,100 | 5,853,390 |
FUJIFILM Holdings Corp. | | 529,476 | 11,263,272 |
Hitachi Ltd. | | 192,100 | 17,723,280 |
Hoya Corp. | | 63,443 | 7,355,570 |
Katitas Co. Ltd. | | 387,300 | 4,666,138 |
Keyence Corp. | | 27,940 | 12,287,170 |
Mitsubishi Electric Corp. | | 199,700 | 3,480,756 |
NOF Corp. | | 802,485 | 10,766,084 |
NSD Co. Ltd. | | 178,800 | 3,494,821 |
Osaka Soda Co. Ltd. | | 75,700 | 4,439,691 |
PALTAC Corp. | | 188,891 | 5,717,155 |
Pan Pacific International Holdings Ltd. | | 403,700 | 9,481,310 |
Renesas Electronics Corp. | | 962,931 | 15,633,909 |
Shin-Etsu Chemical Co. Ltd. | | 262,015 | 10,142,323 |
USS Co. Ltd. | | 649,200 | 4,959,430 |
TOTAL JAPAN | | | 136,346,029 |
Kenya - 0.0% | | | |
Safaricom Ltd. | | 5,920,700 | 699,520 |
Korea (South) - 0.2% | | | |
HD Hyundai Marine Solution Co. Ltd. (f) | | 7,800 | 469,357 |
Samsung Electronics Co. Ltd. | | 105,060 | 5,823,584 |
TOTAL KOREA (SOUTH) | | | 6,292,941 |
Luxembourg - 0.1% | | | |
Novem Group SA | | 292,876 | 1,819,083 |
Netherlands - 1.5% | | | |
ASML Holding NV (Netherlands) | | 27,800 | 24,704,677 |
BE Semiconductor Industries NV | | 39,800 | 5,330,557 |
IMCD NV | | 37,651 | 5,715,768 |
Wolters Kluwer NV | | 67,500 | 10,139,067 |
TOTAL NETHERLANDS | | | 45,890,069 |
Norway - 0.4% | | | |
TGS ASA | | 1,137,149 | 13,021,142 |
Spain - 0.3% | | | |
CaixaBank SA | | 1,697,900 | 8,953,976 |
Puig Group SL Class B | | 64,100 | 1,675,984 |
TOTAL SPAIN | | | 10,629,960 |
Sweden - 4.0% | | | |
Addlife AB | | 1,031,824 | 9,606,289 |
Autoliv, Inc. (depository receipt) | | 109,277 | 12,934,278 |
Dustin Group AB (a)(d) | | 9,643,452 | 11,025,688 |
Evolution AB (d) | | 124,700 | 13,940,547 |
Haypp Group (a) | | 607,852 | 4,754,532 |
Hemnet Group AB | | 723,030 | 18,960,806 |
HEXPOL AB (B Shares) | | 850,359 | 9,722,445 |
INVISIO AB | | 283,212 | 6,257,679 |
JM AB (B Shares) (c) | | 240,500 | 4,133,307 |
Kry International AB (a)(b)(e) | | 489 | 14,889 |
Munters Group AB (d) | | 481,000 | 9,733,131 |
Swedbank AB (A Shares) (c) | | 727,850 | 14,028,106 |
Swedish Logistic Property AB (a) | | 2,542,254 | 7,681,850 |
TOTAL SWEDEN | | | 122,793,547 |
Switzerland - 0.2% | | | |
Galderma Group AG | | 94,000 | 7,004,623 |
Taiwan - 0.4% | | | |
E Ink Holdings, Inc. | | 1,806,000 | 11,525,631 |
United Kingdom - 4.4% | | | |
Baltic Classifieds Group PLC | | 2,732,400 | 7,938,179 |
Beazley PLC | | 824,700 | 6,832,241 |
Berkeley Group Holdings PLC | | 133,700 | 7,875,436 |
Diageo PLC | | 334,973 | 11,576,559 |
Flutter Entertainment PLC (a) | | 91,700 | 17,101,623 |
Games Workshop Group PLC | | 74,800 | 9,262,514 |
Harbour Energy PLC | | 1,922,571 | 6,940,385 |
Hiscox Ltd. | | 1,199,747 | 18,439,470 |
Lancashire Holdings Ltd. | | 1,178,720 | 8,984,504 |
London Stock Exchange Group PLC | | 97,800 | 10,781,483 |
RS GROUP PLC | | 624,895 | 5,754,773 |
Sabre Insurance Group PLC (d) | | 6,755,301 | 13,573,267 |
Softcat PLC | | 324,200 | 6,356,084 |
WH Smith PLC | | 329,610 | 4,518,150 |
TOTAL UNITED KINGDOM | | | 135,934,668 |
United States of America - 66.9% | | | |
Alphabet, Inc. Class A | | 555,000 | 90,342,900 |
Amazon.com, Inc. (a) | | 757,000 | 132,475,000 |
Antero Resources Corp. (a) | | 1,004,000 | 34,146,040 |
Apple, Inc. | | 41,000 | 6,983,530 |
Arista Networks, Inc. (a) | | 66,000 | 16,932,960 |
Astera Labs, Inc. | | 141,800 | 12,018,968 |
Badger Meter, Inc. | | 9,000 | 1,646,280 |
Block, Inc. Class A (a) | | 129,000 | 9,417,000 |
Boston Scientific Corp. (a) | | 381,000 | 27,382,470 |
Boundless Bio, Inc. | | 15,700 | 155,430 |
Broadcom, Inc. | | 47,000 | 61,112,690 |
Builders FirstSource, Inc. (a) | | 47,000 | 8,592,540 |
Centuri Holdings, Inc. | | 196,828 | 4,871,493 |
CME Group, Inc. | | 17,000 | 3,563,880 |
Coinbase Global, Inc. (a) | | 69,000 | 14,071,170 |
Constellation Energy Corp. | | 368,000 | 68,425,920 |
Costco Wholesale Corp. | | 5,000 | 3,614,500 |
CSX Corp. | | 873,000 | 29,001,060 |
Deckers Outdoor Corp. (a) | | 77,155 | 63,149,053 |
Eaton Corp. PLC | | 377,000 | 119,984,020 |
Eli Lilly & Co. | | 152,000 | 118,727,200 |
Emerson Electric Co. | | 31,000 | 3,341,180 |
Fair Isaac Corp. (a) | | 2,000 | 2,266,660 |
Fiserv, Inc. (a) | | 731,201 | 111,632,457 |
Garmin Ltd. | | 50,000 | 7,223,500 |
Hubbell, Inc. Class B | | 18,000 | 6,669,360 |
Ingersoll Rand, Inc. | | 246,000 | 22,956,720 |
Jabil, Inc. | | 160,220 | 18,803,419 |
KBR, Inc. | | 437,000 | 28,378,780 |
KeyCorp | | 2,864,000 | 41,499,360 |
Leidos Holdings, Inc. | | 63,000 | 8,833,860 |
Marvell Technology, Inc. | | 117,776 | 7,762,616 |
Merck & Co., Inc. | | 128,000 | 16,540,160 |
Meta Platforms, Inc. Class A | | 321,000 | 138,084,570 |
Micron Technology, Inc. | | 353,000 | 39,874,880 |
Microsoft Corp. | | 430,000 | 167,411,900 |
Moderna, Inc. (a) | | 68,000 | 7,501,080 |
Modine Manufacturing Co. (a) | | 682,000 | 63,173,660 |
NRG Energy, Inc. | | 59,000 | 4,287,530 |
nVent Electric PLC | | 127,000 | 9,152,890 |
NVIDIA Corp. | | 236,000 | 203,908,715 |
Palantir Technologies, Inc. (a) | | 122,000 | 2,680,340 |
Parker Hannifin Corp. | | 93,000 | 50,676,630 |
Patrick Industries, Inc. | | 45,000 | 4,702,050 |
Pure Storage, Inc. Class A (a) | | 253,200 | 12,761,280 |
Range Resources Corp. | | 352,000 | 12,640,320 |
Regeneron Pharmaceuticals, Inc. (a) | | 19,000 | 16,922,540 |
RHI Magnesita NV | | 83,122 | 3,759,916 |
Rivian Automotive, Inc. (a) | | 100 | 890 |
S&P Global, Inc. | | 52,628 | 21,884,301 |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | | 10,900 | 719,945 |
Southwest Gas Holdings, Inc. | | 163,000 | 12,163,060 |
Stripe, Inc. Class B (a)(b)(e) | | 10,000 | 260,000 |
Super Micro Computer, Inc. (a) | | 3,000 | 2,576,400 |
Tesla, Inc. (a) | | 100 | 18,328 |
The Walt Disney Co. | | 94,000 | 10,443,400 |
TopBuild Corp. (a) | | 23,747 | 9,609,698 |
Trane Technologies PLC | | 47,000 | 14,914,980 |
TransDigm Group, Inc. | | 18,000 | 22,464,540 |
Uber Technologies, Inc. (a) | | 120,000 | 7,952,400 |
United Rentals, Inc. | | 50,000 | 33,399,500 |
Vertiv Holdings Co. | | 773,000 | 71,889,000 |
Vistra Corp. | | 99,000 | 7,508,160 |
Watsco, Inc. | | 7,000 | 3,134,040 |
Western Digital Corp. (a) | | 310,000 | 21,957,300 |
TOTAL UNITED STATES OF AMERICA | | | 2,080,956,419 |
TOTAL COMMON STOCKS (Cost $2,151,142,170) | | | 3,073,145,635 |
| | | |
Preferred Stocks - 0.2% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.2% | | | |
China - 0.2% | | | |
ByteDance Ltd. Series E1 (a)(b)(e) | | 14,425 | 3,324,530 |
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(e) | | 138,905 | 684,802 |
| | | 4,009,332 |
Ireland - 0.0% | | | |
Circle Internet Financial Ltd. Series F (a)(b)(e) | | 23,730 | 709,764 |
United States of America - 0.0% | | | |
Stripe, Inc. Series H (a)(b)(e) | | 29,122 | 757,172 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 5,476,268 |
Nonconvertible Preferred Stocks - 0.0% | | | |
India - 0.0% | | | |
Pine Labs Private Ltd.: | | | |
Series 1 (a)(b)(e) | | 1,892 | 618,646 |
Series A (a)(b)(e) | | 473 | 154,662 |
Series B (a)(b)(e) | | 514 | 168,068 |
Series B2 (a)(b)(e) | | 416 | 136,024 |
Series C (a)(b)(e) | | 774 | 253,083 |
Series C1 (a)(b)(e) | | 163 | 53,298 |
Series D (a)(b)(e) | | 174 | 56,895 |
| | | 1,440,676 |
Sweden - 0.0% | | | |
Kry International AB Series E (a)(b)(e) | | 2,824 | 116,965 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 1,557,641 |
TOTAL PREFERRED STOCKS (Cost $8,655,877) | | | 7,033,909 |
| | | |
Money Market Funds - 0.9% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (g) | | 23,704,416 | 23,709,157 |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 3,928,071 | 3,928,464 |
TOTAL MONEY MARKET FUNDS (Cost $27,637,103) | | | 27,637,621 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $2,187,435,150) | 3,107,817,165 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 2,080,318 |
NET ASSETS - 100.0% | 3,109,897,483 |
| |
Legend
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $69,221,385 or 2.2% of net assets. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,567,766 or 0.2% of net assets. |
(f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 1,580,608 |
| | |
Circle Internet Financial Ltd. Series F | 5/09/22 | 999,982 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 1,972,888 |
| | |
Kry International AB | 5/14/21 | 212,376 |
| | |
Kry International AB Series E | 5/14/21 | 1,291,057 |
| | |
Pine Labs Private Ltd. | 6/30/21 | 295,305 |
| | |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 705,451 |
| | |
Pine Labs Private Ltd. Series A | 6/30/21 | 176,363 |
| | |
Pine Labs Private Ltd. Series B | 6/30/21 | 191,650 |
| | |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 155,110 |
| | |
Pine Labs Private Ltd. Series C | 6/30/21 | 288,594 |
| | |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 60,776 |
| | |
Pine Labs Private Ltd. Series D | 6/30/21 | 64,878 |
| | |
Stripe, Inc. Class B | 5/18/21 | 401,284 |
| | |
Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 1,168,520 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 19,652,388 | 635,908,487 | 631,851,529 | 862,306 | 2,757 | (2,946) | 23,709,157 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 3,365,800 | 91,261,738 | 90,699,074 | 148,852 | - | - | 3,928,464 | 0.0% |
Total | 23,018,188 | 727,170,225 | 722,550,603 | 1,011,158 | 2,757 | (2,946) | 27,637,621 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 306,201,234 | 271,239,611 | 31,637,093 | 3,324,530 |
Consumer Discretionary | 437,242,225 | 378,703,301 | 58,538,924 | - |
Consumer Staples | 46,787,082 | 22,524,704 | 24,262,378 | - |
Energy | 129,148,948 | 129,148,948 | - | - |
Financials | 367,696,838 | 288,445,156 | 78,541,918 | 709,764 |
Health Care | 300,690,076 | 263,756,711 | 36,248,563 | 684,802 |
Industrials | 573,723,502 | 529,962,788 | 43,760,714 | - |
Information Technology | 742,351,917 | 644,615,429 | 94,887,818 | 2,848,670 |
Materials | 56,267,032 | 26,563,588 | 29,703,444 | - |
Real Estate | 27,686,020 | 16,327,815 | 11,358,205 | - |
Utilities | 92,384,670 | 92,384,670 | - | - |
|
Money Market Funds | 27,637,621 | 27,637,621 | - | - |
Total Investments in Securities: | 3,107,817,165 | 2,691,310,342 | 408,939,057 | 7,567,766 |
Fidelity® Worldwide Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $3,724,764) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,159,798,047) | $ | 3,080,179,544 | | |
Fidelity Central Funds (cost $27,637,103) | | 27,637,621 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $2,187,435,150) | | | $ | 3,107,817,165 |
Foreign currency held at value (cost $438,090) | | | | 438,618 |
Receivable for investments sold | | | | 20,034,076 |
Receivable for fund shares sold | | | | 1,749,848 |
Dividends receivable | | | | 3,487,124 |
Reclaims receivable | | | | 2,758,774 |
Distributions receivable from Fidelity Central Funds | | | | 137,199 |
Prepaid expenses | | | | 808 |
Other receivables | | | | 77,347 |
Total assets | | | | 3,136,500,959 |
Liabilities | | | | |
Payable for investments purchased | | | | |
Regular delivery | $ | 17,820,092 | | |
Delayed delivery | | 474,051 | | |
Payable for fund shares redeemed | | 2,377,726 | | |
Accrued management fee | | 1,907,437 | | |
Distribution and service plan fees payable | | 36,744 | | |
Other payables and accrued expenses | | 58,962 | | |
Collateral on securities loaned | | 3,928,464 | | |
Total liabilities | | | | 26,603,476 |
Net Assets | | | $ | 3,109,897,483 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 2,095,112,145 |
Total accumulated earnings (loss) | | | | 1,014,785,338 |
Net Assets | | | $ | 3,109,897,483 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($96,237,375 ÷ 2,797,375 shares)(a) | | | $ | 34.40 |
Maximum offering price per share (100/94.25 of $34.40) | | | $ | 36.50 |
Class M : | | | | |
Net Asset Value and redemption price per share ($19,478,650 ÷ 572,001 shares)(a) | | | $ | 34.05 |
Maximum offering price per share (100/96.50 of $34.05) | | | $ | 35.28 |
Class C : | | | | |
Net Asset Value and offering price per share ($9,502,141 ÷ 293,424 shares)(a) | | | $ | 32.38 |
Worldwide : | | | | |
Net Asset Value, offering price and redemption price per share ($2,545,539,558 ÷ 72,639,398 shares) | | | $ | 35.04 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($52,132,427 ÷ 1,499,248 shares) | | | $ | 34.77 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($387,007,332 ÷ 11,152,883 shares) | | | $ | 34.70 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 21,402,053 |
Income from Fidelity Central Funds (including $148,852 from security lending) | | | | 1,011,158 |
Income before foreign taxes withheld | | | $ | 22,413,211 |
Less foreign taxes withheld | | | | (1,317,256) |
Total income | | | | 21,095,955 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 9,865,343 | | |
Performance adjustment | | (1,939,066) | | |
Transfer agent fees | | 1,293,423 | | |
Distribution and service plan fees | | 201,830 | | |
Accounting fees | | 234,448 | | |
Custodian fees and expenses | | 28,600 | | |
Independent trustees' fees and expenses | | 6,620 | | |
Registration fees | | 101,921 | | |
Audit | | 44,593 | | |
Legal | | 9,462 | | |
Miscellaneous | | 4,931 | | |
Total expenses before reductions | | 9,852,105 | | |
Expense reductions | | (123,371) | | |
Total expenses after reductions | | | | 9,728,734 |
Net Investment income (loss) | | | | 11,367,221 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 100,478,373 | | |
Fidelity Central Funds | | 2,757 | | |
Foreign currency transactions | | (183,851) | | |
Total net realized gain (loss) | | | | 100,297,279 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 556,129,527 | | |
Fidelity Central Funds | | (2,946) | | |
Assets and liabilities in foreign currencies | | (43,266) | | |
Total change in net unrealized appreciation (depreciation) | | | | 556,083,315 |
Net gain (loss) | | | | 656,380,594 |
Net increase (decrease) in net assets resulting from operations | | | $ | 667,747,815 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 11,367,221 | $ | 15,465,709 |
Net realized gain (loss) | | 100,297,279 | | 2,655,472 |
Change in net unrealized appreciation (depreciation) | | 556,083,315 | | 205,529,918 |
Net increase (decrease) in net assets resulting from operations | | 667,747,815 | | 223,651,099 |
Distributions to shareholders | | (24,710,932) | | (124,836,814) |
| | | | |
Share transactions - net increase (decrease) | | 228,117,375 | | 37,686,493 |
| | | | |
Total increase (decrease) in net assets | | 871,154,258 | | 136,500,778 |
| | | | |
Net Assets | | | | |
Beginning of period | | 2,238,743,225 | | 2,102,242,447 |
End of period | $ | 3,109,897,483 | $ | 2,238,743,225 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Worldwide Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 26.90 | $ | 25.75 | $ | 40.06 | $ | 31.49 | $ | 27.36 | $ | 26.57 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .08 | | .11 | | .09 | | (.13) | | (.05) | | .11 |
Net realized and unrealized gain (loss) | | 7.62 | | 2.52 | | (9.90) | | 11.40 | | 5.50 | | 2.84 |
Total from investment operations | | 7.70 | | 2.63 | | (9.81) | | 11.27 | | 5.45 | | 2.95 |
Distributions from net investment income | | (.20) | | (.11) | | (.07) | | - | | (.12) | | (.02) |
Distributions from net realized gain | | - | | (1.37) | | (4.43) | | (2.70) | | (1.20) | | (2.14) |
Total distributions | | (.20) | | (1.48) | | (4.50) | | (2.70) | | (1.32) | | (2.16) |
Net asset value, end of period | $ | 34.40 | $ | 26.90 | $ | 25.75 | $ | 40.06 | $ | 31.49 | $ | 27.36 |
Total Return C,D,E | | | | 10.62% | | (27.31)% | | 37.72% | | 20.72% | | 12.35% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .97% H | | .96% | | 1.21% | | 1.29% | | 1.34% | | 1.26% |
Expenses net of fee waivers, if any | | | | .95% | | 1.21% | | 1.28% | | 1.34% | | 1.26% |
Expenses net of all reductions | | .96% H | | .95% | | 1.21% | | 1.28% | | 1.33% | | 1.25% |
Net investment income (loss) | | .52% H | | .41% | | .28% | | (.34)% | | (.18)% | | .41% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 96,237 | $ | 73,935 | $ | 68,608 | $ | 99,731 | $ | 63,690 | $ | 52,516 |
Portfolio turnover rate I | | | | 114% | | 137% | | 96% | | 112% | | 147% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Worldwide Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 26.60 | $ | 25.44 | $ | 39.62 | $ | 31.19 | $ | 27.10 | $ | 26.39 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .04 | | .01 | | (.22) | | (.13) | | .03 |
Net realized and unrealized gain (loss) | | 7.54 | | 2.51 | | (9.81) | | 11.29 | | 5.46 | | 2.82 |
Total from investment operations | | 7.58 | | 2.55 | | (9.80) | | 11.07 | | 5.33 | | 2.85 |
Distributions from net investment income | | (.13) | | (.02) | | - | | - | | (.04) | | - |
Distributions from net realized gain | | - | | (1.37) | | (4.38) | | (2.64) | | (1.20) | | (2.14) |
Total distributions | | (.13) | | (1.39) | | (4.38) | | (2.64) | | (1.24) | | (2.14) |
Net asset value, end of period | $ | 34.05 | $ | 26.60 | $ | 25.44 | $ | 39.62 | $ | 31.19 | $ | 27.10 |
Total Return C,D,E | | | | 10.39% | | (27.53)% | | 37.37% | | 20.40% | | 12.05% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.22% H | | 1.21% | | 1.47% | | 1.55% | | 1.61% | | 1.55% |
Expenses net of fee waivers, if any | | | | 1.21% | | 1.47% | | 1.55% | | 1.61% | | 1.54% |
Expenses net of all reductions | | 1.21% H | | 1.20% | | 1.47% | | 1.55% | | 1.61% | | 1.54% |
Net investment income (loss) | | .27% H | | .15% | | .02% | | (.61)% | | (.45)% | | .13% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 19,479 | $ | 16,051 | $ | 15,275 | $ | 22,771 | $ | 17,387 | $ | 13,066 |
Portfolio turnover rate I | | | | 114% | | 137% | | 96% | | 112% | | 147% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Worldwide Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 25.25 | $ | 24.33 | $ | 38.05 | $ | 30.14 | $ | 26.33 | $ | 25.82 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.04) | | (.10) | | (.15) | | (.39) | | (.27) | | (.10) |
Net realized and unrealized gain (loss) | | 7.17 | | 2.39 | | (9.39) | | 10.88 | | 5.28 | | 2.75 |
Total from investment operations | | 7.13 | | 2.29 | | (9.54) | | 10.49 | | 5.01 | | 2.65 |
Distributions from net realized gain | | - | | (1.37) | | (4.18) | | (2.58) | | (1.20) | | (2.14) |
Total distributions | | - | | (1.37) | | (4.18) | | (2.58) | | (1.20) | | (2.14) |
Net asset value, end of period | $ | 32.38 | $ | 25.25 | $ | 24.33 | $ | 38.05 | $ | 30.14 | $ | 26.33 |
Total Return C,D,E | | | | 9.76% | | (27.89)% | | 36.63% | | 19.76% | | 11.49% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.73% H | | 1.76% | | 2.00% | | 2.08% | | 2.14% | | 2.06% |
Expenses net of fee waivers, if any | | | | 1.75% | | 2.00% | | 2.08% | | 2.14% | | 2.06% |
Expenses net of all reductions | | 1.72% H | | 1.75% | | 2.00% | | 2.08% | | 2.13% | | 2.06% |
Net investment income (loss) | | (.24)% H | | (.39)% | | (.51)% | | (1.14)% | | (.98)% | | (.39)% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 9,502 | $ | 7,292 | $ | 8,517 | $ | 13,602 | $ | 11,677 | $ | 10,618 |
Portfolio turnover rate I | | | | 114% | | 137% | | 96% | | 112% | | 147% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 27.44 | $ | 26.26 | $ | 40.76 | $ | 31.97 | $ | 27.74 | $ | 26.90 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .19 | | .18 | | (.02) | | .03 | | .18 |
Net realized and unrealized gain (loss) | | 7.76 | | 2.57 | | (10.09) | | 11.58 | | 5.58 | | 2.89 |
Total from investment operations | | 7.89 | | 2.76 | | (9.91) | | 11.56 | | 5.61 | | 3.07 |
Distributions from net investment income | | (.29) | | (.21) | | (.16) | | (.02) | | (.18) | | (.09) |
Distributions from net realized gain | | - | | (1.37) | | (4.43) | | (2.75) | | (1.20) | | (2.14) |
Total distributions | | (.29) | | (1.58) | | (4.59) | | (2.77) | | (1.38) | | (2.23) |
Net asset value, end of period | $ | 35.04 | $ | 27.44 | $ | 26.26 | $ | 40.76 | $ | 31.97 | $ | 27.74 |
Total Return C,D | | | | 10.95% | | (27.12)% | | 38.11% | | 21.07% | | 12.71% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .68% G | | .67% | | .92% | | 1.00% | | 1.05% | | .99% |
Expenses net of fee waivers, if any | | | | .66% | | .92% | | 1.00% | | 1.05% | | .99% |
Expenses net of all reductions | | .67% G | | .66% | | .92% | | 1.00% | | 1.05% | | .98% |
Net investment income (loss) | | .81% G | | .70% | | .57% | | (.06)% | | .11% | | .69% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 2,545,540 | $ | 1,982,943 | $ | 1,899,788 | $ | 2,896,684 | $ | 2,217,129 | $ | 2,020,487 |
Portfolio turnover rate H | | | | 114% | | 137% | | 96% | | 112% | | 147% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Worldwide Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 27.23 | $ | 26.04 | $ | 40.46 | $ | 31.77 | $ | 27.58 | $ | 26.77 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .19 | | .17 | | (.03) | | .03 | | .18 |
Net realized and unrealized gain (loss) | | 7.70 | | 2.56 | | (10.01) | | 11.49 | | 5.55 | | 2.86 |
Total from investment operations | | 7.83 | | 2.75 | | (9.84) | | 11.46 | | 5.58 | | 3.04 |
Distributions from net investment income | | (.29) | | (.19) | | (.16) | | (.02) | | (.19) | | (.09) |
Distributions from net realized gain | | - | | (1.37) | | (4.43) | | (2.75) | | (1.20) | | (2.14) |
Total distributions | | (.29) | | (1.56) | | (4.58) C | | (2.77) | | (1.39) | | (2.23) |
Net asset value, end of period | $ | 34.77 | $ | 27.23 | $ | 26.04 | $ | 40.46 | $ | 31.77 | $ | 27.58 |
Total Return D,E | | | | 10.97% | | (27.13)% | | 38.06% | | 21.08% | | 12.70% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .70% H | | .67% | | .94% | | 1.02% | | 1.06% | | .99% |
Expenses net of fee waivers, if any | | | | .67% | | .93% | | 1.02% | | 1.06% | | .99% |
Expenses net of all reductions | | .69% H | | .67% | | .93% | | 1.02% | | 1.05% | | .98% |
Net investment income (loss) | | .79% H | | .69% | | .56% | | (.08)% | | .10% | | .69% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 52,132 | $ | 41,289 | $ | 33,226 | $ | 86,852 | $ | 64,615 | $ | 44,754 |
Portfolio turnover rate I | | | | 114% | | 137% | | 96% | | 112% | | 147% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Worldwide Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 27.20 | $ | 26.05 | $ | 40.48 | $ | 31.76 | $ | 27.59 | $ | 26.78 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .22 | | .21 | | .02 | | .07 | | .22 |
Net realized and unrealized gain (loss) | | 7.70 | | 2.55 | | (10.01) | | 11.50 | | 5.53 | | 2.86 |
Total from investment operations | | 7.84 | | 2.77 | | (9.80) | | 11.52 | | 5.60 | | 3.08 |
Distributions from net investment income | | (.34) | | (.25) | | (.20) | | (.05) | | (.23) | | (.13) |
Distributions from net realized gain | | - | | (1.37) | | (4.43) | | (2.75) | | (1.20) | | (2.14) |
Total distributions | | (.34) | | (1.62) | | (4.63) | | (2.80) | | (1.43) | | (2.27) |
Net asset value, end of period | $ | 34.70 | $ | 27.20 | $ | 26.05 | $ | 40.48 | $ | 31.76 | $ | 27.59 |
Total Return C,D | | | | 11.10% | | (27.05)% | | 38.27% | | 21.19% | | 12.85% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .63% G | | .55% | | .81% | | .90% | | .93% | | .85% |
Expenses net of fee waivers, if any | | | | .55% | | .81% | | .90% | | .93% | | .84% |
Expenses net of all reductions | | .62% G | | .55% | | .81% | | .90% | | .93% | | .84% |
Net investment income (loss) | | .86% G | | .81% | | .68% | | .04% | | .23% | | .83% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 387,007 | $ | 117,232 | $ | 76,829 | $ | 115,963 | $ | 71,278 | $ | 205,197 |
Portfolio turnover rate H | | | | 114% | | 137% | | 96% | | 112% | | 147% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Worldwide, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,000,487,721 |
Gross unrealized depreciation | (90,461,746) |
Net unrealized appreciation (depreciation) | $910,025,975 |
Tax cost | $2,197,791,190 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Worldwide Fund | 1,403,926,522 | 1,188,808,289 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .83 |
Class M | .84 |
Class C | .84 |
Worldwide | .79 |
Class I | .81 |
Class Z | .69 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .82 |
Class M | .82 |
Class C | .82 |
Worldwide | .78 |
Class I | .81 |
Class Z | .69 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Worldwide Fund | MSCI World Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Worldwide. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.14)%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.38% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 111,729 | 1,859 |
Class M | .25% | .25% | 46,472 | 234 |
Class C | .75% | .25% | 43,629 | 5,888 |
| | | 201,830 | 7,981 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 25,295 |
Class M | 869 |
Class CA | 58 |
| 26,222 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | 0.1905 |
Class M | 0.1969 |
Class C | 0.2000 |
Worldwide | 0.1475 |
Class I | 0.1651 |
| |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 53,765 | .19 |
Class M | 11,658 | .20 |
Class C | 5,732 | .21 |
Worldwide | 1,163,784 | .15 |
Class I | 26,422 | .17 |
Class Z | 32,062 | .04 |
| 1,293,423 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Worldwide Fund | .0263 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Worldwide Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Worldwide Fund | 15,320 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Worldwide Fund | 67,920,045 | 97,219,467 | 6,709,239 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Worldwide Fund | 2,504 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Worldwide Fund | 15,758 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $534. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 40 |
| 40 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $122,797.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Worldwide Fund | | |
Distributions to shareholders | | |
Class A | $552,792 | $3,905,043 |
Class M | 75,550 | 825,955 |
Class C | - | 473,638 |
Worldwide | 21,114,973 | 112,981,740 |
Class I | 439,298 | 1,950,914 |
Class Z | 2,528,319 | 4,699,524 |
Total | $ 24,710,932 | $ 124,836,814 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Worldwide Fund | | | | |
Class A | | | | |
Shares sold | 247,110 | 398,646 | $8,062,366 | $10,809,786 |
Reinvestment of distributions | 18,512 | 153,659 | 547,574 | 3,866,062 |
Shares redeemed | (216,417) | (469,022) | (6,968,598) | (12,647,071) |
Net increase (decrease) | 49,205 | 83,283 | $1,641,342 | $2,028,777 |
Class M | | | | |
Shares sold | 23,688 | 50,411 | $776,138 | $1,331,408 |
Reinvestment of distributions | 2,570 | 32,920 | 75,321 | 820,689 |
Shares redeemed | (57,699) | (80,267) | (1,817,392) | (2,112,561) |
Net increase (decrease) | (31,441) | 3,064 | $(965,933) | $39,536 |
Class C | | | | |
Shares sold | 43,497 | 30,402 | $1,330,799 | $765,161 |
Reinvestment of distributions | - | 19,902 | - | 473,280 |
Shares redeemed | (38,894) | (111,594) | (1,167,774) | (2,847,983) |
Net increase (decrease) | 4,603 | (61,290) | $163,025 | $(1,609,542) |
Worldwide | | | | |
Shares sold | 7,280,675 | 6,385,600 | $239,646,154 | $176,715,594 |
Reinvestment of distributions | 660,086 | 4,190,088 | 19,906,749 | 107,266,234 |
Shares redeemed | (7,556,869) | (10,673,714) | (252,056,521) | (292,505,585) |
Net increase (decrease) | 383,892 | (98,026) | $7,496,382 | $(8,523,757) |
Class I | | | | |
Shares sold | 228,986 | 817,991 | $7,649,651 | $22,120,908 |
Reinvestment of distributions | 14,127 | 75,801 | 422,756 | 1,925,343 |
Shares redeemed | (260,198) | (653,340) | (8,906,972) | (17,772,257) |
Net increase (decrease) | (17,085) | 240,452 | $(834,565) | $6,273,994 |
Class Z | | | | |
Shares sold | 7,292,074 | 1,882,153 | $235,526,790 | $54,181,206 |
Reinvestment of distributions | 83,334 | 176,768 | 2,489,237 | 4,481,057 |
Shares redeemed | (531,789) | (699,310) | (17,398,903) | (19,184,778) |
Net increase (decrease) | 6,843,619 | 1,359,611 | $220,617,124 | $39,477,485 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® Diversified International Fund | | | | | | | | | | |
Fidelity® Diversified International Fund | | | | .61% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,186.90 | | $ 3.32 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.83 | | $ 3.07 |
Class K | | | | .49% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,187.40 | | $ 2.66 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,022.43 | | $ 2.46 |
| | | | | | | | | | |
Fidelity® International Capital Appreciation Fund ** | | | | .91% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,216.70 | | $ 5.02 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.34 | | $ 4.57 |
Fidelity® Overseas Fund | | | | | | | | | | |
Fidelity® Overseas Fund | | | | .74% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,207.50 | | $ 4.06 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.18 | | $ 3.72 |
Class K | | | | .64% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,208.20 | | $ 3.51 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.68 | | $ 3.22 |
Fidelity® Worldwide Fund | | | | | | | | | | |
Class A | | | | .96% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,287.50 | | $ 5.46 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.09 | | $ 4.82 |
Class M | | | | 1.21% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,285.70 | | $ 6.88 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.85 | | $ 6.07 |
Class C | | | | 1.72% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,282.40 | | $ 9.76 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,016.31 | | $ 8.62 |
Fidelity® Worldwide Fund | | | | .67% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,289.40 | | $ 3.81 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.53 | | $ 3.37 |
Class I | | | | .69% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,289.20 | | $ 3.93 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.43 | | $ 3.47 |
Class Z ** | | | | .62% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,290.20 | | $ 3.53 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.78 | | $ 3.12 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
| | | | | | |
| | | | | | |
Fidelity® International Capital Appreciation Fund | | | | .85% | | |
Actual | | | | | | $ 4.69 |
Hypothetical- B | | | | | | $ 4.27 |
| | | | | | |
Fidelity® Worldwide Fund | | | | | | |
Class Z | | | | .56% | | |
Actual | | | | | | $ 3.19 |
Hypothetical- B | | | | | | $ 2.82 |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity Diversified International Fund
Fidelity International Capital Appreciation Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund and each class of each fund into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of each fund would be no higher than the sum of (i) the lowest contractual management fee rate under each fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to each fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees (for Fidelity Worldwide Fund), and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of each fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of a fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the funds' agreements with FIL were amended to provide that FMR will compensate FIL at a flat fee rate of the net assets sub-advised by it. For Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund, and Fidelity Overseas Fund, the flat rate is 0.44% and for Fidelity Worldwide Fund, the flat rate is 0.38%. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.703569.126
IBD-SANN-0624
Fidelity® Total International Equity Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.6 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 2.7 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 2.3 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.1 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.8 | |
Linde PLC (United States of America, Chemicals) | 1.6 | |
Canadian Pacific Kansas City Ltd. (Canada, Ground Transportation) | 1.5 | |
Shell PLC ADR (United States of America, Oil, Gas & Consumable Fuels) | 1.5 | |
BAE Systems PLC (United Kingdom, Aerospace & Defense) | 1.3 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.2 | |
| 19.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 21.6 | |
Industrials | 19.4 | |
Information Technology | 16.3 | |
Consumer Discretionary | 10.7 | |
Materials | 10.6 | |
Energy | 6.4 | |
Health Care | 5.3 | |
Communication Services | 4.4 | |
Consumer Staples | 2.2 | |
Real Estate | 0.3 | |
Utilities | 0.3 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 95.8% |
| | Shares | Value ($) |
Australia - 2.5% | | | |
BHP Group Ltd. | | 76,303 | 2,092,695 |
Commonwealth Bank of Australia | | 5,371 | 393,531 |
Glencore PLC | | 300,352 | 1,747,617 |
Imdex Ltd. | | 54,721 | 73,385 |
Macquarie Group Ltd. | | 7,987 | 956,352 |
Paladin Energy Ltd. (Australia) (a) | | 93,875 | 833,117 |
Steadfast Group Ltd. | | 26,314 | 95,768 |
Woodside Energy Group Ltd. | | 31,644 | 566,966 |
TOTAL AUSTRALIA | | | 6,759,431 |
Belgium - 0.7% | | | |
Azelis Group NV | | 18,963 | 458,173 |
KBC Ancora | | 3,021 | 146,209 |
KBC Group NV | | 10,268 | 765,965 |
UCB SA | | 4,522 | 601,063 |
TOTAL BELGIUM | | | 1,971,410 |
Brazil - 0.6% | | | |
Localiza Rent a Car SA | | 269 | 2,540 |
Suzano SA | | 96,710 | 1,088,793 |
XP, Inc. Class A | | 28,248 | 578,237 |
TOTAL BRAZIL | | | 1,669,570 |
Canada - 6.8% | | | |
Barrick Gold Corp. | | 112,765 | 1,876,410 |
CAE, Inc. (a) | | 61,625 | 1,188,944 |
Cameco Corp. | | 23,170 | 1,057,137 |
Canadian Natural Resources Ltd. | | 15,965 | 1,209,798 |
Canadian Pacific Kansas City Ltd. | | 51,958 | 4,076,173 |
Constellation Software, Inc. | | 821 | 2,113,721 |
Constellation Software, Inc. warrants 3/31/40 (a)(b) | | 921 | 0 |
Franco-Nevada Corp. | | 10,738 | 1,292,632 |
McCoy Global, Inc. | | 7,000 | 9,763 |
Nutrien Ltd. | | 16,669 | 878,947 |
Osisko Gold Royalties Ltd. | | 5,879 | 90,321 |
Pason Systems, Inc. | | 8,425 | 95,777 |
Richelieu Hardware Ltd. | | 30,530 | 861,577 |
Suncor Energy, Inc. | | 41,159 | 1,570,539 |
The Toronto-Dominion Bank | | 35,467 | 2,104,086 |
TOTAL CANADA | | | 18,425,825 |
Chile - 0.6% | | | |
Antofagasta PLC | | 60,884 | 1,681,315 |
China - 9.5% | | | |
Alibaba Group Holding Ltd. | | 208,932 | 1,956,244 |
China Life Insurance Co. Ltd. (H Shares) | | 1,690,374 | 2,226,093 |
Chlitina Holding Ltd. | | 9,200 | 52,918 |
Chlitina Holding Ltd. rights 5/13/24 (a) | | 277 | 272 |
Haier Smart Home Co. Ltd. (A Shares) | | 673,400 | 2,801,559 |
Hansoh Pharmaceutical Group Co. Ltd. (c) | | 674,778 | 1,491,054 |
Industrial & Commercial Bank of China Ltd. (H Shares) | | 2,459,996 | 1,319,120 |
Kweichow Moutai Co. Ltd. (A Shares) | | 6,700 | 1,570,923 |
Meituan Class B (a)(c) | | 151,696 | 2,071,338 |
New Oriental Education & Technology Group, Inc. (a) | | 161,871 | 1,286,221 |
PDD Holdings, Inc. ADR (a) | | 8,771 | 1,097,954 |
Shangri-La Asia Ltd. | | 887,393 | 618,949 |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 138,200 | 1,133,373 |
Tencent Holdings Ltd. | | 167,191 | 7,336,876 |
Tsingtao Brewery Co. Ltd. (H Shares) | | 104,841 | 755,526 |
TOTAL CHINA | | | 25,718,420 |
Denmark - 1.9% | | | |
Novo Nordisk A/S Series B | | 38,199 | 4,898,728 |
Spar Nord Bank A/S | | 5,121 | 90,859 |
TOTAL DENMARK | | | 4,989,587 |
Egypt - 0.0% | | | |
Integrated Diagnostics Holdings PLC (a)(c) | | 57,949 | 17,790 |
Finland - 0.4% | | | |
Kone OYJ (B Shares) | | 8,704 | 425,432 |
Mandatum Holding OY | | 15,224 | 70,707 |
Sampo Oyj (A Shares) | | 15,722 | 636,241 |
TOTAL FINLAND | | | 1,132,380 |
France - 8.0% | | | |
Air Liquide SA | | 5,257 | 1,028,157 |
Airbus Group NV | | 15,422 | 2,537,810 |
ALTEN | | 2,867 | 338,705 |
AXA SA | | 55,327 | 1,915,419 |
BNP Paribas SA | | 19,576 | 1,408,725 |
Capgemini SA | | 3,484 | 732,271 |
Edenred SA | | 20,512 | 973,247 |
Laurent-Perrier Group SA | | 343 | 44,658 |
Lectra | | 10,752 | 367,185 |
Legrand SA | | 11,347 | 1,166,092 |
LISI | | 1,912 | 50,196 |
LVMH Moet Hennessy Louis Vuitton SE | | 3,995 | 3,281,638 |
Safran SA | | 14,877 | 3,225,810 |
TotalEnergies SE | | 39,128 | 2,840,643 |
Vetoquinol SA | | 1,238 | 124,589 |
VINCI SA | | 7,247 | 849,175 |
Vivendi SA | | 64,074 | 654,121 |
TOTAL FRANCE | | | 21,538,441 |
Germany - 5.4% | | | |
Bayer AG | | 6,578 | 191,998 |
Bayerische Motoren Werke AG (BMW) | | 6,092 | 666,067 |
Covestro AG (a)(c) | | 4,122 | 206,665 |
CTS Eventim AG | | 4,903 | 435,342 |
Deutsche Borse AG | | 4,662 | 898,796 |
DHL Group | | 17,037 | 713,338 |
Fresenius SE & Co. KGaA | | 15,131 | 451,654 |
Hannover Reuck SE | | 3,759 | 932,297 |
Infineon Technologies AG | | 8,643 | 299,938 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 2,202 | 968,659 |
Nexus AG | | 1,420 | 78,347 |
Rheinmetall AG | | 4,013 | 2,214,999 |
RWE AG | | 19,870 | 692,182 |
SAP SE | | 17,688 | 3,193,870 |
Scout24 AG (c) | | 1,301 | 95,940 |
Siemens AG | | 10,426 | 1,953,140 |
Stabilus Se | | 867 | 53,850 |
Vonovia SE | | 18,812 | 543,592 |
TOTAL GERMANY | | | 14,590,674 |
Greece - 0.8% | | | |
Athens International Airport SA | | 5,000 | 44,342 |
National Bank of Greece SA (a) | | 252,340 | 2,035,887 |
TOTAL GREECE | | | 2,080,229 |
Hong Kong - 0.7% | | | |
AIA Group Ltd. | | 79,300 | 580,822 |
Pacific Basin Shipping Ltd. | | 2,273,143 | 787,094 |
Prudential PLC | | 71,948 | 625,757 |
TOTAL HONG KONG | | | 1,993,673 |
Hungary - 0.5% | | | |
Richter Gedeon PLC | | 49,772 | 1,267,445 |
India - 3.5% | | | |
Axis Bank Ltd. | | 84,275 | 1,175,984 |
Bharat Heavy Electricals Ltd. | | 213,641 | 718,425 |
HDFC Bank Ltd. | | 90,769 | 1,647,950 |
ICICI Bank Ltd. | | 92,288 | 1,271,270 |
Jio Financial Services Ltd. | | 2,800 | 12,605 |
JK Cement Ltd. | | 13,714 | 655,834 |
Kotak Mahindra Bank Ltd. | | 15,849 | 307,944 |
Larsen & Toubro Ltd. | | 24,637 | 1,058,743 |
Reliance Industries Ltd. | | 7,800 | 273,735 |
Reliance Industries Ltd. GDR (c) | | 13,515 | 955,511 |
Shree Cement Ltd. | | 130 | 38,049 |
Solar Industries India Ltd. | | 8,878 | 951,747 |
Zomato Ltd. (a) | | 110,691 | 255,394 |
TOTAL INDIA | | | 9,323,191 |
Indonesia - 0.1% | | | |
PT Bank Rakyat Indonesia (Persero) Tbk | | 1,256,388 | 380,313 |
Ireland - 0.3% | | | |
AerCap Holdings NV (a) | | 1,469 | 124,116 |
Bank of Ireland Group PLC | | 54,478 | 584,005 |
Cairn Homes PLC | | 29,504 | 49,991 |
Irish Residential Properties REIT PLC | | 43,251 | 45,742 |
TOTAL IRELAND | | | 803,854 |
Israel - 0.3% | | | |
Ituran Location & Control Ltd. | | 3,644 | 93,578 |
NICE Ltd. sponsored ADR (a) | | 3,042 | 679,917 |
Tel Aviv Stock Exchange Ltd. | | 7,200 | 47,703 |
TOTAL ISRAEL | | | 821,198 |
Italy - 2.1% | | | |
Eni SpA | | 82,393 | 1,323,371 |
Interpump Group SpA | | 14,603 | 640,204 |
Mediobanca SpA | | 64,885 | 924,424 |
Prada SpA | | 89,500 | 729,901 |
Prysmian SpA | | 10,046 | 548,705 |
Ryanair Holdings PLC sponsored ADR | | 5,726 | 779,881 |
UniCredit SpA | | 21,286 | 781,289 |
TOTAL ITALY | | | 5,727,775 |
Japan - 11.9% | | | |
Ai Holdings Corp. | | 1,750 | 26,916 |
Artnature, Inc. | | 5,300 | 25,502 |
Aucnet, Inc. | | 3,000 | 49,374 |
Azbil Corp. | | 42,839 | 1,196,493 |
Broadleaf Co. Ltd. | | 22,600 | 82,328 |
Central Automotive Products Ltd. | | 1,600 | 58,568 |
Curves Holdings Co. Ltd. | | 23,700 | 111,311 |
Daiichi Sankyo Kabushiki Kaisha | | 4,175 | 140,521 |
Daiichikosho Co. Ltd. | | 4,000 | 46,690 |
Daikokutenbussan Co. Ltd. | | 800 | 40,904 |
DENSO Corp. | | 61,004 | 1,039,699 |
Digital Hearts Holdings Co. Ltd. | | 7,900 | 48,103 |
Eisai Co. Ltd. | | 5,880 | 241,486 |
Elan Corp. | | 7,900 | 45,351 |
Fast Retailing Co. Ltd. | | 931 | 243,428 |
FUJIFILM Holdings Corp. | | 34,600 | 736,028 |
Fujitec Co. Ltd. | | 4,000 | 98,654 |
Fujitsu Ltd. | | 42,659 | 659,003 |
Funai Soken Holdings, Inc. | | 2,650 | 40,092 |
Goldcrest Co. Ltd. | | 6,560 | 105,742 |
Hitachi Ltd. | | 26,276 | 2,424,242 |
Hoya Corp. | | 9,590 | 1,111,863 |
Ibiden Co. Ltd. | | 7,552 | 287,078 |
INPEX Corp. | | 33,594 | 503,231 |
Itochu Corp. | | 36,354 | 1,640,102 |
Keyence Corp. | | 5,584 | 2,455,675 |
Koshidaka Holdings Co. Ltd. | | 19,200 | 105,037 |
Kusuri No Aoki Holdings Co. Ltd. | | 2,900 | 54,069 |
Lasertec Corp. | | 6,450 | 1,391,300 |
LY Corp. | | 67,344 | 161,803 |
Medikit Co. Ltd. | | 2,300 | 41,117 |
Minebea Mitsumi, Inc. | | 14,796 | 277,134 |
Miroku Jyoho Service Co., Ltd. | | 2,600 | 27,967 |
Misumi Group, Inc. | | 24,724 | 401,959 |
Mitsubishi Heavy Industries Ltd. | | 100,940 | 902,516 |
Mitsubishi UFJ Financial Group, Inc. | | 181,563 | 1,808,614 |
Mitsuboshi Belting Ltd. | | 900 | 27,604 |
Nagaileben Co. Ltd. | | 6,400 | 95,473 |
Nihon Parkerizing Co. Ltd. | | 16,100 | 123,811 |
NOF Corp. | | 17,415 | 233,638 |
NS Tool Co. Ltd. | | 6,100 | 35,686 |
NSD Co. Ltd. | | 5,500 | 107,503 |
OBIC Co. Ltd. | | 1,250 | 160,583 |
ORIX Corp. | | 45,848 | 938,298 |
Paramount Bed Holdings Co. Ltd. | | 2,400 | 40,892 |
ProNexus, Inc. | | 4,800 | 34,933 |
Recruit Holdings Co. Ltd. | | 36,700 | 1,580,572 |
Renesas Electronics Corp. | | 50,972 | 827,569 |
San-Ai Obbli Co. Ltd. | | 4,000 | 52,475 |
Shin-Etsu Chemical Co. Ltd. | | 34,165 | 1,322,491 |
SHO-BOND Holdings Co. Ltd. | | 17,980 | 694,332 |
Shoei Co. Ltd. | | 2,000 | 25,624 |
SK Kaken Co. Ltd. | | 2,200 | 110,792 |
SoftBank Group Corp. | | 10,133 | 498,347 |
Software Service, Inc. | | 800 | 68,478 |
Sony Group Corp. | | 3,622 | 299,363 |
Sumitomo Mitsui Financial Group, Inc. | | 26,218 | 1,489,282 |
Suzuki Motor Corp. | | 55,383 | 644,979 |
Techno Medica Co. Ltd. | | 500 | 5,522 |
The Monogatari Corp. | | 3,160 | 85,378 |
TIS, Inc. | | 13,137 | 280,561 |
Tocalo Co. Ltd. | | 5,600 | 64,529 |
Tokio Marine Holdings, Inc. | | 36,958 | 1,168,109 |
Toyota Motor Corp. | | 89,504 | 2,041,461 |
USS Co. Ltd. | | 42,200 | 322,378 |
YAKUODO Holdings Co. Ltd. | | 4,000 | 72,666 |
YONEX Co. Ltd. | | 3,700 | 29,505 |
TOTAL JAPAN | | | 32,112,734 |
Korea (South) - 3.8% | | | |
BGF Retail Co. Ltd. | | 631 | 59,321 |
HD Hyundai Marine Solution Co. Ltd. (d) | | 200 | 12,035 |
Hd Hyundai Mipo (a) | | 14,756 | 792,344 |
Hyundai Motor Co. Ltd. | | 5,136 | 921,257 |
Korea Aerospace Industries Ltd. | | 40,244 | 1,494,293 |
Samsung Biologics Co. Ltd. (a)(c) | | 1,267 | 710,133 |
Samsung Electronics Co. Ltd. | | 114,103 | 6,324,846 |
TOTAL KOREA (SOUTH) | | | 10,314,229 |
Luxembourg - 0.1% | | | |
ArcelorMittal SA (Netherlands) | | 14,716 | 370,479 |
Mexico - 0.6% | | | |
Grupo Financiero Banorte S.A.B. de CV Series O | | 76,309 | 755,261 |
Wal-Mart de Mexico SA de CV Series V | | 212,078 | 791,327 |
TOTAL MEXICO | | | 1,546,588 |
Netherlands - 3.0% | | | |
Aalberts Industries NV | | 13,075 | 626,798 |
ASML Holding NV (Netherlands) | | 6,474 | 5,753,168 |
BE Semiconductor Industries NV | | 4,653 | 623,193 |
IMCD NV | | 5,431 | 824,476 |
Universal Music Group NV | | 10,768 | 318,318 |
TOTAL NETHERLANDS | | | 8,145,953 |
Norway - 0.1% | | | |
Kongsberg Gruppen ASA | | 4,065 | 287,626 |
Medistim ASA | | 1,929 | 31,518 |
TOTAL NORWAY | | | 319,144 |
Peru - 0.5% | | | |
Credicorp Ltd. (United States) | | 8,831 | 1,462,502 |
Poland - 0.4% | | | |
Powszechna Kasa Oszczednosci Bank SA | | 79,500 | 1,189,639 |
Russia - 0.1% | | | |
LUKOIL PJSC sponsored ADR (a)(b) | | 15,040 | 189,504 |
Sberbank of Russia sponsored ADR (a)(b) | | 62,556 | 1,114 |
Yandex NV Series A (a)(b) | | 15,421 | 178,884 |
TOTAL RUSSIA | | | 369,502 |
Singapore - 0.3% | | | |
United Overseas Bank Ltd. | | 39,748 | 882,040 |
South Africa - 1.6% | | | |
Anglo American PLC (United Kingdom) | | 26,856 | 877,586 |
FirstRand Ltd. | | 348,928 | 1,204,553 |
Impala Platinum Holdings Ltd. | | 212,900 | 947,736 |
MTN Group Ltd. | | 251,234 | 1,204,116 |
Thungela Resources Ltd. | | 4,647 | 31,995 |
TOTAL SOUTH AFRICA | | | 4,265,986 |
Spain - 1.2% | | | |
Amadeus IT Holding SA Class A | | 9,257 | 587,578 |
Banco Santander SA (Spain) (e) | | 413,878 | 2,019,851 |
Cellnex Telecom SA (c) | | 9,784 | 323,407 |
Fluidra SA | | 1,501 | 31,877 |
Unicaja Banco SA (c) | | 147,836 | 193,585 |
TOTAL SPAIN | | | 3,156,298 |
Sweden - 3.3% | | | |
Addlife AB | | 4,162 | 38,748 |
AddTech AB (B Shares) | | 22,156 | 468,034 |
ASSA ABLOY AB (B Shares) (e) | | 39,516 | 1,044,069 |
Atlas Copco AB (A Shares) | | 168,615 | 2,953,475 |
Autoliv, Inc. | | 6,783 | 812,536 |
Bergman & Beving AB (B Shares) | | 5,200 | 105,459 |
Epiroc AB (A Shares) | | 53,837 | 995,305 |
Hemnet Group AB | | 5,515 | 144,626 |
Investor AB (B Shares) | | 56,107 | 1,386,587 |
INVISIO AB | | 4,173 | 92,204 |
John Mattson Fastighetsforetagen AB (a) | | 10,132 | 51,118 |
Lagercrantz Group AB (B Shares) | | 51,594 | 767,328 |
TOTAL SWEDEN | | | 8,859,489 |
Switzerland - 1.6% | | | |
Schindler Holding AG: | | | |
(participation certificate) | | 1,917 | 479,641 |
(Reg.) | | 107 | 26,132 |
Swiss Life Holding AG | | 867 | 585,702 |
Tecan Group AG | | 294 | 104,583 |
UBS Group AG | | 35,290 | 931,725 |
UBS Group AG | | 42,597 | 1,143,729 |
Zurich Insurance Group Ltd. | | 2,402 | 1,160,694 |
TOTAL SWITZERLAND | | | 4,432,206 |
Taiwan - 5.2% | | | |
Addcn Technology Co. Ltd. | | 12,354 | 75,950 |
Asia Vital Components Co. Ltd. | | 40,363 | 794,774 |
ECLAT Textile Co. Ltd. | | 74,231 | 1,165,885 |
HIWIN Technologies Corp. | | 150,445 | 1,061,976 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 408,852 | 9,772,052 |
Yageo Corp. | | 61,403 | 1,169,149 |
TOTAL TAIWAN | | | 14,039,786 |
United Kingdom - 6.6% | | | |
AstraZeneca PLC (United Kingdom) | | 6,864 | 1,038,173 |
B&M European Value Retail SA | | 38,769 | 251,423 |
BAE Systems PLC | | 208,813 | 3,473,023 |
Barratt Developments PLC | | 145,568 | 827,074 |
Beazley PLC | | 51,346 | 425,377 |
Bodycote PLC | | 22,668 | 197,141 |
Clarkson PLC | | 1,639 | 79,565 |
Compass Group PLC | | 65,316 | 1,816,681 |
DP Poland PLC (a) | | 175,000 | 24,054 |
Flutter Entertainment PLC (a) | | 1,867 | 348,187 |
Games Workshop Group PLC | | 550 | 68,107 |
Howden Joinery Group PLC | | 19,094 | 209,004 |
HSBC Holdings PLC (United Kingdom) | | 71,732 | 621,770 |
Imperial Brands PLC | | 22,705 | 518,813 |
InterContinental Hotel Group PLC ADR | | 15,974 | 1,571,043 |
JD Sports Fashion PLC | | 171,714 | 248,037 |
Lloyds Banking Group PLC | | 1,406,368 | 907,647 |
London Stock Exchange Group PLC | | 13,632 | 1,502,793 |
Oxford Instruments PLC | | 2,000 | 56,480 |
Rightmove PLC | | 57,260 | 368,479 |
Rolls-Royce Holdings PLC (a) | | 97,312 | 499,018 |
Sage Group PLC | | 39,703 | 578,463 |
Spectris PLC | | 29,093 | 1,210,560 |
Spirax-Sarco Engineering PLC | | 450 | 49,735 |
Standard Chartered PLC (United Kingdom) | | 102,537 | 880,951 |
Unite Group PLC | | 4,500 | 52,181 |
TOTAL UNITED KINGDOM | | | 17,823,779 |
United States of America - 10.8% | | | |
CRH PLC | | 33,636 | 2,604,099 |
CRH PLC | | 19,385 | 1,510,517 |
Experian PLC | | 39,805 | 1,605,493 |
Ferguson PLC | | 2,848 | 603,559 |
GSK PLC | | 68,249 | 1,415,957 |
Linde PLC | | 9,854 | 4,345,220 |
Marsh & McLennan Companies, Inc. | | 8,881 | 1,771,138 |
MasterCard, Inc. Class A | | 3,526 | 1,590,931 |
Microsoft Corp. | | 2,200 | 856,526 |
Moody's Corp. | | 3,732 | 1,382,072 |
Morningstar, Inc. | | 984 | 278,128 |
Nestle SA (Reg. S) | | 19,628 | 1,970,655 |
Otis Worldwide Corp. | | 6,094 | 555,773 |
PriceSmart, Inc. | | 3,242 | 261,273 |
S&P Global, Inc. | | 3,211 | 1,335,230 |
Shell PLC ADR | | 55,600 | 3,984,296 |
Sherwin-Williams Co. | | 4,965 | 1,487,564 |
Visa, Inc. Class A | | 5,900 | 1,584,799 |
TOTAL UNITED STATES OF AMERICA | | | 29,143,230 |
TOTAL COMMON STOCKS (Cost $206,221,740) | | | 259,326,105 |
| | | |
Preferred Stocks - 1.5% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.1% | | | |
China - 0.1% | | | |
ByteDance Ltd. Series E1 (a)(b)(f) | | 577 | 132,981 |
Nonconvertible Preferred Stocks - 1.4% | | | |
Brazil - 1.2% | | | |
Gerdau SA sponsored ADR | | 287,899 | 1,001,889 |
Itau Unibanco Holding SA | | 167,623 | 1,012,336 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | | 76,186 | 1,292,876 |
| | | 3,307,101 |
Germany - 0.2% | | | |
Porsche Automobil Holding SE (Germany) | | 11,074 | 564,237 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 3,871,338 |
TOTAL PREFERRED STOCKS (Cost $3,517,621) | | | 4,004,319 |
| | | |
Money Market Funds - 3.2% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (g) | | 5,838,343 | 5,839,511 |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 2,774,793 | 2,775,071 |
TOTAL MONEY MARKET FUNDS (Cost $8,614,578) | | | 8,614,582 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $218,353,939) | 271,945,006 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (1,254,309) |
NET ASSETS - 100.0% | 270,690,697 |
| |
Legend
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,065,423 or 2.2% of net assets. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $132,981 or 0.0% of net assets. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 63,224 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 5,162,285 | 40,815,150 | 40,137,864 | 165,141 | (61) | 1 | 5,839,511 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 21,697 | 10,976,984 | 8,223,610 | 1,995 | - | - | 2,775,071 | 0.0% |
Total | 5,183,982 | 51,792,134 | 48,361,474 | 167,136 | (61) | 1 | 8,614,582 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 11,975,880 | 2,016,826 | 9,647,189 | 311,865 |
Consumer Discretionary | 29,077,460 | 5,964,473 | 23,112,987 | - |
Consumer Staples | 6,218,827 | 1,097,258 | 5,121,569 | - |
Energy | 16,790,734 | 10,207,692 | 6,393,538 | 189,504 |
Financials | 58,470,721 | 32,983,231 | 25,486,376 | 1,114 |
Health Care | 14,252,483 | 2,907,735 | 11,344,748 | - |
Industrials | 52,402,542 | 16,106,156 | 36,296,386 | - |
Information Technology | 44,012,831 | 13,438,824 | 30,574,007 | - |
Materials | 28,638,389 | 18,434,851 | 10,203,538 | - |
Real Estate | 798,375 | 149,041 | 649,334 | - |
Utilities | 692,182 | - | 692,182 | - |
|
Money Market Funds | 8,614,582 | 8,614,582 | - | - |
Total Investments in Securities: | 271,945,006 | 111,920,669 | 159,521,854 | 502,483 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $2,554,943) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $209,739,361) | $ | 263,330,424 | | |
Fidelity Central Funds (cost $8,614,578) | | 8,614,582 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $218,353,939) | | | $ | 271,945,006 |
Cash | | | | 55,557 |
Foreign currency held at value (cost $315,228) | | | | 315,098 |
Receivable for investments sold | | | | 735,365 |
Receivable for fund shares sold | | | | 154,113 |
Dividends receivable | | | | 854,671 |
Reclaims receivable | | | | 281,312 |
Distributions receivable from Fidelity Central Funds | | | | 27,726 |
Prepaid expenses | | | | 83 |
Other receivables | | | | 18,541 |
Total assets | | | | 274,387,472 |
Liabilities | | | | |
Payable for investments purchased | | | | |
Regular delivery | $ | 334,490 | | |
Delayed delivery | | 12,155 | | |
Payable for fund shares redeemed | | 37,521 | | |
Accrued management fee | | 204,937 | | |
Distribution and service plan fees payable | | 12,338 | | |
Deferred taxes | | 254,400 | | |
Other payables and accrued expenses | | 65,863 | | |
Collateral on securities loaned | | 2,775,071 | | |
Total liabilities | | | | 3,696,775 |
Net Assets | | | $ | 270,690,697 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 225,985,784 |
Total accumulated earnings (loss) | | | | 44,704,913 |
Net Assets | | | $ | 270,690,697 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($21,650,174 ÷ 1,930,829 shares)(a) | | | $ | 11.21 |
Maximum offering price per share (100/94.25 of $11.21) | | | $ | 11.89 |
Class M : | | | | |
Net Asset Value and redemption price per share ($12,284,835 ÷ 1,087,706 shares)(a) | | | $ | 11.29 |
Maximum offering price per share (100/96.50 of $11.29) | | | $ | 11.70 |
Class C : | | | | |
Net Asset Value and offering price per share ($3,037,887 ÷ 270,935 shares)(a) | | | $ | 11.21 |
Total International Equity : | | | | |
Net Asset Value, offering price and redemption price per share ($135,580,362 ÷ 12,048,077 shares) | | | $ | 11.25 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($65,890,808 ÷ 5,879,687 shares) | | | $ | 11.21 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($32,246,631 ÷ 2,859,283 shares) | | | $ | 11.28 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 2,944,423 |
Income from Fidelity Central Funds (including $1,995 from security lending) | | | | 167,136 |
Income before foreign taxes withheld | | | $ | 3,111,559 |
Less foreign taxes withheld | | | | (257,215) |
Total income | | | | 2,854,344 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 944,357 | | |
Performance adjustment | | 50,706 | | |
Transfer agent fees | | 137,711 | | |
Distribution and service plan fees | | 70,415 | | |
Accounting fees | | 41,953 | | |
Custodian fees and expenses | | 45,570 | | |
Independent trustees' fees and expenses | | 631 | | |
Registration fees | | 44,409 | | |
Audit | | 56,616 | | |
Legal | | 1,264 | | |
Miscellaneous | | 483 | | |
Total expenses before reductions | | 1,394,115 | | |
Expense reductions | | (34,901) | | |
Total expenses after reductions | | | | 1,359,214 |
Net Investment income (loss) | | | | 1,495,130 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $196,696) | | 1,577,747 | | |
Fidelity Central Funds | | (61) | | |
Foreign currency transactions | | (23,165) | | |
Total net realized gain (loss) | | | | 1,554,521 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $91,311) | | 39,516,862 | | |
Fidelity Central Funds | | 1 | | |
Assets and liabilities in foreign currencies | | (7,865) | | |
Total change in net unrealized appreciation (depreciation) | | | | 39,508,998 |
Net gain (loss) | | | | 41,063,519 |
Net increase (decrease) in net assets resulting from operations | | | $ | 42,558,649 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 1,495,130 | $ | 3,409,289 |
Net realized gain (loss) | | 1,554,521 | | (5,236,290) |
Change in net unrealized appreciation (depreciation) | | 39,508,998 | | 20,080,804 |
Net increase (decrease) in net assets resulting from operations | | 42,558,649 | | 18,253,803 |
Distributions to shareholders | | (3,300,481) | | (1,806,040) |
| | | | |
Share transactions - net increase (decrease) | | 8,730,976 | | 52,136,162 |
Total increase (decrease) in net assets | | 47,989,144 | | 68,583,925 |
| | | | |
Net Assets | | | | |
Beginning of period | | 222,701,553 | | 154,117,628 |
End of period | $ | 270,690,697 | $ | 222,701,553 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Total International Equity Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 9.56 | $ | 8.56 | $ | 12.48 | $ | 9.60 | $ | 9.34 | $ | 8.20 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .05 | | .13 | | .15 | | .11 C | | .05 | | .14 |
Net realized and unrealized gain (loss) | | 1.72 | | .95 | | (3.10) | | 3.03 | | .35 | | 1.05 |
Total from investment operations | | 1.77 | | 1.08 | | (2.95) | | 3.14 | | .40 | | 1.19 |
Distributions from net investment income | | (.12) | | (.08) | | (.19) | | (.06) | | (.14) | | (.05) |
Distributions from net realized gain | | - | | - | | (.77) | | (.20) | | - | | - |
Total distributions | | (.12) | | (.08) | | (.97) D | | (.26) | | (.14) | | (.05) |
Net asset value, end of period | $ | 11.21 | $ | 9.56 | $ | 8.56 | $ | 12.48 | $ | 9.60 | $ | 9.34 |
Total Return E,F,G | | | | 12.66% | | (25.44)% | | 33.04% | | 4.31% | | 14.63% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 1.31% J | | 1.39% | | 1.56% | | 1.60% | | 1.66% | | 1.51% |
Expenses net of fee waivers, if any | | | | 1.29% | | 1.30% | | 1.34% | | 1.39% | | 1.45% |
Expenses net of all reductions | | 1.27% J | | 1.29% | | 1.30% | | 1.34% | | 1.37% | | 1.44% |
Net investment income (loss) | | .93% J | | 1.33% | | 1.55% | | .91% C | | .58% | | 1.55% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 21,650 | $ | 17,343 | $ | 12,786 | $ | 8,642 | $ | 6,091 | $ | 7,249 |
Portfolio turnover rate K | | | | 28% | | 31% | | 39% | | 37% | | 69% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total International Equity Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 9.62 | $ | 8.61 | $ | 12.53 | $ | 9.65 | $ | 9.38 | $ | 8.22 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .11 | | .13 | | .08 C | | .03 | | .11 |
Net realized and unrealized gain (loss) | | 1.72 | | .95 | | (3.12) | | 3.04 | | .36 | | 1.07 |
Total from investment operations | | 1.76 | | 1.06 | | (2.99) | | 3.12 | | .39 | | 1.18 |
Distributions from net investment income | | (.09) | | (.05) | | (.15) | | (.04) | | (.12) | | (.02) |
Distributions from net realized gain | | - | | - | | (.77) | | (.20) | | - | | - |
Total distributions | | (.09) | | (.05) | | (.93) D | | (.24) | | (.12) | | (.02) |
Net asset value, end of period | $ | 11.29 | $ | 9.62 | $ | 8.61 | $ | 12.53 | $ | 9.65 | $ | 9.38 |
Total Return E,F,G | | | | 12.34% | | (25.59)% | | 32.63% | | 4.13% | | 14.38% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 1.56% J | | 1.66% | | 1.80% | | 1.83% | | 1.90% | | 1.76% |
Expenses net of fee waivers, if any | | | | 1.54% | | 1.55% | | 1.59% | | 1.64% | | 1.70% |
Expenses net of all reductions | | 1.51% J | | 1.54% | | 1.55% | | 1.59% | | 1.62% | | 1.69% |
Net investment income (loss) | | .68% J | | 1.09% | | 1.29% | | .65% C | | .33% | | 1.30% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 12,285 | $ | 10,624 | $ | 9,876 | $ | 12,936 | $ | 10,620 | $ | 11,733 |
Portfolio turnover rate K | | | | 28% | | 31% | | 39% | | 37% | | 69% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total International Equity Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 9.53 | $ | 8.53 | $ | 12.41 | $ | 9.57 | $ | 9.30 | $ | 8.17 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .01 | | .06 | | .08 | | .02 C | | (.02) | | .07 |
Net realized and unrealized gain (loss) | | 1.72 | | .95 | | (3.11) | | 3.02 | | .36 | | 1.06 |
Total from investment operations | | 1.73 | | 1.01 | | (3.03) | | 3.04 | | .34 | | 1.13 |
Distributions from net investment income | | (.05) | | (.01) | | (.07) | | - | | (.07) | | - |
Distributions from net realized gain | | - | | - | | (.77) | | (.20) | | - | | - |
Total distributions | | (.05) | | (.01) | | (.85) D | | (.20) | | (.07) | | - |
Net asset value, end of period | $ | 11.21 | $ | 9.53 | $ | 8.53 | $ | 12.41 | $ | 9.57 | $ | 9.30 |
Total Return E,F,G | | | | 11.82% | | (26.04)% | | 32.00% | | 3.62% | | 13.83% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
Expenses before reductions | | 2.06% J | | 2.18% | | 2.34% | | 2.40% | | 2.46% | | 2.33% |
Expenses net of fee waivers, if any | | | | 2.04% | | 2.05% | | 2.10% | | 2.14% | | 2.20% |
Expenses net of all reductions | | 2.02% J | | 2.04% | | 2.05% | | 2.10% | | 2.12% | | 2.19% |
Net investment income (loss) | | .18% J | | .58% | | .79% | | .15% C | | (.17)% | | .80% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 3,038 | $ | 2,475 | $ | 1,893 | $ | 1,982 | $ | 1,827 | $ | 2,203 |
Portfolio turnover rate K | | | | 28% | | 31% | | 39% | | 37% | | 69% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12)%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Total International Equity Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 9.60 | $ | 8.60 | $ | 12.54 | $ | 9.64 | $ | 9.37 | $ | 8.23 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .16 | | .18 | | .14 C | | .08 | | .16 |
Net realized and unrealized gain (loss) | | 1.73 | | .94 | | (3.12) | | 3.04 | | .35 | | 1.06 |
Total from investment operations | | 1.79 | | 1.10 | | (2.94) | | 3.18 | | .43 | | 1.22 |
Distributions from net investment income | | (.14) | | (.10) | | (.23) | | (.08) | | (.16) | | (.08) |
Distributions from net realized gain | | - | | - | | (.77) | | (.20) | | - | | - |
Total distributions | | (.14) | | (.10) | | (1.00) | | (.28) | | (.16) | | (.08) |
Net asset value, end of period | $ | 11.25 | $ | 9.60 | $ | 8.60 | $ | 12.54 | $ | 9.64 | $ | 9.37 |
Total Return D,E | | | | 12.80% | | (25.25)% | | 33.37% | | 4.65% | | 14.97% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.03% H | | 1.11% | | 1.23% | | 1.27% | | 1.34% | | 1.20% |
Expenses net of fee waivers, if any | | | | 1.04% | | 1.05% | | 1.09% | | 1.14% | | 1.20% |
Expenses net of all reductions | | 1.01% H | | 1.04% | | 1.05% | | 1.09% | | 1.12% | | 1.19% |
Net investment income (loss) | | 1.18% H | | 1.58% | | 1.79% | | 1.16% C | | .83% | | 1.81% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 135,580 | $ | 108,561 | $ | 86,458 | $ | 82,604 | $ | 61,362 | $ | 70,251 |
Portfolio turnover rate I | | | | 28% | | 31% | | 39% | | 37% | | 69% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total International Equity Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 9.56 | $ | 8.56 | $ | 12.49 | $ | 9.60 | $ | 9.35 | $ | 8.19 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .16 | | .17 | | .14 C | | .08 | | .16 |
Net realized and unrealized gain (loss) | | 1.73 | | .94 | | (3.10) | | 3.03 | | .34 | | 1.07 |
Total from investment operations | | 1.79 | | 1.10 | | (2.93) | | 3.17 | | .42 | | 1.23 |
Distributions from net investment income | | (.14) | | (.10) | | (.23) | | (.08) | | (.17) | | (.07) |
Distributions from net realized gain | | - | | - | | (.77) | | (.20) | | - | | - |
Total distributions | | (.14) | | (.10) | | (1.00) | | (.28) | | (.17) | | (.07) |
Net asset value, end of period | $ | 11.21 | $ | 9.56 | $ | 8.56 | $ | 12.49 | $ | 9.60 | $ | 9.35 |
Total Return D,E | | | | 12.86% | | (25.28)% | | 33.40% | | 4.50% | | 15.11% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.02% H | | 1.09% | | 1.22% | | 1.26% | | 1.33% | | 1.18% |
Expenses net of fee waivers, if any | | | | 1.04% | | 1.04% | | 1.06% | | 1.14% | | 1.18% |
Expenses net of all reductions | | .99% H | | 1.04% | | 1.04% | | 1.06% | | 1.13% | | 1.17% |
Net investment income (loss) | | 1.20% H | | 1.58% | | 1.80% | | 1.18% C | | .82% | | 1.82% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 65,891 | $ | 57,299 | $ | 35,423 | $ | 5,714 | $ | 2,073 | $ | 3,086 |
Portfolio turnover rate I | | | | 28% | | 31% | | 39% | | 37% | | 69% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Total International Equity Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 9.63 | $ | 8.61 | $ | 12.53 | $ | 9.62 | $ | 9.36 | $ | 8.22 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .17 | | .19 | | .16 C | | .09 | | .18 |
Net realized and unrealized gain (loss) | | 1.73 | | .95 | | (3.11) | | 3.03 | | .35 | | 1.05 |
Total from investment operations | | 1.80 | | 1.12 | | (2.92) | | 3.19 | | .44 | | 1.23 |
Distributions from net investment income | | (.15) | | (.10) | | (.23) | | (.08) | | (.18) | | (.09) |
Distributions from net realized gain | | - | | - | | (.77) | | (.20) | | - | | - |
Total distributions | | (.15) | | (.10) | | (1.00) | | (.28) | | (.18) | | (.09) |
Net asset value, end of period | $ | 11.28 | $ | 9.63 | $ | 8.61 | $ | 12.53 | $ | 9.62 | $ | 9.36 |
Total Return D,E | | | | 13.04% | | (25.09)% | | 33.54% | | 4.74% | | 15.13% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .91% H | | .95% | | 1.10% | | 1.16% | | 1.22% | | 1.09% |
Expenses net of fee waivers, if any | | | | .89% | | .90% | | .94% | | .98% | | 1.04% |
Expenses net of all reductions | | .86% H | | .89% | | .90% | | .94% | | .97% | | 1.03% |
Net investment income (loss) | | 1.33% H | | 1.74% | | 1.94% | | 1.31% C | | .99% | | 1.97% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 32,247 | $ | 26,401 | $ | 7,681 | $ | 5,752 | $ | 3,422 | $ | 3,815 |
Portfolio turnover rate I | | | | 28% | | 31% | | 39% | | 37% | | 69% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total International Equity, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $64,884,284 |
Gross unrealized depreciation | (12,855,226) |
Net unrealized appreciation (depreciation) | $52,029,058 |
Tax cost | $219,915,948 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(4,386,318) |
Long-term | (4,085,728) |
Total capital loss carryforward | $(8,472,046) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Total International Equity Fund | 40,263,157 | 35,767,343 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .88 |
Class M | .88 |
Class C | .88 |
Total International Equity | .87 |
Class I | .85 |
Class Z | .72 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .87 |
Class M | .87 |
Class C | .87 |
Total International Equity | .83 |
Class I | .85 |
Class Z | .72 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Total International Equity Fund | MSCI All Country World ex USA Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Total International Equity. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .04%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 25,682 | 551 |
Class M | .25% | .25% | 29,982 | 128 |
Class C | .75% | .25% | 14,751 | 4,432 |
| | | 70,415 | 5,111 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 3,353 |
Class M | 284 |
Class CA | 27 |
| 3,664 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | 0.2000% |
Class M | 0.2000% |
Class C | 0.2000% |
Total International Equity | 0.1875% |
Class I | 0.1643% |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 13,490 | .20 |
Class M | 8,049 | .21 |
Class C | 2,032 | .21 |
Total International Equity | 74,318 | .18 |
Class I | 35,680 | .16 |
Class Z | 4,142 | .04 |
| 137,711 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Total International Equity Fund | 0.0497% |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Total International Equity Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Total International Equity Fund | 154 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Total International Equity Fund | 983,451 | 602,835 | 81,175 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Total International Equity Fund | 234 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Total International Equity Fund | 222 | - | - |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense Limitations | Reimbursement ($) |
Class A | 1.20% | 3,963 |
Class M | 1.45% | 2,250 |
Class C | 1.95% | 559 |
Total International Equity | .95% | 6,252 |
Class I | .95% | 5,295 |
Class Z | .80% | 5,052 |
| | 23,371 |
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 19 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,511.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Total International Equity Fund | | |
Distributions to shareholders | | |
Class A | $214,708 | $136,043 |
Class M | 103,563 | 60,649 |
Class C | 12,847 | 1,760 |
Total International Equity | 1,657,937 | 1,034,854 |
Class I | 886,527 | 451,131 |
Class Z | 424,899 | 121,603 |
Total | $3,300,481 | $1,806,040 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Total International Equity Fund | | | | |
Class A | | | | |
Shares sold | 247,667 | 883,201 | $2,664,241 | $8,694,442 |
Reinvestment of distributions | 20,725 | 14,206 | 213,883 | 135,808 |
Shares redeemed | (152,186) | (575,856) | (1,659,761) | (5,858,395) |
Net increase (decrease) | 116,206 | 321,551 | $1,218,363 | $2,971,855 |
Class M | | | | |
Shares sold | 55,306 | 117,155 | $605,704 | $1,168,097 |
Reinvestment of distributions | 9,958 | 6,291 | 103,562 | 60,649 |
Shares redeemed | (82,426) | (165,757) | (897,177) | (1,635,862) |
Net increase (decrease) | (17,162) | (42,311) | $(187,911) | $(407,116) |
Class C | | | | |
Shares sold | 26,478 | 113,803 | $269,196 | $1,148,641 |
Reinvestment of distributions | 1,241 | 183 | 12,847 | 1,757 |
Shares redeemed | (16,504) | (76,111) | (176,797) | (745,659) |
Net increase (decrease) | 11,215 | 37,875 | $105,246 | $404,739 |
Total International Equity | | | | |
Shares sold | 1,834,508 | 4,599,531 | $19,791,706 | $45,831,869 |
Reinvestment of distributions | 144,359 | 97,973 | 1,492,669 | 939,562 |
Shares redeemed | (1,234,387) | (3,448,548) | (13,345,666) | (34,371,636) |
Net increase (decrease) | 744,480 | 1,248,956 | $7,938,709 | $12,399,795 |
Class I | | | | |
Shares sold | 1,214,116 | 3,922,899 | $12,855,245 | $39,216,121 |
Reinvestment of distributions | 85,453 | 46,910 | 880,163 | 447,992 |
Shares redeemed | (1,410,818) | (2,115,326) | (15,301,935) | (21,232,217) |
Net increase (decrease) | (111,249) | 1,854,483 | $(1,566,527) | $18,431,896 |
Class Z | | | | |
Shares sold | 1,033,147 | 2,772,393 | $11,334,260 | $27,649,951 |
Reinvestment of distributions | 37,496 | 10,898 | 388,454 | 104,625 |
Shares redeemed | (953,770) | (933,308) | (10,499,618) | (9,419,583) |
Net increase (decrease) | 116,873 | 1,849,983 | $1,223,096 | $18,334,993 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® Total International Equity Fund | | | | | | | | | | |
Class A | | | | 1.27% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,185.90 | | $ 6.90 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.55 | | $ 6.37 |
Class M | | | | 1.51% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,184.10 | | $ 8.20 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.35 | | $ 7.57 |
Class C | | | | 2.02% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,181.60 | | $ 10.96 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.82 | | $ 10.12 |
Fidelity® Total International Equity Fund ** | | | | 1.01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,188.20 | | $ 5.50 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.84 | | $ 5.07 |
Class I | | | | .99% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,189.00 | | $ 5.39 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.94 | | $ 4.97 |
Class Z | | | | .86% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,188.80 | | $ 4.68 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.59 | | $ 4.32 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
Fidelity® Total International Equity Fund | | | | | | |
Fidelity® Total International Equity Fund | | | | .96% | | |
Actual | | | | | | $ 5.22 |
Hypothetical- B | | | | | | $ 4.82 |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity Total International Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.912361.114
TIE-SANN-0624
Fidelity® International Discovery K6 Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.6 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.5 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.5 | |
UniCredit SpA (Italy, Banks) | 2.5 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 2.4 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 | |
L'Oreal SA (France, Personal Care Products) | 1.9 | |
Constellation Software, Inc. (Canada, Software) | 1.8 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.8 | |
Rheinmetall AG (Germany, Aerospace & Defense) | 1.7 | |
| 23.8 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 19.4 | |
Financials | 19.4 | |
Industrials | 18.5 | |
Consumer Discretionary | 12.9 | |
Health Care | 11.0 | |
Materials | 5.3 | |
Consumer Staples | 4.1 | |
Energy | 3.5 | |
Communication Services | 2.1 | |
Real Estate | 0.9 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 97.0% |
| | Shares | Value ($) |
Australia - 2.0% | | | |
Aristocrat Leisure Ltd. | | 74,241 | 1,894,629 |
CAR Group Ltd. | | 160,963 | 3,490,244 |
IperionX Ltd. (a)(b) | | 1,372,311 | 1,856,175 |
National Storage REIT unit | | 2,634,454 | 3,632,720 |
Steadfast Group Ltd. | | 493,532 | 1,796,171 |
TOTAL AUSTRALIA | | | 12,669,939 |
Bailiwick of Jersey - 0.4% | | | |
JTC PLC (c) | | 263,567 | 2,815,858 |
Belgium - 1.2% | | | |
UCB SA | | 59,714 | 7,937,171 |
Brazil - 1.3% | | | |
MercadoLibre, Inc. (a) | | 3,695 | 5,389,897 |
Nu Holdings Ltd. (a) | | 272,718 | 2,961,717 |
TOTAL BRAZIL | | | 8,351,614 |
Canada - 4.8% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 85,614 | 4,745,105 |
Cameco Corp. | | 71,645 | 3,268,821 |
Canadian Natural Resources Ltd. | | 125,438 | 9,505,460 |
Constellation Software, Inc. | | 4,541 | 11,691,116 |
Constellation Software, Inc. warrants 3/31/40 (a)(d) | | 4,032 | 0 |
Definity Financial Corp. | | 37,441 | 1,248,079 |
Lumine Group, Inc. (a) | | 11,697 | 320,411 |
TOTAL CANADA | | | 30,778,992 |
China - 0.1% | | | |
Chervon Holdings Ltd. | | 325,605 | 790,752 |
Denmark - 3.6% | | | |
Novo Nordisk A/S Series B | | 180,276 | 23,119,004 |
France - 11.8% | | | |
Air Liquide SA | | 50,438 | 9,864,594 |
Airbus Group NV | | 39,726 | 6,537,222 |
AXA SA | | 287,906 | 9,967,297 |
BNP Paribas SA | | 72,860 | 5,243,141 |
EssilorLuxottica SA | | 29,373 | 6,294,451 |
Hermes International SCA | | 2,666 | 6,404,444 |
L'Oreal SA | | 25,298 | 11,869,682 |
LVMH Moet Hennessy Louis Vuitton SE | | 16,478 | 13,535,628 |
Safran SA | | 23,160 | 5,021,830 |
TOTAL FRANCE | | | 74,738,289 |
Germany - 6.4% | | | |
adidas AG | | 14,408 | 3,481,176 |
Merck KGaA | | 26,378 | 4,193,032 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 12,565 | 5,527,342 |
Nexus AG | | 22,732 | 1,254,221 |
Rheinmetall AG | | 19,907 | 10,987,785 |
SAP SE | | 42,829 | 7,733,506 |
Siemens AG | | 34,073 | 6,383,017 |
Siemens Healthineers AG (c) | | 23,693 | 1,313,953 |
Talanx AG | | 73 | 5,508 |
TOTAL GERMANY | | | 40,879,540 |
Hong Kong - 0.3% | | | |
AIA Group Ltd. | | 245,190 | 1,795,859 |
Hungary - 0.3% | | | |
Richter Gedeon PLC | | 68,212 | 1,737,020 |
India - 3.1% | | | |
Avenue Supermarts Ltd. (a)(c) | | 35,781 | 1,973,834 |
Computer Age Management Services Private Ltd. | | 55,070 | 2,110,134 |
Delhivery Private Ltd. (a) | | 203,400 | 1,093,181 |
HDFC Bank Ltd. | | 324,330 | 5,888,349 |
HDFC Bank Ltd. sponsored ADR | | 58,285 | 3,357,216 |
Larsen & Toubro Ltd. | | 59,355 | 2,550,704 |
Lenskart Solutions Pvt Ltd. (d)(e) | | 24,000 | 661,395 |
Sona Blw Precision Forgings Ltd. (c) | | 200,172 | 1,495,844 |
Star Health & Allied Insurance Co. Ltd. (a) | | 52,750 | 361,118 |
TOTAL INDIA | | | 19,491,775 |
Ireland - 1.9% | | | |
Cairn Homes PLC | | 1,840,643 | 3,118,767 |
Dalata Hotel Group PLC | | 787,138 | 3,544,942 |
Kingspan Group PLC (Ireland) | | 58,293 | 5,216,333 |
TOTAL IRELAND | | | 11,880,042 |
Israel - 0.4% | | | |
NICE Ltd. sponsored ADR (a) | | 10,190 | 2,277,567 |
Italy - 5.1% | | | |
BFF Bank SpA (c) | | 251,563 | 3,235,040 |
Davide Campari Milano NV | | 233,703 | 2,349,422 |
Ferrari NV | | 10,156 | 4,221,849 |
FinecoBank SpA | | 126,560 | 1,950,336 |
Prysmian SpA | | 73,525 | 4,015,884 |
Recordati SpA | | 16,012 | 855,255 |
Ryanair Holdings PLC | | 3,200 | 68,186 |
UniCredit SpA | | 425,108 | 15,603,318 |
TOTAL ITALY | | | 32,299,290 |
Japan - 17.5% | | | |
Capcom Co. Ltd. | | 179,588 | 2,956,457 |
Daiichi Sankyo Kabushiki Kaisha | | 125,292 | 4,217,042 |
Disco Corp. | | 8,249 | 2,349,693 |
Fast Retailing Co. Ltd. | | 21,071 | 5,509,415 |
Fuji Electric Co. Ltd. | | 78,923 | 4,909,321 |
Hitachi Ltd. | | 163,714 | 15,104,368 |
Hoya Corp. | | 73,714 | 8,546,388 |
Itochu Corp. | | 188,758 | 8,515,774 |
JTOWER, Inc. (a) | | 39,750 | 811,871 |
Keyence Corp. | | 8,858 | 3,895,481 |
Mitsubishi Heavy Industries Ltd. | | 401,340 | 3,588,428 |
Mitsubishi UFJ Financial Group, Inc. | | 582,350 | 5,800,996 |
ORIX Corp. | | 302,956 | 6,200,121 |
Pan Pacific International Holdings Ltd. | | 141,277 | 3,318,036 |
Renesas Electronics Corp. | | 504,966 | 8,198,503 |
Shin-Etsu Chemical Co. Ltd. | | 234,639 | 9,082,627 |
Sony Group Corp. | | 86,295 | 7,132,400 |
Sumitomo Mitsui Financial Group, Inc. | | 76,792 | 4,362,078 |
TIS, Inc. | | 69,144 | 1,476,679 |
Tokio Marine Holdings, Inc. | | 123,220 | 3,894,540 |
Visional, Inc. (a) | | 26,804 | 1,223,020 |
TOTAL JAPAN | | | 111,093,238 |
Kazakhstan - 0.2% | | | |
Kaspi.KZ JSC ADR | | 9,049 | 1,065,610 |
Korea (South) - 2.3% | | | |
HD Hyundai Marine Solution Co. Ltd. (f) | | 1,600 | 96,278 |
Samsung Electronics Co. Ltd. | | 202,920 | 11,248,064 |
SK Hynix, Inc. | | 24,927 | 3,067,522 |
TOTAL KOREA (SOUTH) | | | 14,411,864 |
Luxembourg - 0.1% | | | |
CVC Capital Partners PLC | | 20,500 | 371,919 |
Netherlands - 7.2% | | | |
ASML Holding NV (Netherlands) | | 24,858 | 22,090,247 |
BE Semiconductor Industries NV | | 56,804 | 7,607,964 |
IMCD NV | | 17,795 | 2,701,445 |
ING Groep NV (Certificaten Van Aandelen) | | 228,774 | 3,616,979 |
Topicus.Com, Inc. | | 7,663 | 624,496 |
Universal Music Group NV | | 69,178 | 2,045,001 |
Wolters Kluwer NV | | 48,213 | 7,241,998 |
TOTAL NETHERLANDS | | | 45,928,130 |
Spain - 1.1% | | | |
CaixaBank SA | | 1,135,827 | 5,989,851 |
Cie Automotive SA | | 4,097 | 108,871 |
Puig Group SL Class B | | 24,000 | 627,514 |
TOTAL SPAIN | | | 6,726,236 |
Sweden - 2.7% | | | |
ASSA ABLOY AB (B Shares) | | 101,110 | 2,671,470 |
Indutrade AB | | 198,515 | 4,651,063 |
Investor AB (B Shares) | | 249,545 | 6,167,070 |
Kry International AB (a)(d)(e) | | 71 | 2,162 |
Lagercrantz Group AB (B Shares) | | 234,564 | 3,488,534 |
TOTAL SWEDEN | | | 16,980,299 |
Switzerland - 0.8% | | | |
Partners Group Holding AG | | 3,967 | 5,133,257 |
Taiwan - 2.5% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 661,609 | 15,813,246 |
United Kingdom - 11.8% | | | |
3i Group PLC | | 235,973 | 8,430,714 |
AstraZeneca PLC (United Kingdom) | | 71,727 | 10,848,634 |
BAE Systems PLC | | 621,331 | 10,334,112 |
Big Yellow Group PLC | | 132,389 | 1,786,608 |
Cab Payments Holdings Ltd. (b) | | 300,267 | 499,014 |
Compass Group PLC | | 358,526 | 9,971,944 |
DCC PLC (United Kingdom) | | 226 | 15,490 |
Diageo PLC | | 47,973 | 1,657,931 |
Flutter Entertainment PLC (a) | | 21,602 | 4,028,672 |
Games Workshop Group PLC | | 28,447 | 3,522,604 |
JD Sports Fashion PLC | | 863,012 | 1,246,603 |
London Stock Exchange Group PLC | | 67,818 | 7,476,264 |
RELX PLC (London Stock Exchange) | | 156,818 | 6,443,162 |
Sage Group PLC | | 258,443 | 3,765,451 |
Starling Bank Ltd. Series D (a)(d)(e) | | 137,500 | 517,158 |
Zegona Communications PLC (a) | | 1,581,560 | 4,545,348 |
TOTAL UNITED KINGDOM | | | 75,089,709 |
United States of America - 8.1% | | | |
Canva, Inc. Class A (d)(e) | | 400 | 426,664 |
CRH PLC | | 81,083 | 6,318,145 |
Globant SA (a) | | 9,764 | 1,743,753 |
Linde PLC | | 14,414 | 6,355,997 |
Microsoft Corp. | | 14,349 | 5,586,496 |
Nestle SA (Reg. S) | | 25,824 | 2,592,735 |
NVIDIA Corp. | | 9,770 | 8,441,475 |
Samsonite International SA (c) | | 683,802 | 2,404,022 |
Schneider Electric SA | | 35,251 | 8,037,697 |
Shell PLC (London) | | 270,632 | 9,620,594 |
TOTAL UNITED STATES OF AMERICA | | | 51,527,578 |
TOTAL COMMON STOCKS (Cost $495,306,077) | | | 615,703,798 |
| | | |
Preferred Stocks - 0.1% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.1% | | | |
China - 0.0% | | | |
ByteDance Ltd. Series E1 (a)(d)(e) | | 1,533 | 353,311 |
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) | | 8,434 | 41,580 |
| | | 394,891 |
Estonia - 0.1% | | | |
Bolt Technology OU Series E (a)(d)(e) | | 3,347 | 411,021 |
United States of America - 0.0% | | | |
Canva, Inc.: | | | |
Series A (d)(e) | | 85 | 90,666 |
Series A2 (d)(e) | | 15 | 16,000 |
| | | 106,666 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 912,578 |
Nonconvertible Preferred Stocks - 0.0% | | | |
Sweden - 0.0% | | | |
Kry International AB Series E (a)(d)(e) | | 413 | 17,106 |
TOTAL PREFERRED STOCKS (Cost $1,452,783) | | | 929,684 |
| | | |
Money Market Funds - 2.9% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (g) | | 17,518,928 | 17,522,432 |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 721,977 | 722,049 |
TOTAL MONEY MARKET FUNDS (Cost $18,244,481) | | | 18,244,481 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $515,003,341) | 634,877,963 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (160,055) |
NET ASSETS - 100.0% | 634,717,908 |
| |
Legend
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,238,551 or 2.1% of net assets. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,537,063 or 0.4% of net assets. |
(f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Bolt Technology OU Series E | 1/03/22 | 869,539 |
| | |
ByteDance Ltd. Series E1 | 11/18/20 | 167,977 |
| | |
Canva, Inc. Class A | 3/18/24 | 426,664 |
| | |
Canva, Inc. Series A | 9/22/23 | 90,666 |
| | |
Canva, Inc. Series A2 | 9/22/23 | 16,000 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 119,789 |
| | |
Kry International AB | 5/14/21 | 30,836 |
| | |
Kry International AB Series E | 5/14/21 | 188,812 |
| | |
Lenskart Solutions Pvt Ltd. | 4/30/24 | 661,395 |
| | |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 286,270 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 20,988,977 | 111,822,952 | 115,289,506 | 343,502 | 9 | - | 17,522,432 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 4,348,895 | 43,060,815 | 46,687,661 | 33,947 | - | - | 722,049 | 0.0% |
Total | 25,337,872 | 154,883,767 | 161,977,167 | 377,449 | 9 | - | 18,244,481 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 14,202,232 | 6,590,349 | 7,258,572 | 353,311 |
Consumer Discretionary | 82,315,220 | 35,067,825 | 46,052,670 | 1,194,725 |
Consumer Staples | 25,816,223 | 18,964,209 | 6,852,014 | - |
Energy | 22,394,875 | 12,774,281 | 9,620,594 | - |
Financials | 121,281,920 | 44,305,263 | 76,459,499 | 517,158 |
Health Care | 70,357,751 | 22,271,150 | 48,045,021 | 41,580 |
Industrials | 119,517,902 | 34,829,998 | 84,687,904 | - |
Information Technology | 121,850,493 | 67,637,510 | 53,782,694 | 430,289 |
Materials | 33,477,538 | 12,674,142 | 20,803,396 | - |
Real Estate | 5,419,328 | 1,786,608 | 3,632,720 | - |
|
Money Market Funds | 18,244,481 | 18,244,481 | - | - |
Total Investments in Securities: | 634,877,963 | 275,145,816 | 357,195,084 | 2,537,063 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $666,457) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $496,758,860) | $ | 616,633,482 | | |
Fidelity Central Funds (cost $18,244,481) | | 18,244,481 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $515,003,341) | | | $ | 634,877,963 |
Foreign currency held at value (cost $508,228) | | | | 507,442 |
Receivable for investments sold | | | | 268,329 |
Receivable for fund shares sold | | | | 271,811 |
Dividends receivable | | | | 2,231,792 |
Reclaims receivable | | | | 998,982 |
Distributions receivable from Fidelity Central Funds | | | | 78,817 |
Other receivables | | | | 3,690 |
Total assets | | | | 639,238,826 |
Liabilities | | | | |
Payable to custodian bank | $ | 225,615 | | |
Payable for investments purchased | | | | |
Regular delivery | | 1,288,909 | | |
Delayed delivery | | 97,241 | | |
Payable for fund shares redeemed | | 1,607,457 | | |
Accrued management fee | | 329,355 | | |
Deferred taxes | | 250,285 | | |
Other payables and accrued expenses | | 7 | | |
Collateral on securities loaned | | 722,049 | | |
Total liabilities | | | | 4,520,918 |
Net Assets | | | $ | 634,717,908 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 615,949,527 |
Total accumulated earnings (loss) | | | | 18,768,381 |
Net Assets | | | $ | 634,717,908 |
Net Asset Value, offering price and redemption price per share ($634,717,908 ÷ 48,485,486 shares) | | | $ | 13.09 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 7,457,753 |
Income from Fidelity Central Funds (including $33,947 from security lending) | | | | 377,449 |
Income before foreign taxes withheld | | | $ | 7,835,202 |
Less foreign taxes withheld | | | | (654,440) |
Total income | | | | 7,180,762 |
Expenses | | | | |
Management fee | $ | 1,962,357 | | |
Independent trustees' fees and expenses | | 1,624 | | |
Total expenses before reductions | | 1,963,981 | | |
Expense reductions | | (184) | | |
Total expenses after reductions | | | | 1,963,797 |
Net Investment income (loss) | | | | 5,216,965 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $54,311) | | (5,493,420) | | |
Redemptions in-kind | | 20,280,317 | | |
Fidelity Central Funds | | 9 | | |
Foreign currency transactions | | 63,984 | | |
Total net realized gain (loss) | | | | 14,850,890 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of decrease in deferred foreign taxes of $79,035) | | 111,097,189 | | |
Assets and liabilities in foreign currencies | | (21,513) | | |
Total change in net unrealized appreciation (depreciation) | | | | 111,075,676 |
Net gain (loss) | | | | 125,926,566 |
Net increase (decrease) in net assets resulting from operations | | | $ | 131,143,531 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 5,216,965 | $ | 9,659,359 |
Net realized gain (loss) | | 14,850,890 | | (54,707,568) |
Change in net unrealized appreciation (depreciation) | | 111,075,676 | | 74,783,062 |
Net increase (decrease) in net assets resulting from operations | | 131,143,531 | | 29,734,853 |
Distributions to shareholders | | (11,176,994) | | (4,996,303) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 99,285,667 | | 197,751,242 |
Reinvestment of distributions | | 11,176,992 | | 4,996,303 |
Cost of shares redeemed | | (179,094,672) | | (112,155,117) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (68,632,013) | | 90,592,428 |
Total increase (decrease) in net assets | | 51,334,524 | | 115,330,978 |
| | | | |
Net Assets | | | | |
Beginning of period | | 583,383,384 | | 468,052,406 |
End of period | $ | 634,717,908 | $ | 583,383,384 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 8,107,016 | | 17,226,620 |
Issued in reinvestment of distributions | | 955,298 | | 448,904 |
Redeemed | | (14,314,437) | | (9,674,096) |
Net increase (decrease) | | (5,252,123) | | 8,001,428 |
| | | | |
Financial Highlights
Fidelity® International Discovery K6 Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 10.86 | $ | 10.23 | $ | 14.97 | $ | 11.29 | $ | 10.49 | $ | 10.00 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .10 | | .19 | | .24 | | .16 | | .12 | | .06 D |
Net realized and unrealized gain (loss) | | 2.33 | | .55 | | (4.70) | | 3.60 | | .77 | | .43 |
Total from investment operations | | 2.43 | | .74 | | (4.46) | | 3.76 | | .89 | | .49 |
Distributions from net investment income | | (.20) | | (.11) | | (.28) | | (.08) | | (.04) | | - |
Distributions from net realized gain | | - | | - | | - | | - | | (.05) | | - |
Total distributions | | (.20) | | (.11) | | (.28) | | (.08) | | (.09) | | - |
Net asset value, end of period | $ | 13.09 | $ | 10.86 | $ | 10.23 | $ | 14.97 | $ | 11.29 | $ | 10.49 |
Total Return E,F | | | | 7.19% | | (30.35)% | | 33.43% | | 8.51% | | 4.90% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
Expenses before reductions | | .60% I | | .60% | | .60% | | .60% | | .60% | | .60% I |
Expenses net of fee waivers, if any | | | | .60% | | .60% | | .60% | | .60% | | .60% I |
Expenses net of all reductions | | .60% I | | .60% | | .60% | | .60% | | .60% | | .60% I |
Net investment income (loss) | | 1.60% I | | 1.62% | | 1.98% | | 1.11% | | 1.16% | | 1.67% D,I |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 634,718 | $ | 583,383 | $ | 468,052 | $ | 430,892 | $ | 103,173 | $ | 61,421 |
Portfolio turnover rate J | | | | 55% K | | 50% K | | 58% K | | 42% K | | 59% I,L |
AFor the period June 13, 2019 (commencement of operations) through October 31, 2019.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .43%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
LAmount not annualized.
For the period ended April 30, 2024
1. Organization.
Fidelity International Discovery K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $131,955,059 |
Gross unrealized depreciation | (13,744,153) |
Net unrealized appreciation (depreciation) | $118,210,906 |
Tax cost | $516,667,057 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(80,207,263) |
Long-term | (38,118,644) |
Total capital loss carryforward | $(118,325,907) |
Due to large subscriptions in a prior period, approximately $75,073,225 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $11,985,573 of those capital losses per year to offset capital gains. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Discovery K6 Fund | 140,176,153 | 177,700,870 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity International Discovery K6 Fund | 5,635,980 | 20,280,317 | 69,040,756 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) |
Fidelity International Discovery K6 Fund | 3,165,883 | 36,396,996 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) |
Fidelity International Discovery K6 Fund | 8,198,739 | 94,487,059 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Discovery K6 Fund | 175 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Discovery K6 Fund | 1,235,035 | 7,739,185 | (1,509,192) |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity International Discovery K6 Fund | 3,691 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $184.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® International Discovery K6 Fund | | | | .60% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,225.70 | | $ 3.32 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.88 | | $ 3.02 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity International Discovery K6 Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9893916.104
IGI-K6-SANN-0624
Fidelity® Global Commodity Stock Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Exxon Mobil Corp. | 7.3 | |
Shell PLC (London) | 6.4 | |
Archer Daniels Midland Co. | 5.3 | |
Cenovus Energy, Inc. (Canada) | 5.0 | |
Teck Resources Ltd. Class B (sub. vtg.) | 5.0 | |
Antero Resources Corp. | 4.7 | |
UPM-Kymmene Corp. | 3.9 | |
Wheaton Precious Metals Corp. | 3.7 | |
Canadian Natural Resources Ltd. | 3.2 | |
Nutrien Ltd. | 2.9 | |
| 47.4 | |
|
Industries (% of Fund's net assets) |
|
Oil, Gas & Consumable Fuels | 37.6 | |
Metals & Mining | 29.8 | |
Paper & Forest Products | 10.1 | |
Food Products | 8.8 | |
Chemicals | 7.1 | |
Energy Equipment & Services | 4.1 | |
Containers & Packaging | 1.3 | |
Construction Materials | 0.6 | |
Electrical Equipment | 0.1 | |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 99.5% |
| | Shares | Value ($) |
Chemicals - 7.1% | | | |
Fertilizers & Agricultural Chemicals - 7.1% | | | |
CF Industries Holdings, Inc. | | 89,400 | 7,059,918 |
Corteva, Inc. | | 469,100 | 25,392,383 |
FMC Corp. | | 178,400 | 10,527,384 |
Nutrien Ltd. | | 571,783 | 30,149,804 |
| | | 73,129,489 |
Construction Materials - 0.6% | | | |
Construction Materials - 0.6% | | | |
Ultratech Cement Ltd. | | 46,500 | 5,544,218 |
Containers & Packaging - 1.3% | | | |
Paper & Plastic Packaging Products & Materials - 1.3% | | | |
Billerud AB | | 332,200 | 2,783,807 |
Smurfit Kappa Group PLC | | 243,700 | 10,598,123 |
| | | 13,381,930 |
Electrical Equipment - 0.1% | | | |
Electrical Components & Equipment - 0.1% | | | |
GrafTech International Ltd. | | 683,684 | 1,175,936 |
Energy Equipment & Services - 4.1% | | | |
Oil & Gas Equipment & Services - 4.1% | | | |
Archrock, Inc. | | 294,893 | 5,658,997 |
DOF Group ASA | | 2,673,600 | 19,759,874 |
Kodiak Gas Services, Inc. | | 304,600 | 8,279,028 |
Tidewater, Inc. (a) | | 58,500 | 5,373,225 |
U.S.A. Compression Partners LP | | 113,900 | 2,759,797 |
| | | 41,830,921 |
Food Products - 8.8% | | | |
Agricultural Products & Services - 5.3% | | | |
Archer Daniels Midland Co. | | 918,800 | 53,896,808 |
Packaged Foods & Meats - 3.5% | | | |
JBS SA | | 4,800,300 | 21,669,112 |
Lamb Weston Holdings, Inc. | | 51,100 | 4,258,674 |
Tyson Foods, Inc. Class A | | 166,600 | 10,104,290 |
| | | 36,032,076 |
TOTAL FOOD PRODUCTS | | | 89,928,884 |
Metals & Mining - 29.8% | | | |
Aluminum - 0.2% | | | |
Alcoa Corp. | | 65,200 | 2,291,128 |
Copper - 3.5% | | | |
ERO Copper Corp. (a) | | 504,240 | 10,281,493 |
First Quantum Minerals Ltd. | | 2,049,471 | 26,023,138 |
| | | 36,304,631 |
Diversified Metals & Mining - 10.3% | | | |
Anglo American PLC (United Kingdom) | | 561,400 | 18,345,137 |
BHP Group Ltd. (London) (b) | | 943,310 | 26,202,790 |
Sigma Lithium Corp. (a)(b) | | 418,409 | 6,012,537 |
Sumitomo Metal Mining Co. Ltd. | | 106,600 | 3,561,361 |
Teck Resources Ltd. Class B (sub. vtg.) | | 1,034,000 | 50,841,870 |
| | | 104,963,695 |
Gold - 6.1% | | | |
Alamos Gold, Inc. | | 624,300 | 9,183,217 |
Franco-Nevada Corp. | | 131,871 | 15,874,523 |
Wheaton Precious Metals Corp. | | 718,200 | 37,416,412 |
| | | 62,474,152 |
Precious Metals & Minerals - 3.5% | | | |
Anglo American Platinum Ltd. (b) | | 112,712 | 3,926,318 |
Impala Platinum Holdings Ltd. | | 1,786,000 | 7,950,476 |
Northam Platinum Holdings Ltd. | | 3,534,400 | 23,417,801 |
| | | 35,294,595 |
Steel - 6.2% | | | |
Champion Iron Ltd. (b) | | 5,153,800 | 23,360,848 |
Reliance, Inc. | | 98,600 | 28,073,392 |
Tata Steel Ltd. | | 6,094,200 | 12,009,370 |
| | | 63,443,610 |
TOTAL METALS & MINING | | | 304,771,811 |
Oil, Gas & Consumable Fuels - 37.6% | | | |
Coal & Consumable Fuels - 0.8% | | | |
Alliance Resource Partners LP | | 219,000 | 4,912,170 |
Coal India Ltd. | | 611,200 | 3,322,116 |
| | | 8,234,286 |
Integrated Oil & Gas - 19.5% | | | |
Cenovus Energy, Inc. (Canada) | | 2,476,000 | 50,863,531 |
Exxon Mobil Corp. | | 629,600 | 74,462,795 |
Petroleo Brasileiro SA - Petrobras (ON) | | 957,800 | 8,163,970 |
Shell PLC (London) | | 1,859,079 | 66,087,689 |
| | | 199,577,985 |
Oil & Gas Exploration & Production - 11.6% | | | |
Antero Resources Corp. (a) | | 1,417,312 | 48,202,781 |
Canadian Natural Resources Ltd. | | 438,000 | 33,190,833 |
Diamondback Energy, Inc. | | 27,900 | 5,611,527 |
Mach Natural Resources LP (b) | | 539,267 | 11,135,864 |
MEG Energy Corp. (a) | | 934,400 | 21,251,635 |
| | | 119,392,640 |
Oil & Gas Storage & Transportation - 5.7% | | | |
Energy Transfer LP | | 1,635,900 | 25,732,707 |
Keyera Corp. | | 78,100 | 2,003,771 |
Plains GP Holdings LP Class A | | 1,110,700 | 20,225,847 |
Targa Resources Corp. | | 89,600 | 10,219,776 |
| | | 58,182,101 |
TOTAL OIL, GAS & CONSUMABLE FUELS | | | 385,387,012 |
Paper & Forest Products - 10.1% | | | |
Forest Products - 3.5% | | | |
Interfor Corp. (a)(b) | | 614,300 | 7,795,606 |
Svenska Cellulosa AB SCA (B Shares) (b) | | 959,600 | 14,110,484 |
West Fraser Timber Co. Ltd. | | 187,900 | 14,391,585 |
| | | 36,297,675 |
Paper Products - 6.6% | | | |
Mondi PLC | | 196 | 3,720 |
Stora Enso Oyj (R Shares) | | 1,186,800 | 15,895,240 |
Suzano SA | | 965,900 | 10,874,420 |
UPM-Kymmene Corp. | | 1,149,200 | 40,373,952 |
| | | 67,147,332 |
TOTAL PAPER & FOREST PRODUCTS | | | 103,445,007 |
TOTAL COMMON STOCKS (Cost $870,436,647) | | | 1,018,595,208 |
| | | |
Money Market Funds - 3.0% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (c) | | 5,461,640 | 5,462,732 |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 25,709,853 | 25,712,424 |
TOTAL MONEY MARKET FUNDS (Cost $31,175,156) | | | 31,175,156 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 102.5% (Cost $901,611,803) | 1,049,770,364 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (25,533,911) |
NET ASSETS - 100.0% | 1,024,236,453 |
| |
Legend
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 9,510,122 | 195,680,874 | 199,728,264 | 145,221 | - | - | 5,462,732 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 16,678,557 | 273,474,012 | 264,440,145 | 245,520 | - | - | 25,712,424 | 0.1% |
Total | 26,188,679 | 469,154,886 | 464,168,409 | 390,741 | - | - | 31,175,156 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Common Stocks | 1,018,595,208 | 874,430,722 | 144,164,486 | - |
|
Money Market Funds | 31,175,156 | 31,175,156 | - | - |
Total Investments in Securities: | 1,049,770,364 | 905,605,878 | 144,164,486 | - |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $23,900,857) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $870,436,647) | $ | 1,018,595,208 | | |
Fidelity Central Funds (cost $31,175,156) | | 31,175,156 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $901,611,803) | | | $ | 1,049,770,364 |
Foreign currency held at value (cost $6,274) | | | | 6,271 |
Receivable for investments sold | | | | 508,488 |
Receivable for fund shares sold | | | | 1,566,801 |
Dividends receivable | | | | 1,521,180 |
Distributions receivable from Fidelity Central Funds | | | | 70,860 |
Prepaid expenses | | | | 476 |
Other receivables | | | | 3,010 |
Total assets | | | | 1,053,447,450 |
Liabilities | | | | |
Payable for investments purchased | $ | 939,631 | | |
Payable for fund shares redeemed | | 1,532,932 | | |
Accrued management fee | | 703,355 | | |
Distribution and service plan fees payable | | 43,950 | | |
Other payables and accrued expenses | | 278,705 | | |
Collateral on securities loaned | | 25,712,424 | | |
Total liabilities | | | | 29,210,997 |
Net Assets | | | $ | 1,024,236,453 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 1,063,925,091 |
Total accumulated earnings (loss) | | | | (39,688,638) |
Net Assets | | | $ | 1,024,236,453 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($92,888,844 ÷ 4,882,420 shares)(a) | | | $ | 19.03 |
Maximum offering price per share (100/94.25 of $19.03) | | | $ | 20.19 |
Class M : | | | | |
Net Asset Value and redemption price per share ($17,938,603 ÷ 943,658 shares)(a) | | | $ | 19.01 |
Maximum offering price per share (100/96.50 of $19.01) | | | $ | 19.70 |
Class C : | | | | |
Net Asset Value and offering price per share ($20,177,639 ÷ 1,066,792 shares)(a) | | | $ | 18.91 |
Global Commodity Stock : | | | | |
Net Asset Value, offering price and redemption price per share ($390,728,993 ÷ 20,498,340 shares) | | | $ | 19.06 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($281,516,833 ÷ 14,785,462 shares) | | | $ | 19.04 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($220,985,541 ÷ 11,622,667 shares) | | | $ | 19.01 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 13,101,228 |
Income from Fidelity Central Funds (including $245,520 from security lending) | | | | 390,741 |
Income before foreign taxes withheld | | | $ | 13,491,969 |
Less foreign taxes withheld | | | | (600,373) |
Total income | | | | 12,891,596 |
Expenses | | | | |
Management fee | $ | 3,652,799 | | |
Transfer agent fees | | 565,438 | | |
Distribution and service plan fees | | 263,839 | | |
Accounting fees | | 148,518 | | |
Custodian fees and expenses | | 28,765 | | |
Independent trustees' fees and expenses | | 2,738 | | |
Registration fees | | 104,636 | | |
Audit | | 28,036 | | |
Legal | | 4,294 | | |
Interest | | 23,181 | | |
Miscellaneous | | 2,378 | | |
Total expenses before reductions | | 4,824,622 | | |
Expense reductions | | (44,655) | | |
Total expenses after reductions | | | | 4,779,967 |
Net Investment income (loss) | | | | 8,111,629 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 23,704,603 | | |
Foreign currency transactions | | (56,852) | | |
Total net realized gain (loss) | | | | 23,647,751 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $237,432) | | 78,943,917 | | |
Assets and liabilities in foreign currencies | | (27,384) | | |
Total change in net unrealized appreciation (depreciation) | | | | 78,916,533 |
Net gain (loss) | | | | 102,564,284 |
Net increase (decrease) in net assets resulting from operations | | | $ | 110,675,913 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 8,111,629 | $ | 33,167,763 |
Net realized gain (loss) | | 23,647,751 | | (8,892,001) |
Change in net unrealized appreciation (depreciation) | | 78,916,533 | | (190,350,465) |
Net increase (decrease) in net assets resulting from operations | | 110,675,913 | | (166,074,703) |
Distributions to shareholders | | (21,790,381) | | (34,691,564) |
| | | | |
Share transactions - net increase (decrease) | | (169,430,318) | | (509,569,294) |
Total increase (decrease) in net assets | | (80,544,786) | | (710,335,561) |
| | | | |
Net Assets | | | | |
Beginning of period | | 1,104,781,239 | | 1,815,116,800 |
End of period | $ | 1,024,236,453 | $ | 1,104,781,239 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® Global Commodity Stock Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.33 | $ | 19.50 | $ | 16.35 | $ | 10.80 | $ | 12.14 | $ | 12.42 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .12 | | .35 | | .47 | | .48 | | .28 | | .35 |
Net realized and unrealized gain (loss) | | 1.90 | | (2.20) | | 3.19 | | 5.24 | | (1.26) | | (.41) |
Total from investment operations | | 2.02 | | (1.85) | | 3.66 | | 5.72 | | (.98) | | (.06) |
Distributions from net investment income | | (.32) | | (.32) | | (.51) | | (.17) | | (.36) | | (.20) |
Distributions from net realized gain | | - | | - | | - | | - | | - | | (.02) |
Total distributions | | (.32) | | (.32) | | (.51) | | (.17) | | (.36) | | (.22) |
Net asset value, end of period | $ | 19.03 | $ | 17.33 | $ | 19.50 | $ | 16.35 | $ | 10.80 | $ | 12.14 |
Total Return C,D,E | | | | (9.64)% | | 23.27% | | 53.37% | | (8.39)% | | (.44)% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.19% H | | 1.19% | | 1.19% | | 1.23% | | 1.31% | | 1.29% |
Expenses net of fee waivers, if any | | | | 1.18% | | 1.19% | | 1.22% | | 1.31% | | 1.28% |
Expenses net of all reductions | | 1.18% H | | 1.18% | | 1.19% | | 1.22% | | 1.29% | | 1.28% |
Net investment income (loss) | | 1.37% H | | 1.88% | | 2.53% | | 3.18% | | 2.53% | | 2.86% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 92,889 | $ | 95,290 | $ | 128,363 | $ | 45,343 | $ | 20,453 | $ | 25,779 |
Portfolio turnover rate I | | | | 113% | | 42% | | 37% | | 40% | | 55% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Global Commodity Stock Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.28 | $ | 19.46 | $ | 16.32 | $ | 10.78 | $ | 12.12 | $ | 12.39 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .10 | | .30 | | .42 | | .44 | | .25 | | .31 |
Net realized and unrealized gain (loss) | | 1.89 | | (2.20) | | 3.19 | | 5.24 | | (1.27) | | (.40) |
Total from investment operations | | 1.99 | | (1.90) | | 3.61 | | 5.68 | | (1.02) | | (.09) |
Distributions from net investment income | | (.26) | | (.28) | | (.47) | | (.14) | | (.32) | | (.16) |
Distributions from net realized gain | | - | | - | | - | | - | | - | | (.02) |
Total distributions | | (.26) | | (.28) | | (.47) | | (.14) | | (.32) | | (.18) |
Net asset value, end of period | $ | 19.01 | $ | 17.28 | $ | 19.46 | $ | 16.32 | $ | 10.78 | $ | 12.12 |
Total Return C,D,E | | | | (9.90)% | | 22.93% | | 52.97% | | (8.72)% | | (.70)% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.45% H | | 1.47% | | 1.46% | | 1.52% | | 1.59% | | 1.59% |
Expenses net of fee waivers, if any | | | | 1.45% | | 1.46% | | 1.52% | | 1.59% | | 1.59% |
Expenses net of all reductions | | 1.44% H | | 1.45% | | 1.46% | | 1.52% | | 1.58% | | 1.59% |
Net investment income (loss) | | 1.10% H | | 1.62% | | 2.26% | | 2.88% | | 2.24% | | 2.55% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 17,939 | $ | 17,928 | $ | 24,513 | $ | 8,888 | $ | 4,378 | $ | 5,416 |
Portfolio turnover rate I | | | | 113% | | 42% | | 37% | | 40% | | 55% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Global Commodity Stock Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.11 | $ | 19.29 | $ | 16.17 | $ | 10.68 | $ | 11.99 | $ | 12.26 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .21 | | .33 | | .37 | | .20 | | .26 |
Net realized and unrealized gain (loss) | | 1.88 | | (2.18) | | 3.18 | | 5.20 | | (1.26) | | (.41) |
Total from investment operations | | 1.94 | | (1.97) | | 3.51 | | 5.57 | | (1.06) | | (.15) |
Distributions from net investment income | | (.14) | | (.21) | | (.39) | | (.08) | | (.25) | | (.11) |
Distributions from net realized gain | | - | | - | | - | | - | | - | | (.02) |
Total distributions | | (.14) | | (.21) | | (.39) | | (.08) | | (.25) | | (.12) C |
Net asset value, end of period | $ | 18.91 | $ | 17.11 | $ | 19.29 | $ | 16.17 | $ | 10.68 | $ | 11.99 |
Total Return D,E,F | | | | (10.34)% | | 22.34% | | 52.30% | | (9.11)% | | (1.16)% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.92% I | | 1.94% | | 1.94% | | 1.97% | | 2.05% | | 2.02% |
Expenses net of fee waivers, if any | | | | 1.93% | | 1.93% | | 1.96% | | 2.04% | | 2.02% |
Expenses net of all reductions | | 1.91% I | | 1.93% | | 1.93% | | 1.96% | | 2.03% | | 2.01% |
Net investment income (loss) | | .63% I | | 1.13% | | 1.78% | | 2.44% | | 1.79% | | 2.13% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 20,178 | $ | 23,853 | $ | 34,984 | $ | 11,020 | $ | 7,871 | $ | 11,294 |
Portfolio turnover rate J | | | | 113% | | 42% | | 37% | | 40% | | 55% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® Global Commodity Stock Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.38 | $ | 19.55 | $ | 16.39 | $ | 10.82 | $ | 12.15 | $ | 12.44 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .40 | | .52 | | .53 | | .31 | | .37 |
Net realized and unrealized gain (loss) | | 1.90 | | (2.21) | | 3.19 | | 5.26 | | (1.26) | | (.41) |
Total from investment operations | | 2.04 | | (1.81) | | 3.71 | | 5.79 | | (.95) | | (.04) |
Distributions from net investment income | | (.36) | | (.36) | | (.55) | | (.22) | | (.38) | | (.23) |
Distributions from net realized gain | | - | | - | | - | | - | | - | | (.02) |
Total distributions | | (.36) | | (.36) | | (.55) | | (.22) | | (.38) | | (.25) |
Net asset value, end of period | $ | 19.06 | $ | 17.38 | $ | 19.55 | $ | 16.39 | $ | 10.82 | $ | 12.15 |
Total Return C,D | | | | (9.47)% | | 23.57% | | 53.95% | | (8.16)% | | (.23)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .93% G | | .97% | | .94% | | .94% | | 1.02% | | 1.06% |
Expenses net of fee waivers, if any | | | | .95% | | .94% | | .94% | | 1.02% | | 1.06% |
Expenses net of all reductions | | .92% G | | .95% | | .94% | | .94% | | 1.00% | | 1.06% |
Net investment income (loss) | | 1.62% G | | 2.12% | | 2.78% | | 3.46% | | 2.82% | | 3.08% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 390,729 | $ | 428,912 | $ | 893,636 | $ | 546,863 | $ | 176,718 | $ | 257,011 |
Portfolio turnover rate H | | | | 113% | | 42% | | 37% | | 40% | | 55% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Global Commodity Stock Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.37 | $ | 19.54 | $ | 16.39 | $ | 10.81 | $ | 12.16 | $ | 12.45 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .15 | | .40 | | .52 | | .53 | | .32 | | .39 |
Net realized and unrealized gain (loss) | | 1.89 | | (2.20) | | 3.19 | | 5.25 | | (1.26) | | (.41) |
Total from investment operations | | 2.04 | | (1.80) | | 3.71 | | 5.78 | | (.94) | | (.02) |
Distributions from net investment income | | (.37) | | (.37) | | (.56) | | (.20) | | (.41) | | (.25) |
Distributions from net realized gain | | - | | - | | - | | - | | - | | (.02) |
Total distributions | | (.37) | | (.37) | | (.56) | | (.20) | | (.41) | | (.27) |
Net asset value, end of period | $ | 19.04 | $ | 17.37 | $ | 19.54 | $ | 16.39 | $ | 10.81 | $ | 12.16 |
Total Return C,D | | | | (9.42)% | | 23.56% | | 53.97% | | (8.11)% | | (.06)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .90% G | | .92% | | .92% | | .93% | | .95% | | .92% |
Expenses net of fee waivers, if any | | | | .91% | | .92% | | .93% | | .95% | | .92% |
Expenses net of all reductions | | .89% G | | .91% | | .92% | | .93% | | .93% | | .91% |
Net investment income (loss) | | 1.65% G | | 2.15% | | 2.80% | | 3.48% | | 2.88% | | 3.23% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 281,517 | $ | 351,709 | $ | 499,191 | $ | 85,252 | $ | 33,185 | $ | 102,633 |
Portfolio turnover rate H | | | | 113% | | 42% | | 37% | | 40% | | 55% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® Global Commodity Stock Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.37 | $ | 19.53 | $ | 16.38 | $ | 10.81 | $ | 12.16 | $ | 12.46 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .15 | | .43 | | .54 | | .56 | | .34 | | .39 |
Net realized and unrealized gain (loss) | | 1.90 | | (2.21) | | 3.19 | | 5.23 | | (1.26) | | (.40) |
Total from investment operations | | 2.05 | | (1.78) | | 3.73 | | 5.79 | | (.92) | | (.01) |
Distributions from net investment income | | (.41) | | (.38) | | (.58) | | (.22) | | (.43) | | (.27) |
Distributions from net realized gain | | - | | - | | - | | - | | - | | (.02) |
Total distributions | | (.41) | | (.38) | | (.58) | | (.22) | | (.43) | | (.29) |
Net asset value, end of period | $ | 19.01 | $ | 17.37 | $ | 19.53 | $ | 16.38 | $ | 10.81 | $ | 12.16 |
Total Return C,D | | | | (9.30)% | | 23.72% | | 54.07% | | (7.99)% | | .03% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .81% G | | .79% | | .79% | | .80% | | .85% | | .83% |
Expenses net of fee waivers, if any | | | | .78% | | .79% | | .80% | | .84% | | .83% |
Expenses net of all reductions | | .80% G | | .78% | | .79% | | .80% | | .83% | | .82% |
Net investment income (loss) | | 1.74% G | | 2.29% | | 2.93% | | 3.60% | | 2.99% | | 3.32% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 220,986 | $ | 187,090 | $ | 234,430 | $ | 60,837 | $ | 16,505 | $ | 104,489 |
Portfolio turnover rate H | | | | 113% | | 42% | | 37% | | 40% | | 55% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Commodity Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes witheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $172,219,751 |
Gross unrealized depreciation | (29,560,660) |
Net unrealized appreciation (depreciation) | $142,659,091 |
Tax cost | $907,111,273 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(206,499,261) |
Long-term | (81,531) |
Total capital loss carryforward | $(206,580,792) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Global Commodity Stock Fund | 359,560,868 | 537,061,175 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | .88% |
Class M | .89% |
Class C | .88% |
Global Commodity Stock | .89% |
Class I | .86% |
Class Z | .73% |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .87 |
Class M | .87 |
Class C | .87 |
Global Commodity Stock | .83 |
Class I | .86 |
Class Z | .73 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.38% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 113,691 | 3,948 |
Class M | .25% | .25% | 43,524 | 99 |
Class C | .75% | .25% | 106,624 | 9,704 |
| | | 263,839 | 13,751 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 10,499 |
Class M | 377 |
Class CA | 9 |
| 10,885 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .1937 |
Class M | .2000 |
Class C | .1930 |
Global Commodity Stock | .2000 |
Class I | .1745 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 58,488 | .19 |
Class M | 11,957 | .21 |
Class C | 13,923 | .19 |
Global Commodity Stock | 273,849 | .21 |
Class I | 181,788 | .17 |
Class Z | 25,433 | .04 |
| 565,438 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Global Commodity Stock Fund | .0435 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Global Commodity Stock Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Global Commodity Stock Fund | 8,569 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Global Commodity Stock Fund | Borrower | 11,531,769 | 5.57% | 23,181 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Global Commodity Stock Fund | 5,520,502 | 17,622,634 | 1,129,479 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Global Commodity Stock Fund | 947 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Global Commodity Stock Fund | 26,967 | 1,313 | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
| |
Class M | 9 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $44,646.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Global Commodity Stock Fund | | |
Distributions to shareholders | | |
Class A | $1,698,169 | $2,247,696 |
Class M | 265,430 | 366,393 |
Class C | 186,222 | 382,649 |
Global Commodity Stock | 8,378,578 | 16,441,380 |
Class I | 6,995,782 | 10,386,346 |
Class Z | 4,266,200 | 4,867,100 |
Total | $21,790,381 | $34,691,564 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity Global Commodity Stock Fund | | | | |
Class A | | | | |
Shares sold | 309,144 | 1,706,240 | $5,533,529 | $32,590,913 |
Reinvestment of distributions | 100,271 | 115,956 | 1,689,564 | 2,236,781 |
Shares redeemed | (1,026,373) | (2,904,311) | (18,019,055) | (53,206,144) |
Net increase (decrease) | (616,958) | (1,082,115) | $(10,795,962) | $(18,378,450) |
Class M | | | | |
Shares sold | 59,876 | 226,865 | $1,047,106 | $4,326,151 |
Reinvestment of distributions | 15,582 | 18,802 | 262,558 | 362,695 |
Shares redeemed | (169,407) | (467,728) | (2,952,059) | (8,507,986) |
Net increase (decrease) | (93,949) | (222,061) | $(1,642,395) | $(3,819,140) |
Class C | | | | |
Shares sold | 33,821 | 305,614 | $598,631 | $5,884,407 |
Reinvestment of distributions | 11,025 | 19,865 | 185,217 | 381,017 |
Shares redeemed | (371,976) | (744,797) | (6,460,431) | (13,548,223) |
Net increase (decrease) | (327,130) | (419,318) | $(5,676,583) | $(7,282,799) |
Global Commodity Stock | | | | |
Shares sold | 1,880,586 | 13,188,745 | $33,564,617 | $254,817,434 |
Reinvestment of distributions | 386,388 | 741,996 | 6,514,507 | 14,327,947 |
Shares redeemed | (6,448,826) | (34,967,438) | (112,875,948) | (645,744,516) |
Net increase (decrease) | (4,181,852) | (21,036,697) | $(72,796,824) | $(376,599,135) |
Class I | | | | |
Shares sold | 3,138,079 | 16,503,819 | $56,057,636 | $315,987,478 |
Reinvestment of distributions | 410,245 | 528,030 | 6,908,516 | 10,190,979 |
Shares redeemed | (9,010,417) | (22,329,926) | (156,672,533) | (410,703,798) |
Net increase (decrease) | (5,462,093) | (5,298,077) | $(93,706,381) | $(84,525,341) |
Class Z | | | | |
Shares sold | 3,586,472 | 5,798,355 | $63,181,664 | $110,033,314 |
Reinvestment of distributions | 198,997 | 213,545 | 3,345,144 | 4,115,012 |
Shares redeemed | (2,933,800) | (7,243,382) | (51,338,981) | (133,112,755) |
Net increase (decrease) | 851,669 | (1,231,482) | $15,187,827 | $(18,964,429) |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® Global Commodity Stock Fund | | | | | | | | | | |
Class A | | | | 1.18% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,118.90 | | $ 6.22 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.00 | | $ 5.92 |
Class M | | | | 1.44% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,117.30 | | $ 7.58 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.70 | | $ 7.22 |
Class C | | | | 1.91% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,114.50 | | $ 10.04 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,015.37 | | $ 9.57 |
Fidelity® Global Commodity Stock Fund ** | | | | .92% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,120.10 | | $ 4.85 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.29 | | $ 4.62 |
Class I | | | | .89% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,120.40 | | $ 4.69 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.44 | | $ 4.47 |
Class Z | | | | .80% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,120.80 | | $ 4.22 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.89 | | $ 4.02 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
Fidelity® Global Commodity Stock Fund | | | | | | |
Fidelity® Global Commodity Stock Fund | | | | .86% | | |
Actual | | | | | | $ 4.53 |
Hypothetical- B | | | | | | $ 4.32 |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity Global Commodity Stock Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.38% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.879383.115
GCS-SANN-0624
Fidelity® SAI Sustainable Emerging Markets Equity Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) | 9.2 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 6.3 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 6.0 | |
Alibaba Group Holding Ltd. (China, Broadline Retail) | 3.5 | |
Reliance Industries Ltd. GDR (India, Oil, Gas & Consumable Fuels) | 2.1 | |
Grupo Financiero Banorte S.A.B. de CV Series O (Mexico, Banks) | 1.8 | |
SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 1.8 | |
HDFC Bank Ltd. sponsored ADR (India, Banks) | 1.7 | |
Bharti Airtel Ltd. (India, Wireless Telecommunication Services) | 1.6 | |
Meituan Class B (China, Hotels, Restaurants & Leisure) | 1.6 | |
| 35.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 23.4 | |
Financials | 22.5 | |
Consumer Discretionary | 15.9 | |
Communication Services | 11.3 | |
Industrials | 5.6 | |
Materials | 3.8 | |
Consumer Staples | 3.5 | |
Energy | 3.3 | |
Health Care | 3.1 | |
Real Estate | 1.2 | |
Utilities | 0.6 | |
|
Asset Allocation (% of Fund's net assets) |
|
Futures - 1.5% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 93.3% |
| | Shares | Value ($) |
Brazil - 4.7% | | | |
Banco BTG Pactual SA unit | | 26,819 | 172,506 |
Banco do Brasil SA | | 28,441 | 150,185 |
Hapvida Participacoes e Investimentos SA (a)(b) | | 94,885 | 67,428 |
Localiza Rent a Car SA | | 8,712 | 82,261 |
Lojas Renner SA | | 33,453 | 98,763 |
Nu Holdings Ltd. (a) | | 24,445 | 265,473 |
Raia Drogasil SA | | 19,955 | 98,303 |
Suzano SA | | 3,804 | 42,827 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 95,043 | 130,138 |
TOTAL BRAZIL | | | 1,107,884 |
China - 28.0% | | | |
Airtac International Group | | 4,365 | 154,272 |
Alibaba Group Holding Ltd. | | 88,260 | 826,384 |
Anta Sports Products Ltd. | | 21,307 | 241,216 |
Baidu, Inc. sponsored ADR (a) | | 586 | 60,592 |
BYD Co. Ltd. (H Shares) | | 9,107 | 249,646 |
China Construction Bank Corp. (H Shares) | | 474,141 | 306,765 |
China Life Insurance Co. Ltd. (H Shares) | | 124,458 | 163,902 |
China Merchants Bank Co. Ltd. (H Shares) | | 46,097 | 199,640 |
Flat Glass Group Co. Ltd. | | 26,550 | 63,953 |
Haier Smart Home Co. Ltd. | | 16,530 | 61,228 |
Innovent Biologics, Inc. (a)(b) | | 20,977 | 101,549 |
JD.com, Inc. sponsored ADR | | 4,607 | 133,096 |
Kuaishou Technology Class B (a)(b) | | 8,232 | 57,712 |
Kweichow Moutai Co. Ltd. (A Shares) | | 198 | 46,424 |
Lenovo Group Ltd. | | 2,274 | 2,558 |
Li Auto, Inc. ADR (a) | | 2,074 | 54,505 |
Li Ning Co. Ltd. | | 26,511 | 69,402 |
Meituan Class B (a)(b) | | 27,614 | 377,056 |
NetEase, Inc. ADR | | 1,593 | 148,898 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 3,814 | 294,059 |
PDD Holdings, Inc. ADR (a) | | 2,526 | 316,205 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 38,141 | 172,858 |
Qingdao Port International Co. Ltd. (H Shares) (b) | | 77,818 | 50,947 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 5,737 | 240,896 |
Sinotruk Hong Kong Ltd. | | 113,477 | 282,411 |
Tencent Holdings Ltd. | | 32,399 | 1,421,772 |
Trip.com Group Ltd. ADR (a) | | 2,429 | 117,224 |
Zhongji Innolight Co. Ltd. (A Shares) | | 4,309 | 108,617 |
Zijin Mining Group Co. Ltd. (H Shares) | | 142,034 | 309,843 |
TOTAL CHINA | | | 6,633,630 |
Greece - 0.6% | | | |
Athens International Airport SA | | 2,699 | 23,936 |
OPAP SA | | 7,127 | 118,729 |
TOTAL GREECE | | | 142,665 |
Hungary - 1.3% | | | |
OTP Bank PLC | | 4,083 | 202,604 |
Richter Gedeon PLC | | 4,624 | 117,750 |
TOTAL HUNGARY | | | 320,354 |
India - 13.1% | | | |
Axis Bank Ltd. | | 17,506 | 244,281 |
Bharti Airtel Ltd. | | 24,294 | 384,433 |
Computer Age Management Services Private Ltd. | | 1,793 | 68,703 |
HDFC Bank Ltd. | | 14,717 | 267,193 |
HDFC Bank Ltd. sponsored ADR | | 2,311 | 133,114 |
HDFC Standard Life Insurance Co. Ltd. (b) | | 17,331 | 120,937 |
ICICI Bank Ltd. | | 15,785 | 217,439 |
Infosys Ltd. sponsored ADR | | 5,191 | 86,742 |
Larsen & Toubro Ltd. | | 5,827 | 250,408 |
Mankind Pharma Ltd. | | 3,754 | 106,095 |
NTPC Ltd. | | 33,264 | 144,522 |
Reliance Industries Ltd. | | 1,781 | 62,503 |
Reliance Industries Ltd. GDR (b) | | 6,945 | 491,012 |
SRF Ltd. | | 1,807 | 56,586 |
Tata Consultancy Services Ltd. | | 1,490 | 67,984 |
Tata Steel Ltd. | | 34,246 | 67,486 |
Ultratech Cement Ltd. | | 700 | 83,461 |
Zomato Ltd. (a) | | 108,317 | 249,917 |
TOTAL INDIA | | | 3,102,816 |
Indonesia - 2.4% | | | |
PT Bank Central Asia Tbk | | 588,264 | 353,714 |
PT Bank Mandiri (Persero) Tbk | | 249,094 | 105,286 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 110,051 | 33,313 |
PT Telkom Indonesia Persero Tbk | | 438,391 | 84,986 |
TOTAL INDONESIA | | | 577,299 |
Korea (South) - 13.5% | | | |
AMOREPACIFIC Corp. | | 1,497 | 181,952 |
BGF Retail Co. Ltd. | | 407 | 38,263 |
Hana Financial Group, Inc. | | 903 | 37,979 |
Hyundai Motor Co. Ltd. | | 1,508 | 270,494 |
JYP Entertainment Corp. | | 344 | 16,407 |
KB Financial Group, Inc. | | 2,528 | 136,727 |
Kia Corp. | | 835 | 70,545 |
LG Corp. | | 363 | 20,654 |
NAVER Corp. | | 1,407 | 185,063 |
Samsung Biologics Co. Ltd. (a)(b) | | 209 | 117,141 |
Samsung Electronics Co. Ltd. | | 26,763 | 1,483,501 |
Samsung Fire & Marine Insurance Co. Ltd. | | 308 | 68,745 |
SK Hynix, Inc. | | 3,451 | 424,681 |
SK Square Co. Ltd. (a) | | 2,484 | 136,095 |
TOTAL KOREA (SOUTH) | | | 3,188,247 |
Mexico - 4.1% | | | |
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR | | 4,712 | 167,323 |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | | 498 | 58,595 |
Grupo Aeroportuario Norte S.A.B. de CV | | 5,545 | 61,390 |
Grupo Financiero Banorte S.A.B. de CV Series O | | 44,123 | 436,703 |
Wal-Mart de Mexico SA de CV Series V | | 64,621 | 241,120 |
TOTAL MEXICO | | | 965,131 |
Peru - 1.0% | | | |
Credicorp Ltd. (United States) | | 1,377 | 228,045 |
Philippines - 0.5% | | | |
Ayala Land, Inc. | | 238,774 | 118,465 |
Poland - 0.8% | | | |
Powszechna Kasa Oszczednosci Bank SA | | 13,594 | 203,421 |
Saudi Arabia - 1.7% | | | |
Al Rajhi Bank | | 6,391 | 136,149 |
Alinma Bank | | 9,441 | 83,949 |
The Saudi National Bank | | 17,589 | 176,331 |
TOTAL SAUDI ARABIA | | | 396,429 |
Singapore - 0.7% | | | |
Sea Ltd. ADR (a) | | 2,791 | 176,363 |
South Africa - 4.6% | | | |
Absa Group Ltd. | | 3,819 | 29,449 |
Bid Corp. Ltd. | | 2,768 | 63,091 |
Capitec Bank Holdings Ltd. | | 1,527 | 188,986 |
FirstRand Ltd. | | 24,897 | 85,948 |
Gold Fields Ltd. sponsored ADR | | 5,442 | 87,997 |
Impala Platinum Holdings Ltd. | | 22,713 | 101,108 |
MTN Group Ltd. | | 29,128 | 139,605 |
Naspers Ltd. Class N | | 807 | 154,442 |
Pepkor Holdings Ltd. (b) | | 64,305 | 60,662 |
Shoprite Holdings Ltd. | | 6,379 | 85,111 |
Standard Bank Group Ltd. | | 8,929 | 83,850 |
TOTAL SOUTH AFRICA | | | 1,080,249 |
Taiwan - 14.7% | | | |
Alchip Technologies Ltd. | | 1,973 | 185,753 |
Chailease Holding Co. Ltd. | | 33,214 | 174,868 |
E.SUN Financial Holdings Co. Ltd. | | 64,518 | 54,118 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 41,203 | 195,792 |
MediaTek, Inc. | | 9,092 | 273,647 |
Quanta Computer, Inc. | | 9,567 | 74,951 |
Realtek Semiconductor Corp. | | 2,687 | 42,312 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 15,861 | 2,178,346 |
Unimicron Technology Corp. | | 15,061 | 83,140 |
Wiwynn Corp. | | 668 | 47,436 |
Yageo Corp. | | 9,181 | 174,812 |
TOTAL TAIWAN | | | 3,485,175 |
Thailand - 0.9% | | | |
PTT Exploration and Production PCL (For. Reg.) | | 48,823 | 203,691 |
United Kingdom - 0.7% | | | |
AngloGold Ashanti PLC | | 7,340 | 168,747 |
TOTAL COMMON STOCKS (Cost $20,573,683) | | | 22,098,611 |
| | | |
Nonconvertible Preferred Stocks - 0.9% |
| | Shares | Value ($) |
Brazil - 0.9% | | | |
Itau Unibanco Holding SA (Cost $219,203) | | 35,068 | 211,788 |
| | | |
Government Obligations - 0.1% |
| | Principal Amount (c) | Value ($) |
United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.3% 5/30/24 (d) (Cost $19,916) | | 20,000 | 19,915 |
| | | |
Money Market Funds - 6.2% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (e) (Cost $1,472,807) | | 1,472,512 | 1,472,807 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $22,285,609) | 23,803,121 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (116,555) |
NET ASSETS - 100.0% | 23,686,566 |
| |
Futures Contracts |
| Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Purchased | | | | | |
| | | | | |
Equity Index Contracts | | | | | |
ICE MSCI Emerging Markets Index Contracts (United States) | 7 | Jun 2024 | 364,700 | 1,279 | 1,279 |
| | | | | |
The notional amount of futures purchased as a percentage of Net Assets is 1.5% |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,444,444 or 6.1% of net assets. |
(c) | Amount is stated in United States dollars unless otherwise noted. |
(d) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $9,958. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 633,452 | 11,503,001 | 10,663,635 | 35,609 | (11) | - | 1,472,807 | 0.0% |
Total | 633,452 | 11,503,001 | 10,663,635 | 35,609 | (11) | - | 1,472,807 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 2,675,831 | 385,853 | 2,289,978 | - |
Consumer Discretionary | 3,763,573 | 1,132,581 | 2,630,992 | - |
Consumer Staples | 812,859 | 398,018 | 414,841 | - |
Energy | 757,206 | 491,012 | 266,194 | - |
Financials | 5,446,266 | 2,400,268 | 3,045,998 | - |
Health Care | 750,859 | 185,178 | 565,681 | - |
Industrials | 1,261,215 | 297,725 | 963,490 | - |
Information Technology | 5,494,225 | 2,265,088 | 3,229,137 | - |
Materials | 918,055 | 299,571 | 618,484 | - |
Real Estate | 285,788 | 167,323 | 118,465 | - |
Utilities | 144,522 | - | 144,522 | - |
|
Government Obligations | 19,915 | - | 19,915 | - |
|
Money Market Funds | 1,472,807 | 1,472,807 | - | - |
Total Investments in Securities: | 23,803,121 | 9,495,424 | 14,307,697 | - |
Derivative Instruments: Assets | | | | |
Futures Contracts | 1,279 | 1,279 | - | - |
Total Assets | 1,279 | 1,279 | - | - |
Total Derivative Instruments: | 1,279 | 1,279 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
Equity Risk | | |
Futures Contracts (a) | 1,279 | 0 |
Total Equity Risk | 1,279 | 0 |
Total Value of Derivatives | 1,279 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $20,812,802) | $ | 22,330,314 | | |
Fidelity Central Funds (cost $1,472,807) | | 1,472,807 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $22,285,609) | | | $ | 23,803,121 |
Cash | | | | 285 |
Foreign currency held at value (cost $63,961) | | | | 63,954 |
Receivable for investments sold | | | | 205,029 |
Receivable for fund shares sold | | | | 134,893 |
Dividends receivable | | | | 20,279 |
Distributions receivable from Fidelity Central Funds | | | | 8,886 |
Prepaid expenses | | | | 1 |
Receivable from investment adviser for expense reductions | | | | 10,719 |
Other receivables | | | | 16 |
Total assets | | | | 24,247,183 |
Liabilities | | | | |
Payable for investments purchased | $ | 376,320 | | |
Payable for fund shares redeemed | | 67,001 | | |
Accrued management fee | | 13,958 | | |
Payable for daily variation margin on futures contracts | | 4,293 | | |
Deferred taxes | | 39,058 | | |
Custody fee payable | | 32,482 | | |
Other payables and accrued expenses | | 27,505 | | |
Total liabilities | | | | 560,617 |
Net Assets | | | $ | 23,686,566 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 22,732,635 |
Total accumulated earnings (loss) | | | | 953,931 |
Net Assets | | | $ | 23,686,566 |
Net Asset Value, offering price and redemption price per share ($23,686,566 ÷ 2,410,120 shares) | | | $ | 9.83 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 143,788 |
Interest | | | | 972 |
Income from Fidelity Central Funds | | | | 35,609 |
Income before foreign taxes withheld | | | $ | 180,369 |
Less foreign taxes withheld | | | | (18,971) |
Total income | | | | 161,398 |
Expenses | | | | |
Management fee | $ | 56,640 | | |
Custodian fees and expenses | | 50,783 | | |
Independent trustees' fees and expenses | | 26 | | |
Registration fees | | 19,621 | | |
Audit | | 44,840 | | |
Legal | | 5 | | |
Miscellaneous | | 15 | | |
Total expenses before reductions | | 171,930 | | |
Expense reductions | | (101,950) | | |
Total expenses after reductions | | | | 69,980 |
Net Investment income (loss) | | | | 91,418 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $13,281) | | (231,926) | | |
Fidelity Central Funds | | (11) | | |
Foreign currency transactions | | (19,750) | | |
Futures contracts | | 47,455 | | |
Total net realized gain (loss) | | | | (204,232) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $36,374) | | 1,644,961 | | |
Assets and liabilities in foreign currencies | | (630) | | |
Futures contracts | | 1,085 | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,645,416 |
Net gain (loss) | | | | 1,441,184 |
Net increase (decrease) in net assets resulting from operations | | | $ | 1,532,602 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 91,418 | $ | 54,873 |
Net realized gain (loss) | | (204,232) | | (226,900) |
Change in net unrealized appreciation (depreciation) | | 1,645,416 | | 215,084 |
Net increase (decrease) in net assets resulting from operations | | 1,532,602 | | 43,057 |
Distributions to shareholders | | (102,380) | | (19,218) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 16,854,414 | | 4,888,662 |
Reinvestment of distributions | | 89,859 | | 18,756 |
Cost of shares redeemed | | (945,273) | | (446,184) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 15,999,000 | | 4,461,234 |
Total increase (decrease) in net assets | | 17,429,222 | | 4,485,073 |
| | | | |
Net Assets | | | | |
Beginning of period | | 6,257,344 | | 1,772,271 |
End of period | $ | 23,686,566 | $ | 6,257,344 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 1,769,376 | | 544,845 |
Issued in reinvestment of distributions | | 9,810 | | 2,130 |
Redeemed | | (99,594) | | (49,495) |
Net increase (decrease) | | 1,679,592 | | 497,480 |
| | | | |
Financial Highlights
Fidelity SAI Sustainable Emerging Markets Equity Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 8.57 | $ | 7.60 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .06 | | .15 | | .06 |
Net realized and unrealized gain (loss) | | 1.30 | | .90 D | | (2.46) |
Total from investment operations | | 1.36 | | 1.05 | | (2.40) |
Distributions from net investment income | | (.10) | | (.08) | | - |
Total distributions | | (.10) | | (.08) | | - |
Net asset value, end of period | $ | 9.83 | $ | 8.57 | $ | 7.60 |
Total Return E,F | | | | 13.74% | | (24.00)% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions | | 2.30% I | | 4.99% | | 6.38% I,J |
Expenses net of fee waivers, if any | | | | .94% | | .96% I |
Expenses net of all reductions | | .94% I | | .93% | | .96% I |
Net investment income (loss) | | 1.22% I | | 1.65% | | 1.27% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 23,687 | $ | 6,257 | $ | 1,772 |
Portfolio turnover rate K | | | | 87% | | 74% I |
AFor the period April 14, 2022 (commencement of operations) through October 31, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity SAI Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $2,055,811 |
Gross unrealized depreciation | (774,203) |
Net unrealized appreciation (depreciation) | $1,281,608 |
Tax cost | $22,522,792 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(220,676) |
Long-term | (37,254) |
Total capital loss carryforward | $(257,930) |
Due to large subscriptions in a prior period, $143,423 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $97,911 per year.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity SAI Sustainable Emerging Markets Equity Fund | 20,776,337 | 5,893,339 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. Effective March 1, 2024, the Fund pays a monthly management fee that is based on an annual rate of .748% of the Fund's average net assets.
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased.
For the reporting period, the total annualized management fee rate was .76% of the Fund's average net assets.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity SAI Sustainable Emerging Markets Equity Fund | 21 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity SAI Sustainable Emerging Markets Equity Fund | 98,849 | 98,929 | 3,861 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity SAI Sustainable Emerging Markets Equity Fund | 12 |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $98,163.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $148.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $574.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® SAI Sustainable Emerging Markets Equity Fund | | | | .94% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,159.20 | | $ 5.05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.19 | | $ 4.72 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity SAI Sustainable Emerging Markets Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure that eliminates the existing group fee schedule and fixes the management fee rate at the sum of the individual fee rate and the lowest marginal contractual group fee rate under the current management contract. The Board noted that shareholders in the affected funds are not currently impacted by changes in the group fee rates due to other arrangements such as fund expense caps or managed account fee crediting. The Board considered Fidelity's representations that the Management Contract would result in the same or lower fees for the fund.
Sub-Advisory Contracts. In connection with the Management Contract changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9905648.102
ESP-SANN-0624
Fidelity® Series Canada Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
The Toronto-Dominion Bank (Banks) | 6.7 | |
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 6.1 | |
Canadian Pacific Kansas City Ltd. (Ground Transportation) | 6.0 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (Consumer Staples Distribution & Retail) | 4.9 | |
Royal Bank of Canada (Banks) | 4.8 | |
Bank of Montreal (Banks) | 4.6 | |
Constellation Software, Inc. (Software) | 4.4 | |
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 3.9 | |
PrairieSky Royalty Ltd. (Oil, Gas & Consumable Fuels) | 3.5 | |
Shopify, Inc. Class A (IT Services) | 3.5 | |
| 48.4 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 28.2 | |
Energy | 19.1 | |
Industrials | 13.4 | |
Materials | 10.7 | |
Information Technology | 9.3 | |
Consumer Staples | 8.2 | |
Consumer Discretionary | 6.4 | |
Communication Services | 2.3 | |
Health Care | 0.8 | |
|
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2024, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 98.2% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 2.2% | | | |
Diversified Telecommunication Services - 1.2% | | | |
Quebecor, Inc.: | | | |
Class A | | 2,015,000 | 41,129,917 |
Class B (sub. vtg.) | | 1,056,900 | 21,872,721 |
| | | 63,002,638 |
Wireless Telecommunication Services - 1.0% | | | |
Rogers Communications, Inc. Class B (non-vtg.) | | 1,437,500 | 53,849,472 |
TOTAL COMMUNICATION SERVICES | | | 116,852,110 |
CONSUMER DISCRETIONARY - 6.4% | | | |
Broadline Retail - 2.8% | | | |
Dollarama, Inc. | | 1,761,200 | 146,919,121 |
Hotels, Restaurants & Leisure - 2.3% | | | |
Restaurant Brands International, Inc. | | 1,638,800 | 124,328,095 |
Specialty Retail - 0.7% | | | |
Aritzia, Inc. (a) | | 732,600 | 18,966,233 |
Diversified Royalty Corp. (b) | | 10,428,700 | 21,135,418 |
| | | 40,101,651 |
Textiles, Apparel & Luxury Goods - 0.6% | | | |
Canada Goose Holdings, Inc. (a)(c) | | 562,632 | 6,351,143 |
Gildan Activewear, Inc. | | 746,800 | 25,886,969 |
| | | 32,238,112 |
TOTAL CONSUMER DISCRETIONARY | | | 343,586,979 |
CONSUMER STAPLES - 8.2% | | | |
Beverages - 0.0% | | | |
GURU Organic Energy Corp. (a)(b) | | 1,592,834 | 2,938,872 |
Consumer Staples Distribution & Retail - 7.8% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 4,740,100 | 262,717,198 |
Metro, Inc. | | 2,197,300 | 112,398,842 |
North West Co., Inc. | | 1,408,700 | 39,928,431 |
| | | 415,044,471 |
Personal Care Products - 0.4% | | | |
Jamieson Wellness, Inc. (d) | | 1,027,300 | 19,513,961 |
TOTAL CONSUMER STAPLES | | | 437,497,304 |
ENERGY - 19.1% | | | |
Energy Equipment & Services - 0.7% | | | |
Pason Systems, Inc. | | 3,480,500 | 39,566,938 |
Oil, Gas & Consumable Fuels - 18.4% | | | |
Cameco Corp. | | 1,642,400 | 74,934,910 |
Canadian Natural Resources Ltd. | | 4,325,300 | 327,763,263 |
Enbridge, Inc. (c) | | 3,130,500 | 111,312,225 |
MEG Energy Corp. (a) | | 120,300 | 2,736,057 |
Parkland Corp. | | 2,260,600 | 69,641,555 |
PrairieSky Royalty Ltd. (c) | | 9,814,480 | 187,000,189 |
Suncor Energy, Inc. | | 5,406,400 | 206,296,584 |
| | | 979,684,783 |
TOTAL ENERGY | | | 1,019,251,721 |
FINANCIALS - 28.2% | | | |
Banks - 16.1% | | | |
Bank of Montreal (c) | | 2,778,500 | 248,191,004 |
Royal Bank of Canada (c) | | 2,637,700 | 255,195,775 |
The Toronto-Dominion Bank (c) | | 5,988,130 | 355,246,847 |
| | | 858,633,626 |
Capital Markets - 5.8% | | | |
Brookfield Asset Management Ltd. Class A | | 2,263,572 | 86,471,690 |
Brookfield Corp. (Canada) Class A | | 3,376,188 | 135,425,200 |
TMX Group Ltd. | | 3,299,600 | 87,364,559 |
| | | 309,261,449 |
Insurance - 6.3% | | | |
Definity Financial Corp. | | 2,366,624 | 78,890,332 |
Intact Financial Corp. | | 678,200 | 111,470,827 |
Sun Life Financial, Inc. | | 2,884,300 | 147,268,694 |
| | | 337,629,853 |
TOTAL FINANCIALS | | | 1,505,524,928 |
HEALTH CARE - 0.8% | | | |
Health Care Providers & Services - 0.8% | | | |
Andlauer Healthcare Group, Inc. | | 1,334,570 | 40,435,052 |
INDUSTRIALS - 13.4% | | | |
Commercial Services & Supplies - 2.3% | | | |
GFL Environmental, Inc. | | 3,898,114 | 124,391,928 |
Ground Transportation - 8.7% | | | |
Canadian National Railway Co. | | 1,177,500 | 142,918,298 |
Canadian Pacific Kansas City Ltd. (c) | | 4,065,721 | 318,961,151 |
| | | 461,879,449 |
Professional Services - 2.4% | | | |
Thomson Reuters Corp. | | 838,400 | 126,632,413 |
TOTAL INDUSTRIALS | | | 712,903,790 |
INFORMATION TECHNOLOGY - 9.2% | | | |
IT Services - 3.5% | | | |
Shopify, Inc. Class A (a) | | 2,650,200 | 186,061,693 |
Software - 5.7% | | | |
ApplyBoard, Inc. (a)(e)(f) | | 10,248 | 601,148 |
ApplyBoard, Inc. (non-vtg.) (a)(e)(f) | | 2,527 | 148,234 |
Computer Modelling Group Ltd. | | 2,269,200 | 18,098,875 |
Constellation Software, Inc. | | 91,800 | 236,345,407 |
Constellation Software, Inc. warrants 3/31/40 (a)(f) | | 47,800 | 3 |
Dye & Durham Ltd. (b) | | 3,717,600 | 39,642,878 |
Lumine Group, Inc. (a) | | 429,940 | 11,777,167 |
| | | 306,613,712 |
TOTAL INFORMATION TECHNOLOGY | | | 492,675,405 |
MATERIALS - 10.7% | | | |
Chemicals - 1.9% | | | |
Nutrien Ltd. | | 1,892,278 | 99,778,782 |
Containers & Packaging - 1.1% | | | |
CCL Industries, Inc.: | | | |
Class A | | 152,400 | 7,914,195 |
Class B | | 995,100 | 50,815,770 |
| | | 58,729,965 |
Metals & Mining - 7.1% | | | |
First Quantum Minerals Ltd. | | 956,500 | 12,145,149 |
Franco-Nevada Corp. | | 1,506,519 | 181,353,524 |
Lundin Mining Corp. | | 4,137,400 | 47,245,072 |
Triple Flag Precious Metals Corp. | | 882,730 | 14,234,995 |
Wheaton Precious Metals Corp. | | 2,421,000 | 126,128,006 |
| | | 381,106,746 |
Paper & Forest Products - 0.6% | | | |
Stella-Jones, Inc. | | 578,800 | 33,626,865 |
TOTAL MATERIALS | | | 573,242,358 |
TOTAL COMMON STOCKS (Cost $3,610,806,898) | | | 5,241,969,647 |
| | | |
Nonconvertible Preferred Stocks - 0.1% |
| | Shares | Value ($) |
INFORMATION TECHNOLOGY - 0.1% | | | |
Software - 0.1% | | | |
ApplyBoard, Inc.: | | | |
Series A1 (a)(e)(f) | | 12,606 | 739,468 |
Series A2 (a)(e)(f) | | 9,868 | 578,857 |
Series A3 (a)(e)(f) | | 563 | 33,026 |
Series D (a)(e)(f) | | 27,521 | 1,614,382 |
Series Seed (a)(e)(f) | | 3,768 | 221,031 |
(Cost $4,705,692) | | | 3,186,764 |
| | | |
Convertible Bonds - 0.1% |
| | Principal Amount (g) | Value ($) |
COMMUNICATION SERVICES - 0.1% | | | |
Entertainment - 0.1% | | | |
Cineplex, Inc. 7.75% 3/1/30 (d) (Cost $5,450,602) | CAD | 8,148,000 | 6,536,275 |
| | | |
Money Market Funds - 5.4% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (h) | | 10,637,577 | 10,639,704 |
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 276,682,028 | 276,709,696 |
TOTAL MONEY MARKET FUNDS (Cost $287,349,400) | | | 287,349,400 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 103.8% (Cost $3,908,312,592) | 5,539,042,086 |
NET OTHER ASSETS (LIABILITIES) - (3.8)% | (204,044,550) |
NET ASSETS - 100.0% | 5,334,997,536 |
| |
Currency Abbreviations
Legend
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,050,236 or 0.5% of net assets. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,936,146 or 0.1% of net assets. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ApplyBoard, Inc. | 6/04/21 - 6/30/21 | 524,312 |
| | |
ApplyBoard, Inc. (non-vtg.) | 6/30/21 | 269,861 |
| | |
ApplyBoard, Inc. Series A1 | 6/04/21 | 816,255 |
| | |
ApplyBoard, Inc. Series A2 | 6/04/21 | 638,966 |
| | |
ApplyBoard, Inc. Series A3 | 6/04/21 | 36,455 |
| | |
ApplyBoard, Inc. Series D | 6/04/21 | 2,970,033 |
| | |
ApplyBoard, Inc. Series Seed | 6/04/21 | 243,983 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 11,237,729 | 140,816,088 | 141,414,117 | 229,901 | 4 | - | 10,639,704 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 223,158,876 | 3,840,233,992 | 3,786,683,172 | 1,130,226 | - | - | 276,709,696 | 1.0% |
Total | 234,396,605 | 3,981,050,080 | 3,928,097,289 | 1,360,127 | 4 | - | 287,349,400 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Diversified Royalty Corp. | 7,539,965 | 12,365,144 | 274,789 | 491,128 | 92,015 | 1,413,083 | 21,135,418 |
Dye & Durham Ltd. | 21,565,749 | 1,119,336 | 803,325 | 86,347 | 353,270 | 17,407,848 | 39,642,878 |
GURU Organic Energy Corp. | 2,630,712 | - | 67,481 | - | (78,276) | 453,917 | 2,938,872 |
Total | 31,736,426 | 13,484,480 | 1,145,595 | 577,475 | 367,009 | 19,274,848 | 63,717,168 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 116,852,110 | 116,852,110 | - | - |
Consumer Discretionary | 343,586,979 | 343,586,979 | - | - |
Consumer Staples | 437,497,304 | 437,497,304 | - | - |
Energy | 1,019,251,721 | 1,019,251,721 | - | - |
Financials | 1,505,524,928 | 1,505,524,928 | - | - |
Health Care | 40,435,052 | 40,435,052 | - | - |
Industrials | 712,903,790 | 712,903,790 | - | - |
Information Technology | 495,862,169 | 491,926,020 | - | 3,936,149 |
Materials | 573,242,358 | 573,242,358 | - | - |
|
Corporate Bonds | 6,536,275 | - | 6,536,275 | - |
|
Money Market Funds | 287,349,400 | 287,349,400 | - | - |
Total Investments in Securities: | 5,539,042,086 | 5,528,569,662 | 6,536,275 | 3,936,149 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $260,974,288) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,546,769,079) | $ | 5,187,975,518 | | |
Fidelity Central Funds (cost $287,349,400) | | 287,349,400 | | |
Other affiliated issuers (cost $74,194,113) | | 63,717,168 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $3,908,312,592) | | | $ | 5,539,042,086 |
Cash | | | | 32,978 |
Foreign currency held at value (cost $53,546,846) | | | | 53,035,344 |
Receivable for investments sold | | | | 1,408,781 |
Receivable for fund shares sold | | | | 20,316,148 |
Dividends receivable | | | | 9,085,149 |
Interest receivable | | | | 40,215 |
Distributions receivable from Fidelity Central Funds | | | | 304,296 |
Total assets | | | | 5,623,264,997 |
Liabilities | | | | |
Payable for investments purchased | $ | 8,158,705 | | |
Payable for fund shares redeemed | | 3,386,325 | | |
Other payables and accrued expenses | | 14,507 | | |
Collateral on securities loaned | | 276,707,924 | | |
Total liabilities | | | | 288,267,461 |
Net Assets | | | $ | 5,334,997,536 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 3,668,194,354 |
Total accumulated earnings (loss) | | | | 1,666,803,182 |
Net Assets | | | $ | 5,334,997,536 |
Net Asset Value, offering price and redemption price per share ($5,334,997,536 ÷ 358,360,408 shares) | | | $ | 14.89 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends (including $577,475 earned from affiliated issuers) | | | $ | 64,158,591 |
Interest | | | | 11,001 |
Income from Fidelity Central Funds (including $1,130,226 from security lending) | | | | 1,360,127 |
Income before foreign taxes withheld | | | $ | 65,529,719 |
Less foreign taxes withheld | | | | (9,933,864) |
Total income | | | | 55,595,855 |
Expenses | | | | |
Custodian fees and expenses | $ | 20,947 | | |
Independent trustees' fees and expenses | | 12,757 | | |
Interest | | 5,410 | | |
Total expenses | | | | 39,114 |
Net Investment income (loss) | | | | 55,556,741 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 7,113,569 | | |
Redemptions in-kind | | 57,156,890 | | |
Fidelity Central Funds | | 4 | | |
Other affiliated issuers | | 367,009 | | |
Foreign currency transactions | | 1,564,002 | | |
Total net realized gain (loss) | | | | 66,201,474 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 629,781,771 | | |
Affiliated issuers | | 19,274,848 | | |
Assets and liabilities in foreign currencies | | 689,940 | | |
Total change in net unrealized appreciation (depreciation) | | | | 649,746,559 |
Net gain (loss) | | | | 715,948,033 |
Net increase (decrease) in net assets resulting from operations | | | $ | 771,504,774 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 55,556,741 | $ | 123,964,624 |
Net realized gain (loss) | | 66,201,474 | | 139,602,476 |
Change in net unrealized appreciation (depreciation) | | 649,746,559 | | (116,351,477) |
Net increase (decrease) in net assets resulting from operations | | 771,504,774 | | 147,215,623 |
Distributions to shareholders | | (173,039,225) | | (160,606,918) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 564,172,874 | | 675,016,952 |
Reinvestment of distributions | | 173,039,225 | | 160,606,918 |
Cost of shares redeemed | | (518,239,243) | | (1,711,870,454) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 218,972,856 | | (876,246,584) |
Total increase (decrease) in net assets | | 817,438,405 | | (889,637,879) |
| | | | |
Net Assets | | | | |
Beginning of period | | 4,517,559,131 | | 5,407,197,010 |
End of period | $ | 5,334,997,536 | $ | 4,517,559,131 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 38,332,607 | | 49,168,680 |
Issued in reinvestment of distributions | | 12,457,828 | | 12,084,794 |
Redeemed | | (35,360,061) | | (122,728,311) |
Net increase (decrease) | | 15,430,374 | | (61,474,837) |
| | | | |
Financial Highlights
Fidelity® Series Canada Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.17 | $ | 13.37 | $ | 14.77 | $ | 9.77 | $ | 10.89 | $ | 9.99 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .16 | | .33 | | .32 | | .28 | | .27 | | .27 |
Net realized and unrealized gain (loss) | | 2.06 | | (.12) | | (1.40) | | 4.97 | | (1.14) | | .86 |
Total from investment operations | | 2.22 | | .21 | | (1.08) | | 5.25 | | (.87) | | 1.13 |
Distributions from net investment income | | (.38) | | (.40) | | (.32) | | (.25) | | (.25) | | (.23) |
Distributions from net realized gain | | (.12) | | (.01) | | - | | - | | - | | - |
Total distributions | | (.50) | | (.41) | | (.32) | | (.25) | | (.25) | | (.23) |
Net asset value, end of period | $ | 14.89 | $ | 13.17 | $ | 13.37 | $ | 14.77 | $ | 9.77 | $ | 10.89 |
Total Return C,D | | | | 1.54% | | (7.45)% | | 54.40% | | (8.22)% | | 11.62% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | -% G,H | | .01% | | -% G | | -% G | | -% G | | -% G |
Expenses net of fee waivers, if any | | | | .01% | | -% G | | -% G | | -% G | | -% G |
Expenses net of all reductions | | -% G,H | | .01% | | -% G | | -% G | | -% G | | -% G |
Net investment income (loss) | | 2.14% H | | 2.41% | | 2.29% | | 2.13% | | 2.70% | | 2.63% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 5,334,998 | $ | 4,517,559 | $ | 5,407,197 | $ | 6,065,145 | $ | 3,914,417 | $ | 1,916,409 |
Portfolio turnover rate I | | | | 15% J | | 19% J | | 19% | | 14% | | 12% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount represents less than .005%.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Series Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,669,914,021 |
Gross unrealized depreciation | (104,392,843) |
Net unrealized appreciation (depreciation) | $1,565,521,178 |
Tax cost | $3,973,520,908 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Series Canada Fund | 380,415,856 | 159,373,155 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Series Canada Fund | 7,890,056 | 57,156,890 | 115,343,962 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Series Canada Fund | 10,679,138 | 69,630,912 | 146,531,701 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Series Canada Fund | Borrower | 34,932,000 | 5.58% | 5,410 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Series Canada Fund | 37,089,707 | 7,532,711 | 131,941 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Series Canada Fund | 124,299 | - | - |
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Series Canada Fund | | | | -%-D | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,171.50 | | $-E |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.86 | | $-E |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
Board Approval of Investment Advisory Contracts
Fidelity Series Canada Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9883883.106
SAD-SANN-0624
Fidelity® Series Emerging Markets Fund
Fidelity® Series Emerging Markets Opportunities Fund
Fidelity® Series International Growth Fund
Fidelity® Series International Small Cap Fund
Fidelity® Series International Value Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 9.7 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 5.5 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 5.5 | |
Alibaba Group Holding Ltd. (China, Broadline Retail) | 2.8 | |
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.9 | |
HDFC Bank Ltd. (India, Banks) | 1.8 | |
Meituan Class B (China, Hotels, Restaurants & Leisure) | 1.6 | |
SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 1.6 | |
Hindustan Aeronautics Ltd. (India, Aerospace & Defense) | 1.6 | |
ICICI Bank Ltd. (India, Banks) | 1.6 | |
| 33.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 23.0 | |
Financials | 21.4 | |
Consumer Discretionary | 15.5 | |
Communication Services | 11.0 | |
Industrials | 6.6 | |
Materials | 6.4 | |
Energy | 4.3 | |
Consumer Staples | 4.2 | |
Health Care | 2.9 | |
Utilities | 1.4 | |
Real Estate | 1.1 | |
|
Asset Allocation (% of Fund's net assets) |
|
Futures - 0.1% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Series Emerging Markets Fund
Common Stocks - 96.7% |
| | Shares | Value ($) |
Brazil - 4.7% | | | |
Banco BTG Pactual SA unit | | 7,360,834 | 47,346,581 |
Banco do Brasil SA | | 6,327,876 | 33,414,929 |
Hapvida Participacoes e Investimentos SA (a)(b) | | 23,232,205 | 16,509,424 |
Localiza Rent a Car SA | | 708,945 | 6,694,060 |
Lojas Renner SA | | 5,230,200 | 15,441,006 |
Nu Holdings Ltd. (a) | | 5,161,510 | 56,053,999 |
Raia Drogasil SA | | 3,988,199 | 19,646,830 |
Suzano SA | | 906,900 | 10,210,179 |
Vale SA | | 967,379 | 11,790,898 |
Vale SA sponsored ADR | | 2,743,383 | 33,386,971 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 11,562,933 | 15,832,618 |
TOTAL BRAZIL | | | 266,327,495 |
China - 29.4% | | | |
Airtac International Group | | 1,207,773 | 42,686,204 |
Alibaba Group Holding Ltd. | | 17,043,179 | 159,576,386 |
Anta Sports Products Ltd. | | 4,974,282 | 56,313,810 |
Baidu, Inc. sponsored ADR (a) | | 119,651 | 12,371,913 |
BYD Co. Ltd. (H Shares) | | 1,971,871 | 54,054,078 |
China Construction Bank Corp. (H Shares) | | 46,709,778 | 30,220,809 |
China Life Insurance Co. Ltd. (H Shares) | | 35,401,697 | 46,621,318 |
China Merchants Bank Co. Ltd. (H Shares) | | 8,333,500 | 36,091,202 |
Flat Glass Group Co. Ltd. (c) | | 9,666,369 | 23,284,100 |
Fuyao Glass Industries Group Co. Ltd. (A Shares) | | 3,246,300 | 22,320,890 |
Haier Smart Home Co. Ltd. | | 3,905,000 | 14,464,217 |
Industrial & Commercial Bank of China Ltd. (H Shares) | | 43,798,566 | 23,486,042 |
Innovent Biologics, Inc. (a)(b) | | 5,559,962 | 26,915,578 |
JD.com, Inc. sponsored ADR (c) | | 1,066,780 | 30,819,274 |
Kuaishou Technology Class B (a)(b) | | 2,019,500 | 14,158,128 |
Kweichow Moutai Co. Ltd. (A Shares) | | 220,125 | 51,611,870 |
Lenovo Group Ltd. | | 1,272,036 | 1,430,735 |
Li Auto, Inc. ADR (a) | | 527,118 | 13,852,661 |
Li Ning Co. Ltd. | | 5,532,093 | 14,482,294 |
Meituan Class B (a)(b) | | 6,775,275 | 92,513,204 |
NetEase, Inc. ADR | | 450,720 | 42,128,798 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 838,751 | 64,667,702 |
PDD Holdings, Inc. ADR (a) | | 627,637 | 78,567,600 |
PetroChina Co. Ltd. (H Shares) | | 59,778,039 | 55,697,682 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 7,172,970 | 32,508,497 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 1,156,819 | 48,574,622 |
Sinotruk Hong Kong Ltd. | | 31,053,260 | 77,282,575 |
Tencent Holdings Ltd. | | 7,028,845 | 308,448,214 |
Trip.com Group Ltd. ADR (a) | | 1,330,975 | 64,232,854 |
Zhongji Innolight Co. Ltd. (A Shares) | | 1,313,500 | 33,109,484 |
Zijin Mining Group Co. Ltd. (H Shares) | | 39,248,724 | 85,619,971 |
TOTAL CHINA | | | 1,658,112,712 |
Greece - 0.5% | | | |
Athens International Airport SA | | 585,600 | 5,193,354 |
OPAP SA | | 1,346,102 | 22,424,703 |
TOTAL GREECE | | | 27,618,057 |
Hungary - 1.2% | | | |
OTP Bank PLC | | 792,886 | 39,344,080 |
Richter Gedeon PLC | | 1,087,333 | 27,688,964 |
TOTAL HUNGARY | | | 67,033,044 |
India - 15.3% | | | |
Axis Bank Ltd. | | 3,249,666 | 45,346,248 |
Bharti Airtel Ltd. | | 4,957,490 | 78,448,242 |
Computer Age Management Services Private Ltd. | | 451,208 | 17,289,074 |
HDFC Bank Ltd. | | 5,635,394 | 102,312,975 |
HDFC Standard Life Insurance Co. Ltd. (b) | | 4,201,365 | 29,317,390 |
Hindustan Aeronautics Ltd. | | 1,935,672 | 91,321,485 |
ICICI Bank Ltd. | | 6,529,151 | 89,939,249 |
Infosys Ltd. | | 1,434,020 | 24,205,854 |
Larsen & Toubro Ltd. | | 1,358,550 | 58,381,912 |
Mankind Pharma Ltd. | | 880,475 | 24,883,785 |
NHPC Ltd. | | 18,435,000 | 21,215,594 |
NTPC Ltd. | | 12,934,597 | 56,196,940 |
Reliance Industries Ltd. | | 2,966,124 | 104,093,982 |
SRF Ltd. | | 189,165 | 5,923,666 |
Tata Consultancy Services Ltd. | | 354,732 | 16,185,405 |
Tata Steel Ltd. | | 8,782,099 | 17,306,206 |
Ultratech Cement Ltd. | | 233,968 | 27,896,120 |
Zomato Ltd. (a) | | 24,268,028 | 55,992,916 |
TOTAL INDIA | | | 866,257,043 |
Indonesia - 1.8% | | | |
PT Bank Central Asia Tbk | | 96,904,800 | 58,267,364 |
PT Bank Mandiri (Persero) Tbk | | 40,566,055 | 17,146,345 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 36,700,745 | 11,109,447 |
PT Telkom Indonesia Persero Tbk | | 70,790,127 | 13,723,268 |
TOTAL INDONESIA | | | 100,246,424 |
Korea (South) - 13.0% | | | |
AMOREPACIFIC Corp. | | 329,995 | 40,108,946 |
BGF Retail Co. Ltd. | | 28,952 | 2,721,830 |
Hana Financial Group, Inc. | | 224,640 | 9,448,075 |
Hyundai Motor Co. Ltd. | | 360,071 | 64,586,794 |
JYP Entertainment Corp. | | 136,705 | 6,520,146 |
KB Financial Group, Inc. | | 603,156 | 32,621,754 |
Kia Corp. | | 376,052 | 31,770,918 |
Korea Aerospace Industries Ltd. | | 582,199 | 21,617,533 |
KT&G Corp. | | 83,920 | 5,392,313 |
LG Corp. | | 141,098 | 8,028,224 |
NAVER Corp. | | 374,614 | 49,273,094 |
Samsung Biologics Co. Ltd. (a)(b) | | 32,625 | 18,285,796 |
Samsung Electronics Co. Ltd. | | 5,616,501 | 311,328,409 |
Samsung Fire & Marine Insurance Co. Ltd. | | 41,020 | 9,155,627 |
SK Hynix, Inc. | | 749,267 | 92,204,956 |
SK Square Co. Ltd. (a) | | 554,390 | 30,374,283 |
TOTAL KOREA (SOUTH) | | | 733,438,698 |
Mexico - 5.0% | | | |
America Movil S.A.B. de CV Series L | | 20,953,374 | 19,949,479 |
CEMEX S.A.B. de CV sponsored ADR (a) | | 4,181,608 | 33,076,519 |
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR | | 1,048,981 | 37,249,315 |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | | 191,797 | 22,566,835 |
Gruma S.A.B. de CV Series B | | 2,374,633 | 46,639,465 |
Grupo Financiero Banorte S.A.B. de CV Series O | | 8,697,814 | 86,085,803 |
Grupo Mexico SA de CV Series B | | 3,025,700 | 18,695,641 |
Wal-Mart de Mexico SA de CV Series V | | 4,080,924 | 15,227,159 |
TOTAL MEXICO | | | 279,490,216 |
Peru - 0.5% | | | |
Credicorp Ltd. (United States) | | 171,335 | 28,374,789 |
Philippines - 0.4% | | | |
Ayala Land, Inc. | | 49,348,100 | 24,483,437 |
Poland - 0.8% | | | |
Powszechna Kasa Oszczednosci Bank SA | | 3,133,635 | 46,891,738 |
Russia - 0.0% | | | |
LUKOIL PJSC (a)(d) | | 568,462 | 175,196 |
Sberbank of Russia (a)(d) | | 5,098,115 | 31,211 |
TOTAL RUSSIA | | | 206,407 |
Saudi Arabia - 2.8% | | | |
Al Rajhi Bank | | 2,374,087 | 50,575,788 |
Alinma Bank | | 5,095,892 | 45,312,216 |
Sabic Agriculture-Nutrients Co. | | 251,400 | 7,761,990 |
The Saudi National Bank | | 5,671,954 | 56,861,694 |
TOTAL SAUDI ARABIA | | | 160,511,688 |
Singapore - 0.6% | | | |
Sea Ltd. ADR (a) | | 571,000 | 36,081,490 |
South Africa - 4.0% | | | |
Absa Group Ltd. | | 825,017 | 6,361,768 |
African Rainbow Minerals Ltd. (c) | | 2,746,523 | 28,371,959 |
Bid Corp. Ltd. | | 478,842 | 10,914,189 |
Capitec Bank Holdings Ltd. | | 359,101 | 44,443,384 |
FirstRand Ltd. | | 5,061,585 | 17,473,361 |
Gold Fields Ltd. sponsored ADR (c) | | 486,700 | 7,869,939 |
Impala Platinum Holdings Ltd. | | 3,322,956 | 14,792,320 |
MTN Group Ltd. | | 4,531,016 | 21,716,288 |
Naspers Ltd. Class N | | 72,209 | 13,819,187 |
Northam Platinum Holdings Ltd. | | 1,224,646 | 8,114,112 |
Pepkor Holdings Ltd. (b) | | 12,594,415 | 11,880,915 |
Shoprite Holdings Ltd. | | 1,563,000 | 20,854,040 |
Standard Bank Group Ltd. | | 2,127,012 | 19,974,269 |
TOTAL SOUTH AFRICA | | | 226,585,731 |
Taiwan - 15.2% | | | |
Alchip Technologies Ltd. | | 511,481 | 48,154,580 |
Chailease Holding Co. Ltd. | | 7,553,920 | 39,770,517 |
eMemory Technology, Inc. | | 202,403 | 13,579,831 |
Formosa Plastics Corp. | | 5,461,561 | 11,453,993 |
HIWIN Technologies Corp. | | 111,901 | 789,898 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 9,243,000 | 43,921,685 |
International Games Systems Co. Ltd. | | 127,165 | 3,881,949 |
MediaTek, Inc. | | 1,375,925 | 41,412,002 |
Quanta Computer, Inc. | | 2,290,000 | 17,940,521 |
Realtek Semiconductor Corp. | | 748,585 | 11,788,051 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 22,791,771 | 544,750,576 |
Unimicron Technology Corp. | | 2,932,009 | 16,185,257 |
Wiwynn Corp. | | 315,000 | 22,368,968 |
Yageo Corp. | | 2,166,540 | 41,252,197 |
TOTAL TAIWAN | | | 857,250,025 |
Thailand - 0.7% | | | |
PTT Exploration and Production PCL (For. Reg.) | | 9,642,926 | 40,230,663 |
United Kingdom - 0.8% | | | |
AngloGold Ashanti PLC (c) | | 1,847,300 | 42,469,427 |
TOTAL COMMON STOCKS (Cost $4,687,647,690) | | | 5,461,609,084 |
| | | |
Nonconvertible Preferred Stocks - 1.1% |
| | Shares | Value ($) |
Brazil - 1.1% | | | |
Itau Unibanco Holding SA | | 3,703,211 | 22,365,038 |
Petroleo Brasileiro SA - Petrobras sponsored ADR | | 2,280,180 | 38,694,655 |
| | | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $48,205,857) | | | 61,059,693 |
| | | |
Government Obligations - 0.1% |
| | Principal Amount (e) | Value ($) |
United States of America - 0.1% | | | |
U.S. Treasury Bills, yield at date of purchase 5.27% to 5.32% 5/2/24 to 6/27/24 (f) (Cost $3,442,710) | | 3,460,000 | 3,442,533 |
| | | |
Money Market Funds - 4.7% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (g) | | 223,655,386 | 223,700,117 |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 43,043,441 | 43,047,746 |
TOTAL MONEY MARKET FUNDS (Cost $266,747,863) | | | 266,747,863 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 102.6% (Cost $5,006,044,120) | 5,792,859,173 |
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (144,674,732) |
NET ASSETS - 100.0% | 5,648,184,441 |
| |
Futures Contracts |
| Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
Purchased | | | | | |
| | | | | |
Equity Index Contracts | | | | | |
ICE MSCI Emerging Markets Index Contracts (United States) | 105 | Jun 2024 | 5,470,500 | (36,911) | (36,911) |
| | | | | |
The notional amount of futures purchased as a percentage of Net Assets is 0.1% |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $209,580,435 or 3.7% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,753,179. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 315,028,737 | 928,912,213 | 1,020,240,277 | 8,423,745 | (556) | - | 223,700,117 | 0.4% |
Fidelity Securities Lending Cash Central Fund 5.39% | 48,137,657 | 286,155,995 | 291,245,906 | 378,701 | - | - | 43,047,746 | 0.2% |
Total | 363,166,394 | 1,215,068,208 | 1,311,486,183 | 8,802,446 | (556) | - | 266,747,863 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 606,701,009 | 110,531,680 | 496,169,329 | - |
Consumer Discretionary | 881,781,409 | 290,005,800 | 591,775,609 | - |
Consumer Staples | 235,683,477 | 104,080,289 | 131,603,188 | - |
Energy | 238,892,178 | 38,694,655 | 200,022,327 | 175,196 |
Financials | 1,214,273,507 | 512,626,655 | 701,615,641 | 31,211 |
Health Care | 162,858,169 | 44,198,388 | 118,659,781 | - |
Industrials | 375,491,220 | 27,720,032 | 347,771,188 | - |
Information Technology | 1,303,102,611 | - | 1,303,102,611 | - |
Materials | 364,739,911 | 165,261,564 | 199,478,347 | - |
Real Estate | 61,732,752 | 37,249,315 | 24,483,437 | - |
Utilities | 77,412,534 | - | 77,412,534 | - |
|
Government Obligations | 3,442,533 | - | 3,442,533 | - |
|
Money Market Funds | 266,747,863 | 266,747,863 | - | - |
Total Investments in Securities: | 5,792,859,173 | 1,597,116,241 | 4,195,536,525 | 206,407 |
Derivative Instruments: Liabilities | | | | |
Futures Contracts | (36,911) | (36,911) | - | - |
Total Liabilities | (36,911) | (36,911) | - | - |
Total Derivative Instruments: | (36,911) | (36,911) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
Equity Risk | | |
Futures Contracts (a) | 0 | (36,911) |
Total Equity Risk | 0 | (36,911) |
Total Value of Derivatives | 0 | (36,911) |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Series Emerging Markets Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $39,167,933) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,739,296,257) | $ | 5,526,111,310 | | |
Fidelity Central Funds (cost $266,747,863) | | 266,747,863 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $5,006,044,120) | | | $ | 5,792,859,173 |
Foreign currency held at value (cost $2,460,280) | | | | 2,436,453 |
Receivable for investments sold | | | | 59,561,407 |
Receivable for fund shares sold | | | | 144,982 |
Dividends receivable | | | | 6,055,813 |
Distributions receivable from Fidelity Central Funds | | | | 1,343,112 |
Receivable from investment adviser for expense reductions | | | | 77,305 |
Total assets | | | | 5,862,478,245 |
Liabilities | | | | |
Payable for investments purchased | $ | 47,986,069 | | |
Payable for fund shares redeemed | | 90,417,991 | | |
Payable for daily variation margin on futures contracts | | 1,217,185 | | |
Deferred taxes | | 30,990,915 | | |
Other payables and accrued expenses | | 633,898 | | |
Collateral on securities loaned | | 43,047,746 | | |
Total liabilities | | | | 214,293,804 |
Net Assets | | | $ | 5,648,184,441 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 5,477,743,610 |
Total accumulated earnings (loss) | | | | 170,440,831 |
Net Assets | | | $ | 5,648,184,441 |
Net Asset Value, offering price and redemption price per share ($5,648,184,441 ÷ 646,752,879 shares) | | | $ | 8.73 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 55,300,647 |
Interest | | | | 118,700 |
Income from Fidelity Central Funds (including $378,701 from security lending) | | | | 8,802,446 |
Income before foreign taxes withheld | | | $ | 64,221,793 |
Less foreign taxes withheld | | | | (6,879,515) |
Total income | | | | 57,342,278 |
Expenses | | | | |
Custodian fees and expenses | $ | 893,723 | | |
Independent trustees' fees and expenses | | 13,442 | | |
Total expenses before reductions | | 907,165 | | |
Expense reductions | | (533,007) | | |
Total expenses after reductions | | | | 374,158 |
Net Investment income (loss) | | | | 56,968,120 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $8,921,120) | | 18,615,087 | | |
Fidelity Central Funds | | (556) | | |
Foreign currency transactions | | (1,850,395) | | |
Futures contracts | | 14,848,247 | | |
Total net realized gain (loss) | | | | 31,612,383 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $24,399,121) | | 705,404,138 | | |
Assets and liabilities in foreign currencies | | (29,792) | | |
Futures contracts | | 3,705,962 | | |
Total change in net unrealized appreciation (depreciation) | | | | 709,080,308 |
Net gain (loss) | | | | 740,692,691 |
Net increase (decrease) in net assets resulting from operations | | | $ | 797,660,811 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 56,968,120 | $ | 107,004,651 |
Net realized gain (loss) | | 31,612,383 | | (280,722,691) |
Change in net unrealized appreciation (depreciation) | | 709,080,308 | | 420,518,956 |
Net increase (decrease) in net assets resulting from operations | | 797,660,811 | | 246,800,916 |
Distributions to shareholders | | (133,767,184) | | (65,273,730) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 515,044,697 | | 2,785,308,852 |
Reinvestment of distributions | | 133,767,184 | | 65,273,730 |
Cost of shares redeemed | | (569,379,078) | | (563,995,467) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 79,432,803 | | 2,286,587,115 |
Total increase (decrease) in net assets | | 743,326,430 | | 2,468,114,301 |
| | | | |
Net Assets | | | | |
Beginning of period | | 4,904,858,011 | | 2,436,743,710 |
End of period | $ | 5,648,184,441 | $ | 4,904,858,011 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 61,393,107 | | 345,359,955 |
Issued in reinvestment of distributions | | 16,596,425 | | 8,304,546 |
Redeemed | | (66,980,796) | | (69,208,198) |
Net increase (decrease) | | 11,008,736 | | 284,456,303 |
| | | | |
Financial Highlights
Fidelity® Series Emerging Markets Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 7.72 | $ | 6.94 | $ | 11.31 | $ | 9.65 | $ | 9.48 | $ | 8.87 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .09 | | .24 | | .23 | | .20 | | .17 | | .30 C |
Net realized and unrealized gain (loss) | | 1.13 | | .74 | | (4.24) | | 1.62 | | .22 | | .35 |
Total from investment operations | | 1.22 | | .98 | | (4.01) | | 1.82 | | .39 | | .65 |
Distributions from net investment income | | (.21) | | (.20) | | (.30) | | (.16) | | (.22) | | (.04) |
Distributions from net realized gain | | - | | - | | (.07) | | - | | - | | - |
Total distributions | | (.21) | | (.20) | | (.36) D | | (.16) | | (.22) | | (.04) |
Net asset value, end of period | $ | 8.73 | $ | 7.72 | $ | 6.94 | $ | 11.31 | $ | 9.65 | $ | 9.48 |
Total Return E,F | | | | 14.04% | | (36.53)% | | 18.88% | | 4.16% | | 7.33% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .03% I | | .03% | | .04% | | .04% | | .05% | | .04% |
Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of all reductions | | .01% I | | .01% | | .01% | | .01% | | .01% | | .01% |
Net investment income (loss) | | 2.04% I | | 2.96% | | 2.61% | | 1.70% | | 1.86% | | 3.24% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 5,648,184 | $ | 4,904,858 | $ | 2,436,744 | $ | 3,239,693 | $ | 2,995,875 | $ | 2,065,165 |
Portfolio turnover rate J | | | | 90% | | 65% | | 78% | | 117% K | | 47% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.50%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 9.6 | |
Tencent Holdings Ltd. (China, Interactive Media & Services) | 4.6 | |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.4 | |
HDFC Bank Ltd. (India, Banks) | 2.2 | |
Alibaba Group Holding Ltd. (China, Broadline Retail) | 2.2 | |
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 2.0 | |
PDD Holdings, Inc. ADR (China, Broadline Retail) | 1.9 | |
Sea Ltd. ADR (Singapore, Entertainment) | 1.6 | |
Meituan Class B (China, Hotels, Restaurants & Leisure) | 1.4 | |
China Construction Bank Corp. (H Shares) (China, Banks) | 1.4 | |
| 31.3 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 21.9 | |
Financials | 21.4 | |
Consumer Discretionary | 15.4 | |
Communication Services | 9.6 | |
Materials | 7.4 | |
Consumer Staples | 6.1 | |
Industrials | 5.9 | |
Energy | 5.6 | |
Health Care | 3.2 | |
Utilities | 2.9 | |
Real Estate | 1.5 | |
|
Asset Allocation (% of Fund's net assets) |
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.9)% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Series Emerging Markets Opportunities Fund
Common Stocks - 97.7% |
| | Shares | Value ($) |
Brazil - 6.2% | | | |
Cury Construtora e Incorporado SA | | 2,713,700 | 10,243,138 |
Cyrela Brazil Realty SA | | 1,904,800 | 7,446,643 |
Dexco SA | | 29,311,511 | 40,812,353 |
ENGIE Brasil Energia SA | | 4,621,800 | 36,404,040 |
Equatorial Energia SA | | 10,071,734 | 59,333,348 |
Hapvida Participacoes e Investimentos SA (a)(b) | | 28,874,200 | 20,518,776 |
Hypera SA (a) | | 2,337,700 | 13,289,856 |
Localiza Rent a Car SA | | 10,021,642 | 94,627,182 |
LOG Commercial Properties e Participacoes SA | | 3,032,151 | 12,688,950 |
Lojas Renner SA | | 13,971,090 | 41,246,545 |
MercadoLibre, Inc. (a) | | 49,729 | 72,539,692 |
PagSeguro Digital Ltd. (a) | | 13,219,949 | 164,588,365 |
PRIO SA | | 7,258,900 | 67,100,720 |
Raia Drogasil SA | | 25,627,992 | 126,249,670 |
Rede D'Oregon Sao Luiz SA (b) | | 783,900 | 3,925,086 |
Rumo SA | | 22,472,500 | 87,248,315 |
StoneCo Ltd. Class A (a) | | 3,565,995 | 55,629,522 |
Suzano SA | | 7,177,600 | 80,807,783 |
Transmissora Alianca de Energia Eletrica SA | | 4,534,900 | 30,758,999 |
Vale SA sponsored ADR | | 13,234,570 | 161,064,717 |
XP, Inc. Class A | | 8,746,465 | 179,040,139 |
YDUQS Participacoes SA | | 8,816,704 | 24,772,891 |
TOTAL BRAZIL | | | 1,390,336,730 |
Canada - 0.7% | | | |
Barrick Gold Corp. | | 9,382,700 | 156,128,128 |
Chile - 1.3% | | | |
Antofagasta PLC | | 5,946,344 | 164,208,617 |
Banco de Chile | | 1,078,313,300 | 119,619,152 |
TOTAL CHILE | | | 283,827,769 |
China - 26.8% | | | |
Airtac International Group | | 2,001,000 | 70,721,148 |
Akeso, Inc. (a)(b) | | 3,033,500 | 18,562,356 |
Alibaba Group Holding Ltd. | | 52,361,232 | 490,261,596 |
Angelalign Technology, Inc. (b)(c) | | 713,600 | 7,148,594 |
Anta Sports Products Ltd. | | 7,486,132 | 84,750,445 |
Baidu, Inc. Class A (a) | | 1,949,753 | 25,260,193 |
BeiGene Ltd. ADR (a)(c) | | 75,191 | 11,574,903 |
Beijing Enlight Media Co. Ltd. (A Shares) | | 14,534,576 | 18,732,275 |
Bilibili, Inc. ADR (a)(c) | | 2,551,753 | 32,254,158 |
BYD Co. Ltd. (H Shares) | | 4,122,539 | 113,009,445 |
C&S Paper Co. Ltd. (A Shares) | | 23,553,300 | 28,863,331 |
China Communications Services Corp. Ltd. (H Shares) | | 76,630,000 | 36,632,740 |
China Construction Bank Corp. (H Shares) | | 491,178,000 | 317,787,780 |
China Gas Holdings Ltd. | | 34,407,800 | 32,217,100 |
China Jushi Co. Ltd. (A Shares) | | 59,489,300 | 97,785,482 |
China Life Insurance Co. Ltd. (H Shares) | | 92,444,690 | 121,742,562 |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | | 4,509,628 | 5,253,970 |
China Overseas Land and Investment Ltd. | | 8,923,400 | 16,408,999 |
China Petroleum & Chemical Corp. (H Shares) | | 188,906,000 | 112,758,364 |
China Resources Beer Holdings Co. Ltd. | | 14,674,666 | 66,888,043 |
China Resources Land Ltd. | | 15,165,720 | 54,533,459 |
China Tower Corp. Ltd. (H Shares) (b) | | 116,101,434 | 13,590,758 |
ENN Energy Holdings Ltd. | | 7,191,700 | 61,276,112 |
ESR Group Ltd. (b)(c) | | 7,052,600 | 7,728,734 |
Foxconn Industrial Internet Co. Ltd. (A Shares) | | 17,293,500 | 57,141,594 |
Fuyao Glass Industries Group Co. Ltd. (A Shares) | | 9,492,900 | 65,271,225 |
Glodon Co. Ltd. (A Shares) | | 3,742,300 | 5,820,378 |
Guangdong Investment Ltd. | | 43,966,000 | 22,966,316 |
Haier Smart Home Co. Ltd. | | 36,610,216 | 135,605,145 |
Haier Smart Home Co. Ltd. (A Shares) | | 15,787,303 | 65,680,222 |
Haitian International Holdings Ltd. | | 17,388,306 | 56,631,094 |
Hansoh Pharmaceutical Group Co. Ltd. (b) | | 15,295,918 | 33,799,321 |
Hygeia Healthcare Holdings Co. (b)(c) | | 1,575,000 | 6,500,709 |
Innovent Biologics, Inc. (a)(b) | | 8,499,862 | 41,147,530 |
JD.com, Inc.: | | | |
Class A | | 7,343,872 | 105,813,241 |
sponsored ADR (c) | | 538,949 | 15,570,237 |
Kanzhun Ltd. ADR | | 1,228,720 | 24,316,369 |
KE Holdings, Inc. ADR | | 2,563,600 | 38,761,632 |
Kuaishou Technology Class B (a)(b) | | 5,834,498 | 40,903,970 |
Kunlun Energy Co. Ltd. | | 53,666,000 | 52,022,703 |
Kweichow Moutai Co. Ltd. (A Shares) | | 555,410 | 130,224,867 |
Lenovo Group Ltd. | | 24,565,659 | 27,630,463 |
Li Auto, Inc.: | | | |
ADR (a)(c) | | 1,672,510 | 43,953,563 |
Class A (a) | | 254,948 | 3,340,303 |
Li Ning Co. Ltd. | | 31,718,600 | 83,035,137 |
Medlive Technology Co. Ltd. (b) | | 11,370,965 | 11,945,516 |
Meituan Class B (a)(b) | | 23,948,732 | 327,008,707 |
Midea Group Co. Ltd. (A Shares) | | 4,642,000 | 44,645,655 |
NetEase, Inc. ADR | | 732,140 | 68,433,126 |
New Oriental Education & Technology Group, Inc. (a) | | 776,878 | 6,173,046 |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 1,057,256 | 81,514,438 |
PDD Holdings, Inc. ADR (a) | | 3,340,558 | 418,171,050 |
Ping An Insurance Group Co. of China Ltd. (H Shares) | | 52,262,500 | 236,858,002 |
Proya Cosmetics Co. Ltd. (A Shares) | | 6,645,722 | 100,268,577 |
Shangri-La Asia Ltd. | | 7,982,000 | 5,567,373 |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 12,244,600 | 100,417,501 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 993,039 | 41,697,529 |
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (H Shares) (c) | | 356,900 | 7,591,142 |
Sinopec Engineering Group Co. Ltd. (H Shares) | | 50,619,487 | 32,604,238 |
Sinopharm Group Co. Ltd. (H Shares) | | 10,614,400 | 26,805,204 |
Sinotruk Hong Kong Ltd. | | 16,663,661 | 41,471,028 |
TAL Education Group ADR (a) | | 2,218,517 | 26,710,945 |
Tencent Holdings Ltd. | | 23,653,677 | 1,037,999,048 |
Tongdao Liepin Group (a) | | 6,814,426 | 2,606,004 |
TravelSky Technology Ltd. (H Shares) | | 23,095,000 | 30,001,152 |
Trip.com Group Ltd. ADR (a) | | 2,906,576 | 140,271,358 |
Tsingtao Brewery Co. Ltd. (H Shares) | | 11,249,384 | 81,067,583 |
Uni-President China Holdings Ltd. | | 39,977,000 | 30,657,804 |
Vipshop Holdings Ltd. ADR | | 2,560,468 | 38,509,439 |
Xiaomi Corp. Class B (a)(b) | | 23,531,600 | 51,297,181 |
Xinyi Solar Holdings Ltd. | | 46,102,804 | 31,721,776 |
Yifeng Pharmacy Chain Co. Ltd. | | 1,999,000 | 12,091,640 |
ZTO Express, Inc. sponsored ADR | | 5,494,000 | 115,319,060 |
TOTAL CHINA | | | 6,051,303,688 |
Greece - 1.1% | | | |
Alpha Bank SA (a) | | 86,748,700 | 147,430,804 |
Piraeus Financial Holdings SA (a) | | 22,488,996 | 90,089,825 |
TOTAL GREECE | | | 237,520,629 |
Hong Kong - 0.9% | | | |
ASMPT Ltd. | | 5,374,053 | 66,787,016 |
Huanxi Media Group Ltd. (a) | | 129,191,425 | 9,352,468 |
Kerry Properties Ltd. | | 6,340,500 | 12,291,794 |
Prudential PLC | | 12,920,314 | 112,372,498 |
TOTAL HONG KONG | | | 200,803,776 |
Hungary - 0.2% | | | |
Richter Gedeon PLC | | 1,499,900 | 38,194,993 |
India - 17.7% | | | |
Apollo Hospitals Enterprise Ltd. | | 566,500 | 40,280,877 |
Bajaj Auto Ltd. | | 666,497 | 71,133,520 |
Bajaj Finance Ltd. | | 2,320,277 | 192,417,341 |
Bharat Electronics Ltd. | | 48,715,400 | 136,187,688 |
Bharti Airtel Ltd. | | 15,408,418 | 243,825,666 |
Coal India Ltd. | | 21,648,100 | 117,666,073 |
Divi's Laboratories Ltd. | | 640,752 | 30,671,928 |
Embassy Office Parks (REIT) | | 3,138,289 | 13,416,601 |
HDFC Bank Ltd. | | 28,006,697 | 508,473,494 |
HDFC Standard Life Insurance Co. Ltd. (b) | | 19,888,241 | 138,781,399 |
Hero Motocorp Ltd. | | 1,220,117 | 66,199,429 |
Hindustan Aeronautics Ltd. | | 3,052,700 | 144,020,834 |
ICICI Bank Ltd. | | 13,023,800 | 179,403,231 |
Indraprastha Gas Ltd. | | 9,319,694 | 52,272,140 |
Infosys Ltd. sponsored ADR (c) | | 2,559,422 | 42,767,942 |
ITC Ltd. | | 25,576,654 | 133,324,772 |
JK Cement Ltd. | | 2,870,121 | 137,255,659 |
Larsen & Toubro Ltd. | | 4,078,916 | 175,286,087 |
Mahanagar Gas Ltd. | | 3,070,634 | 53,058,997 |
Mahindra & Mahindra Ltd. | | 1,430,900 | 36,897,987 |
MakeMyTrip Ltd. (a) | | 991,337 | 65,636,423 |
Mankind Pharma Ltd. | | 1,025,684 | 28,987,648 |
Max Healthcare Institute Ltd. | | 1,690,900 | 16,986,933 |
NTPC Ltd. | | 25,256,045 | 109,729,931 |
Petronet LNG Ltd. | | 10,401,980 | 38,599,107 |
Pine Labs Private Ltd. (a)(d)(e) | | 9,606 | 3,140,970 |
Power Grid Corp. of India Ltd. | | 30,661,672 | 110,558,373 |
Reliance Industries Ltd. | | 12,824,592 | 450,069,803 |
Shree Cement Ltd. | | 222,468 | 65,113,220 |
Sona Blw Precision Forgings Ltd. (b) | | 4,871,615 | 36,404,560 |
Star Health & Allied Insurance Co. Ltd. (a) | | 13,092,500 | 89,629,170 |
Sun Pharmaceutical Industries Ltd. | | 3,673,200 | 65,970,894 |
Tata Motors Ltd. | | 2,817,252 | 33,963,748 |
Tata Steel Ltd. | | 73,689,700 | 145,214,611 |
Torrent Pharmaceuticals Ltd. | | 1,054,434 | 33,299,398 |
Zomato Ltd. (a) | | 86,287,917 | 199,089,603 |
TOTAL INDIA | | | 4,005,736,057 |
Indonesia - 2.4% | | | |
First Resources Ltd. | | 55,730,146 | 57,414,106 |
PT Bank Central Asia Tbk | | 348,112,760 | 209,314,843 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 623,075,239 | 188,607,102 |
PT Sumber Alfaria Trijaya Tbk | | 410,772,300 | 73,876,945 |
PT Telkom Indonesia Persero Tbk | | 101,273,900 | 19,632,807 |
TOTAL INDONESIA | | | 548,845,803 |
Kazakhstan - 0.2% | | | |
Kaspi.KZ JSC ADR | | 291,400 | 34,315,264 |
Korea (South) - 9.1% | | | |
AMOREPACIFIC Corp. | | 1,147,470 | 139,468,210 |
Celltrion, Inc. | | 310,920 | 42,099,899 |
Coway Co. Ltd. | | 1,088,000 | 43,470,256 |
Delivery Hero AG (a)(b) | | 777,689 | 21,757,826 |
HPSP Co. Ltd. | | 392,400 | 10,955,505 |
Hyundai Motor Co. Ltd. | | 239,864 | 43,024,978 |
Kakao Corp. | | 1,121,330 | 38,833,512 |
Kakao Pay Corp. (a) | | 445,085 | 11,185,395 |
Kia Corp. | | 1,394,395 | 117,806,074 |
LG Corp. | | 1,043,328 | 59,363,500 |
LS Electric Co. Ltd. | | 391,530 | 49,272,757 |
NAVER Corp. | | 940,026 | 123,641,908 |
Samsung Biologics Co. Ltd. (a)(b) | | 106,968 | 59,953,871 |
Samsung Electronics Co. Ltd. | | 17,856,452 | 989,801,443 |
Samsung SDI Co. Ltd. | | 40,560 | 12,516,930 |
SK Hynix, Inc. | | 2,455,377 | 302,159,216 |
TOTAL KOREA (SOUTH) | | | 2,065,311,280 |
Mauritius - 0.0% | | | |
Jumo World Holding Ltd. (d)(e) | | 2,024,724 | 3,280,053 |
Jumo World Ltd. (a)(e) | | 2,021 | 0 |
TOTAL MAURITIUS | | | 3,280,053 |
Mexico - 2.2% | | | |
CEMEX S.A.B. de CV sponsored ADR (a) | | 9,896,000 | 78,277,360 |
Corporacion Inmobiliaria Vesta S.A.B. de CV | | 6,465,384 | 22,875,059 |
Fibra Uno Administracion SA de CV | | 12,695,600 | 18,223,651 |
Gruma S.A.B. de CV Series B | | 361,457 | 7,099,270 |
Grupo Financiero Banorte S.A.B. de CV Series O | | 27,707,378 | 274,231,189 |
Wal-Mart de Mexico SA de CV Series V | | 28,695,200 | 107,070,454 |
TOTAL MEXICO | | | 507,776,983 |
Netherlands - 0.0% | | | |
CTP BV (b) | | 665,477 | 11,334,745 |
CTP BV rights (a)(f) | | 665,477 | 195,304 |
TOTAL NETHERLANDS | | | 11,530,049 |
Panama - 0.3% | | | |
Copa Holdings SA Class A | | 715,075 | 68,289,663 |
Peru - 0.5% | | | |
Credicorp Ltd. (United States) | | 732,422 | 121,296,407 |
Philippines - 0.4% | | | |
Ayala Land, Inc. | | 60,214,324 | 29,874,577 |
SM Investments Corp. | | 2,394,000 | 39,339,019 |
SM Prime Holdings, Inc. | | 34,525,200 | 16,696,787 |
TOTAL PHILIPPINES | | | 85,910,383 |
Poland - 0.3% | | | |
CD Projekt SA (c) | | 1,118,261 | 32,667,865 |
Dino Polska SA (a)(b) | | 479,434 | 46,083,058 |
TOTAL POLAND | | | 78,750,923 |
Puerto Rico - 0.0% | | | |
Liberty Latin America Ltd. Class C (a) | | 471,290 | 3,553,527 |
Romania - 0.1% | | | |
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | | 452,300 | 13,065,022 |
Russia - 0.3% | | | |
Gazprom OAO sponsored ADR (Reg. S) (a)(e) | | 10,986,900 | 5,449,502 |
LSR Group OJSC (a)(e) | | 98,230 | 98,388 |
LUKOIL PJSC sponsored ADR (a)(e) | | 2,479,000 | 31,235,400 |
Novatek PJSC GDR (Reg. S) (a)(e) | | 648,900 | 31,666,320 |
Sberbank of Russia (a)(e) | | 12,899,053 | 78,968 |
Sberbank of Russia sponsored ADR (a)(e) | | 19,633,994 | 349,485 |
Severstal PAO GDR (Reg. S) (a)(e) | | 6,035,400 | 142,496 |
Yandex NV Series A (a)(c)(e) | | 745,899 | 8,652,428 |
TOTAL RUSSIA | | | 77,672,987 |
Saudi Arabia - 3.6% | | | |
Al Rajhi Bank | | 8,694,815 | 185,227,888 |
Alinma Bank | | 17,289,750 | 153,738,912 |
Bupa Arabia for Cooperative Insurance Co. | | 2,194,232 | 141,110,425 |
Dr Sulaiman Al Habib Medical Services Group Co. | | 325,628 | 26,966,367 |
Sabic Agriculture-Nutrients Co. | | 1,211,800 | 37,414,398 |
Saudi Arabian Oil Co. (b) | | 4,765,100 | 38,241,751 |
The Saudi National Bank | | 22,270,216 | 223,260,311 |
TOTAL SAUDI ARABIA | | | 805,960,052 |
Singapore - 1.6% | | | |
Sea Ltd. ADR (a) | | 5,652,196 | 357,162,265 |
South Africa - 3.5% | | | |
Capitec Bank Holdings Ltd. | | 1,722,061 | 213,127,278 |
Discovery Ltd. | | 16,651,200 | 106,079,336 |
Gold Fields Ltd. | | 5,248,000 | 84,900,415 |
Impala Platinum Holdings Ltd. | | 18,906,802 | 84,164,659 |
Naspers Ltd. Class N | | 869,900 | 166,479,398 |
Pick 'n Pay Stores Ltd. (c) | | 23,377,715 | 24,890,322 |
Shoprite Holdings Ltd. (c) | | 8,119,176 | 108,328,611 |
TOTAL SOUTH AFRICA | | | 787,970,019 |
Taiwan - 16.0% | | | |
Alchip Technologies Ltd. | | 1,683,140 | 158,463,168 |
ASE Technology Holding Co. Ltd. | | 12,446,945 | 55,894,234 |
Asia Vital Components Co. Ltd. | | 3,037,475 | 59,809,902 |
AURAS Technology Co. Ltd. | | 1,790,000 | 43,197,694 |
BizLink Holding, Inc. | | 4,996,327 | 35,135,938 |
Chailease Holding Co. Ltd. | | 30,547,047 | 160,826,676 |
Chroma ATE, Inc. | | 1,955,000 | 15,849,727 |
Delta Electronics, Inc. | | 8,379,000 | 81,912,122 |
eMemory Technology, Inc. | | 890,022 | 59,714,276 |
Formosa Plastics Corp. | | 26,543,000 | 55,666,017 |
Gigabyte Technology Co. Ltd. | | 4,565,636 | 41,101,521 |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 18,911,000 | 89,862,921 |
King Yuan Electronics Co. Ltd. | | 17,702,513 | 51,419,232 |
M31 Technology Corp. | | 590,609 | 21,457,855 |
MediaTek, Inc. | | 1,450,000 | 43,641,479 |
Quanta Computer, Inc. | | 20,719,460 | 162,322,229 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 90,689,881 | 2,167,596,596 |
Uni-President Enterprises Corp. | | 39,250,000 | 91,901,386 |
Unimicron Technology Corp. | | 8,353,030 | 46,110,341 |
Wistron Corp. | | 14,119,037 | 48,258,490 |
Wiwynn Corp. | | 1,790,373 | 127,139,033 |
TOTAL TAIWAN | | | 3,617,280,837 |
Tanzania - 0.0% | | | |
Helios Towers PLC (a) | | 9,208,600 | 11,368,527 |
Thailand - 0.4% | | | |
PTT Global Chemical PCL (For. Reg.) | | 75,984,800 | 74,743,752 |
Supalai PCL (For. Reg.) | | 17,051,000 | 9,062,072 |
TOTAL THAILAND | | | 83,805,824 |
United Arab Emirates - 0.2% | | | |
Emaar Properties PJSC | | 17,850,735 | 39,901,586 |
Parkin Co. PJSC | | 4,150,000 | 2,949,032 |
TOTAL UNITED ARAB EMIRATES | | | 42,850,618 |
United States of America - 1.7% | | | |
FirstCash Holdings, Inc. | | 1,241,554 | 140,270,771 |
Legend Biotech Corp. ADR (a) | | 1,134,100 | 49,605,534 |
Tenaris SA sponsored ADR | | 1,595,300 | 52,628,947 |
Titan Cement International Trading SA (g) | | 4,520,239 | 142,790,373 |
TOTAL UNITED STATES OF AMERICA | | | 385,295,625 |
TOTAL COMMON STOCKS (Cost $17,752,532,991) | | | 22,075,143,881 |
| | | |
Preferred Stocks - 3.0% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.6% | | | |
China - 0.5% | | | |
ByteDance Ltd. Series E1 (a)(d)(e) | | 399,541 | 92,082,214 |
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) | | 769,712 | 3,794,680 |
| | | 95,876,894 |
India - 0.1% | | | |
Meesho: | | | |
Series E1 (d)(e) | | 31,950 | 1,789,200 |
Series F (a)(d)(e) | | 431,274 | 24,569,680 |
| | | 26,358,880 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 122,235,774 |
Nonconvertible Preferred Stocks - 2.4% | | | |
Brazil - 1.8% | | | |
Companhia de Transmissao de Energia Eletrica Paulista (PN) | | 6,031,800 | 29,005,517 |
Metalurgica Gerdau SA (PN) | | 48,272,722 | 98,356,392 |
Petroleo Brasileiro SA - Petrobras: | | | |
(PN) sponsored ADR (non-vtg.) | | 8,961,200 | 144,454,544 |
sponsored ADR | | 7,521,835 | 127,645,540 |
| | | 399,461,993 |
India - 0.1% | | | |
Pine Labs Private Ltd.: | | | |
Series 1 (a)(d)(e) | | 22,959 | 7,507,134 |
Series A (a)(d)(e) | | 5,737 | 1,875,884 |
Series B (a)(d)(e) | | 6,242 | 2,041,009 |
Series B2 (a)(d)(e) | | 5,049 | 1,650,922 |
Series C (a)(d)(e) | | 9,391 | 3,070,669 |
Series C1 (a)(d)(e) | | 1,978 | 646,766 |
Series D (a)(d)(e) | | 2,116 | 691,890 |
| | | 17,484,274 |
Korea (South) - 0.5% | | | |
Hyundai Motor Co. Ltd. Series 2 | | 692,638 | 78,924,641 |
Samsung Electronics Co. Ltd. | | 852,617 | 39,698,198 |
| | | 118,622,839 |
United States of America - 0.0% | | | |
Gupshup, Inc. (a)(d)(e) | | 566,129 | 5,961,338 |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 541,530,444 |
TOTAL PREFERRED STOCKS (Cost $405,900,579) | | | 663,766,218 |
| | | |
Corporate Bonds - 0.2% |
| | Principal Amount (h) | Value ($) |
Convertible Bonds - 0.1% | | | |
Brazil - 0.1% | | | |
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e) | | 33,309,389 | 31,693,883 |
Nonconvertible Bonds - 0.1% | | | |
China - 0.1% | | | |
Ant International Co. Ltd. 3.55% 8/14/24 (d)(e) | | 12,904,612 | 12,921,388 |
TOTAL CORPORATE BONDS (Cost $46,214,001) | | | 44,615,271 |
| | | |
Government Obligations - 0.0% |
| | Principal Amount (h) | Value ($) |
United States of America - 0.0% | | | |
U.S. Treasury Bills, yield at date of purchase 5.29% to 5.31% 5/9/24 to 6/13/24 (i) (Cost $6,521,357) | | 6,540,000 | 6,521,184 |
| | | |
Money Market Funds - 2.7% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (j) | | 391,557,016 | 391,635,328 |
Fidelity Securities Lending Cash Central Fund 5.39% (j)(k) | | 217,859,679 | 217,881,465 |
TOTAL MONEY MARKET FUNDS (Cost $609,512,637) | | | 609,516,793 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 103.6% (Cost $18,820,681,565) | 23,399,563,347 |
NET OTHER ASSETS (LIABILITIES) - (3.6)% | (805,522,961) |
NET ASSETS - 100.0% | 22,594,040,386 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $936,634,448 or 4.1% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $196,717,680 or 0.9% of net assets. |
(f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(h) | Amount is stated in United States dollars unless otherwise noted. |
(i) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,894,415. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 12,904,612 |
| | |
ByteDance Ltd. Series E1 | 11/18/20 | 43,779,377 |
| | |
Creditas Financial Solutions Ltd. 5% 7/28/27 | 1/28/22 - 7/28/23 | 33,309,389 |
| | |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 10,932,333 |
| | |
Gupshup, Inc. | 6/08/21 | 12,944,653 |
| | |
Jumo World Holding Ltd. | 9/06/23 | 2,024,724 |
| | |
Meesho Series E1 | 4/18/24 | 1,789,200 |
| | |
Meesho Series F | 9/21/21 | 33,066,770 |
| | |
Pine Labs Private Ltd. | 6/30/21 | 3,581,693 |
| | |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 8,560,493 |
| | |
Pine Labs Private Ltd. Series A | 6/30/21 | 2,139,098 |
| | |
Pine Labs Private Ltd. Series B | 6/30/21 | 2,327,392 |
| | |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 1,882,570 |
| | |
Pine Labs Private Ltd. Series C | 6/30/21 | 3,501,528 |
| | |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 737,517 |
| | |
Pine Labs Private Ltd. Series D | 6/30/21 | 788,972 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 355,908,574 | 2,911,924,774 | 2,876,196,093 | 12,561,232 | (1,927) | - | 391,635,328 | 0.8% |
Fidelity Securities Lending Cash Central Fund 5.39% | 380,133,200 | 1,164,900,188 | 1,327,151,923 | 1,170,320 | - | - | 217,881,465 | 0.8% |
Total | 736,041,774 | 4,076,824,962 | 4,203,348,016 | 13,731,552 | (1,927) | - | 609,516,793 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Titan Cement International Trading SA | 86,321,617 | - | 1,281,336 | - | 292,820 | 57,457,272 | 142,790,373 |
Total | 86,321,617 | - | 1,281,336 | - | 292,820 | 57,457,272 | 142,790,373 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 2,204,869,088 | 529,755,837 | 1,574,378,609 | 100,734,642 |
Consumer Discretionary | 3,488,259,954 | 986,586,362 | 2,475,314,712 | 26,358,880 |
Consumer Staples | 1,365,768,649 | 286,502,452 | 1,079,266,197 | - |
Energy | 1,217,516,071 | 430,071,502 | 719,093,347 | 68,351,222 |
Financials | 4,820,163,587 | 1,939,759,149 | 2,876,695,932 | 3,708,506 |
Health Care | 681,319,544 | 164,075,515 | 513,449,349 | 3,794,680 |
Industrials | 1,345,516,824 | 368,433,252 | 977,083,572 | - |
Information Technology | 4,938,635,044 | 42,767,942 | 4,869,280,520 | 26,586,582 |
Materials | 1,704,846,432 | 959,860,121 | 744,843,815 | 142,496 |
Real Estate | 309,346,308 | 143,980,927 | 165,266,993 | 98,388 |
Utilities | 662,668,598 | 168,566,926 | 494,101,672 | - |
|
Corporate Bonds | 44,615,271 | - | - | 44,615,271 |
|
Government Obligations | 6,521,184 | - | 6,521,184 | - |
|
Money Market Funds | 609,516,793 | 609,516,793 | - | - |
Total Investments in Securities: | 23,399,563,347 | 6,629,876,778 | 16,495,295,902 | 274,390,667 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
Investments in Securities: | |
Beginning Balance | $ | 420,207,786 | |
Net Realized Gain (Loss) on Investment Securities | | (350,183,359) | |
Net Unrealized Gain (Loss) on Investment Securities | | 487,796,170 | |
Cost of Purchases | | 1,789,200 | |
Proceeds of Sales | | (285,219,130) | |
Amortization/Accretion | | - | |
Transfers into Level 3 | | - | |
Transfers out of Level 3 | | - | |
Ending Balance | $ | 274,390,667 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 236,085,995 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
Fidelity® Series Emerging Markets Opportunities Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $203,568,097) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $18,131,523,310) | $ | 22,647,256,181 | | |
Fidelity Central Funds (cost $609,512,637) | | 609,516,793 | | |
Other affiliated issuers (cost $79,645,618) | | 142,790,373 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $18,820,681,565) | | | $ | 23,399,563,347 |
Foreign currency held at value (cost $12,041,310) | | | | 12,034,895 |
Receivable for investments sold | | | | 103,240,227 |
Receivable for fund shares sold | | | | 580,138 |
Dividends receivable | | | | 25,921,945 |
Interest receivable | | | | 1,586,494 |
Distributions receivable from Fidelity Central Funds | | | | 1,850,930 |
Receivable from investment adviser for expense reductions | | | | 305,915 |
Other receivables | | | | 3,436,506 |
Total assets | | | | 23,548,520,397 |
Liabilities | | | | |
Payable to custodian bank | $ | 1,204,096 | | |
Payable for investments purchased | | | | |
Regular delivery | | 22,910,300 | | |
Delayed delivery | | 195,304 | | |
Payable for fund shares redeemed | | 525,319,741 | | |
Payable for daily variation margin on futures contracts | | 751,519 | | |
Deferred taxes | | 182,720,673 | | |
Other payables and accrued expenses | | 3,502,009 | | |
Collateral on securities loaned | | 217,876,369 | | |
Total liabilities | | | | 954,480,011 |
Net Assets | | | $ | 22,594,040,386 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 20,704,819,471 |
Total accumulated earnings (loss) | | | | 1,889,220,915 |
Net Assets | | | $ | 22,594,040,386 |
Net Asset Value, offering price and redemption price per share ($22,594,040,386 ÷ 1,265,347,457 shares) | | | $ | 17.86 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 212,140,799 |
Interest | | | | 1,265,950 |
Income from Fidelity Central Funds (including $1,170,320 from security lending) | | | | 13,731,552 |
Income before foreign taxes withheld | | | $ | 227,138,301 |
Less foreign taxes withheld | | | | (25,959,865) |
Total income | | | | 201,178,436 |
Expenses | | | | |
Custodian fees and expenses | $ | 3,174,780 | | |
Independent trustees' fees and expenses | | 55,859 | | |
Total expenses before reductions | | 3,230,639 | | |
Expense reductions | | (1,715,627) | | |
Total expenses after reductions | | | | 1,515,012 |
Net Investment income (loss) | | | | 199,663,424 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $32,021,529) | | (391,165,736) | | |
Fidelity Central Funds | | (1,927) | | |
Other affiliated issuers | | 292,820 | | |
Foreign currency transactions | | (2,845,452) | | |
Futures contracts | | 17,836,747 | | |
Total net realized gain (loss) | | | | (375,883,548) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $87,365,719) | | 3,363,654,037 | | |
Affiliated issuers | | 57,457,272 | | |
Assets and liabilities in foreign currencies | | (678,652) | | |
Futures contracts | | 10,451 | | |
Total change in net unrealized appreciation (depreciation) | | | | 3,420,443,108 |
Net gain (loss) | | | | 3,044,559,560 |
Net increase (decrease) in net assets resulting from operations | | | $ | 3,244,222,984 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 199,663,424 | $ | 648,322,848 |
Net realized gain (loss) | | (375,883,548) | | (781,171,593) |
Change in net unrealized appreciation (depreciation) | | 3,420,443,108 | | 3,586,638,840 |
Net increase (decrease) in net assets resulting from operations | | 3,244,222,984 | | 3,453,790,095 |
Distributions to shareholders | | (625,661,951) | | (559,062,771) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 1,810,310,891 | | 1,881,171,940 |
Reinvestment of distributions | | 625,661,951 | | 559,062,771 |
Cost of shares redeemed | | (2,626,205,826) | | (7,499,526,249) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (190,232,984) | | (5,059,291,538) |
Total increase (decrease) in net assets | | 2,428,328,049 | | (2,164,564,214) |
| | | | |
Net Assets | | | | |
Beginning of period | | 20,165,712,337 | | 22,330,276,551 |
End of period | $ | 22,594,040,386 | $ | 20,165,712,337 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 105,688,571 | | 114,358,773 |
Issued in reinvestment of distributions | | 37,987,975 | | 35,117,008 |
Redeemed | | (151,210,884) | | (452,937,950) |
Net increase (decrease) | | (7,534,338) | | (303,462,169) |
| | | | |
Financial Highlights
Fidelity® Series Emerging Markets Opportunities Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 15.84 | $ | 14.17 | $ | 24.69 | $ | 21.49 | $ | 19.39 | $ | 17.66 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .15 | | .46 | | .48 | | .47 | | .35 | | .57 C |
Net realized and unrealized gain (loss) | | 2.36 | | 1.58 | | (8.30) | | 3.48 | | 2.26 | | 2.71 |
Total from investment operations | | 2.51 | | 2.04 | | (7.82) | | 3.95 | | 2.61 | | 3.28 |
Distributions from net investment income | | (.49) | | (.37) | | (.68) | | (.33) | | (.50) | | (.41) |
Distributions from net realized gain | | - | | - | | (2.01) | | (.41) | | (.02) | | (1.14) |
Total distributions | | (.49) | | (.37) | | (2.70) D | | (.75) D | | (.51) D | | (1.55) |
Net asset value, end of period | $ | 17.86 | $ | 15.84 | $ | 14.17 | $ | 24.69 | $ | 21.49 | $ | 19.39 |
Total Return E,F | | | | 14.40% | | (35.33)% | | 18.44% | | 13.66% | | 20.13% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | .03% I | | .03% | | .03% | | .03% | | .04% | | .04% |
Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of all reductions | | .01% I | | .01% | | .01% | | .01% | | .01% | | .01% |
Net investment income (loss) | | 1.78% I | | 2.82% | | 2.64% | | 1.82% | | 1.78% | | 3.12% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 22,594,040 | $ | 20,165,712 | $ | 22,330,277 | $ | 29,188,538 | $ | 26,829,783 | $ | 18,675,048 |
Portfolio turnover rate J | | | | 41% | | 37% | | 69% | | 42% K | | 54% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.29%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Top Holdings (% of Fund's net assets) |
|
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 6.9 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 6.0 | |
Linde PLC (United States of America, Chemicals) | 4.0 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 3.9 | |
Safran SA (France, Aerospace & Defense) | 3.9 | |
SAP SE (Germany, Software) | 3.9 | |
Atlas Copco AB (A Shares) (Sweden, Machinery) | 3.6 | |
CRH PLC (United States of America, Construction Materials) | 3.2 | |
Keyence Corp. (Japan, Electronic Equipment, Instruments & Components) | 2.9 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.7 | |
| 41.0 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 26.8 | |
Information Technology | 22.9 | |
Financials | 15.5 | |
Consumer Discretionary | 10.4 | |
Materials | 9.7 | |
Health Care | 7.1 | |
Consumer Staples | 2.6 | |
Energy | 0.7 | |
Communication Services | 0.7 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Series International Growth Fund
Common Stocks - 96.1% |
| | Shares | Value ($) |
Belgium - 0.4% | | | |
Azelis Group NV | | 2,475,110 | 59,802,143 |
Canada - 3.2% | | | |
CAE, Inc. (a) | | 3,982,800 | 76,841,004 |
Canadian Pacific Kansas City Ltd. | | 3,769,540 | 295,725,362 |
Franco-Nevada Corp. | | 783,628 | 94,332,497 |
TOTAL CANADA | | | 466,898,863 |
Denmark - 6.0% | | | |
Novo Nordisk A/S Series B | | 6,975,300 | 894,528,588 |
Finland - 0.5% | | | |
Kone OYJ (B Shares) | | 1,579,800 | 77,217,086 |
France - 13.1% | | | |
Airbus Group NV | | 2,235,700 | 367,901,793 |
Edenred SA | | 3,700,155 | 175,563,890 |
Lectra | | 1,016,088 | 34,699,812 |
Legrand SA | | 2,057,444 | 211,436,502 |
LVMH Moet Hennessy Louis Vuitton SE | | 708,623 | 582,088,680 |
Safran SA | | 2,648,300 | 574,236,238 |
TOTAL FRANCE | | | 1,945,926,915 |
Germany - 5.0% | | | |
Deutsche Borse AG | | 840,245 | 161,992,506 |
SAP SE | | 3,161,000 | 570,772,442 |
TOTAL GERMANY | | | 732,764,948 |
Hong Kong - 0.7% | | | |
AIA Group Ltd. | | 13,994,701 | 102,502,201 |
India - 1.6% | | | |
HDFC Bank Ltd. | | 3,668,296 | 66,599,474 |
Jio Financial Services Ltd. | | 1,953,400 | 8,793,950 |
Kotak Mahindra Bank Ltd. | | 2,832,000 | 55,025,378 |
Reliance Industries Ltd. | | 1,825,000 | 64,047,058 |
Reliance Industries Ltd. GDR (b) | | 596,500 | 42,172,550 |
TOTAL INDIA | | | 236,638,410 |
Israel - 0.7% | | | |
NICE Ltd. sponsored ADR (a)(c) | | 473,072 | 105,736,323 |
Italy - 1.4% | | | |
Interpump Group SpA | | 1,650,320 | 72,350,980 |
Prada SpA | | 15,723,000 | 128,226,017 |
TOTAL ITALY | | | 200,576,997 |
Japan - 9.7% | | | |
Azbil Corp. | | 4,673,005 | 130,517,034 |
Hoya Corp. | | 1,384,300 | 160,495,501 |
Keyence Corp. | | 989,287 | 435,058,605 |
Lasertec Corp. | | 1,000,900 | 215,899,571 |
Misumi Group, Inc. | | 3,961,906 | 64,412,115 |
OSG Corp. | | 1,857,246 | 23,951,607 |
Recruit Holdings Co. Ltd. | | 6,564,905 | 282,733,125 |
SHO-BOND Holdings Co. Ltd. | | 1,993,800 | 76,994,368 |
USS Co. Ltd. | | 5,741,558 | 43,861,454 |
TOTAL JAPAN | | | 1,433,923,380 |
Netherlands - 8.4% | | | |
Aalberts Industries NV | | 661,563 | 31,714,420 |
ASML Holding NV (Netherlands) | | 1,150,746 | 1,022,618,999 |
BE Semiconductor Industries NV | | 581,035 | 77,820,110 |
IMCD NV | | 734,054 | 111,436,151 |
TOTAL NETHERLANDS | | | 1,243,589,680 |
Spain - 0.7% | | | |
Amadeus IT Holding SA Class A | | 1,653,864 | 104,977,282 |
Sweden - 7.0% | | | |
ASSA ABLOY AB (B Shares) (c) | | 7,122,137 | 188,176,954 |
Atlas Copco AB (A Shares) (c) | | 30,275,944 | 530,316,101 |
Autoliv, Inc. | | 970,134 | 116,212,352 |
Epiroc AB (A Shares) | | 9,675,955 | 178,883,042 |
Lagercrantz Group AB (B Shares) | | 1,972,900 | 29,341,794 |
TOTAL SWEDEN | | | 1,042,930,243 |
Switzerland - 1.7% | | | |
Schindler Holding AG: | | | |
(participation certificate) | | 230,401 | 57,647,245 |
(Reg.) | | 147,352 | 35,986,428 |
UBS Group AG | | 6,125,995 | 161,738,263 |
TOTAL SWITZERLAND | | | 255,371,936 |
Taiwan - 2.7% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 16,930,885 | 404,668,396 |
United Kingdom - 8.7% | | | |
BAE Systems PLC | | 16,084,700 | 267,524,211 |
Compass Group PLC | | 11,439,000 | 318,161,227 |
InterContinental Hotel Group PLC ADR | | 2,509,330 | 246,792,606 |
London Stock Exchange Group PLC | | 1,658,700 | 182,855,268 |
Rightmove PLC | | 8,257,761 | 53,140,199 |
Sage Group PLC | | 6,437,600 | 93,794,242 |
Spectris PLC | | 3,046,778 | 126,776,479 |
TOTAL UNITED KINGDOM | | | 1,289,044,232 |
United States of America - 24.6% | | | |
CRH PLC | | 6,091,040 | 471,568,317 |
Experian PLC | | 7,218,889 | 291,166,274 |
Linde PLC | | 1,353,901 | 597,016,185 |
Marsh & McLennan Companies, Inc. | | 1,585,431 | 316,182,504 |
MasterCard, Inc. Class A | | 635,631 | 286,796,707 |
Microsoft Corp. | | 387,200 | 150,748,576 |
Moody's Corp. | | 673,059 | 249,253,939 |
Nestle SA (Reg. S) | | 3,504,200 | 351,822,375 |
Otis Worldwide Corp. | | 1,067,300 | 97,337,760 |
PriceSmart, Inc. | | 404,227 | 32,576,654 |
S&P Global, Inc. | | 579,280 | 240,882,002 |
Sherwin-Williams Co. | | 886,941 | 265,736,393 |
Visa, Inc. Class A | | 1,063,770 | 285,739,260 |
TOTAL UNITED STATES OF AMERICA | | | 3,636,826,946 |
TOTAL COMMON STOCKS (Cost $8,575,918,671) | | | 14,233,924,569 |
| | | |
Convertible Preferred Stocks - 0.3% |
| | Shares | Value ($) |
China - 0.3% | | | |
ByteDance Ltd. Series E1 (a)(d)(e) (Cost $18,859,141) | | 172,113 | 39,666,883 |
| | | |
Money Market Funds - 5.1% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 340,161,453 | 340,229,485 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 422,965,333 | 423,007,629 |
TOTAL MONEY MARKET FUNDS (Cost $763,237,114) | | | 763,237,114 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $9,358,014,926) | 15,036,828,566 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (229,132,886) |
NET ASSETS - 100.0% | 14,807,695,680 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $42,172,550 or 0.3% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $39,666,883 or 0.3% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 18,859,141 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 270,608,875 | 1,869,292,918 | 1,799,702,216 | 7,285,525 | 29,908 | - | 340,229,485 | 0.7% |
Fidelity Securities Lending Cash Central Fund 5.39% | 67,864,785 | 813,347,350 | 458,204,506 | 133,578 | - | - | 423,007,629 | 1.5% |
Total | 338,473,660 | 2,682,640,268 | 2,257,906,722 | 7,419,103 | 29,908 | - | 763,237,114 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 92,807,082 | 53,140,199 | - | 39,666,883 |
Consumer Discretionary | 1,540,319,618 | 363,004,958 | 1,177,314,660 | - |
Consumer Staples | 384,399,029 | 32,576,654 | 351,822,375 | - |
Energy | 106,219,608 | 42,172,550 | 64,047,058 | - |
Financials | 2,293,925,342 | 1,716,156,565 | 577,768,777 | - |
Health Care | 1,055,024,089 | - | 1,055,024,089 | - |
Industrials | 3,973,790,909 | 916,058,579 | 3,057,732,330 | - |
Information Technology | 3,398,452,383 | 1,641,536,335 | 1,756,916,048 | - |
Materials | 1,428,653,392 | 1,428,653,392 | - | - |
|
Money Market Funds | 763,237,114 | 763,237,114 | - | - |
Total Investments in Securities: | 15,036,828,566 | 6,956,536,346 | 8,040,625,337 | 39,666,883 |
Fidelity® Series International Growth Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $400,545,391) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $8,594,777,812) | $ | 14,273,591,452 | | |
Fidelity Central Funds (cost $763,237,114) | | 763,237,114 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $9,358,014,926) | | | $ | 15,036,828,566 |
Foreign currency held at value (cost $17,993,345) | | | | 17,993,385 |
Receivable for investments sold | | | | 61,869,292 |
Receivable for fund shares sold | | | | 85,027,899 |
Dividends receivable | | | | 27,724,599 |
Reclaims receivable | | | | 34,180,716 |
Distributions receivable from Fidelity Central Funds | | | | 1,257,761 |
Total assets | | | | 15,264,882,218 |
Liabilities | | | | |
Payable for investments purchased | $ | 28,886,447 | | |
Payable for fund shares redeemed | | 4,319,610 | | |
Other payables and accrued expenses | | 972,852 | | |
Collateral on securities loaned | | 423,007,629 | | |
Total liabilities | | | | 457,186,538 |
Net Assets | | | $ | 14,807,695,680 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 8,600,867,020 |
Total accumulated earnings (loss) | | | | 6,206,828,660 |
Net Assets | | | $ | 14,807,695,680 |
Net Asset Value, offering price and redemption price per share ($14,807,695,680 ÷ 840,006,353 shares) | | | $ | 17.63 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 115,543,831 |
Interest | | | | 207,249 |
Income from Fidelity Central Funds (including $133,578 from security lending) | | | | 7,419,103 |
Income before foreign taxes withheld | | | $ | 123,170,183 |
Less foreign taxes withheld | | | | (6,425,043) |
Total income | | | | 116,745,140 |
Expenses | | | | |
Custodian fees and expenses | $ | 407,180 | | |
Independent trustees' fees and expenses | | 35,914 | | |
Total expenses before reductions | | 443,094 | | |
Expense reductions | | (784) | | |
Total expenses after reductions | | | | 442,310 |
Net Investment income (loss) | | | | 116,302,830 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $559,644) | | 495,065,728 | | |
Redemptions in-kind | | 175,468,806 | | |
Fidelity Central Funds | | 29,908 | | |
Foreign currency transactions | | (159,399) | | |
Total net realized gain (loss) | | | | 670,405,043 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $80,687) | | 1,838,281,438 | | |
Assets and liabilities in foreign currencies | | (113,470) | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,838,167,968 |
Net gain (loss) | | | | 2,508,573,011 |
Net increase (decrease) in net assets resulting from operations | | | $ | 2,624,875,841 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 116,302,830 | $ | 190,486,775 |
Net realized gain (loss) | | 670,405,043 | | 18,909,853 |
Change in net unrealized appreciation (depreciation) | | 1,838,167,968 | | 1,208,323,184 |
Net increase (decrease) in net assets resulting from operations | | 2,624,875,841 | | 1,417,719,812 |
Distributions to shareholders | | (186,414,240) | | (434,836,481) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 1,345,076,568 | | 2,142,973,065 |
Reinvestment of distributions | | 186,414,240 | | 434,836,481 |
Cost of shares redeemed | | (2,010,343,367) | | (3,104,776,773) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (478,852,559) | | (526,967,227) |
Total increase (decrease) in net assets | | 1,959,609,042 | | 455,916,104 |
| | | | |
Net Assets | | | | |
Beginning of period | | 12,848,086,638 | | 12,392,170,534 |
End of period | $ | 14,807,695,680 | $ | 12,848,086,638 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 77,180,835 | | 138,038,506 |
Issued in reinvestment of distributions | | 11,408,460 | | 29,420,601 |
Redeemed | | (116,487,414) | | (200,541,435) |
Net increase (decrease) | | (27,898,119) | | (33,082,328) |
| | | | |
Financial Highlights
Fidelity® Series International Growth Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.80 | $ | 13.75 | $ | 20.51 | $ | 18.01 | $ | 17.07 | $ | 14.96 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .14 | | .22 | | .21 | | .20 | | .20 | | .37 C |
Net realized and unrealized gain (loss) | | 2.91 | | 1.33 | | (5.38) | | 5.19 | | 1.38 | | 2.74 |
Total from investment operations | | 3.05 | | 1.55 | | (5.17) | | 5.39 | | 1.58 | | 3.11 |
Distributions from net investment income | | (.22) | | (.20) | | (.28) | | (.24) | | (.37) | | (.28) |
Distributions from net realized gain | | - | | (.30) | | (1.31) | | (2.65) | | (.27) | | (.72) |
Total distributions | | (.22) | | (.50) | | (1.59) | | (2.89) | | (.64) | | (1.00) |
Net asset value, end of period | $ | 17.63 | $ | 14.80 | $ | 13.75 | $ | 20.51 | $ | 18.01 | $ | 17.07 |
Total Return D,E | | | | 11.31% | | (27.31)% | | 33.10% | | 9.39% | | 22.58% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of all reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% |
Net investment income (loss) | | 1.58% H | | 1.42% | | 1.32% | | 1.06% | | 1.18% | | 2.38% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 14,807,696 | $ | 12,848,087 | $ | 12,392,171 | $ | 15,467,124 | $ | 11,557,995 | $ | 16,501,791 |
Portfolio turnover rate I | | | | 19% J | | 22% J | | 24% | | 16% J | | 24% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.92%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Top Holdings (% of Fund's net assets) |
|
Lagercrantz Group AB (B Shares) (Sweden, Electronic Equipment, Instruments & Components) | 3.7 | |
AddTech AB (B Shares) (Sweden, Trading Companies & Distributors) | 3.1 | |
CTS Eventim AG (Germany, Entertainment) | 3.0 | |
Spectris PLC (United Kingdom, Electronic Equipment, Instruments & Components) | 3.0 | |
Aalberts Industries NV (Netherlands, Machinery) | 2.8 | |
Azbil Corp. (Japan, Electronic Equipment, Instruments & Components) | 2.5 | |
Kongsberg Gruppen ASA (Norway, Aerospace & Defense) | 2.0 | |
Interpump Group SpA (Italy, Machinery) | 1.9 | |
Morningstar, Inc. (United States of America, Capital Markets) | 1.9 | |
Rheinmetall AG (Germany, Aerospace & Defense) | 1.6 | |
| 25.5 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 31.6 | |
Information Technology | 20.1 | |
Consumer Discretionary | 10.3 | |
Financials | 7.5 | |
Communication Services | 6.8 | |
Health Care | 6.2 | |
Materials | 5.3 | |
Consumer Staples | 4.4 | |
Real Estate | 2.8 | |
Energy | 1.8 | |
Utilities | 0.3 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Series International Small Cap Fund
Common Stocks - 97.1% |
| | Shares | Value ($) |
Australia - 1.6% | | | |
Dominos Pizza Enterprises Ltd. | | 188,911 | 4,765,360 |
Imdex Ltd. | | 13,644,033 | 18,297,773 |
Latin Resources Ltd. (a) | | 12,500,000 | 1,788,829 |
Liontown Resources Ltd. (a)(b) | | 1,200,000 | 941,729 |
NIB Holdings Ltd. | | 972,683 | 4,645,087 |
Steadfast Group Ltd. | | 8,493,721 | 30,912,231 |
Vulcan Energy Resources Ltd. (a)(b) | | 500,000 | 1,074,879 |
TOTAL AUSTRALIA | | | 62,425,888 |
Austria - 0.0% | | | |
AT&S Austria Technologie & Systemtechnik AG | | 80,000 | 1,780,943 |
Belgium - 1.9% | | | |
Azelis Group NV | | 1,055,172 | 25,494,441 |
Fagron NV | | 227,500 | 4,428,453 |
Galapagos NV (a) | | 85,000 | 2,404,196 |
KBC Ancora | | 732,579 | 35,455,007 |
Warehouses de Pauw | | 138,500 | 3,686,312 |
Warehouses de Pauw rights (a)(c) | | 138,500 | 165,544 |
TOTAL BELGIUM | | | 71,633,953 |
Canada - 4.2% | | | |
CAE, Inc. (a) | | 1,185,900 | 22,879,820 |
ECN Capital Corp. | | 533,950 | 682,637 |
Lumine Group, Inc. (a) | | 370,000 | 10,135,256 |
McCoy Global, Inc. | | 1,106,750 | 1,543,573 |
MTY Food Group, Inc. (b) | | 118,300 | 4,245,102 |
North West Co., Inc. | | 200,000 | 5,668,834 |
Onex Corp. (sub. vtg.) | | 60,000 | 4,256,855 |
Osisko Gold Royalties Ltd. | | 1,439,700 | 22,118,661 |
Parkland Corp. | | 182,500 | 5,622,217 |
Pason Systems, Inc. | | 2,126,500 | 24,174,427 |
Quebecor, Inc. Class B (sub. vtg.) | | 180,300 | 3,731,338 |
Real Matters, Inc. (a) | | 950,000 | 3,547,016 |
Richelieu Hardware Ltd. | | 1,835,620 | 51,802,447 |
TOTAL CANADA | | | 160,408,183 |
China - 0.3% | | | |
Chlitina Holding Ltd. | | 2,142,000 | 12,320,750 |
Chlitina Holding Ltd. rights 5/13/24 (a) | | 64,670 | 63,441 |
TOTAL CHINA | | | 12,384,191 |
Denmark - 0.7% | | | |
Cadeler A/S (a) | | 1,750,000 | 8,317,955 |
Spar Nord Bank A/S | | 1,026,010 | 18,203,900 |
TOTAL DENMARK | | | 26,521,855 |
Egypt - 0.1% | | | |
Integrated Diagnostics Holdings PLC (a)(d) | | 15,331,734 | 4,706,842 |
Finland - 0.2% | | | |
Huhtamaki Oyj | | 136,689 | 5,245,647 |
Nanoform Finland PLC (a) | | 500,000 | 1,147,240 |
TOTAL FINLAND | | | 6,392,887 |
France - 3.8% | | | |
ARGAN SA | | 80,600 | 6,348,004 |
Elis SA | | 430,000 | 9,691,884 |
Exail Technologies SA (a)(b) | | 221,114 | 4,606,190 |
Exclusive Networks SA (a) | | 300,000 | 6,403,200 |
Laurent-Perrier Group SA | | 97,711 | 12,721,816 |
Lectra | | 1,064,210 | 36,343,197 |
LISI | | 444,088 | 11,658,696 |
Maisons du Monde SA (d) | | 259,100 | 1,244,302 |
Stef SA | | 75,000 | 10,181,088 |
Thermador Groupe SA | | 82,100 | 7,009,370 |
Vallourec SA (a) | | 445,200 | 7,727,785 |
Vetoquinol SA | | 298,648 | 30,055,027 |
TOTAL FRANCE | | | 143,990,559 |
Germany - 7.5% | | | |
Auto1 Group SE (a)(b)(d) | | 840,752 | 4,288,858 |
CTS Eventim AG | | 1,314,770 | 116,739,796 |
Gerresheimer AG | | 55,000 | 5,928,296 |
Instone Real Estate Group BV (d) | | 515,921 | 4,773,623 |
Nexus AG | | 618,016 | 34,098,563 |
NORMA Group AG | | 107,000 | 2,135,360 |
Rheinmetall AG | | 108,300 | 59,776,818 |
Scout24 AG (d) | | 330,500 | 24,372,233 |
Stabilus Se | | 484,629 | 30,100,811 |
Wacker Chemie AG | | 40,300 | 4,326,621 |
TOTAL GERMANY | | | 286,540,979 |
Greece - 0.3% | | | |
Athens International Airport SA | | 762,400 | 6,761,293 |
Mytilineos SA | | 126,900 | 5,173,337 |
TOTAL GREECE | | | 11,934,630 |
Hungary - 0.2% | | | |
Richter Gedeon PLC | | 363,700 | 9,261,630 |
Indonesia - 0.2% | | | |
PT Selamat Sempurna Tbk | | 55,532,360 | 6,151,613 |
Ireland - 1.9% | | | |
AerCap Holdings NV (a) | | 366,000 | 30,923,340 |
Cairn Homes PLC | | 5,313,300 | 8,970,500 |
Cairn Homes PLC | | 7,191,234 | 12,184,754 |
Irish Residential Properties REIT PLC | | 10,324,300 | 10,918,930 |
Mincon Group PLC | | 3,809,284 | 1,910,676 |
Smurfit Kappa Group PLC | | 190,000 | 8,262,796 |
TOTAL IRELAND | | | 73,170,996 |
Israel - 1.4% | | | |
Ituran Location & Control Ltd. | | 893,735 | 22,951,115 |
NICE Ltd. sponsored ADR (a) | | 85,000 | 18,998,350 |
Tel Aviv Stock Exchange Ltd. | | 1,620,557 | 10,736,870 |
TOTAL ISRAEL | | | 52,686,335 |
Italy - 2.5% | | | |
Banca Generali SpA | | 140,000 | 5,501,203 |
BFF Bank SpA (d) | | 529,000 | 6,802,813 |
Dovalue SpA (b)(d) | | 800,000 | 1,782,651 |
Generalfinance SpA | | 173,104 | 1,995,155 |
Industrie de Nora SpA | | 198,400 | 2,676,299 |
Intercos SpA | | 310,900 | 4,359,753 |
Interpump Group SpA | | 1,633,037 | 71,593,283 |
TOTAL ITALY | | | 94,711,157 |
Japan - 28.1% | | | |
ABC-MART, Inc. | | 204,900 | 4,081,257 |
Ai Holdings Corp. | | 416,292 | 6,402,814 |
Arealink Co. Ltd. | | 100,000 | 1,966,163 |
Artnature, Inc. | | 1,214,900 | 5,845,636 |
As One Corp. | | 243,000 | 4,003,492 |
ASKUL Corp. | | 640,000 | 9,665,465 |
Aucnet, Inc. | | 757,060 | 12,459,780 |
Azbil Corp. | | 3,379,090 | 94,377,987 |
BayCurrent Consulting, Inc. | | 281,800 | 5,998,724 |
Belc Co. Ltd. | | 110,000 | 5,249,565 |
Broadleaf Co. Ltd. (e) | | 5,948,773 | 21,670,357 |
Central Automotive Products Ltd. | | 216,579 | 7,927,893 |
Chiba Bank Ltd. | | 556,900 | 4,704,172 |
CKD Corp. | | 267,000 | 4,989,969 |
CTS Co. Ltd. | | 300,000 | 1,405,696 |
Curves Holdings Co. Ltd. (e) | | 5,937,359 | 27,885,707 |
Daiei Kankyo Co. Ltd. | | 53,900 | 900,805 |
Daiichikosho Co. Ltd. | | 1,316,928 | 15,371,717 |
Daikokutenbussan Co. Ltd. | | 179,300 | 9,167,713 |
Dentsu Soken, Inc. | | 175,000 | 5,797,409 |
Dexerials Corp. | | 180,700 | 6,768,415 |
Digital Hearts Holdings Co. Ltd. (e) | | 1,354,550 | 8,247,792 |
Dowa Holdings Co. Ltd. | | 90,000 | 3,370,230 |
Elan Corp. | | 2,020,900 | 11,601,152 |
Fuji Electric Co. Ltd. | | 40,000 | 2,488,157 |
Fujitec Co. Ltd. | | 910,300 | 22,451,240 |
Funai Soken Holdings, Inc. | | 861,757 | 13,037,666 |
Fuyo General Lease Co. Ltd. | | 28,800 | 2,469,876 |
Goldcrest Co. Ltd. | | 1,537,300 | 24,780,145 |
Hamamatsu Photonics K.K. | | 50,000 | 1,832,084 |
Inaba Denki Sangyo Co. Ltd. | | 216,300 | 5,046,399 |
Iwatani Corp. | | 100,000 | 5,678,252 |
Iwatsuka Confectionary Co. Ltd. | | 211,600 | 3,493,697 |
Japan Elevator Service Holdings Co. Ltd. | | 146,300 | 2,273,591 |
JINS Holdings, Inc. | | 123,200 | 2,588,298 |
JTOWER, Inc. (a)(b) | | 400,000 | 8,169,768 |
Justsystems Corp. | | 150,000 | 2,612,790 |
Kamigumi Co. Ltd. | | 405,800 | 8,763,490 |
Kansai Electric Power Co., Inc. | | 500,000 | 7,489,711 |
Katitas Co. Ltd. | | 260,000 | 3,132,445 |
Kato Sangyo | | 110,000 | 3,189,999 |
Kobe Bussan Co. Ltd. | | 82,300 | 1,777,456 |
Koshidaka Holdings Co. Ltd. (e) | | 5,227,659 | 28,598,959 |
Kotobuki Spirits Co. Ltd. | | 382,400 | 3,937,408 |
Kusuri No Aoki Holdings Co. Ltd. | | 871,574 | 16,249,946 |
Kyoritsu Maintenance Co. Ltd. | | 237,600 | 5,066,975 |
Kyoto Financial Group, Inc. | | 352,612 | 6,276,201 |
Lasertec Corp. | | 197,360 | 42,571,625 |
Maeda Kosen Co. Ltd. | | 202,400 | 4,429,503 |
Maruwa Ceramic Co. Ltd. | | 32,600 | 6,869,728 |
MCJ Co. Ltd. | | 850,000 | 7,420,125 |
Medikit Co. Ltd. | | 625,900 | 11,189,107 |
Meitec Group Holdings, Inc. | | 201,000 | 3,748,652 |
Miroku Jyoho Service Co., Ltd. (b) | | 618,891 | 6,657,129 |
Misumi Group, Inc. | | 711,300 | 11,564,216 |
Mitsuboshi Belting Ltd. | | 227,952 | 6,991,446 |
Miura Co. Ltd. | | 147,900 | 2,326,950 |
Nagaileben Co. Ltd. | | 1,528,000 | 22,794,232 |
Net One Systems Co. Ltd. | | 650,000 | 10,876,212 |
Nihon Parkerizing Co. Ltd. | | 5,182,368 | 39,853,020 |
Nippon Concept Corp. | | 135,000 | 1,549,962 |
Nippon Gas Co. Ltd. | | 303,700 | 4,953,108 |
Nitto Kohki Co. Ltd. | | 270,000 | 4,172,878 |
NOF Corp. | | 1,060,700 | 14,230,279 |
NS Tool Co. Ltd. (e) | | 1,484,000 | 8,681,751 |
NSD Co. Ltd. | | 1,909,580 | 37,324,613 |
OBIC Co. Ltd. | | 309,600 | 39,773,243 |
Osaka Soda Co. Ltd. | | 77,700 | 4,556,988 |
OSG Corp. | | 1,322,475 | 17,055,038 |
Paramount Bed Holdings Co. Ltd. | | 586,612 | 9,994,998 |
Park24 Co. Ltd. (a) | | 150,000 | 1,615,438 |
Prestige International, Inc. | | 1,100,000 | 4,697,619 |
ProNexus, Inc. | | 1,204,277 | 8,764,290 |
Qol Holdings Co. Ltd. | | 425,000 | 4,767,407 |
Renesas Electronics Corp. | | 265,000 | 4,302,474 |
Rohto Pharmaceutical Co. Ltd. | | 357,200 | 6,969,128 |
Roland Corp. | | 140,000 | 3,805,868 |
San-Ai Obbli Co. Ltd. | | 1,093,972 | 14,351,524 |
Shinwa Co. Ltd. | | 35,700 | 634,971 |
SHO-BOND Holdings Co. Ltd. | | 1,372,000 | 52,982,382 |
Shoei Co. Ltd. | | 475,500 | 6,092,011 |
SK Kaken Co. Ltd. | | 526,920 | 26,535,804 |
Softcreate Co. Ltd. | | 119,300 | 1,399,891 |
Software Service, Inc. | | 181,500 | 15,535,933 |
Sumco Corp. | | 561,400 | 8,372,337 |
SWCC Showa Holdings Co. Ltd. | | 293,500 | 7,738,729 |
Techno Medica Co. Ltd. | | 283,000 | 3,125,390 |
The Monogatari Corp. | | 805,288 | 21,757,462 |
TIS, Inc. | | 838,936 | 17,916,801 |
Tocalo Co. Ltd. | | 1,467,849 | 16,914,169 |
Toyo Suisan Kaisha Ltd. | | 125,000 | 7,816,790 |
Tri Chemical Laboratories, Inc. | | 177,600 | 4,940,371 |
USS Co. Ltd. | | 2,454,200 | 18,748,357 |
Visional, Inc. (a) | | 70,000 | 3,193,979 |
YAKUODO Holdings Co. Ltd. (e) | | 1,008,352 | 18,318,137 |
Yaoko Co. Ltd. | | 80,500 | 4,352,027 |
YONEX Co. Ltd. | | 950,000 | 7,575,712 |
Zenkoku Hosho Co. Ltd. | | 100,000 | 3,511,196 |
TOTAL JAPAN | | | 1,077,585,463 |
Korea (South) - 0.6% | | | |
BGF Retail Co. Ltd. | | 157,318 | 14,789,749 |
Hansol Chemical Co. Ltd. | | 18,660 | 2,580,979 |
HD Hyundai Marine Solution Co. Ltd. (c) | | 9,600 | 577,671 |
Soulbrain Co. Ltd. | | 18,000 | 3,875,004 |
TOTAL KOREA (SOUTH) | | | 21,823,403 |
Luxembourg - 0.2% | | | |
CVC Capital Partners PLC | | 122,200 | 2,217,001 |
L'Occitane Ltd. | | 1,450,000 | 5,975,591 |
Novem Group SA | | 177,462 | 1,102,235 |
TOTAL LUXEMBOURG | | | 9,294,827 |
Netherlands - 6.0% | | | |
Aalberts Industries NV | | 2,236,135 | 107,197,235 |
BE Semiconductor Industries NV (b) | | 315,751 | 42,289,668 |
IMCD NV | | 325,929 | 49,479,021 |
Koninklijke Heijmans NV (Certificaten Van Aandelen) | | 400,000 | 7,538,701 |
OCI NV | | 210,000 | 5,670,034 |
TKH Group NV (bearer) (depositary receipt) | | 172,600 | 7,471,100 |
Van Lanschot Kempen NV (Bearer) | | 305,761 | 10,882,376 |
TOTAL NETHERLANDS | | | 230,528,135 |
Norway - 2.6% | | | |
Europris ASA (d) | | 674,800 | 4,264,389 |
Kongsberg Gruppen ASA | | 1,091,108 | 77,203,123 |
Medistim ASA | | 440,375 | 7,195,217 |
Selvaag Bolig ASA | | 840,200 | 2,658,597 |
Sparebanken Midt-Norge | | 356,800 | 4,699,732 |
TGS ASA | | 340,000 | 3,893,235 |
TOTAL NORWAY | | | 99,914,293 |
Philippines - 0.1% | | | |
Robinsons Land Corp. | | 14,500,000 | 3,911,619 |
Singapore - 0.2% | | | |
Boustead Singapore Ltd. | | 9,000,000 | 6,287,942 |
Spain - 0.8% | | | |
Cie Automotive SA | | 79,741 | 2,118,980 |
Compania de Distribucion Integral Logista Holdings SA | | 407,000 | 11,101,996 |
Fluidra SA | | 594,020 | 12,615,369 |
Puig Group SL Class B | | 144,000 | 3,765,082 |
TOTAL SPAIN | | | 29,601,427 |
Sweden - 12.2% | | | |
Addlife AB | | 1,295,211 | 12,058,423 |
AddTech AB (B Shares) | | 5,641,065 | 119,164,452 |
Alligo AB (B Shares) | | 500,000 | 5,880,004 |
Arjo AB | | 370,000 | 1,568,582 |
Autoliv, Inc. | | 365,900 | 43,831,161 |
Bergman & Beving AB (B Shares) | | 1,406,054 | 28,515,577 |
Betsson AB (B Shares) | | 540,000 | 6,002,504 |
BHG Group AB (a) | | 1,953,200 | 2,470,655 |
Dometic Group AB (d) | | 491,200 | 3,543,465 |
Hemnet Group AB | | 1,579,200 | 41,413,088 |
HEXPOL AB (B Shares) | | 375,500 | 4,293,220 |
INVISIO AB | | 1,268,172 | 28,020,751 |
JM AB (B Shares) (b) | | 315,300 | 5,418,843 |
John Mattson Fastighetsforetagen AB (a) | | 2,484,706 | 12,535,811 |
Lagercrantz Group AB (B Shares) | | 9,549,793 | 142,028,523 |
Rusta AB | | 1,050,000 | 7,212,533 |
Surgical Science Sweden AB (a) | | 200,000 | 2,851,076 |
Teqnion AB (a) | | 129,960 | 2,376,224 |
TOTAL SWEDEN | | | 469,184,892 |
Switzerland - 1.0% | | | |
Tecan Group AG (b) | | 88,160 | 31,360,696 |
VZ Holding AG | | 45,512 | 5,257,954 |
TOTAL SWITZERLAND | | | 36,618,650 |
Taiwan - 0.6% | | | |
Addcn Technology Co. Ltd. (e) | | 3,114,641 | 19,148,259 |
International Games Systems Co. Ltd. | | 164,000 | 5,006,407 |
TOTAL TAIWAN | | | 24,154,666 |
United Kingdom - 15.5% | | | |
B&M European Value Retail SA | | 783,231 | 5,079,382 |
Baltic Classifieds Group PLC | | 3,720,300 | 10,808,230 |
Berkeley Group Holdings PLC | | 74,400 | 4,382,442 |
Big Yellow Group PLC | | 250,000 | 3,373,785 |
Bodycote PLC | | 5,872,308 | 51,070,688 |
Cab Payments Holdings Ltd. (b) | | 3,570,900 | 5,934,484 |
Clarkson PLC | | 498,634 | 24,206,196 |
Close Brothers Group PLC | | 325,000 | 1,849,396 |
DCC PLC (United Kingdom) | | 165,000 | 11,308,740 |
Direct Line Insurance Group PLC | | 3,750,000 | 8,706,240 |
Domino's Pizza UK & IRL PLC | | 1,017,300 | 4,141,463 |
Dowlais Group PLC | | 3,000,000 | 3,062,647 |
DP Poland PLC (a) | | 42,210,188 | 5,801,811 |
Games Workshop Group PLC | | 165,406 | 20,482,292 |
GlobalData PLC | | 1,200,000 | 3,178,855 |
Grainger Trust PLC | | 1,156,700 | 3,707,334 |
H&T Group PLC | | 600,000 | 3,148,866 |
Harbour Energy PLC | | 875,800 | 3,161,594 |
Hill & Smith Holdings PLC | | 495,514 | 11,702,304 |
Howden Joinery Group PLC | | 4,687,682 | 51,311,639 |
Inchcape PLC | | 1,077,460 | 10,770,721 |
Indivior PLC (a) | | 608,000 | 10,955,255 |
InterContinental Hotel Group PLC ADR | | 430,000 | 42,290,500 |
J.D. Wetherspoon PLC (a) | | 333,500 | 3,019,172 |
John Wood Group PLC (a) | | 2,400,000 | 4,450,397 |
Lancashire Holdings Ltd. | | 1,761,924 | 13,429,834 |
LSL Property Services PLC | | 694,900 | 2,587,571 |
Marlowe PLC (a) | | 600,000 | 3,673,677 |
Mears Group PLC | | 770,000 | 3,482,996 |
On The Beach Group PLC (a)(d) | | 2,387,000 | 4,306,984 |
Oxford Instruments PLC | | 510,000 | 14,402,313 |
Petershill Partners PLC (d) | | 2,373,300 | 6,183,186 |
Pets At Home Group PLC | | 3,141,900 | 11,471,659 |
Pinewood Technologies Group PLC | | 825,000 | 3,432,826 |
Premier Foods PLC | | 2,661,300 | 5,380,542 |
Rightmove PLC | | 2,924,463 | 18,819,453 |
RS GROUP PLC | | 535,487 | 4,931,398 |
Sabre Insurance Group PLC (d) | | 5,832,581 | 11,719,267 |
Safestore Holdings PLC | | 300,000 | 2,899,581 |
Sage Group PLC | | 1,055,000 | 15,371,089 |
SigmaRoc PLC (a) | | 12,508,500 | 10,190,758 |
Softcat PLC | | 280,945 | 5,508,050 |
Spectris PLC | | 2,719,300 | 113,150,114 |
Spirax-Sarco Engineering PLC | | 104,897 | 11,593,499 |
Synthomer PLC (a)(b) | | 1,413,695 | 4,592,855 |
Tate & Lyle PLC | | 514,700 | 4,238,315 |
Unite Group PLC | | 1,074,074 | 12,454,773 |
Urban Logistics REIT PLC | | 554,472 | 802,309 |
Vistry Group PLC | | 227,500 | 3,405,586 |
TOTAL UNITED KINGDOM | | | 595,933,068 |
United States of America - 2.4% | | | |
Morningstar, Inc. | | 251,746 | 71,156,007 |
PriceSmart, Inc. | | 209,112 | 16,852,336 |
Ramaco Resources, Inc. (b) | | 320,000 | 5,017,600 |
TOTAL UNITED STATES OF AMERICA | | | 93,025,943 |
TOTAL COMMON STOCKS (Cost $2,799,176,369) | | | 3,722,566,969 |
| | | |
Investment Companies - 0.7% |
| | Shares | Value ($) |
United States of America - 0.7% | | | |
iShares MSCI EAFE Small-Cap ETF (Cost $26,667,785) | | 460,000 | 28,138,200 |
| | | |
Money Market Funds - 2.8% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 56,958,681 | 56,970,073 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 48,211,072 | 48,215,893 |
TOTAL MONEY MARKET FUNDS (Cost $105,185,073) | | | 105,185,966 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $2,931,029,227) | 3,855,891,135 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (22,956,048) |
NET ASSETS - 100.0% | 3,832,935,087 |
| |
Security Type Abbreviations
Legend
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $77,988,613 or 2.0% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 133,243,313 | 470,226,277 | 546,499,686 | 2,243,721 | 237 | (68) | 56,970,073 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 25,436,981 | 266,483,958 | 243,705,046 | 201,029 | - | - | 48,215,893 | 0.2% |
Total | 158,680,294 | 736,710,235 | 790,204,732 | 2,444,750 | 237 | (68) | 105,185,966 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Addcn Technology Co. Ltd. | 13,841,044 | 5,500,912 | - | 336,091 | - | (193,697) | 19,148,259 |
Broadleaf Co. Ltd. | 22,027,448 | - | 1,082,175 | 49,541 | (661,140) | 1,386,224 | 21,670,357 |
Curves Holdings Co. Ltd. | 25,681,624 | 266,742 | - | 210,967 | - | 1,937,341 | 27,885,707 |
Digital Hearts Holdings Co. Ltd. | 7,796,576 | 521,551 | - | 84,559 | - | (70,335) | 8,247,792 |
Koshidaka Holdings Co. Ltd. | 31,643,463 | 5,702,169 | - | 218,549 | - | (8,746,673) | 28,598,959 |
NS Tool Co. Ltd. | 10,284,096 | 346,468 | - | 110,285 | - | (1,948,813) | 8,681,751 |
YAKUODO Holdings Co. Ltd. | 15,137,096 | 3,321,707 | - | 141,585 | - | (140,666) | 18,318,137 |
Total | 126,411,347 | 15,659,549 | 1,082,175 | 1,151,577 | (661,140) | (7,776,619) | 132,550,962 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 263,580,289 | 215,884,138 | 47,696,151 | - |
Consumer Discretionary | 395,716,483 | 228,545,766 | 167,170,717 | - |
Consumer Staples | 177,271,118 | 49,221,596 | 128,049,522 | - |
Energy | 70,603,004 | 50,573,228 | 20,029,776 | - |
Financials | 283,120,197 | 230,601,434 | 52,518,763 | - |
Health Care | 236,263,800 | 155,615,300 | 80,648,500 | - |
Industrials | 1,210,868,169 | 984,014,349 | 226,853,820 | - |
Information Technology | 765,496,015 | 429,361,818 | 336,134,197 | - |
Materials | 202,955,513 | 81,420,496 | 121,535,017 | - |
Real Estate | 104,249,562 | 70,459,190 | 33,790,372 | - |
Utilities | 12,442,819 | - | 12,442,819 | - |
|
Investment Companies | 28,138,200 | 28,138,200 | - | - |
|
Money Market Funds | 105,185,966 | 105,185,966 | - | - |
Total Investments in Securities: | 3,855,891,135 | 2,629,021,481 | 1,226,869,654 | - |
Fidelity® Series International Small Cap Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $45,083,969) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,666,065,377) | $ | 3,618,154,207 | | |
Fidelity Central Funds (cost $105,185,073) | | 105,185,966 | | |
Other affiliated issuers (cost $159,778,777) | | 132,550,962 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $2,931,029,227) | | | $ | 3,855,891,135 |
Foreign currency held at value (cost $596,713) | | | | 591,973 |
Receivable for investments sold | | | | 7,893,269 |
Receivable for fund shares sold | | | | 11,180,792 |
Dividends receivable | | | | 21,239,535 |
Reclaims receivable | | | | 4,480,895 |
Distributions receivable from Fidelity Central Funds | | | | 327,393 |
Other receivables | | | | 4,565 |
Total assets | | | | 3,901,609,557 |
Liabilities | | | | |
Payable to custodian bank | $ | 93,421 | | |
Payable for investments purchased | | | | |
Regular delivery | | 19,087,138 | | |
Delayed delivery | | 748,991 | | |
Payable for fund shares redeemed | | 427,816 | | |
Other payables and accrued expenses | | 101,211 | | |
Collateral on securities loaned | | 48,215,893 | | |
Total liabilities | | | | 68,674,470 |
Net Assets | | | $ | 3,832,935,087 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 2,798,760,944 |
Total accumulated earnings (loss) | | | | 1,034,174,143 |
Net Assets | | | $ | 3,832,935,087 |
Net Asset Value, offering price and redemption price per share ($3,832,935,087 ÷ 228,534,797 shares) | | | $ | 16.77 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends (including $1,151,577 earned from affiliated issuers) | | | $ | 42,045,954 |
Interest | | | | 4,679 |
Income from Fidelity Central Funds (including $201,029 from security lending) | | | | 2,444,750 |
Income before foreign taxes withheld | | | $ | 44,495,383 |
Less foreign taxes withheld | | | | (3,273,759) |
Total income | | | | 41,221,624 |
Expenses | | | | |
Custodian fees and expenses | $ | 151,176 | | |
Independent trustees' fees and expenses | | 9,644 | | |
Interest | | 3,840 | | |
Total expenses | | | | 164,660 |
Net Investment income (loss) | | | | 41,056,964 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $42,573) | | 108,475,106 | | |
Fidelity Central Funds | | 237 | | |
Other affiliated issuers | | (661,140) | | |
Foreign currency transactions | | (186,434) | | |
Total net realized gain (loss) | | | | 107,627,769 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $152,968) | | 534,087,656 | | |
Fidelity Central Funds | | (68) | | |
Other affiliated issuers | | (7,776,619) | | |
Assets and liabilities in foreign currencies | | (285,223) | | |
Total change in net unrealized appreciation (depreciation) | | | | 526,025,746 |
Net gain (loss) | | | | 633,653,515 |
Net increase (decrease) in net assets resulting from operations | | | $ | 674,710,479 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 41,056,964 | $ | 74,884,949 |
Net realized gain (loss) | | 107,627,769 | | 47,300,034 |
Change in net unrealized appreciation (depreciation) | | 526,025,746 | | 93,637,886 |
Net increase (decrease) in net assets resulting from operations | | 674,710,479 | | 215,822,869 |
Distributions to shareholders | | (133,792,393) | | (211,666,578) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 232,027,908 | | 786,276,246 |
Reinvestment of distributions | | 133,792,393 | | 211,666,578 |
Cost of shares redeemed | | (492,106,757) | | (830,053,983) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (126,286,456) | | 167,888,841 |
Total increase (decrease) in net assets | | 414,631,630 | | 172,045,132 |
| | | | |
Net Assets | | | | |
Beginning of period | | 3,418,303,457 | | 3,246,258,325 |
End of period | $ | 3,832,935,087 | $ | 3,418,303,457 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 14,092,686 | | 51,964,278 |
Issued in reinvestment of distributions | | 8,425,214 | | 14,026,944 |
Redeemed | | (29,344,322) | | (54,776,134) |
Net increase (decrease) | | (6,826,422) | | 11,215,088 |
| | | | |
Financial Highlights
Fidelity® Series International Small Cap Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 14.52 | $ | 14.48 | $ | 24.12 | $ | 17.55 | $ | 16.71 | $ | 16.43 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .18 | | .32 | | .35 | | .29 | | .22 | | .36 |
Net realized and unrealized gain (loss) | | 2.64 | | .67 | | (7.16) | | 6.45 | | 1.36 | | 1.47 |
Total from investment operations | | 2.82 | | .99 | | (6.81) | | 6.74 | | 1.58 | | 1.83 |
Distributions from net investment income | | (.37) | | (.21) | | (.47) | | (.17) | | (.36) | | (.37) |
Distributions from net realized gain | | (.20) | | (.73) | | (2.35) | | - | | (.38) | | (1.18) |
Total distributions | | (.57) | | (.95) C | | (2.83) C | | (.17) | | (.74) | | (1.55) |
Net asset value, end of period | $ | 16.77 | $ | 14.52 | $ | 14.48 | $ | 24.12 | $ | 17.55 | $ | 16.71 |
Total Return D,E | | | | 6.57% | | (31.82)% | | 38.60% | | 9.60% | | 12.77% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of all reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% |
Net investment income (loss) | | 2.11% H | | 2.02% | | 2.03% | | 1.34% | | 1.36% | | 2.28% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 3,832,935 | $ | 3,418,303 | $ | 3,246,258 | $ | 4,847,936 | $ | 3,653,041 | $ | 3,498,064 |
Portfolio turnover rate I | | | | 26% | | 25% | | 32% | | 24% J | | 23% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Top Holdings (% of Fund's net assets) |
|
Shell PLC ADR (United States of America, Oil, Gas & Consumable Fuels) | 4.6 | |
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) | 3.3 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 2.8 | |
BHP Group Ltd. (Australia, Metals & Mining) | 2.4 | |
Toyota Motor Corp. (Japan, Automobiles) | 2.4 | |
Banco Santander SA (Spain) (Spain, Banks) | 2.4 | |
Rheinmetall AG (Germany, Aerospace & Defense) | 2.3 | |
BAE Systems PLC (United Kingdom, Aerospace & Defense) | 2.3 | |
Siemens AG (Germany, Industrial Conglomerates) | 2.3 | |
AXA SA (France, Insurance) | 2.2 | |
| 27.0 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 31.8 | |
Industrials | 18.3 | |
Materials | 12.0 | |
Energy | 11.5 | |
Consumer Discretionary | 8.4 | |
Information Technology | 5.9 | |
Health Care | 5.1 | |
Communication Services | 2.4 | |
Utilities | 0.8 | |
Real Estate | 0.7 | |
Consumer Staples | 0.6 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Fidelity® Series International Value Fund
Common Stocks - 96.8% |
| | Shares | Value ($) |
Australia - 6.7% | | | |
BHP Group Ltd. | | 13,397,929 | 367,453,157 |
Commonwealth Bank of Australia | | 958,714 | 70,244,523 |
Glencore PLC | | 51,949,127 | 302,269,340 |
Macquarie Group Ltd. | | 1,354,050 | 162,131,937 |
Woodside Energy Group Ltd. | | 5,582,344 | 100,018,905 |
TOTAL AUSTRALIA | | | 1,002,117,862 |
Belgium - 1.6% | | | |
KBC Group NV | | 1,814,087 | 135,325,957 |
UCB SA | | 807,600 | 107,345,999 |
TOTAL BELGIUM | | | 242,671,956 |
Finland - 0.8% | | | |
Mandatum Holding OY | | 2,697,987 | 12,530,678 |
Sampo Oyj (A Shares) | | 2,785,667 | 112,730,997 |
TOTAL FINLAND | | | 125,261,675 |
France - 12.0% | | | |
Air Liquide SA | | 896,899 | 175,414,267 |
Airbus Group NV | | 520,187 | 85,600,810 |
ALTEN | | 513,108 | 60,618,087 |
AXA SA | | 9,590,179 | 332,011,692 |
BNP Paribas SA | | 3,409,370 | 245,344,586 |
Capgemini SA | | 616,828 | 129,645,570 |
TotalEnergies SE | | 6,835,167 | 496,224,387 |
VINCI SA | | 1,277,729 | 149,719,248 |
Vivendi SA | | 11,377,555 | 116,151,585 |
TOTAL FRANCE | | | 1,790,730,232 |
Germany - 11.2% | | | |
Bayer AG | | 1,126,082 | 32,867,991 |
Bayerische Motoren Werke AG (BMW) | | 1,081,600 | 118,256,347 |
Covestro AG (a)(b) | | 729,900 | 36,595,037 |
DHL Group | | 2,996,607 | 125,467,732 |
Fresenius SE & Co. KGaA | | 2,687,300 | 80,214,787 |
Hannover Reuck SE | | 638,563 | 158,374,659 |
Infineon Technologies AG | | 1,524,800 | 52,915,172 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 374,737 | 164,846,747 |
Rheinmetall AG | | 630,381 | 347,942,476 |
RWE AG | | 3,537,100 | 123,216,716 |
Siemens AG | | 1,806,387 | 338,396,926 |
Vonovia SE | | 3,340,741 | 96,534,135 |
TOTAL GERMANY | | | 1,675,628,725 |
Hong Kong - 0.7% | | | |
Prudential PLC | | 12,599,350 | 109,580,962 |
India - 0.7% | | | |
Reliance Industries Ltd. GDR (b) | | 1,569,400 | 110,956,580 |
Indonesia - 0.5% | | | |
PT Bank Rakyat Indonesia (Persero) Tbk | | 224,250,937 | 67,881,560 |
Ireland - 0.7% | | | |
Bank of Ireland Group PLC | | 9,693,400 | 103,913,481 |
Italy - 5.1% | | | |
Eni SpA | | 14,159,800 | 227,430,339 |
Mediobanca SpA (c) | | 11,095,655 | 158,081,129 |
Prysmian SpA | | 1,778,700 | 97,151,342 |
Ryanair Holdings PLC sponsored ADR (c) | | 1,013,900 | 138,093,180 |
UniCredit SpA | | 3,777,100 | 138,636,049 |
TOTAL ITALY | | | 759,392,039 |
Japan - 24.5% | | | |
Daiichi Sankyo Kabushiki Kaisha | | 746,200 | 25,115,384 |
DENSO Corp. | | 10,421,684 | 177,618,040 |
Eisai Co. Ltd. | | 1,028,100 | 42,223,099 |
Fast Retailing Co. Ltd. | | 163,800 | 42,828,633 |
FUJIFILM Holdings Corp. | | 6,145,147 | 130,722,564 |
Fujitsu Ltd. | | 7,603,500 | 117,460,035 |
Hitachi Ltd. | | 4,529,160 | 417,863,453 |
Hoya Corp. | | 339,709 | 39,385,802 |
Ibiden Co. Ltd. | | 1,344,844 | 51,122,243 |
INPEX Corp. | | 5,983,300 | 89,628,648 |
Itochu Corp. | | 6,270,653 | 282,899,083 |
LY Corp. | | 11,867,600 | 28,513,501 |
Minebea Mitsumi, Inc. | | 2,670,651 | 50,022,242 |
Mitsubishi Heavy Industries Ltd. | | 18,063,900 | 161,511,445 |
Mitsubishi UFJ Financial Group, Inc. | | 31,401,744 | 312,803,971 |
NOF Corp. | | 3,085,700 | 41,397,541 |
ORIX Corp. | | 7,777,033 | 159,160,219 |
Renesas Electronics Corp. | | 8,995,960 | 146,056,175 |
Shin-Etsu Chemical Co. Ltd. | | 5,868,910 | 227,179,284 |
SoftBank Group Corp. | | 1,812,637 | 89,146,571 |
Sony Group Corp. | | 650,845 | 53,793,231 |
Sumitomo Mitsui Financial Group, Inc. | | 4,515,083 | 256,473,934 |
Suzuki Motor Corp. | | 9,658,248 | 112,477,885 |
TIS, Inc. | | 1,879,156 | 40,132,338 |
Tokio Marine Holdings, Inc. | | 6,320,825 | 199,778,495 |
Toyota Motor Corp. | | 15,722,360 | 358,604,953 |
TOTAL JAPAN | | | 3,653,918,769 |
Korea (South) - 0.9% | | | |
Samsung Electronics Co. Ltd. | | 2,307,623 | 127,913,909 |
Luxembourg - 0.5% | | | |
ArcelorMittal SA (Netherlands) | | 2,642,158 | 66,516,983 |
Netherlands - 0.4% | | | |
Universal Music Group NV | | 1,911,660 | 56,511,423 |
Singapore - 1.0% | | | |
United Overseas Bank Ltd. | | 6,867,989 | 152,406,198 |
South Africa - 1.1% | | | |
Anglo American PLC (United Kingdom) | | 4,658,376 | 152,223,985 |
Thungela Resources Ltd. | | 722,574 | 4,974,937 |
TOTAL SOUTH AFRICA | | | 157,198,922 |
Spain - 3.0% | | | |
Banco Santander SA (Spain) (c) | | 72,513,272 | 353,886,929 |
Cellnex Telecom SA (b) | | 1,748,538 | 57,797,387 |
Unicaja Banco SA (b)(c) | | 26,241,731 | 34,362,350 |
TOTAL SPAIN | | | 446,046,666 |
Sweden - 1.6% | | | |
Investor AB (B Shares) (c) | | 9,678,260 | 239,181,347 |
Switzerland - 3.3% | | | |
Swiss Life Holding AG | | 154,490 | 104,365,831 |
UBS Group AG (c) | | 7,295,451 | 195,882,859 |
Zurich Insurance Group Ltd. | | 408,820 | 197,550,007 |
TOTAL SWITZERLAND | | | 497,798,697 |
United Kingdom - 10.6% | | | |
AstraZeneca PLC (United Kingdom) | | 1,210,359 | 183,065,531 |
B&M European Value Retail SA | | 6,830,500 | 44,296,916 |
BAE Systems PLC | | 20,545,239 | 341,712,861 |
Barratt Developments PLC | | 25,660,599 | 145,795,925 |
Beazley PLC | | 9,095,617 | 75,352,789 |
Flutter Entertainment PLC (a) | | 327,300 | 61,039,924 |
HSBC Holdings PLC (United Kingdom) | | 12,656,700 | 109,707,684 |
Imperial Brands PLC | | 4,051,008 | 92,566,164 |
JD Sports Fashion PLC | | 30,631,300 | 44,246,294 |
Lloyds Banking Group PLC | | 247,910,471 | 159,997,320 |
London Stock Exchange Group PLC | | 728,600 | 80,320,943 |
Rolls-Royce Holdings PLC (a) | | 17,473,600 | 89,605,066 |
Standard Chartered PLC (United Kingdom) | | 17,865,122 | 153,488,922 |
TOTAL UNITED KINGDOM | | | 1,581,196,339 |
United States of America - 9.9% | | | |
CRH PLC | | 3,342,028 | 260,417,300 |
Ferguson PLC | | 502,195 | 106,427,013 |
GSK PLC | | 11,884,128 | 246,559,048 |
Linde PLC | | 400,314 | 176,522,461 |
Shell PLC ADR | | 9,646,648 | 691,278,794 |
TOTAL UNITED STATES OF AMERICA | | | 1,481,204,616 |
TOTAL COMMON STOCKS (Cost $10,216,656,411) | | | 14,448,028,941 |
| | | |
Nonconvertible Preferred Stocks - 0.7% |
| | Shares | Value ($) |
Germany - 0.7% | | | |
Porsche Automobil Holding SE (Germany) (Cost $127,912,143) | | 1,977,377 | 100,750,334 |
| | | |
Money Market Funds - 5.0% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) | | 291,673,700 | 291,732,035 |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 459,560,680 | 459,606,636 |
TOTAL MONEY MARKET FUNDS (Cost $751,338,671) | | | 751,338,671 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 102.5% (Cost $11,095,907,225) | 15,300,117,946 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (377,027,700) |
NET ASSETS - 100.0% | 14,923,090,246 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $239,711,354 or 1.6% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 292,175,622 | 1,348,345,323 | 1,348,786,652 | 8,269,468 | (2,258) | - | 291,732,035 | 0.6% |
Fidelity Securities Lending Cash Central Fund 5.39% | 171,028,158 | 1,280,061,593 | 991,483,115 | 504,787 | - | - | 459,606,636 | 1.7% |
Total | 463,203,780 | 2,628,406,916 | 2,340,269,767 | 8,774,255 | (2,258) | - | 751,338,671 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 348,120,467 | 172,663,008 | 175,457,459 | - |
Consumer Discretionary | 1,259,708,482 | 413,635,406 | 846,073,076 | - |
Consumer Staples | 92,566,164 | - | 92,566,164 | - |
Energy | 1,720,512,590 | 807,210,311 | 913,302,279 | - |
Financials | 4,756,354,755 | 2,378,397,452 | 2,377,957,303 | - |
Health Care | 756,777,641 | 220,428,777 | 536,348,864 | - |
Industrials | 2,732,412,877 | 689,614,011 | 2,042,798,866 | - |
Information Technology | 856,586,093 | 60,618,087 | 795,968,006 | - |
Materials | 1,805,989,355 | 540,051,781 | 1,265,937,574 | - |
Real Estate | 96,534,135 | - | 96,534,135 | - |
Utilities | 123,216,716 | - | 123,216,716 | - |
|
Money Market Funds | 751,338,671 | 751,338,671 | - | - |
Total Investments in Securities: | 15,300,117,946 | 6,033,957,504 | 9,266,160,442 | - |
Fidelity® Series International Value Fund
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $425,491,272) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $10,344,568,554) | $ | 14,548,779,275 | | |
Fidelity Central Funds (cost $751,338,671) | | 751,338,671 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $11,095,907,225) | | | $ | 15,300,117,946 |
Foreign currency held at value (cost $6,045,515) | | | | 6,045,509 |
Receivable for investments sold | | | | 123,688,857 |
Receivable for fund shares sold | | | | 289,760 |
Dividends receivable | | | | 92,132,166 |
Reclaims receivable | | | | 39,428,331 |
Interest receivable | | | | 1,510 |
Distributions receivable from Fidelity Central Funds | | | | 1,347,284 |
Other receivables | | | | 12,110 |
Total assets | | | | 15,563,063,473 |
Liabilities | | | | |
Payable for investments purchased | $ | 35,175,745 | | |
Payable for fund shares redeemed | | 144,938,462 | | |
Other payables and accrued expenses | | 252,384 | | |
Collateral on securities loaned | | 459,606,636 | | |
Total liabilities | | | | 639,973,227 |
Net Assets | | | $ | 14,923,090,246 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 11,417,380,855 |
Total accumulated earnings (loss) | | | | 3,505,709,391 |
Net Assets | | | $ | 14,923,090,246 |
Net Asset Value, offering price and redemption price per share ($14,923,090,246 ÷ 1,213,399,551 shares) | | | $ | 12.30 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 252,561,107 |
Interest | | | | 531,379 |
Income from Fidelity Central Funds (including $504,787 from security lending) | | | | 8,774,255 |
Income before foreign taxes withheld | | | $ | 261,866,741 |
Less foreign taxes withheld | | | | (9,975,699) |
Total income | | | | 251,891,042 |
Expenses | | | | |
Custodian fees and expenses | $ | 380,171 | | |
Independent trustees' fees and expenses | | 35,643 | | |
Interest | | 3,989 | | |
Total expenses | | | | 419,803 |
Net Investment income (loss) | | | | 251,471,239 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 185,528,788 | | |
Redemptions in-kind | | 125,954,038 | | |
Fidelity Central Funds | | (2,258) | | |
Foreign currency transactions | | (921,310) | | |
Total net realized gain (loss) | | | | 310,559,258 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 1,952,261,609 | | |
Assets and liabilities in foreign currencies | | (133,945) | | |
Total change in net unrealized appreciation (depreciation) | | | | 1,952,127,664 |
Net gain (loss) | | | | 2,262,686,922 |
Net increase (decrease) in net assets resulting from operations | | | $ | 2,514,158,161 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 251,471,239 | $ | 459,683,466 |
Net realized gain (loss) | | 310,559,258 | | 190,312,862 |
Change in net unrealized appreciation (depreciation) | | 1,952,127,664 | | 1,675,747,717 |
Net increase (decrease) in net assets resulting from operations | | 2,514,158,161 | | 2,325,744,045 |
Distributions to shareholders | | (464,306,298) | | (425,784,758) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 1,399,966,551 | | 1,992,285,965 |
Reinvestment of distributions | | 464,306,298 | | 425,784,758 |
Cost of shares redeemed | | (1,777,796,978) | | (3,899,245,756) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 86,475,871 | | (1,481,175,033) |
Total increase (decrease) in net assets | | 2,136,327,734 | | 418,784,254 |
| | | | |
Net Assets | | | | |
Beginning of period | | 12,786,762,512 | | 12,367,978,258 |
End of period | $ | 14,923,090,246 | $ | 12,786,762,512 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 119,710,685 | | 187,826,877 |
Issued in reinvestment of distributions | | 41,345,609 | | 42,493,489 |
Redeemed | | (149,150,060) | | (368,035,186) |
Net increase (decrease) | | 11,906,234 | | (137,714,820) |
| | | | |
Financial Highlights
Fidelity® Series International Value Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 10.64 | $ | 9.24 | $ | 11.62 | $ | 8.25 | $ | 9.82 | $ | 9.68 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .20 | | .37 | | .42 | | .43 C | | .26 | | .39 |
Net realized and unrealized gain (loss) | | 1.84 | | 1.36 | | (2.24) | | 3.23 | | (1.43) | | .10 |
Total from investment operations | | 2.04 | | 1.73 | | (1.82) | | 3.66 | | (1.17) | | .49 |
Distributions from net investment income | | (.38) | | (.33) | | (.56) | | (.29) | | (.36) | | (.35) |
Distributions from net realized gain | | - | | - | | - | | - | | (.04) | | - |
Total distributions | | (.38) | | (.33) | | (.56) | | (.29) | | (.40) | | (.35) |
Net asset value, end of period | $ | 12.30 | $ | 10.64 | $ | 9.24 | $ | 11.62 | $ | 8.25 | $ | 9.82 |
Total Return D,E | | | | 18.99% | | (16.40)% | | 44.95% | | (12.55)% | | 5.48% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% | | .01% |
Expenses net of all reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% |
Net investment income (loss) | | 3.44% H | | 3.42% | | 4.09% | | 3.97% C | | 2.92% | | 4.23% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 14,923,090 | $ | 12,786,763 | $ | 12,367,978 | $ | 15,330,482 | $ | 11,605,710 | $ | 15,992,396 |
Portfolio turnover rate I | | | | 30% J | | 31% J | | 34% | | 36% J | | 41% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.00%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate Bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Fidelity Series Emerging Markets Opportunities Fund:
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $229,775,396 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.6 - 10.0 / 3.7 | Increase |
| | Market approach | Transaction price | $56.00 | Increase |
| | | Discount rate | 20.0% - 50.0% / 20.3% | Decrease |
| | Recovery value | Recovery value | $0.00 | Increase |
| | Black scholes | Discount rate | 4.8% | Increase |
| | | Term | 3.0 | Increase |
| | | Volatility | 60.0% | Increase |
Corporate Bonds | $44,615,271 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 8.8 | Increase |
| | | Discount rate | 23.2% | Decrease |
| | | Probability rate | 33.3% | Increase |
| | Discounted cash flow | Discount rate | 3.3% | Decrease |
| | Black scholes | Discount rate | 4.8% - 5.0% / 4.9% | Increase |
| | | Term | 1.7 - 2.8 / 2.2 | Increase |
| | | Volatility | 65.0% | Increase |
| | | | | |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable. Fidelity Series International Growth Fund and Fidelity Series International Value Fund have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Fidelity Series Emerging Markets Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Fund,
Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund and Fidelity Series International Small Cap Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses or Deferred taxes on each applicable Fund's Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized depreciation ($) | Net unrealized appreciation (depreciation) ($) |
Fidelity Series Emerging Markets Fund | 5,060,739,941 | 1,023,368,609 | (291,249,377) | 732,119,232 |
Fidelity Series Emerging Markets Opportunities Fund | 19,132,978,818 | 6,824,541,227 | (2,557,956,698) | 4,266,584,529 |
Fidelity Series International Growth Fund | 9,367,642,952 | 5,886,897,219 | (217,711,605) | 5,669,185,614 |
Fidelity Series International Small Cap Fund | 2,954,710,847 | 1,193,698,670 | (292,518,382) | 901,180,288 |
Fidelity Series International Value Fund | 11,289,007,800 | 4,392,964,012 | (381,853,866) | 4,011,110,146 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term ($) | Long-term ($) | Total capital loss carryforward ($) |
Fidelity Series Emerging Markets Fund | (416,445,717) | (128,198,581) | (544,644,298) |
Fidelity Series Emerging Markets Opportunities Fund | (1,148,522,328) | (669,262,994) | (1,817,785,323) |
Fidelity Series International Growth Fund | (49,487,799) | (127,395,550) | (176,883,349) |
Fidelity Series International Value Fund | (999,877,736) | - | (999,877,736) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Series Emerging Markets Fund | 2,450,887,771 | 2,182,173,133 |
Fidelity Series Emerging Markets Opportunities Fund | 4,906,441,544 | 5,147,476,255 |
Fidelity Series International Growth Fund | 1,878,649,584 | 2,308,643,601 |
Fidelity Series International Small Cap Fund | 541,181,171 | 677,543,215 |
Fidelity Series International Value Fund | 1,998,571,593 | 1,794,910,777 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Series International Growth Fund | 19,072,364 | 175,468,806 | 329,605,171 |
Fidelity Series International Value Fund | 27,879,732 | 125,954,038 | 327,159,137 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Series International Growth Fund | 24,781,944 | 187,812,495 | 380,697,437 |
Fidelity Series International Value Fund | 36,205,694 | 125,106,946 | 383,424,293 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Series Emerging Markets Fund | 413 |
Fidelity Series Emerging Markets Opportunities Fund | 18,108 |
Fidelity Series International Growth Fund | 2,603 |
Fidelity Series International Small Cap Fund | 642 |
Fidelity Series International Value Fund | 981 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Series International Small Cap Fund | Borrower | 24,754,000 | 5.59% | 3,840 |
Fidelity Series International Value Fund | Borrower | 12,860,500 | 5.58% | 3,989 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Series Emerging Markets Fund | 12,826,396 | 33,444,816 | 1,811,448 |
Fidelity Series Emerging Markets Opportunities Fund | 19,931,607 | 37,931,689 | 6,244,902 |
Fidelity Series International Growth Fund | 113,819,948 | 37,210,202 | 20,564,562 |
Fidelity Series International Small Cap Fund | 18,989,860 | 22,800,688 | 1,155,116 |
Fidelity Series International Value Fund | 29,413,098 | 74,492,560 | 20,111,516 |
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
| Amount ($) |
Fidelity Series International Small Cap Fund | 19,711 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Series Emerging Markets Fund | 41,271 | - | - |
Fidelity Series Emerging Markets Opportunities Fund | 126,399 | 2 | - |
Fidelity Series International Growth Fund | 15,093 | - | - |
Fidelity Series International Small Cap Fund | 21,981 | - | - |
Fidelity Series International Value Fund | 55,520 | - | - |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| Expense Limitations | Reimbursement ($) |
Fidelity Series Emerging Markets Fund | .013% | 531,112 |
Fidelity Series Emerging Markets Opportunities Fund | .013% | 1,713,192 |
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Custodian credits ($) |
Fidelity Series Emerging Markets Fund | 1,895 |
Fidelity Series Emerging Markets Opportunities Fund | 2,435 |
Fidelity Series International Growth Fund | 784 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Series Emerging Markets Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,159.70 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
| | | | | | | | | | |
Fidelity® Series Emerging Markets Opportunities Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,160.90 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
| | | | | | | | | | |
Fidelity® Series International Growth Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,207.10 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
| | | | | | | | | | |
Fidelity® Series International Small Cap Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,196.10 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
| | | | | | | | | | |
Fidelity® Series International Value Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,195.60 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Series Emerging Markets Fund
Fidelity Series Emerging Markets Opportunities Fund
Fidelity Series International Growth Fund
Fidelity Series International Small Cap Fund
Fidelity Series International Value Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for [the/each] fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the funds under the management contracts with FMR will remain unchanged.
The Board further considered that the approval of each fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of services provided to each fund by FMR and its affiliates.
In connection with its consideration of future renewals of each fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.907946.114
GSV-S-SANN-0624
Fidelity® SAI International SMA Completion Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Itochu Corp. (Japan, Trading Companies & Distributors) | 5.1 | |
Constellation Software, Inc. (Canada, Software) | 5.1 | |
Keyence Corp. (Japan, Electronic Equipment, Instruments & Components) | 4.4 | |
Indutrade AB (Sweden, Machinery) | 4.2 | |
Investor AB (B Shares) (Sweden, Financial Services) | 4.2 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (Canada, Consumer Staples Distribution & Retail) | 3.7 | |
Schneider Electric SA (United States of America, Electrical Equipment) | 3.6 | |
Hannover Reuck SE (Germany, Insurance) | 3.5 | |
Sika AG (Switzerland, Chemicals) | 3.5 | |
Sage Group PLC (United Kingdom, Software) | 3.4 | |
| 40.7 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 30.1 | |
Financials | 20.6 | |
Information Technology | 20.5 | |
Consumer Discretionary | 7.8 | |
Materials | 7.5 | |
Energy | 3.9 | |
Consumer Staples | 3.7 | |
Health Care | 1.4 | |
Real Estate | 0.8 | |
Communication Services | 0.5 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| | Shares | Value ($) |
Australia - 3.1% | | | |
Aristocrat Leisure Ltd. | | 389,887 | 9,949,911 |
CAR Group Ltd. | | 158,560 | 3,438,138 |
Steadfast Group Ltd. | | 2,013,426 | 7,327,706 |
TOTAL AUSTRALIA | | | 20,715,755 |
Belgium - 0.8% | | | |
UCB SA | | 41,100 | 5,463,002 |
Canada - 12.1% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 445,100 | 24,669,400 |
Constellation Software, Inc. | | 13,236 | 34,076,991 |
Constellation Software, Inc. warrants 3/31/40 (a)(b) | | 10,836 | 1 |
Ivanhoe Mines Ltd. (a)(c) | | 1,427,400 | 19,347,898 |
MEG Energy Corp. (a) | | 130,200 | 2,961,219 |
TOTAL CANADA | | | 81,055,509 |
Denmark - 1.0% | | | |
Pandora A/S | | 43,400 | 6,641,431 |
France - 3.0% | | | |
Capgemini SA | | 51,685 | 10,863,209 |
Sartorius Stedim Biotech | | 19,300 | 4,181,183 |
Thales SA | | 30,100 | 5,073,784 |
TOTAL FRANCE | | | 20,118,176 |
Germany - 3.5% | | | |
Hannover Reuck SE | | 93,982 | 23,309,160 |
India - 6.0% | | | |
Axis Bank Ltd. | | 479,278 | 6,687,905 |
HDFC Bank Ltd. | | 897,778 | 16,299,541 |
Reliance Industries Ltd. | | 484,671 | 17,009,179 |
TOTAL INDIA | | | 39,996,625 |
Indonesia - 3.1% | | | |
PT Bank Central Asia Tbk | | 18,643,987 | 11,210,342 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 32,421,538 | 9,814,115 |
TOTAL INDONESIA | | | 21,024,457 |
Ireland - 2.6% | | | |
Kingspan Group PLC (Ireland) | | 191,207 | 17,110,105 |
Italy - 1.0% | | | |
FinecoBank SpA | | 438,676 | 6,760,159 |
Japan - 22.1% | | | |
BayCurrent Consulting, Inc. | | 217,800 | 4,636,345 |
Fast Retailing Co. Ltd. | | 37,100 | 9,700,502 |
Fuji Electric Co. Ltd. | | 207,300 | 12,894,876 |
Itochu Corp. | | 763,666 | 34,452,621 |
Keyence Corp. | | 66,324 | 29,167,296 |
Minebea Mitsumi, Inc. | | 974,036 | 18,244,040 |
Mitsubishi Heavy Industries Ltd. | | 1,894,500 | 16,938,946 |
Persol Holdings Co. Ltd. | | 2,239,900 | 3,098,475 |
Renesas Electronics Corp. | | 1,168,500 | 18,971,476 |
TOTAL JAPAN | | | 148,104,577 |
Korea (South) - 1.3% | | | |
Samsung Electronics Co. Ltd. | | 152,284 | 8,441,258 |
Netherlands - 4.0% | | | |
BE Semiconductor Industries NV | | 99,600 | 13,339,787 |
IMCD NV | | 86,510 | 13,133,014 |
TOTAL NETHERLANDS | | | 26,472,801 |
Portugal - 0.9% | | | |
Galp Energia SGPS SA Class B | | 274,800 | 5,923,985 |
Spain - 2.8% | | | |
CaixaBank SA | | 3,543,505 | 18,686,883 |
Sweden - 10.5% | | | |
Atlas Copco AB (A Shares) | | 785,700 | 13,762,390 |
Indutrade AB | | 1,213,506 | 28,431,568 |
Investor AB (B Shares) | | 1,144,704 | 28,289,366 |
TOTAL SWEDEN | | | 70,483,324 |
Switzerland - 4.9% | | | |
Partners Group Holding AG | | 7,370 | 9,536,704 |
Sika AG | | 80,704 | 23,115,978 |
TOTAL SWITZERLAND | | | 32,652,682 |
United Kingdom - 9.4% | | | |
B&M European Value Retail SA | | 3,080,487 | 19,977,465 |
Big Yellow Group PLC | | 429,000 | 5,789,415 |
Games Workshop Group PLC | | 42,200 | 5,225,643 |
RS GROUP PLC | | 1,018,100 | 9,375,870 |
Sage Group PLC | | 1,558,500 | 22,706,960 |
TOTAL UNITED KINGDOM | | | 63,075,353 |
United States of America - 4.7% | | | |
CRH PLC | | 100,900 | 7,811,678 |
Schneider Electric SA | | 104,700 | 23,872,993 |
TOTAL UNITED STATES OF AMERICA | | | 31,684,671 |
TOTAL COMMON STOCKS (Cost $560,273,152) | | | 647,719,913 |
| | | |
Money Market Funds - 6.1% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) | | 19,548,659 | 19,552,568 |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 21,043,136 | 21,045,240 |
TOTAL MONEY MARKET FUNDS (Cost $40,597,808) | | | 40,597,808 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 102.9% (Cost $600,870,960) | 688,317,721 |
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (19,211,244) |
NET ASSETS - 100.0% | 669,106,477 |
| |
Legend
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 68,161,995 | 105,843,575 | 154,452,915 | 1,468,280 | (87) | - | 19,552,568 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 31,887,409 | 10,842,169 | 3,932 | - | - | 21,045,240 | 0.1% |
Total | 68,161,995 | 137,730,984 | 165,295,084 | 1,472,212 | (87) | - | 40,597,808 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 3,438,138 | - | 3,438,138 | - |
Consumer Discretionary | 51,494,952 | 31,844,539 | 19,650,413 | - |
Consumer Staples | 24,669,400 | 24,669,400 | - | - |
Energy | 25,894,383 | 8,885,204 | 17,009,179 | - |
Financials | 137,921,881 | 67,895,389 | 70,026,492 | - |
Health Care | 9,644,185 | 9,644,185 | - | - |
Industrials | 201,025,027 | 73,124,341 | 127,900,686 | - |
Information Technology | 137,566,978 | 70,123,738 | 67,443,239 | 1 |
Materials | 50,275,554 | 50,275,554 | - | - |
Real Estate | 5,789,415 | 5,789,415 | - | - |
|
Money Market Funds | 40,597,808 | 40,597,808 | - | - |
Total Investments in Securities: | 688,317,721 | 382,849,573 | 305,468,147 | 1 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $17,977,491) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $560,273,152) | $ | 647,719,913 | | |
Fidelity Central Funds (cost $40,597,808) | | 40,597,808 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $600,870,960) | | | $ | 688,317,721 |
Foreign currency held at value (cost $82,840) | | | | 82,835 |
Receivable for investments sold | | | | 72 |
Receivable for fund shares sold | | | | 870,440 |
Dividends receivable | | | | 1,196,139 |
Reclaims receivable | | | | 557,790 |
Distributions receivable from Fidelity Central Funds | | | | 105,866 |
Total assets | | | | 691,130,863 |
Liabilities | | | | |
Payable for investments purchased | $ | 106,129 | | |
Payable for fund shares redeemed | | 230,743 | | |
Other payables and accrued expenses | | 642,274 | | |
Collateral on securities loaned | | 21,045,240 | | |
Total liabilities | | | | 22,024,386 |
Net Assets | | | $ | 669,106,477 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 680,767,985 |
Total accumulated earnings (loss) | | | | (11,661,508) |
Net Assets | | | $ | 669,106,477 |
Net Asset Value, offering price and redemption price per share ($669,106,477 ÷ 58,456,090 shares) | | | $ | 11.45 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 6,766,271 |
Income from Fidelity Central Funds (including $3,932 from security lending) | | | | 1,472,212 |
Income before foreign taxes withheld | | | $ | 8,238,483 |
Less foreign taxes withheld | | | | (866,262) |
Total income | | | | 7,372,221 |
Expenses | | | | |
Independent trustees' fees and expenses | $ | 1,498 | | |
Total expenses | | | | 1,498 |
Net Investment income (loss) | | | | 7,370,723 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $159,704) | | (27,037,556) | | |
Fidelity Central Funds | | (87) | | |
Foreign currency transactions | | (36,776) | | |
Total net realized gain (loss) | | | | (27,074,419) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $520,819) | | 100,931,478 | | |
Assets and liabilities in foreign currencies | | (9,917) | | |
Total change in net unrealized appreciation (depreciation) | | | | 100,921,561 |
Net gain (loss) | | | | 73,847,142 |
Net increase (decrease) in net assets resulting from operations | | | $ | 81,217,865 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 7,370,723 | $ | 12,058,422 |
Net realized gain (loss) | | (27,074,419) | | (33,839,849) |
Change in net unrealized appreciation (depreciation) | | 100,921,561 | | 46,040,455 |
Net increase (decrease) in net assets resulting from operations | | 81,217,865 | | 24,259,028 |
Distributions to shareholders | | (11,534,142) | | (6,168,818) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 111,037,417 | | 179,578,134 |
Reinvestment of distributions | | 3,673,934 | | 1,847,861 |
Cost of shares redeemed | | (43,748,922) | | (109,762,922) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 70,962,429 | | 71,663,073 |
Total increase (decrease) in net assets | | 140,646,152 | | 89,753,283 |
| | | | |
Net Assets | | | | |
Beginning of period | | 528,460,325 | | 438,707,042 |
End of period | $ | 669,106,477 | $ | 528,460,325 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 9,732,467 | | 16,763,788 |
Issued in reinvestment of distributions | | 332,182 | | 177,850 |
Redeemed | | (3,881,229) | | (10,338,376) |
Net increase (decrease) | | 6,183,420 | | 6,603,262 |
| | | | |
Financial Highlights
Fidelity® SAI International SMA Completion Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 10.11 | $ | 9.61 | $ | 15.46 | $ | 12.38 | $ | 10.47 | $ | 10.00 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .13 | | .25 | | .18 | | .19 | | .17 D | | .08 |
Net realized and unrealized gain (loss) | | 1.43 | | .39 | | (5.16) | | 3.01 | | 1.77 | | .39 |
Total from investment operations | | 1.56 | | .64 | | (4.98) | | 3.20 | | 1.94 | | .47 |
Distributions from net investment income | | (.22) | | (.14) | | (.16) | | (.12) | | (.03) | | - |
Distributions from net realized gain | | - | | - | | (.71) | | - | | - | | - |
Total distributions | | (.22) | | (.14) | | (.87) | | (.12) | | (.03) | | - |
Net asset value, end of period | $ | 11.45 | $ | 10.11 | $ | 9.61 | $ | 15.46 | $ | 12.38 | $ | 10.47 |
Total Return E,F | | | | 6.61% | | (34.09)% | | 26.03% | | 18.57% | | 4.70% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
Expenses before reductions I | | -% J | | -% | | -% | | -% | | -% | | -% J |
Expenses net of fee waivers, if any I | | | | -% | | -% | | -% | | -% | | -% J |
Expenses net of all reductions I | | -% J | | -% | | -% | | -% | | -% | | -% J |
Net investment income (loss) | | 2.35% J | | 2.36% | | 1.56% | | 1.30% | | 1.45% D | | 1.41% J |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 669,106 | $ | 528,460 | $ | 438,707 | $ | 583,710 | $ | 318,362 | $ | 46,836 |
Portfolio turnover rate K | | | | 31% | | 40% | | 37% | | 17% | | 24% J |
AFor the period April 11, 2019 (commencement of operations) through October 31, 2019.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.28%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAmount represents less than .005%.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity SAI International SMA Completion Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $105,878,283 |
Gross unrealized depreciation | (24,364,834) |
Net unrealized appreciation (depreciation) | $81,513,449 |
Tax cost | $606,804,272 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(20,563,814) |
Long-term | (53,416,729) |
Total capital loss carryforward | $(73,980,543) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity SAI International SMA Completion Fund | 236,984,578 | 121,691,936 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity SAI International SMA Completion Fund | 180 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity SAI International SMA Completion Fund | 1,672,807 | 7,787,591 | (3,278,733) |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity SAI International SMA Completion Fund | 426 | - | - |
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® SAI International SMA Completion Fund | | | | -%-D | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,154.90 | | $-E |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.86 | | $-E |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
Board Approval of Investment Advisory Contracts
Fidelity SAI International SMA Completion Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9893099.105
ISM-SANN-0624
Fidelity® Series Select International Small Cap Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Nova Ltd. (Israel, Semiconductors & Semiconductor Equipment) | 1.1 | |
Lancashire Holdings Ltd. (United Kingdom, Insurance) | 1.1 | |
Vistry Group PLC (United Kingdom, Household Durables) | 1.0 | |
VZ Holding AG (Switzerland, Capital Markets) | 1.0 | |
Toyo Suisan Kaisha Ltd. (Japan, Food Products) | 1.0 | |
Mitie Group PLC (United Kingdom, Commercial Services & Supplies) | 0.9 | |
Munters Group AB (Sweden, Building Products) | 0.9 | |
Sabre Insurance Group PLC (United Kingdom, Insurance) | 0.9 | |
Suruga Bank Ltd. (Japan, Banks) | 0.9 | |
Steadfast Group Ltd. (Australia, Insurance) | 0.9 | |
| 9.7 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 23.9 | |
Consumer Discretionary | 14.0 | |
Financials | 11.8 | |
Information Technology | 9.8 | |
Materials | 9.2 | |
Real Estate | 7.5 | |
Consumer Staples | 5.9 | |
Health Care | 5.8 | |
Communication Services | 5.3 | |
Energy | 3.1 | |
Utilities | 1.9 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 97.6% |
| | Shares | Value ($) |
Australia - 7.2% | | | |
ALS Ltd. | | 1,016 | 8,495 |
Ansell Ltd. | | 358 | 5,886 |
Aurizon Holdings Ltd. | | 2,153 | 5,288 |
Beach Energy Ltd. | | 6,020 | 6,164 |
CAR Group Ltd. | | 419 | 9,085 |
Challenger Ltd. | | 953 | 4,106 |
Evolution Mining Ltd. | | 2,578 | 6,648 |
Flight Centre Travel Group Ltd. | | 515 | 7,000 |
GUD Holdings Ltd. | | 1,090 | 7,158 |
Incitec Pivot Ltd. | | 2,876 | 5,164 |
Iress Ltd. (a) | | 376 | 2,055 |
National Storage REIT unit | | 4,732 | 6,525 |
Steadfast Group Ltd. | | 2,981 | 10,849 |
Treasury Wine Estates Ltd. | | 809 | 6,274 |
TOTAL AUSTRALIA | | | 90,697 |
Austria - 1.6% | | | |
AT&S Austria Technologie & Systemtechnik AG | | 107 | 2,382 |
Schoeller-Bleckmann Oilfield Equipment AG | | 107 | 5,219 |
Wienerberger AG | | 268 | 9,598 |
Zumtobel AG | | 440 | 2,808 |
TOTAL AUSTRIA | | | 20,007 |
Bailiwick of Jersey - 0.6% | | | |
JTC PLC (b) | | 725 | 7,746 |
Belgium - 1.5% | | | |
Azelis Group NV | | 277 | 6,693 |
Econocom Group SA | | 2,021 | 4,745 |
Fagron NV | | 406 | 7,903 |
TOTAL BELGIUM | | | 19,341 |
Finland - 0.7% | | | |
Huhtamaki Oyj | | 173 | 6,639 |
Kemira Oyj | | 100 | 2,179 |
TOTAL FINLAND | | | 8,818 |
France - 6.5% | | | |
Altarea SCA | | 44 | 3,808 |
ALTEN | | 56 | 6,616 |
Elis SA | | 300 | 6,762 |
Euroapi SASU (a) | | 363 | 1,144 |
Exclusive Networks SA (a) | | 374 | 7,983 |
Ipsos SA | | 117 | 7,854 |
Nexans SA | | 35 | 3,750 |
Rexel SA | | 413 | 10,768 |
SEB SA | | 50 | 5,934 |
Ubisoft Entertainment SA (a) | | 200 | 4,732 |
Vallourec SA (a) | | 514 | 8,922 |
Vicat SA | | 127 | 4,696 |
Virbac SA | | 23 | 8,517 |
TOTAL FRANCE | | | 81,486 |
Germany - 5.1% | | | |
Bilfinger Berger AG | | 151 | 7,042 |
CTS Eventim AG | | 108 | 9,589 |
Gerresheimer AG | | 65 | 7,006 |
Lanxess AG | | 140 | 3,964 |
Mensch und Maschine Software SE | | 82 | 4,848 |
Patrizia Immobilien AG | | 474 | 4,199 |
PVA TePla AG (a) | | 189 | 3,766 |
SAF-Holland SA | | 523 | 10,091 |
Stabilus Se | | 136 | 8,447 |
Takkt AG | | 400 | 5,567 |
TOTAL GERMANY | | | 64,519 |
Hong Kong - 2.4% | | | |
ASMPT Ltd. | | 569 | 7,071 |
Dah Sing Financial Holdings Ltd. | | 1,207 | 3,381 |
Fortune (REIT) | | 4,496 | 2,209 |
Hong Kong Resources Holdings Co. Ltd. (a)(c) | | 97 | 12 |
Hysan Development Co. Ltd. | | 2,024 | 3,155 |
Luk Fook Holdings International Ltd. | | 2,386 | 5,720 |
Melco International Development Ltd. (a) | | 3,000 | 2,254 |
Pacific Basin Shipping Ltd. | | 18,000 | 6,233 |
TOTAL HONG KONG | | | 30,035 |
Ireland - 1.7% | | | |
Bank of Ireland Group PLC | | 675 | 7,236 |
C&C Group PLC (United Kingdom) | | 3,568 | 7,347 |
Dalata Hotel Group PLC | | 1,460 | 6,575 |
TOTAL IRELAND | | | 21,158 |
Israel - 2.0% | | | |
Bezeq The Israel Telecommunication Corp. Ltd. | | 4,730 | 5,876 |
Nova Ltd. (a) | | 80 | 13,835 |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | | 103 | 5,872 |
TOTAL ISRAEL | | | 25,583 |
Italy - 2.5% | | | |
Banca Generali SpA | | 257 | 10,099 |
Banco BPM SpA | | 1,200 | 7,919 |
Brembo N.V. | | 474 | 6,056 |
Carel Industries SpA (b) | | 144 | 2,923 |
GVS SpA (a)(b) | | 739 | 4,322 |
TOTAL ITALY | | | 31,319 |
Japan - 34.3% | | | |
Aeon Delight Co. Ltd. | | 230 | 5,440 |
Anritsu Corp. | | 491 | 3,743 |
As One Corp. | | 300 | 4,943 |
ASKUL Corp. | | 541 | 8,170 |
Azbil Corp. | | 196 | 5,474 |
BayCurrent Consulting, Inc. | | 200 | 4,257 |
Cosmos Pharmaceutical Corp. | | 61 | 5,612 |
Daido Steel Co. Ltd. | | 750 | 8,270 |
Daiichikosho Co. Ltd. | | 506 | 5,906 |
Daiwa Securities Living Invest | | 8 | 5,432 |
Dexerials Corp. | | 170 | 6,368 |
Dowa Holdings Co. Ltd. | | 182 | 6,815 |
FP Corp. | | 291 | 4,682 |
Fujitec Co. Ltd. | | 230 | 5,673 |
Fukushima Galilei Co. Ltd. | | 180 | 7,197 |
Funai Soken Holdings, Inc. | | 330 | 4,993 |
Fuyo General Lease Co. Ltd. | | 110 | 9,434 |
Haseko Corp. | | 668 | 8,070 |
Hosokawa Micron Corp. | | 160 | 4,472 |
Inaba Denki Sangyo Co. Ltd. | | 400 | 9,332 |
J. Front Retailing Co. Ltd. | | 392 | 3,414 |
JTOWER, Inc. (a) | | 135 | 2,757 |
Kamigumi Co. Ltd. | | 398 | 8,595 |
Kaneka Corp. | | 248 | 6,424 |
Kawasaki Heavy Industries Ltd. | | 250 | 7,740 |
Kissei Pharmaceutical Co. Ltd. | | 235 | 5,385 |
Koshidaka Holdings Co. Ltd. | | 950 | 5,197 |
Kyoritsu Maintenance Co. Ltd. | | 346 | 7,379 |
Kyoto Financial Group, Inc. | | 576 | 10,252 |
Kyushu Railway Co. | | 310 | 6,670 |
Maruwa Ceramic Co. Ltd. | | 42 | 8,851 |
Milbon Co. Ltd. | | 162 | 3,184 |
Mitsubishi Logisnext Co. Ltd. | | 900 | 8,876 |
Miura Co. Ltd. | | 250 | 3,933 |
Money Forward, Inc. (a) | | 100 | 3,482 |
Morinaga & Co. Ltd. | | 444 | 7,175 |
Nabtesco Corp. | | 291 | 4,799 |
Nagaileben Co. Ltd. | | 290 | 4,326 |
Net One Systems Co. Ltd. | | 138 | 2,309 |
Nikkiso Co. Ltd. | | 978 | 7,811 |
Nippon Gas Co. Ltd. | | 413 | 6,736 |
Okinawa Cellular Telephone Co. | | 299 | 6,425 |
PALTAC Corp. | | 222 | 6,719 |
Park24 Co. Ltd. (a) | | 416 | 4,480 |
Penta-Ocean Construction Co. Ltd. | | 908 | 4,557 |
Relo Group, Inc. | | 388 | 3,373 |
Resonac Holdings Corp. | | 325 | 7,047 |
Riken Keiki Co. Ltd. | | 240 | 5,872 |
Rinnai Corp. | | 260 | 5,634 |
Roland Corp. | | 186 | 5,056 |
Santen Pharmaceutical Co. Ltd. | | 800 | 7,727 |
Sanwa Holdings Corp. | | 568 | 9,276 |
Shoei Co. Ltd. | | 380 | 4,868 |
SOSiLA Logistics REIT, Inc. | | 6 | 4,724 |
Stanley Electric Co. Ltd. | | 358 | 6,336 |
Sumco Corp. | | 459 | 6,845 |
Suruga Bank Ltd. | | 1,788 | 10,905 |
SWCC Showa Holdings Co. Ltd. | | 350 | 9,228 |
Taiyo Yuden Co. Ltd. | | 150 | 3,513 |
Tokyo Tatemono Co. Ltd. | | 433 | 7,205 |
Toyo Gosei Co. Ltd. | | 110 | 5,644 |
Toyo Suisan Kaisha Ltd. | | 195 | 12,194 |
Tsumura & Co. | | 219 | 5,277 |
Tsuruha Holdings, Inc. | | 69 | 4,356 |
Valqua Ltd. | | 348 | 9,727 |
Workman Co. Ltd. | | 183 | 4,496 |
Yokogawa Electric Corp. | | 298 | 6,585 |
Zenkoku Hosho Co. Ltd. | | 170 | 5,969 |
Zuken, Inc. | | 290 | 7,578 |
TOTAL JAPAN | | | 431,194 |
Netherlands - 1.3% | | | |
Eurocommercial Properties NV | | 342 | 7,811 |
OCI NV | | 140 | 3,780 |
TKH Group NV (bearer) (depositary receipt) | | 100 | 4,329 |
TOTAL NETHERLANDS | | | 15,920 |
New Zealand - 0.8% | | | |
Contact Energy Ltd. | | 1,910 | 9,751 |
Norway - 1.8% | | | |
DOF Group ASA | | 700 | 5,174 |
Schibsted ASA (A Shares) | | 210 | 6,008 |
Sparebanken Midt-Norge | | 500 | 6,586 |
TGS ASA | | 389 | 4,454 |
TOTAL NORWAY | | | 22,222 |
Singapore - 1.9% | | | |
CDL Hospitality Trusts unit | | 7,932 | 5,645 |
Mapletree Industrial (REIT) | | 3,885 | 6,433 |
Sembcorp Industries Ltd. | | 1,793 | 7,007 |
Wing Tai Holdings Ltd. | | 4,256 | 4,576 |
TOTAL SINGAPORE | | | 23,661 |
Spain - 2.4% | | | |
Bankinter SA | | 1,087 | 8,608 |
Cie Automotive SA | | 179 | 4,757 |
Compania de Distribucion Integral Logista Holdings SA | | 317 | 8,647 |
Fluidra SA | | 360 | 7,645 |
TOTAL SPAIN | | | 29,657 |
Sweden - 5.9% | | | |
AAK AB | | 410 | 10,588 |
AddTech AB (B Shares) | | 391 | 8,260 |
Arjo AB | | 1,090 | 4,621 |
Avanza Bank Holding AB | | 310 | 6,712 |
Granges AB | | 500 | 5,939 |
Hemnet Group AB | | 308 | 8,077 |
HEXPOL AB (B Shares) | | 715 | 8,175 |
JM AB (B Shares) | | 300 | 5,156 |
Loomis AB (B Shares) | | 210 | 5,412 |
Munters Group AB (b) | | 555 | 11,231 |
TOTAL SWEDEN | | | 74,171 |
Switzerland - 3.2% | | | |
Bucher Industries AG | | 16 | 6,179 |
Lastminute.com NV (a) | | 155 | 3,566 |
OC Oerlikon Corp. AG (Reg.) | | 793 | 3,444 |
PSP Swiss Property AG | | 57 | 7,063 |
Sensirion Holding AG (a)(b) | | 25 | 1,651 |
Tecan Group AG | | 18 | 6,403 |
VZ Holding AG | | 109 | 12,593 |
TOTAL SWITZERLAND | | | 40,899 |
United Kingdom - 14.2% | | | |
B&M European Value Retail SA | | 1,466 | 9,507 |
Britvic PLC | | 699 | 7,726 |
DCC PLC (United Kingdom) | | 110 | 7,539 |
Grainger Trust PLC | | 2,272 | 7,282 |
Harbour Energy PLC | | 1,109 | 4,003 |
Hill & Smith Holdings PLC | | 344 | 8,124 |
Inchcape PLC | | 773 | 7,727 |
Indivior PLC (a) | | 290 | 5,225 |
J.D. Wetherspoon PLC (a) | | 807 | 7,306 |
Jet2 PLC | | 516 | 9,259 |
John Wood Group PLC (a) | | 2,800 | 5,192 |
Lancashire Holdings Ltd. | | 1,723 | 13,133 |
Mitie Group PLC | | 7,896 | 11,544 |
Pets At Home Group PLC | | 1,177 | 4,297 |
Renewi PLC (a) | | 532 | 3,743 |
Sabre Insurance Group PLC (b) | | 5,571 | 11,194 |
Savills PLC | | 600 | 8,112 |
Senior Engineering Group PLC | | 3,931 | 8,085 |
Spectris PLC | | 189 | 7,864 |
Tate & Lyle PLC | | 651 | 5,361 |
Unite Group PLC | | 623 | 7,224 |
Vistry Group PLC | | 864 | 12,934 |
WH Smith PLC | | 401 | 5,497 |
TOTAL UNITED KINGDOM | | | 177,878 |
TOTAL COMMON STOCKS (Cost $1,050,998) | | | 1,226,062 |
| | | |
Nonconvertible Preferred Stocks - 0.6% |
| | Shares | Value ($) |
Germany - 0.6% | | | |
Jungheinrich AG (Cost $5,082) | | 201 | 7,482 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 98.2% (Cost $1,056,080) | 1,233,544 |
NET OTHER ASSETS (LIABILITIES) - 1.8% | 22,541 |
NET ASSETS - 100.0% | 1,256,085 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $39,067 or 3.1% of net assets. |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 66,309 | 42,136 | 24,173 | - |
Consumer Discretionary | 176,886 | 89,403 | 87,483 | - |
Consumer Staples | 75,689 | 36,894 | 38,795 | - |
Energy | 39,128 | 32,964 | 6,164 | - |
Financials | 146,722 | 91,826 | 54,896 | - |
Health Care | 74,363 | 40,819 | 33,544 | - |
Industrials | 299,226 | 161,881 | 137,345 | - |
Information Technology | 123,436 | 53,690 | 69,746 | - |
Materials | 113,515 | 53,094 | 60,421 | - |
Real Estate | 94,776 | 45,499 | 49,277 | - |
Utilities | 23,494 | - | 23,494 | - |
| | | | |
Total Investments in Securities: | 1,233,544 | 648,206 | 585,338 | - |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $1,056,080): | | | $ | 1,233,544 |
Cash | | | | 12,956 |
Foreign currency held at value (cost $1,320) | | | | 1,314 |
Receivable for investments sold | | | | 4,433 |
Dividends receivable | | | | 6,296 |
Receivable from investment adviser for expense reductions | | | | 17 |
Total assets | | | | 1,258,560 |
Liabilities | | | | |
Payable for investments purchased | | | | |
Regular delivery | $ | 1,863 | | |
Delayed delivery | | 10 | | |
Custody fee payable | | 602 | | |
Total liabilities | | | | 2,475 |
Net Assets | | | $ | 1,256,085 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 1,071,405 |
Total accumulated earnings (loss) | | | | 184,680 |
Net Assets | | | $ | 1,256,085 |
Net Asset Value, offering price and redemption price per share ($1,256,085 ÷ 106,383 shares) | | | $ | 11.81 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 19,054 |
Income before foreign taxes withheld | | | $ | 19,054 |
Less foreign taxes withheld | | | | (1,585) |
Total income | | | | 17,469 |
Expenses | | | | |
Custodian fees and expenses | $ | 1,045 | | |
Independent trustees' fees and expenses | | 3 | | |
Total expenses before reductions | | 1,048 | | |
Expense reductions | | (965) | | |
Total expenses after reductions | | | | 83 |
Net Investment income (loss) | | | | 17,386 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 830 | | |
Foreign currency transactions | | (39) | | |
Total net realized gain (loss) | | | | 791 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 157,640 | | |
Assets and liabilities in foreign currencies | | (129) | | |
Total change in net unrealized appreciation (depreciation) | | | | 157,511 |
Net gain (loss) | | | | 158,302 |
Net increase (decrease) in net assets resulting from operations | | | $ | 175,688 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | For the period November 4, 2022 (commencement of operations) through October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 17,386 | $ | 30,656 |
Net realized gain (loss) | | 791 | | 29,962 |
Change in net unrealized appreciation (depreciation) | | 157,511 | | 19,779 |
Net increase (decrease) in net assets resulting from operations | | 175,688 | | 80,397 |
Distributions to shareholders | | (68,011) | | (3,400) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | - | | 1,000,000 |
Reinvestment of distributions | | 68,011 | | 3,400 |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 68,011 | | 1,003,400 |
Total increase (decrease) in net assets | | 175,688 | | 1,080,397 |
| | | | |
Net Assets | | | | |
Beginning of period | | 1,080,397 | | - |
End of period | $ | 1,256,085 | $ | 1,080,397 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | - | | 100,000 |
Issued in reinvestment of distributions | | 6,072 | | 311 |
Net increase (decrease) | | 6,072 | | 100,311 |
| | | | |
Financial Highlights
Fidelity® Series Select International Small Cap Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 A |
Selected Per-Share Data | | | | |
Net asset value, beginning of period | $ | 10.77 | $ | 10.00 |
Income from Investment Operations | | | | |
Net investment income (loss) B,C | | .17 | | .31 |
Net realized and unrealized gain (loss) | | 1.55 | | .49 |
Total from investment operations | | 1.72 | | .80 |
Distributions from net investment income | | (.43) | | (.03) |
Distributions from net realized gain | | (.25) | | - |
Total distributions | | (.68) | | (.03) |
Net asset value, end of period | $ | 11.81 | $ | 10.77 |
Total Return D,E | | | | 8.03% |
Ratios to Average Net Assets C,F,G | | | | |
Expenses before reductions | | .17% H | | .23% H |
Expenses net of fee waivers, if any | | | | .01% H |
Expenses net of all reductions | | .01% H | | .01% H |
Net investment income (loss) | | 2.82% H | | 2.69% H |
Supplemental Data | | | | |
Net assets, end of period (000 omitted) | $ | 1,256 | $ | 1,080 |
Portfolio turnover rate I | | | | 23% H |
AFor the period November 4, 2022 (commencement of operations) through October 31, 2023.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Series Select International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC).
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $234,097 |
Gross unrealized depreciation | (63,457) |
Net unrealized appreciation (depreciation) | $170,640 |
Tax cost | $1,062,904 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Series Select International Small Cap Fund | 82,024 | 55,493 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Series Select International Small Cap Fund | 777 | 801 | 400 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
5. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $965.
7. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
8. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Series Select International Small Cap Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,162.90 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Series Select International Small Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9906199.101
SSI-SANN-0624
Fidelity® International Small Cap Opportunities Fund
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
iShares MSCI EAFE Small-Cap ETF (United States of America, Multi Sector) | 4.8 | |
Lagercrantz Group AB (B Shares) (Sweden, Electronic Equipment, Instruments & Components) | 4.5 | |
AddTech AB (B Shares) (Sweden, Trading Companies & Distributors) | 4.0 | |
CTS Eventim AG (Germany, Entertainment) | 3.8 | |
Spectris PLC (United Kingdom, Electronic Equipment, Instruments & Components) | 3.7 | |
Aalberts Industries NV (Netherlands, Machinery) | 3.1 | |
Azbil Corp. (Japan, Electronic Equipment, Instruments & Components) | 3.0 | |
Interpump Group SpA (Italy, Machinery) | 2.4 | |
Kongsberg Gruppen ASA (Norway, Aerospace & Defense) | 2.0 | |
Morningstar, Inc. (United States of America, Capital Markets) | 2.0 | |
| 33.3 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 31.7 | |
Information Technology | 22.1 | |
Consumer Discretionary | 9.0 | |
Communication Services | 7.7 | |
Health Care | 6.6 | |
Financials | 5.1 | |
Consumer Staples | 3.3 | |
Materials | 3.3 | |
Real Estate | 2.2 | |
Energy | 1.4 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 92.4% |
| | Shares | Value ($) |
Australia - 1.6% | | | |
Imdex Ltd. | | 5,802,643 | 7,781,823 |
Steadfast Group Ltd. | | 2,996,460 | 10,905,381 |
TOTAL AUSTRALIA | | | 18,687,204 |
Belgium - 2.0% | | | |
Azelis Group NV | | 395,200 | 9,548,588 |
KBC Ancora | | 308,289 | 14,920,423 |
TOTAL BELGIUM | | | 24,469,011 |
Canada - 4.1% | | | |
CAE, Inc. (a) | | 490,600 | 9,465,250 |
McCoy Global, Inc. (b) | | 630,215 | 878,955 |
Osisko Gold Royalties Ltd. | | 602,100 | 9,250,292 |
Pason Systems, Inc. | | 882,900 | 10,036,963 |
Richelieu Hardware Ltd. (b) | | 672,872 | 18,988,906 |
TOTAL CANADA | | | 48,620,366 |
China - 0.4% | | | |
Chlitina Holding Ltd. | | 872,500 | 5,018,606 |
Chlitina Holding Ltd. rights 5/13/24 (a) | | 26,342 | 25,841 |
TOTAL CHINA | | | 5,044,447 |
Denmark - 0.6% | | | |
Spar Nord Bank A/S | | 426,153 | 7,560,986 |
Egypt - 0.1% | | | |
Integrated Diagnostics Holdings PLC (a)(c) | | 5,696,716 | 1,748,892 |
France - 3.1% | | | |
Laurent-Perrier Group SA | | 35,632 | 4,639,229 |
Lectra | | 434,742 | 14,846,613 |
LISI | | 198,010 | 5,198,380 |
Vetoquinol SA | | 121,442 | 12,221,554 |
TOTAL FRANCE | | | 36,905,776 |
Germany - 8.2% | | | |
CTS Eventim AG | | 513,054 | 45,554,598 |
Nexus AG | | 291,358 | 16,075,456 |
Rheinmetall AG | | 36,000 | 19,870,410 |
Scout24 AG (c) | | 138,700 | 10,228,226 |
Stabilus Se | | 97,336 | 6,045,640 |
TOTAL GERMANY | | | 97,774,330 |
Greece - 0.2% | | | |
Athens International Airport SA | | 318,700 | 2,826,369 |
Ireland - 1.9% | | | |
AerCap Holdings NV (a) | | 151,200 | 12,774,888 |
Cairn Homes PLC | | 3,035,691 | 5,143,644 |
Irish Residential Properties REIT PLC | | 4,304,557 | 4,552,479 |
TOTAL IRELAND | | | 22,471,011 |
Israel - 1.8% | | | |
Ituran Location & Control Ltd. | | 362,877 | 9,318,681 |
NICE Ltd. sponsored ADR (a) | | 33,758 | 7,545,251 |
Tel Aviv Stock Exchange Ltd. | | 674,096 | 4,466,169 |
TOTAL ISRAEL | | | 21,330,101 |
Italy - 2.4% | | | |
Interpump Group SpA | | 646,943 | 28,362,354 |
Japan - 26.2% | | | |
Ai Holdings Corp. | | 172,500 | 2,653,151 |
Artnature, Inc. | | 531,000 | 2,554,970 |
Aucnet, Inc. (b) | | 281,977 | 4,640,810 |
Azbil Corp. | | 1,283,092 | 35,836,761 |
Broadleaf Co. Ltd. | | 2,472,298 | 9,006,156 |
Central Automotive Products Ltd. | | 156,500 | 5,728,696 |
Curves Holdings Co. Ltd. | | 2,483,426 | 11,663,787 |
Daiichikosho Co. Ltd. | | 538,100 | 6,280,921 |
Daikokutenbussan Co. Ltd. | | 74,100 | 3,788,776 |
Digital Hearts Holdings Co. Ltd. | | 547,814 | 3,335,614 |
Elan Corp. | | 815,100 | 4,679,152 |
Fujitec Co. Ltd. | | 417,300 | 10,292,104 |
Funai Soken Holdings, Inc. | | 258,750 | 3,914,672 |
Goldcrest Co. Ltd. | | 610,730 | 9,844,518 |
Iwatsuka Confectionary Co. Ltd. | | 37,800 | 624,110 |
Koshidaka Holdings Co. Ltd. | | 1,940,216 | 10,614,342 |
Kusuri No Aoki Holdings Co. Ltd. | | 258,500 | 4,819,569 |
Lasertec Corp. | | 82,844 | 17,869,901 |
Medikit Co. Ltd. | | 245,400 | 4,386,974 |
Miroku Jyoho Service Co., Ltd. (b) | | 261,700 | 2,814,988 |
Misumi Group, Inc. | | 289,068 | 4,699,627 |
Mitsuboshi Belting Ltd. | | 87,580 | 2,686,139 |
Nagaileben Co. Ltd. | | 720,427 | 10,747,108 |
Nihon Parkerizing Co. Ltd. | | 1,593,878 | 12,257,109 |
NS Tool Co. Ltd. | | 608,900 | 3,562,209 |
NSD Co. Ltd. | | 558,849 | 10,923,252 |
OBIC Co. Ltd. | | 124,400 | 15,981,238 |
OSG Corp. | | 536,900 | 6,924,025 |
Paramount Bed Holdings Co. Ltd. | | 238,520 | 4,064,027 |
ProNexus, Inc. | | 484,100 | 3,523,104 |
San-Ai Obbli Co. Ltd. | | 434,600 | 5,701,400 |
SHO-BOND Holdings Co. Ltd. | | 502,100 | 19,389,544 |
Shoei Co. Ltd. | | 201,604 | 2,582,910 |
SK Kaken Co. Ltd. | | 200,400 | 10,092,187 |
Software Service, Inc. | | 67,600 | 5,786,386 |
Techno Medica Co. Ltd. | | 80,791 | 892,238 |
The Monogatari Corp. | | 333,800 | 9,018,688 |
TIS, Inc. | | 264,700 | 5,653,086 |
Tocalo Co. Ltd. | | 545,376 | 6,284,422 |
USS Co. Ltd. | | 1,029,380 | 7,863,737 |
YAKUODO Holdings Co. Ltd. | | 350,000 | 6,358,244 |
YONEX Co. Ltd. | | 406,000 | 3,237,620 |
TOTAL JAPAN | | | 313,578,272 |
Korea (South) - 0.5% | | | |
BGF Retail Co. Ltd. | | 64,256 | 6,040,823 |
HD Hyundai Marine Solution Co. Ltd. (d) | | 3,000 | 180,522 |
TOTAL KOREA (SOUTH) | | | 6,221,345 |
Netherlands - 6.0% | | | |
Aalberts Industries NV | | 762,980 | 36,576,212 |
BE Semiconductor Industries NV | | 125,000 | 16,741,700 |
IMCD NV | | 121,988 | 18,518,901 |
TOTAL NETHERLANDS | | | 71,836,813 |
Norway - 2.3% | | | |
Kongsberg Gruppen ASA | | 344,981 | 24,409,692 |
Medistim ASA | | 185,242 | 3,026,639 |
TOTAL NORWAY | | | 27,436,331 |
Spain - 0.3% | | | |
Fluidra SA | | 144,201 | 3,062,437 |
Sweden - 13.6% | | | |
Addlife AB | | 542,135 | 5,047,281 |
AddTech AB (B Shares) | | 2,251,556 | 47,562,905 |
Autoliv, Inc. | | 152,000 | 18,208,080 |
Bergman & Beving AB (B Shares) | | 417,154 | 8,460,121 |
Hemnet Group AB | | 565,600 | 14,832,347 |
INVISIO AB | | 427,023 | 9,435,238 |
John Mattson Fastighetsforetagen AB (a) | | 942,052 | 4,752,830 |
Lagercrantz Group AB (B Shares) | | 3,606,312 | 53,634,581 |
Teqnion AB (a) | | 48,839 | 892,986 |
TOTAL SWEDEN | | | 162,826,369 |
Switzerland - 0.9% | | | |
Tecan Group AG (b) | | 31,550 | 11,223,117 |
Taiwan - 0.7% | | | |
Addcn Technology Co. Ltd. | | 1,295,535 | 7,964,719 |
United Kingdom - 12.9% | | | |
Bodycote PLC | | 2,259,726 | 19,652,539 |
Clarkson PLC | | 180,153 | 8,745,531 |
DP Poland PLC (a) | | 18,541,591 | 2,548,551 |
Games Workshop Group PLC | | 55,000 | 6,810,672 |
Howden Joinery Group PLC | | 1,969,700 | 21,560,451 |
InterContinental Hotel Group PLC ADR | | 178,000 | 17,506,300 |
Oxford Instruments PLC | | 258,100 | 7,288,700 |
Rightmove PLC | | 1,163,693 | 7,488,577 |
Sage Group PLC | | 418,700 | 6,100,356 |
Spectris PLC | | 1,055,278 | 43,910,134 |
Spirax-Sarco Engineering PLC | | 44,691 | 4,939,370 |
Unite Group PLC | | 602,900 | 6,991,122 |
TOTAL UNITED KINGDOM | | | 153,542,303 |
United States of America - 2.6% | | | |
Morningstar, Inc. | | 82,821 | 23,409,356 |
PriceSmart, Inc. | | 91,060 | 7,338,525 |
TOTAL UNITED STATES OF AMERICA | | | 30,747,881 |
TOTAL COMMON STOCKS (Cost $801,317,537) | | | 1,104,240,434 |
| | | |
Investment Companies - 4.8% |
| | Shares | Value ($) |
United States of America - 4.8% | | | |
iShares MSCI EAFE Small-Cap ETF (b) (Cost $58,444,474) | | 930,000 | 56,888,098 |
| | | |
Money Market Funds - 3.3% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (e) | | 24,295,620 | 24,300,479 |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 15,495,079 | 15,496,628 |
TOTAL MONEY MARKET FUNDS (Cost $39,797,107) | | | 39,797,107 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $899,559,118) | 1,200,925,639 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (6,304,268) |
NET ASSETS - 100.0% | 1,194,621,371 |
| |
Security Type Abbreviations
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 $11,977,118 or 1.0% of net assets. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 47,754,532 | 138,078,726 | 161,532,277 | 861,549 | (502) | - | 24,300,479 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 4,475,514 | 143,153,942 | 132,132,828 | 31,554 | - | - | 15,496,628 | 0.1% |
Total | 52,230,046 | 281,232,668 | 293,665,105 | 893,103 | (502) | - | 39,797,107 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 92,349,388 | 78,103,748 | 14,245,640 | - |
Consumer Discretionary | 105,567,837 | 50,217,247 | 55,350,590 | - |
Consumer Staples | 41,208,693 | 11,977,754 | 29,230,939 | - |
Energy | 16,617,318 | 10,915,918 | 5,701,400 | - |
Financials | 61,262,315 | 50,356,934 | 10,905,381 | - |
Health Care | 79,898,824 | 49,342,939 | 30,555,885 | - |
Industrials | 378,353,536 | 316,897,168 | 61,456,368 | - |
Information Technology | 263,460,163 | 159,386,016 | 104,074,147 | - |
Materials | 39,381,411 | 9,250,292 | 30,131,119 | - |
Real Estate | 26,140,949 | 16,296,431 | 9,844,518 | - |
|
Investment Companies | 56,888,098 | 56,888,098 | - | - |
|
Money Market Funds | 39,797,107 | 39,797,107 | - | - |
Total Investments in Securities: | 1,200,925,639 | 849,429,652 | 351,495,987 | - |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $14,773,081) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $859,762,011) | $ | 1,161,128,532 | | |
Fidelity Central Funds (cost $39,797,107) | | 39,797,107 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $899,559,118) | | | $ | 1,200,925,639 |
Foreign currency held at value (cost $284,548) | | | | 282,702 |
Receivable for investments sold | | | | 315,045 |
Receivable for fund shares sold | | | | 6,067,974 |
Dividends receivable | | | | 4,880,824 |
Reclaims receivable | | | | 1,580,838 |
Distributions receivable from Fidelity Central Funds | | | | 69,634 |
Prepaid expenses | | | | 378 |
Other receivables | | | | 2,920 |
Total assets | | | | 1,214,125,954 |
Liabilities | | | | |
Payable for investments purchased | | | | |
Regular delivery | $ | 1,602,626 | | |
Delayed delivery | | 182,327 | | |
Payable for fund shares redeemed | | 1,193,368 | | |
Accrued management fee | | 949,710 | | |
Distribution and service plan fees payable | | 12,755 | | |
Other payables and accrued expenses | | 63,559 | | |
Collateral on securities loaned | | 15,500,238 | | |
Total liabilities | | | | 19,504,583 |
Net Assets | | | $ | 1,194,621,371 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 873,103,160 |
Total accumulated earnings (loss) | | | | 321,518,211 |
Net Assets | | | $ | 1,194,621,371 |
| | | | |
Net Asset Value and Maximum Offering Price | | | | |
Class A : | | | | |
Net Asset Value and redemption price per share ($31,190,533 ÷ 1,624,521 shares)(a) | | | $ | 19.20 |
Maximum offering price per share (100/94.25 of $19.20) | | | $ | 20.37 |
Class M : | | | | |
Net Asset Value and redemption price per share ($10,459,574 ÷ 554,458 shares)(a) | | | $ | 18.86 |
Maximum offering price per share (100/96.50 of $18.86) | | | $ | 19.54 |
Class C : | | | | |
Net Asset Value and offering price per share ($1,897,850 ÷ 105,800 shares)(a) | | | $ | 17.94 |
International Small Cap Opportunities : | | | | |
Net Asset Value, offering price and redemption price per share ($613,014,801 ÷ 31,275,888 shares) | | | $ | 19.60 |
Class I : | | | | |
Net Asset Value, offering price and redemption price per share ($253,767,447 ÷ 12,972,761 shares) | | | $ | 19.56 |
Class Z : | | | | |
Net Asset Value, offering price and redemption price per share ($284,291,166 ÷ 14,556,710 shares) | | | $ | 19.53 |
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 9,452,815 |
Income from Fidelity Central Funds (including $31,554 from security lending) | | | | 893,103 |
Income before foreign taxes withheld | | | $ | 10,345,918 |
Less foreign taxes withheld | | | | (911,107) |
Total income | | | | 9,434,811 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 4,885,803 | | |
Performance adjustment | | 257,099 | | |
Transfer agent fees | | 504,690 | | |
Distribution and service plan fees | | 76,439 | | |
Accounting fees | | 164,736 | | |
Custodian fees and expenses | | 42,937 | | |
Independent trustees' fees and expenses | | 2,785 | | |
Registration fees | | 44,068 | | |
Audit | | 49,669 | | |
Legal | | 1,723 | | |
Miscellaneous | | 2,169 | | |
Total expenses before reductions | | 6,032,118 | | |
Expense reductions | | (51,138) | | |
Total expenses after reductions | | | | 5,980,980 |
Net Investment income (loss) | | | | 3,453,831 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $6,431) | | 22,301,112 | | |
Fidelity Central Funds | | (502) | | |
Foreign currency transactions | | (93,107) | | |
Total net realized gain (loss) | | | | 22,207,503 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $22,519) | | 158,348,001 | | |
Assets and liabilities in foreign currencies | | (37,637) | | |
Total change in net unrealized appreciation (depreciation) | | | | 158,310,364 |
Net gain (loss) | | | | 180,517,867 |
Net increase (decrease) in net assets resulting from operations | | | $ | 183,971,698 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 3,453,831 | $ | 9,421,923 |
Net realized gain (loss) | | 22,207,503 | | 34,601,449 |
Change in net unrealized appreciation (depreciation) | | 158,310,364 | | 6,132,385 |
Net increase (decrease) in net assets resulting from operations | | 183,971,698 | | 50,155,757 |
Distributions to shareholders | | (42,624,195) | | (64,708,392) |
| | | | |
Share transactions - net increase (decrease) | | 78,394,146 | | (52,713,432) |
Total increase (decrease) in net assets | | 219,741,649 | | (67,266,067) |
| | | | |
Net Assets | | | | |
Beginning of period | | 974,879,722 | | 1,042,145,789 |
End of period | $ | 1,194,621,371 | $ | 974,879,722 |
| | | | |
| | | | |
Financial Highlights
Fidelity Advisor® International Small Cap Opportunities Fund Class A |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.75 | $ | 17.17 | $ | 28.35 | $ | 20.86 | $ | 19.02 | $ | 17.33 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .03 | | .10 | | .06 | | (.06) | | (.04) | | .11 |
Net realized and unrealized gain (loss) | | 3.10 | | .61 | | (8.93) | | 7.55 | | 2.05 | | 2.01 |
Total from investment operations | | 3.13 | | .71 | | (8.87) | | 7.49 | | 2.01 | | 2.12 |
Distributions from net investment income | | (.12) | | - | | - | | - | | (.11) | | (.11) |
Distributions from net realized gain | | (.56) | | (1.13) | | (2.31) | | - | | (.05) | | (.31) |
Total distributions | | (.68) | | (1.13) | | (2.31) | | - | | (.17) C | | (.43) C |
Net asset value, end of period | $ | 19.20 | $ | 16.75 | $ | 17.17 | $ | 28.35 | $ | 20.86 | $ | 19.02 |
Total Return D,E,F | | | | 3.74% | | (33.79)% | | 35.91% | | 10.58% | | 12.61% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.35% I | | 1.31% | | 1.49% | | 1.50% | | 1.57% | | 1.49% |
Expenses net of fee waivers, if any | | | | 1.31% | | 1.48% | | 1.50% | | 1.57% | | 1.49% |
Expenses net of all reductions | | 1.34% I | | 1.31% | | 1.48% | | 1.50% | | 1.56% | | 1.48% |
Net investment income (loss) | | .30% I | | .56% | | .30% | | (.25)% | | (.20)% | | .64% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 31,191 | $ | 26,559 | $ | 26,380 | $ | 45,981 | $ | 37,771 | $ | 41,679 |
Portfolio turnover rate J | | | | 10% | | 13% | | 21% | | 20% | | 17% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Opportunities Fund Class M |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 16.43 | $ | 16.91 | $ | 28.02 | $ | 20.67 | $ | 18.85 | $ | 17.17 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .01 | | .06 | | .01 | | (.13) | | (.09) | | .06 |
Net realized and unrealized gain (loss) | | 3.04 | | .59 | | (8.81) | | 7.48 | | 2.03 | | 1.99 |
Total from investment operations | | 3.05 | | .65 | | (8.80) | | 7.35 | | 1.94 | | 2.05 |
Distributions from net investment income | | (.06) | | - | | - | | - | | (.06) | | (.06) |
Distributions from net realized gain | | (.56) | | (1.13) | | (2.31) | | - | | (.05) | | (.31) |
Total distributions | | (.62) | | (1.13) | | (2.31) | | - | | (.12) C | | (.37) |
Net asset value, end of period | $ | 18.86 | $ | 16.43 | $ | 16.91 | $ | 28.02 | $ | 20.67 | $ | 18.85 |
Total Return D,E,F | | | | 3.43% | | (33.95)% | | 35.56% | | 10.29% | | 12.29% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.59% I | | 1.57% | | 1.74% | | 1.75% | | 1.84% | | 1.77% |
Expenses net of fee waivers, if any | | | | 1.56% | | 1.74% | | 1.75% | | 1.84% | | 1.77% |
Expenses net of all reductions | | 1.58% I | | 1.56% | | 1.74% | | 1.75% | | 1.83% | | 1.77% |
Net investment income (loss) | | .06% I | | .31% | | .05% | | (.50)% | | (.47)% | | .36% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 10,460 | $ | 9,589 | $ | 10,115 | $ | 16,378 | $ | 13,141 | $ | 13,875 |
Portfolio turnover rate J | | | | 10% | | 13% | | 21% | | 20% | | 17% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Opportunities Fund Class C |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 15.64 | $ | 16.22 | $ | 27.10 | $ | 20.09 | $ | 18.31 | $ | 16.69 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.04) | | (.04) | | (.09) | | (.25) | | (.18) | | (.02) |
Net realized and unrealized gain (loss) | | 2.90 | | .59 | | (8.48) | | 7.26 | | 1.96 | | 1.93 |
Total from investment operations | | 2.86 | | .55 | | (8.57) | | 7.01 | | 1.78 | | 1.91 |
Distributions from net realized gain | | (.56) | | (1.13) | | (2.31) | | - | | - | | (.29) |
Total distributions | | (.56) | | (1.13) | | (2.31) | | - | | - | | (.29) |
Net asset value, end of period | $ | 17.94 | $ | 15.64 | $ | 16.22 | $ | 27.10 | $ | 20.09 | $ | 18.31 |
Total Return C,D,E | | | | 2.93% | | (34.28)% | | 34.89% | | 9.72% | | 11.74% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 2.08% H | | 2.10% | | 2.26% | | 2.26% | | 2.33% | | 2.27% |
Expenses net of fee waivers, if any | | | | 2.10% | | 2.25% | | 2.26% | | 2.33% | | 2.26% |
Expenses net of all reductions | | 2.07% H | | 2.10% | | 2.25% | | 2.26% | | 2.33% | | 2.26% |
Net investment income (loss) | | (.43)% H | | (.23)% | | (.47)% | | (1.01)% | | (.96)% | | (.13)% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,898 | $ | 2,036 | $ | 3,314 | $ | 6,770 | $ | 7,253 | $ | 9,424 |
Portfolio turnover rate I | | | | 10% | | 13% | | 21% | | 20% | | 17% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity® International Small Cap Opportunities Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.12 | $ | 17.47 | $ | 28.77 | $ | 21.10 | $ | 19.24 | $ | 17.53 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .16 | | .13 | | .01 | | .02 | | .17 |
Net realized and unrealized gain (loss) | | 3.17 | | .63 | | (9.09) | | 7.66 | | 2.07 | | 2.02 |
Total from investment operations | | 3.23 | | .79 | | (8.96) | | 7.67 | | 2.09 | | 2.19 |
Distributions from net investment income | | (.19) | | - C | | (.04) | | - | | (.17) | | (.17) |
Distributions from net realized gain | | (.56) | | (1.13) | | (2.31) | | - | | (.05) | | (.31) |
Total distributions | | (.75) | | (1.14) D | | (2.34) D | | - | | (.23) D | | (.48) |
Net asset value, end of period | $ | 19.60 | $ | 17.12 | $ | 17.47 | $ | 28.77 | $ | 21.10 | $ | 19.24 |
Total Return E,F | | | | 4.11% | | (33.62)% | | 36.35% | | 10.90% | | 12.97% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
Expenses before reductions | | 1.03% I | | 1.01% | | 1.19% | | 1.21% | | 1.26% | | 1.19% |
Expenses net of fee waivers, if any | | | | 1.00% | | 1.19% | | 1.20% | | 1.26% | | 1.19% |
Expenses net of all reductions | | 1.02% I | | 1.00% | | 1.19% | | 1.20% | | 1.25% | | 1.19% |
Net investment income (loss) | | .62% I | | .87% | | .60% | | .05% | | .11% | | .94% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 613,015 | $ | 632,320 | $ | 700,271 | $ | 1,268,421 | $ | 1,152,472 | $ | 1,040,989 |
Portfolio turnover rate J | | | | 10% | | 13% | | 21% | | 20% | | 17% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Opportunities Fund Class I |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.09 | $ | 17.46 | $ | 28.75 | $ | 21.09 | $ | 19.22 | $ | 17.51 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .15 | | .13 | | .01 | | .02 | | .17 |
Net realized and unrealized gain (loss) | | 3.17 | | .62 | | (9.07) | | 7.65 | | 2.07 | | 2.02 |
Total from investment operations | | 3.21 | | .77 | | (8.94) | | 7.66 | | 2.09 | | 2.19 |
Distributions from net investment income | | (.18) | | (.01) | | (.04) | | - | | (.16) | | (.16) |
Distributions from net realized gain | | (.56) | | (1.13) | | (2.31) | | - | | (.05) | | (.31) |
Total distributions | | (.74) | | (1.14) | | (2.35) | | - | | (.22) C | | (.48) C |
Net asset value, end of period | $ | 19.56 | $ | 17.09 | $ | 17.46 | $ | 28.75 | $ | 21.09 | $ | 19.22 |
Total Return D,E | | | | 4.02% | | (33.60)% | | 36.32% | | 10.90% | | 12.93% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | 1.23% H | | 1.05% | | 1.20% | | 1.22% | | 1.28% | | 1.20% |
Expenses net of fee waivers, if any | | | | 1.04% | | 1.19% | | 1.22% | | 1.27% | | 1.19% |
Expenses net of all reductions | | 1.22% H | | 1.04% | | 1.19% | | 1.22% | | 1.27% | | 1.19% |
Net investment income (loss) | | .42% H | | .83% | | .59% | | .04% | | .09% | | .93% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 253,767 | $ | 81,122 | $ | 82,705 | $ | 141,310 | $ | 113,041 | $ | 142,854 |
Portfolio turnover rate I | | | | 10% | | 13% | | 21% | | 20% | | 17% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Fidelity Advisor® International Small Cap Opportunities Fund Class Z |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 17.07 | $ | 17.44 | $ | 28.73 | $ | 21.05 | $ | 19.20 | $ | 17.51 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .18 | | .15 | | .04 | | .05 | | .19 |
Net realized and unrealized gain (loss) | | 3.16 | | .62 | | (9.05) | | 7.64 | | 2.05 | | 2.02 |
Total from investment operations | | 3.23 | | .80 | | (8.90) | | 7.68 | | 2.10 | | 2.21 |
Distributions from net investment income | | (.21) | | (.04) | | (.08) | | - | | (.20) | | (.20) |
Distributions from net realized gain | | (.56) | | (1.13) | | (2.31) | | - | | (.05) | | (.31) |
Total distributions | | (.77) | | (1.17) | | (2.39) | | - | | (.25) | | (.52) C |
Net asset value, end of period | $ | 19.53 | $ | 17.07 | $ | 17.44 | $ | 28.73 | $ | 21.05 | $ | 19.20 |
Total Return D,E | | | | 4.19% | | (33.52)% | | 36.48% | | 11.03% | | 13.10% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .96% H | | .89% | | 1.07% | | 1.09% | | 1.14% | | 1.05% |
Expenses net of fee waivers, if any | | | | .88% | | 1.07% | | 1.09% | | 1.13% | | 1.05% |
Expenses net of all reductions | | .95% H | | .88% | | 1.07% | | 1.09% | | 1.13% | | 1.05% |
Net investment income (loss) | | .69% H | | .98% | | .72% | | .16% | | .23% | | 1.08% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 284,291 | $ | 223,254 | $ | 219,360 | $ | 309,803 | $ | 82,476 | $ | 76,527 |
Portfolio turnover rate I | | | | 10% | | 13% | | 21% | | 20% | | 17% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap Opportunities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $378,374,559 |
Gross unrealized depreciation | (81,551,772) |
Net unrealized appreciation (depreciation) | $296,822,787 |
Tax cost | $904,102,852 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Small Cap Opportunities Fund | 239,811,666 | 176,244,111 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Class A | 1.02 |
Class M | 1.02 |
Class C | 1.02 |
International Small Cap Opportunities | .99 |
Class I | 1.02 |
Class Z | .88 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Class A | .96 |
Class M | .96 |
Class C | .96 |
International Small Cap Opportunities | .92 |
Class I | .95 |
Class Z | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .82%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity International Small Cap Opportunities Fund | MSCI EAFE Small Cap Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap Opportunities. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± 0.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .04%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) |
Class A | - % | .25% | 38,648 | 430 |
Class M | .25% | .25% | 27,348 | 123 |
Class C | .75% | .25% | 10,443 | 616 |
| | | 76,439 | 1,169 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC ($) |
Class A | 1,280 |
Class M | 137 |
Class CA | 6 |
| 1,423 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets |
Class A | .2000% |
Class M | .2000% |
Class C | .2000% |
International Small Cap Opportunities | .1547% |
Class I | .2000% |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| Amount ($) | % of Class-Level Average Net AssetsA |
Class A | 20,656 | .20 |
Class M | 7,396 | .20 |
Class C | 1,448 | .20 |
International Small Cap Opportunities | 371,104 | .15 |
Class I | 68,301 | .21 |
Class Z | 35,785 | .04 |
| 504,690 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity International Small Cap Opportunities Fund | .0441 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity International Small Cap Opportunities Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Small Cap Opportunities Fund | 171 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Small Cap Opportunities Fund | 5,483,158 | 871,178 | 26,551 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity International Small Cap Opportunities Fund | 1,034 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity International Small Cap Opportunities Fund | 3,402 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $67. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction ($) |
Class M | 39 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $51,032.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Small Cap Opportunities Fund | | |
Distributions to shareholders | | |
Class A | $1,071,393 | $1,724,252 |
Class M | 359,747 | 668,890 |
Class C | 67,234 | 228,866 |
International Small Cap Opportunities | 27,456,391 | 42,205,549 |
Class I | 3,627,918 | 5,288,952 |
Class Z | 10,041,512 | 14,591,883 |
Total | $42,624,195 | $64,708,392 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars |
| Six months ended April 30, 2024 | Year ended October 31, 2023 | Six months ended April 30, 2024 | Year ended October 31, 2023 |
Fidelity International Small Cap Opportunities Fund | | | | |
Class A | | | | |
Shares sold | 126,063 | 171,839 | $2,423,651 | $3,136,955 |
Reinvestment of distributions | 57,351 | 94,841 | 1,052,398 | 1,693,860 |
Shares redeemed | (144,657) | (217,502) | (2,761,540) | (3,984,745) |
Net increase (decrease) | 38,757 | 49,178 | $714,509 | $846,070 |
Class M | | | | |
Shares sold | 5,206 | 21,269 | $97,701 | $383,026 |
Reinvestment of distributions | 19,865 | 37,879 | 358,562 | 665,150 |
Shares redeemed | (54,066) | (74,046) | (1,029,935) | (1,330,926) |
Net increase (decrease) | (28,995) | (14,898) | $(573,672) | $(282,750) |
Class C | | | | |
Shares sold | 3,739 | 7,494 | $67,039 | $129,355 |
Reinvestment of distributions | 3,896 | 13,606 | 67,013 | 228,441 |
Shares redeemed | (32,015) | (95,302) | (568,923) | (1,646,239) |
Net increase (decrease) | (24,380) | (74,202) | $(434,871) | $(1,288,443) |
International Small Cap Opportunities | | | | |
Shares sold | 2,148,936 | 2,233,362 | $42,433,079 | $41,954,989 |
Reinvestment of distributions | 1,228,945 | 1,900,059 | 22,993,567 | 34,581,075 |
Shares redeemed | (9,043,366) | (7,265,881) | (182,710,816) | (137,436,859) |
Net increase (decrease) | (5,665,485) | (3,132,460) | $(117,284,170) | $(60,900,795) |
Class I | | | | |
Shares sold | 8,881,758 | 2,306,791 | $179,763,801 | $42,956,688 |
Reinvestment of distributions | 186,259 | 193,260 | 3,479,316 | 3,513,459 |
Shares redeemed | (842,835) | (2,490,268) | (16,681,964) | (47,134,219) |
Net increase (decrease) | 8,225,182 | 9,783 | $166,561,153 | $(664,072) |
Class Z | | | | |
Shares sold | 1,687,807 | 1,446,980 | $33,841,177 | $27,457,499 |
Reinvestment of distributions | 493,559 | 741,352 | 9,199,948 | 13,440,712 |
Shares redeemed | (700,885) | (1,687,699) | (13,629,928) | (31,321,653) |
Net increase (decrease) | 1,480,481 | 500,633 | $29,411,197 | $9,576,558 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
Fund | % of shares held |
Fidelity International Small Cap Opportunities Fund | 25% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
Fidelity® International Small Cap Opportunities Fund | | | | | | | | | | |
Class A ** | | | | 1.34% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,188.80 | | $ 7.29 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.20 | | $ 6.72 |
Class M | | | | 1.58% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,187.50 | | $ 8.59 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,017.01 | | $ 7.92 |
Class C | | | | 2.07% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,184.40 | | $ 11.24 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,014.57 | | $ 10.37 |
Fidelity® International Small Cap Opportunities Fund | | | | 1.02% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,190.40 | | $ 5.55 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,019.79 | | $ 5.12 |
Class I ** | | | | 1.22% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,190.10 | | $ 6.64 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,018.80 | | $ 6.12 |
Class Z ** | | | | .95% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,191.50 | | $ 5.18 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.14 | | $ 4.77 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| | | | Annualized Expense Ratio- A | | Expenses Paid |
Fidelity® International Small Cap Opportunities Fund | | | | | | |
Class A | | | | 1.27% | | |
Actual | | | | | | $ 6.91 |
Hypothetical- B | | | | | | $ 6.37 |
Class I | | | | 1.01% | | |
Actual | | | | | | $ 5.50 |
Hypothetical- B | | | | | | $ 5.07 |
Class Z | | | | .89% | | |
Actual | | | | | | $ 4.85 |
Hypothetical- B | | | | | | $ 4.47 |
| | | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers. | | | | | | |
B 5% return per year before expenses | | | | | | |
Board Approval of Investment Advisory Contracts
Fidelity International Small Cap Opportunities Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.815078.118
ILS-SANN-0624
Fidelity® Infrastructure Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Aena SME SA | 7.7 | |
NextEra Energy, Inc. | 7.5 | |
Southern Co. | 7.2 | |
Cheniere Energy, Inc. | 4.9 | |
National Grid PLC | 4.7 | |
Targa Resources Corp. | 4.7 | |
The Williams Companies, Inc. | 4.3 | |
GFL Environmental, Inc. | 4.2 | |
Sempra | 3.8 | |
Cellnex Telecom SA | 3.5 | |
| 52.5 | |
|
Market Sectors (% of Fund's net assets) |
|
Utilities | 33.1 | |
Industrials | 32.7 | |
Energy | 16.1 | |
Real Estate | 9.5 | |
Communication Services | 5.7 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 97.1% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 5.7% | | | |
Diversified Telecommunication Services - 5.7% | | | |
Cellnex Telecom SA (a) | | 43,138 | 1,425,913 |
Helios Towers PLC (b) | | 715,962 | 883,895 |
| | | 2,309,808 |
ENERGY - 16.1% | | | |
Oil, Gas & Consumable Fuels - 16.1% | | | |
Cheniere Energy, Inc. | | 12,602 | 1,988,848 |
Energy Transfer LP | | 31,500 | 495,495 |
Plains All American Pipeline LP | | 23,600 | 406,628 |
Targa Resources Corp. | | 16,609 | 1,894,423 |
The Williams Companies, Inc. | | 45,237 | 1,735,291 |
| | | 6,520,685 |
INDUSTRIALS - 32.7% | | | |
Commercial Services & Supplies - 10.9% | | | |
GFL Environmental, Inc. (c) | | 53,525 | 1,707,448 |
Republic Services, Inc. | | 7,380 | 1,414,746 |
Waste Connections, Inc. (United States) | | 7,958 | 1,289,912 |
| | | 4,412,106 |
Construction & Engineering - 1.9% | | | |
Ferrovial SE | | 20,964 | 756,200 |
Ground Transportation - 9.0% | | | |
Canadian National Railway Co. | | 1,700 | 206,336 |
Canadian Pacific Kansas City Ltd. | | 7,094 | 556,382 |
CSX Corp. | | 25,879 | 859,700 |
Norfolk Southern Corp. | | 4,200 | 967,344 |
Union Pacific Corp. | | 4,360 | 1,034,018 |
| | | 3,623,780 |
Transportation Infrastructure - 10.9% | | | |
Aena SME SA (a) | | 17,099 | 3,131,365 |
Grupo Aeroportuario Norte S.A.B. de CV ADR | | 14,658 | 1,293,422 |
| | | 4,424,787 |
TOTAL INDUSTRIALS | | | 13,216,873 |
REAL ESTATE - 9.5% | | | |
Equity Real Estate Investment Trusts (REITs) - 9.0% | | | |
American Tower Corp. | | 6,577 | 1,128,350 |
Equinix, Inc. | | 1,166 | 829,154 |
Prologis, Inc. | | 6,505 | 663,835 |
Segro PLC | | 95,851 | 1,015,655 |
| | | 3,636,994 |
Real Estate Management & Development - 0.5% | | | |
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR | | 5,200 | 184,652 |
TOTAL REAL ESTATE | | | 3,821,646 |
UTILITIES - 33.1% | | | |
Electric Utilities - 21.9% | | | |
Constellation Energy Corp. | | 7,370 | 1,370,378 |
Kansai Electric Power Co., Inc. | | 40,261 | 603,087 |
NextEra Energy, Inc. | | 45,645 | 3,056,846 |
Southern Co. | | 39,400 | 2,895,900 |
SSE PLC | | 44,200 | 918,759 |
| | | 8,844,970 |
Independent Power and Renewable Electricity Producers - 2.7% | | | |
RWE AG | | 22,016 | 766,939 |
Vistra Corp. | | 4,500 | 341,280 |
| | | 1,108,219 |
Multi-Utilities - 8.5% | | | |
National Grid PLC | | 144,700 | 1,898,053 |
Sempra | | 21,300 | 1,525,719 |
| | | 3,423,772 |
TOTAL UTILITIES | | | 13,376,961 |
TOTAL COMMON STOCKS (Cost $33,072,387) | | | 39,245,973 |
| | | |
Money Market Funds - 3.5% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) | | 1,162,434 | 1,162,666 |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 271,323 | 271,350 |
TOTAL MONEY MARKET FUNDS (Cost $1,434,016) | | | 1,434,016 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $34,506,403) | 40,679,989 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (261,888) |
NET ASSETS - 100.0% | 40,418,101 |
| |
Legend
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,557,278 or 11.3% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 1,745,398 | 7,031,759 | 7,614,524 | 32,000 | 33 | - | 1,162,666 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 9,564,771 | 9,293,421 | 1,753 | - | - | 271,350 | 0.0% |
Total | 1,745,398 | 16,596,530 | 16,907,945 | 33,753 | 33 | - | 1,434,016 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 2,309,808 | 883,895 | 1,425,913 | - |
Energy | 6,520,685 | 6,520,685 | - | - |
Industrials | 13,216,873 | 13,216,873 | - | - |
Real Estate | 3,821,646 | 3,821,646 | - | - |
Utilities | 13,376,961 | 9,190,123 | 4,186,838 | - |
|
Money Market Funds | 1,434,016 | 1,434,016 | - | - |
Total Investments in Securities: | 40,679,989 | 35,067,238 | 5,612,751 | - |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $258,390) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $33,072,387) | $ | 39,245,973 | | |
Fidelity Central Funds (cost $1,434,016) | | 1,434,016 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $34,506,403) | | | $ | 40,679,989 |
Foreign currency held at value (cost $17) | | | | 17 |
Receivable for investments sold | | | | 75,624 |
Receivable for fund shares sold | | | | 9,996 |
Dividends receivable | | | | 66,187 |
Distributions receivable from Fidelity Central Funds | | | | 5,102 |
Prepaid expenses | | | | 17 |
Receivable from investment adviser for expense reductions | | | | 1,260 |
Total assets | | | | 40,838,192 |
Liabilities | | | | |
Payable for investments purchased | $ | 72,651 | | |
Payable for fund shares redeemed | | 21,482 | | |
Accrued management fee | | 28,277 | | |
Audit fee payable | | 23,722 | | |
Other payables and accrued expenses | | 2,609 | | |
Collateral on securities loaned | | 271,350 | | |
Total liabilities | | | | 420,091 |
Net Assets | | | $ | 40,418,101 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 40,690,208 |
Total accumulated earnings (loss) | | | | (272,107) |
Net Assets | | | $ | 40,418,101 |
Net Asset Value, offering price and redemption price per share ($40,418,101 ÷ 3,380,039 shares) | | | $ | 11.96 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 454,213 |
Income from Fidelity Central Funds (including $1,753 from security lending) | | | | 33,753 |
Income before foreign taxes withheld | | | $ | 487,966 |
Less foreign taxes withheld | | | | (9,105) |
Total income | | | | 478,861 |
Expenses | | | | |
Management fee | $ | 154,668 | | |
Transfer agent fees | | 30,060 | | |
Accounting fees | | 5,123 | | |
Custodian fees and expenses | | 4,481 | | |
Independent trustees' fees and expenses | | 111 | | |
Registration fees | | 5,707 | | |
Audit | | 23,799 | | |
Legal | | 24 | | |
Miscellaneous | | 92 | | |
Total expenses before reductions | | 224,065 | | |
Expense reductions | | (22,730) | | |
Total expenses after reductions | | | | 201,335 |
Net Investment income (loss) | | | | 277,526 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (298,099) | | |
Fidelity Central Funds | | 33 | | |
Foreign currency transactions | | 1,098 | | |
Total net realized gain (loss) | | | | (296,968) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 5,086,888 | | |
Assets and liabilities in foreign currencies | | (212) | | |
Total change in net unrealized appreciation (depreciation) | | | | 5,086,676 |
Net gain (loss) | | | | 4,789,708 |
Net increase (decrease) in net assets resulting from operations | | | $ | 5,067,234 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 277,526 | $ | 889,062 |
Net realized gain (loss) | | (296,968) | | (2,463,849) |
Change in net unrealized appreciation (depreciation) | | 5,086,676 | | (50,983) |
Net increase (decrease) in net assets resulting from operations | | 5,067,234 | | (1,625,770) |
Distributions to shareholders | | (312,796) | | (954,622) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 2,157,719 | | 20,419,990 |
Reinvestment of distributions | | 291,167 | | 885,226 |
Cost of shares redeemed | | (8,709,058) | | (14,157,019) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (6,260,172) | | 7,148,197 |
Total increase (decrease) in net assets | | (1,505,734) | | 4,567,805 |
| | | | |
Net Assets | | | | |
Beginning of period | | 41,923,835 | | 37,356,030 |
End of period | $ | 40,418,101 | $ | 41,923,835 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 181,193 | | 1,707,795 |
Issued in reinvestment of distributions | | 24,535 | | 75,822 |
Redeemed | | (735,583) | | (1,203,495) |
Net increase (decrease) | | (529,855) | | 580,122 |
| | | | |
Financial Highlights
Fidelity® Infrastructure Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
Net asset value, beginning of period | $ | 10.72 | $ | 11.22 | $ | 12.63 | $ | 10.44 | $ | 10.00 |
Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .08 | | .22 | | .13 D | | .07 | | .17 |
Net realized and unrealized gain (loss) | | 1.25 | | (.47) | | (1.38) | | 2.21 | | .31 |
Total from investment operations | | 1.33 | | (.25) | | (1.25) | | 2.28 | | .48 |
Distributions from net investment income | | (.09) | | (.25) | | (.16) | | (.09) | | (.04) |
Total distributions | | (.09) | | (.25) | | (.16) | | (.09) | | (.04) |
Net asset value, end of period | $ | 11.96 | $ | 10.72 | $ | 11.22 | $ | 12.63 | $ | 10.44 |
Total Return E,F | | | | (2.43)% | | (9.95)% | | 21.96% | | 4.79% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | |
Expenses before reductions | | 1.05% I | | 1.15% | | 1.13% | | 1.24% | | 2.24% I |
Expenses net of fee waivers, if any | | | | .94% | | .98% | | 1.00% | | 1.00% I |
Expenses net of all reductions | | .94% I | | .94% | | .98% | | 1.00% | | .98% I |
Net investment income (loss) | | 1.30% I | | 1.88% | | 1.08% D | | .61% | | 1.67% I |
Supplemental Data | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 40,418 | $ | 41,924 | $ | 37,356 | $ | 46,046 | $ | 12,762 |
Portfolio turnover rate J | | | | 55% | | 91% | | 46% | | 50% I |
AFor the period November 5, 2019 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .86%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Infrastructure Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $7,578,386 |
Gross unrealized depreciation | (1,554,534) |
Net unrealized appreciation (depreciation) | $6,023,852 |
Tax cost | $34,656,137 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(4,974,147) |
Long-term | (802,646) |
Total capital loss carryforward | $(5,776,793) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Infrastructure Fund | 10,953,824 | 16,733,830 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity Infrastructure Fund | .87 |
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity Infrastructure Fund | .83 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of 0.2000%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .21% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Infrastructure Fund | 0.0354% |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Infrastructure Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Infrastructure Fund | 232 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Infrastructure Fund | 164,625 | 102,891 | 2,899 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Infrastructure Fund | 40 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Infrastructure Fund | 188 | - | - |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $20,641.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $133.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,956.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| VIP FundsManager 60% Portfolio |
Fidelity Infrastructure Fund | 14% |
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Infrastructure Fund | | | | .94% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,123.80 | | $ 4.96 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.19 | | $ 4.72 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Infrastructure Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9896236.104
ISF-SANN-0624
Fidelity® International Capital Appreciation K6 Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.8 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.1 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.1 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.3 | |
Schneider Electric SA (United States of America, Electrical Equipment) | 2.0 | |
SAP SE (Germany, Software) | 2.0 | |
L'Oreal SA (France, Personal Care Products) | 1.9 | |
Tokyo Electron Ltd. (Japan, Semiconductors & Semiconductor Equipment) | 1.8 | |
ICICI Bank Ltd. (India, Banks) | 1.8 | |
HDFC Bank Ltd. (India, Banks) | 1.8 | |
| 23.6 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 25.5 | |
Industrials | 24.7 | |
Financials | 21.9 | |
Consumer Discretionary | 10.1 | |
Health Care | 6.2 | |
Materials | 4.9 | |
Consumer Staples | 3.4 | |
Communication Services | 1.6 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 98.3% |
| | Shares | Value ($) |
Brazil - 1.4% | | | |
MercadoLibre, Inc. (a) | | 16,202 | 23,633,857 |
Canada - 10.3% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 449,639 | 24,920,972 |
Brookfield Asset Management Ltd. Class A (b) | | 560,443 | 21,403,318 |
Canadian National Railway Co. (b) | | 203,427 | 24,690,820 |
Canadian Pacific Kansas City Ltd. | | 315,429 | 24,745,819 |
CGI, Inc. Class A (sub. vtg.) (a) | | 216,229 | 21,909,551 |
Constellation Software, Inc. | | 10,959 | 28,214,698 |
Constellation Software, Inc. warrants 3/31/40 (a)(c) | | 9,222 | 1 |
Thomson Reuters Corp. | | 158,501 | 23,940,081 |
TOTAL CANADA | | | 169,825,260 |
Denmark - 3.1% | | | |
DSV A/S | | 5,031 | 718,272 |
Novo Nordisk A/S Series B | | 391,161 | 50,163,390 |
TOTAL DENMARK | | | 50,881,662 |
France - 13.7% | | | |
Air Liquide SA | | 145,044 | 28,367,505 |
Capgemini SA | | 113,312 | 23,816,038 |
Dassault Systemes SA | | 576,546 | 22,630,540 |
EssilorLuxottica SA | | 119,384 | 25,583,246 |
Hermes International SCA | | 11,453 | 27,513,166 |
L'Oreal SA | | 65,046 | 30,519,224 |
LVMH Moet Hennessy Louis Vuitton SE | | 46,461 | 38,164,754 |
Safran SA | | 128,032 | 27,761,437 |
TOTAL FRANCE | | | 224,355,910 |
Germany - 2.0% | | | |
SAP SE | | 180,087 | 32,517,778 |
India - 9.8% | | | |
Axis Bank Ltd. | | 1,994,170 | 27,826,899 |
Bharti Airtel Ltd. | | 1,690,454 | 26,750,058 |
HCL Technologies Ltd. | | 1,414,417 | 23,069,638 |
HDFC Bank Ltd. | | 1,586,507 | 28,803,709 |
ICICI Bank Ltd. | | 2,126,842 | 29,297,312 |
Larsen & Toubro Ltd. | | 583,145 | 25,059,895 |
TOTAL INDIA | | | 160,807,511 |
Indonesia - 1.5% | | | |
PT Bank Central Asia Tbk | | 40,711,046 | 24,478,925 |
Ireland - 1.5% | | | |
Kingspan Group PLC (Ireland) | | 280,211 | 25,074,603 |
Italy - 1.7% | | | |
Ferrari NV (Italy) | | 69,499 | 28,718,366 |
Japan - 8.1% | | | |
Hoya Corp. | | 214,110 | 24,823,876 |
Keyence Corp. | | 63,482 | 27,917,470 |
OBIC Co. Ltd. | | 172,476 | 22,157,396 |
Shin-Etsu Chemical Co. Ltd. | | 719,803 | 27,862,811 |
Tokyo Electron Ltd. | | 136,070 | 29,846,399 |
TOTAL JAPAN | | | 132,607,952 |
Netherlands - 6.4% | | | |
ASM International NV (Netherlands) | | 45,186 | 28,702,032 |
ASML Holding NV (Netherlands) | | 56,442 | 50,157,603 |
Wolters Kluwer NV | | 172,785 | 25,953,759 |
TOTAL NETHERLANDS | | | 104,813,394 |
Sweden - 2.9% | | | |
ASSA ABLOY AB (B Shares) | | 808,300 | 21,356,432 |
Atlas Copco AB (A Shares) | | 1,534,037 | 26,870,327 |
TOTAL SWEDEN | | | 48,226,759 |
Switzerland - 2.9% | | | |
Partners Group Holding AG | | 17,000 | 21,997,824 |
UBS Group AG | | 974,919 | 25,739,771 |
TOTAL SWITZERLAND | | | 47,737,595 |
Taiwan - 3.8% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 2,583,291 | 61,743,744 |
United Kingdom - 12.3% | | | |
3i Group PLC | | 688,953 | 24,614,535 |
Ashtead Group PLC | | 392,410 | 28,645,424 |
BAE Systems PLC | | 1,522,659 | 25,325,194 |
Compass Group PLC | | 923,625 | 25,689,454 |
InterContinental Hotel Group PLC | | 235,091 | 22,929,369 |
London Stock Exchange Group PLC | | 218,125 | 24,046,124 |
RELX PLC (London Stock Exchange) | | 686,825 | 28,219,497 |
Sage Group PLC | | 1,525,230 | 22,222,224 |
TOTAL UNITED KINGDOM | | | 201,691,821 |
United States of America - 16.9% | | | |
Arthur J. Gallagher & Co. | | 88,351 | 20,735,096 |
Experian PLC | | 595,500 | 24,018,864 |
Linde PLC | | 55,765 | 24,590,134 |
Marsh & McLennan Companies, Inc. | | 115,895 | 23,112,940 |
MasterCard, Inc. Class A | | 44,660 | 20,150,592 |
Moody's Corp. | | 61,683 | 22,843,065 |
NVIDIA Corp. | | 26,330 | 22,749,647 |
S&P Global, Inc. | | 56,191 | 23,365,904 |
Schneider Electric SA | | 144,533 | 32,955,447 |
Uber Technologies, Inc. (a) | | 316,447 | 20,970,943 |
Visa, Inc. Class A | | 75,623 | 20,313,094 |
Waste Connections, Inc. (Canada) | | 139,516 | 22,620,108 |
TOTAL UNITED STATES OF AMERICA | | | 278,425,834 |
TOTAL COMMON STOCKS (Cost $1,256,212,304) | | | 1,615,540,971 |
| | | |
Money Market Funds - 2.2% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (d) | | 19,742,715 | 19,746,664 |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | | 16,128,312 | 16,129,925 |
TOTAL MONEY MARKET FUNDS (Cost $35,876,589) | | | 35,876,589 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $1,292,088,893) | 1,651,417,560 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (8,554,537) |
NET ASSETS - 100.0% | 1,642,863,023 |
| |
Legend
(b) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 17,211,551 | 495,041,320 | 492,506,019 | 865,726 | (188) | - | 19,746,664 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 505,800 | 147,708,677 | 132,084,552 | 6,663 | - | - | 16,129,925 | 0.1% |
Total | 17,717,351 | 642,749,997 | 624,590,571 | 872,389 | (188) | - | 35,876,589 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 26,750,058 | - | 26,750,058 | - |
Consumer Discretionary | 166,648,966 | 79,865,389 | 86,783,577 | - |
Consumer Staples | 55,440,196 | 55,440,196 | - | - |
Financials | 358,729,108 | 199,661,604 | 159,067,504 | - |
Health Care | 100,570,512 | 25,583,246 | 74,987,266 | - |
Industrials | 408,926,922 | 197,359,829 | 211,567,093 | - |
Information Technology | 417,654,759 | 173,955,755 | 243,699,003 | 1 |
Materials | 80,820,450 | 24,590,134 | 56,230,316 | - |
|
Money Market Funds | 35,876,589 | 35,876,589 | - | - |
Total Investments in Securities: | 1,651,417,560 | 792,332,742 | 859,084,817 | 1 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $15,114,841) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,256,212,304) | $ | 1,615,540,971 | | |
Fidelity Central Funds (cost $35,876,589) | | 35,876,589 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $1,292,088,893) | | | $ | 1,651,417,560 |
Foreign currency held at value (cost $553,871) | | | | 554,156 |
Receivable for investments sold | | | | 4,579,300 |
Receivable for fund shares sold | | | | 6,388,263 |
Dividends receivable | | | | 2,759,513 |
Reclaims receivable | | | | 1,175,237 |
Distributions receivable from Fidelity Central Funds | | | | 177,016 |
Total assets | | | | 1,667,051,045 |
Liabilities | | | | |
Payable for investments purchased | $ | 2,205,235 | | |
Payable for fund shares redeemed | | 1,154,545 | | |
Accrued management fee | | 901,196 | | |
Deferred taxes | | 3,797,135 | | |
Collateral on securities loaned | | 16,129,925 | | |
Total liabilities | | | | 24,188,036 |
Net Assets | | | $ | 1,642,863,009 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 1,318,836,926 |
Total accumulated earnings (loss) | | | | 324,026,083 |
Net Assets | | | $ | 1,642,863,009 |
Net Asset Value, offering price and redemption price per share ($1,642,863,009 ÷ 103,913,606 shares) | | | $ | 15.81 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 8,750,410 |
Income from Fidelity Central Funds (including $6,663 from security lending) | | | | 872,389 |
Income before foreign taxes withheld | | | $ | 9,622,799 |
Less foreign taxes withheld | | | | (799,299) |
Total income | | | | 8,823,500 |
Expenses | | | | |
Management fee | $ | 4,823,378 | | |
Independent trustees' fees and expenses | | 3,324 | | |
Interest | | 2,294 | | |
Total expenses before reductions | | 4,828,996 | | |
Expense reductions | | (248) | | |
Total expenses after reductions | | | | 4,828,748 |
Net Investment income (loss) | | | | 3,994,752 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $408,860) | | 30,526,449 | | |
Fidelity Central Funds | | (188) | | |
Foreign currency transactions | | (150,674) | | |
Total net realized gain (loss) | | | | 30,375,587 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $2,171,836) | | 214,677,001 | | |
Assets and liabilities in foreign currencies | | (10,366) | | |
Total change in net unrealized appreciation (depreciation) | | | | 214,666,635 |
Net gain (loss) | | | | 245,042,222 |
Net increase (decrease) in net assets resulting from operations | | | $ | 249,036,974 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 3,994,752 | $ | 5,810,863 |
Net realized gain (loss) | | 30,375,587 | | 7,929,064 |
Change in net unrealized appreciation (depreciation) | | 214,666,635 | | 104,172,802 |
Net increase (decrease) in net assets resulting from operations | | 249,036,974 | | 117,912,729 |
Distributions to shareholders | | (5,644,723) | | (3,323,601) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 522,709,981 | | 427,602,334 |
Reinvestment of distributions | | 5,644,723 | | 3,323,601 |
Cost of shares redeemed | | (221,226,244) | | (216,290,497) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 307,128,460 | | 214,635,438 |
Total increase (decrease) in net assets | | 550,520,711 | | 329,224,566 |
| | | | |
Net Assets | | | | |
Beginning of period | | 1,092,342,298 | | 763,117,732 |
End of period | $ | 1,642,863,009 | $ | 1,092,342,298 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 33,796,676 | | 31,934,138 |
Issued in reinvestment of distributions | | 386,361 | | 258,445 |
Redeemed | | (13,987,338) | | (16,055,471) |
Net increase (decrease) | | 20,195,699 | | 16,137,112 |
| | | | |
Financial Highlights
Fidelity® International Capital Appreciation K6 Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 13.05 | $ | 11.29 | $ | 17.82 | $ | 13.99 | $ | 12.40 | $ | 10.17 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .08 | | .06 | | .05 | | .08 | | .13 C |
Net realized and unrealized gain (loss) | | 2.79 | | 1.73 | | (5.14) | | 3.85 | | 1.62 | | 2.18 |
Total from investment operations | | 2.83 | | 1.81 | | (5.08) | | 3.90 | | 1.70 | | 2.31 |
Distributions from net investment income | | (.07) | | (.05) | | (.04) | | (.07) | | (.11) | | (.08) |
Distributions from net realized gain | | - | | - | | (1.41) | | - | | - | | - |
Total distributions | | (.07) | | (.05) | | (1.45) | | (.07) | | (.11) | | (.08) |
Net asset value, end of period | $ | 15.81 | $ | 13.05 | $ | 11.29 | $ | 17.82 | $ | 13.99 | $ | 12.40 |
Total Return D,E | | | | 16.02% | | (30.83)% | | 27.93% | | 13.82% | | 22.90% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
Expenses before reductions | | .65% H | | .65% | | .65% | | .65% | | .65% | | .65% |
Expenses net of fee waivers, if any | | | | .65% | | .65% | | .65% | | .65% | | .65% |
Expenses net of all reductions | | .65% H | | .65% | | .65% | | .65% | | .61% | | .63% |
Net investment income (loss) | | .54% H | | .59% | | .44% | | .29% | | .62% | | 1.16% C |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 1,642,863 | $ | 1,092,342 | $ | 763,118 | $ | 923,233 | $ | 760,960 | $ | 524,353 |
Portfolio turnover rate I | | | | 78% | | 119% J | | 149% | | 138% | | 144% J |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .75%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity International Capital Appreciation K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or ETFs but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $376,136,456 |
Gross unrealized depreciation | (19,742,624) |
Net unrealized appreciation (depreciation) | $356,393,832 |
Tax cost | $1,295,023,728 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(61,559,404) |
Total capital loss carryforward | $(61,559,404) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity International Capital Appreciation K6 Fund | 688,488,660 | 391,948,647 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .65% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity International Capital Appreciation K6 Fund | 482 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity International Capital Appreciation K6 Fund | Borrower | 14,825,000 | 5.57% | 2,294 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity International Capital Appreciation K6 Fund | 54,858,495 | 19,247,411 | 555,660 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity International Capital Appreciation K6 Fund | 723 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $248.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® International Capital Appreciation K6 Fund | | | | .65% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,216.90 | | $ 3.58 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.63 | | $ 3.27 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity International Capital Appreciation K6 Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9883990.106
IVFK6-SANN-0624
Fidelity® Series Overseas Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.9 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.8 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.7 | |
SAP SE (Germany, Software) | 2.3 | |
Tokio Marine Holdings, Inc. (Japan, Insurance) | 2.2 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 | |
Safran SA (France, Aerospace & Defense) | 2.1 | |
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) | 2.1 | |
Wolters Kluwer NV (Netherlands, Professional Services) | 1.9 | |
Compass Group PLC (United Kingdom, Hotels, Restaurants & Leisure) | 1.8 | |
| 24.9 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 22.5 | |
Information Technology | 19.1 | |
Industrials | 18.6 | |
Health Care | 15.5 | |
Consumer Discretionary | 10.0 | |
Materials | 6.5 | |
Consumer Staples | 5.1 | |
Energy | 1.3 | |
Communication Services | 0.5 | |
Real Estate | 0.1 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 99.2% |
| | Shares | Value ($) |
Belgium - 0.9% | | | |
Azelis Group NV | | 1,640,643 | 39,640,245 |
KBC Group NV | | 1,293,465 | 96,488,971 |
TOTAL BELGIUM | | | 136,129,216 |
Canada - 2.5% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 2,300,900 | 127,526,002 |
Constellation Software, Inc. | | 91,270 | 234,980,885 |
Constellation Software, Inc. warrants 3/31/40 (a)(b) | | 105,870 | 8 |
Lumine Group, Inc. (a) | | 525,150 | 14,385,215 |
TOTAL CANADA | | | 376,892,110 |
Denmark - 5.0% | | | |
Carlsberg A/S Series B | | 669,700 | 90,083,266 |
DSV A/S | | 650,496 | 92,870,825 |
Novo Nordisk A/S Series B | | 4,357,500 | 558,815,868 |
TOTAL DENMARK | | | 741,769,959 |
Finland - 0.9% | | | |
Nordea Bank Abp | | 11,641,300 | 135,845,448 |
France - 14.0% | | | |
Accor SA | | 2,781,100 | 122,607,664 |
Air Liquide SA | | 1,191,660 | 233,063,216 |
ALTEN | | 904,701 | 106,880,508 |
Antin Infrastructure Partners SA | | 336,500 | 4,309,354 |
Capgemini SA | | 1,143,362 | 240,313,050 |
Dassault Systemes SA | | 2,403,700 | 94,349,849 |
Edenred SA | | 626,804 | 29,740,416 |
EssilorLuxottica SA | | 1,102,716 | 236,305,159 |
L'Oreal SA | | 419,800 | 196,967,844 |
LVMH Moet Hennessy Louis Vuitton SE | | 385,683 | 316,814,030 |
Safran SA | | 1,441,600 | 312,585,039 |
TotalEnergies SE | | 2,567,679 | 186,410,213 |
TOTAL FRANCE | | | 2,080,346,342 |
Germany - 9.1% | | | |
Allianz SE | | 789,933 | 224,171,046 |
Deutsche Borse AG | | 990,760 | 191,010,592 |
Hannover Reuck SE | | 889,216 | 220,540,935 |
Infineon Technologies AG | | 2,556,200 | 88,707,871 |
Merck KGaA | | 809,320 | 128,649,055 |
SAP SE | | 1,898,300 | 342,770,429 |
Siemens Healthineers AG (c) | | 2,701,700 | 149,829,384 |
TOTAL GERMANY | | | 1,345,679,312 |
Hong Kong - 1.0% | | | |
AIA Group Ltd. | | 19,396,600 | 142,067,643 |
India - 0.4% | | | |
HDFC Bank Ltd. | | 3,545,000 | 64,360,983 |
Indonesia - 0.9% | | | |
PT Bank Central Asia Tbk | | 210,278,900 | 126,437,465 |
Ireland - 1.1% | | | |
Kingspan Group PLC (Ireland) | | 1,775,600 | 158,889,070 |
Italy - 3.6% | | | |
FinecoBank SpA | | 8,359,685 | 128,825,823 |
GVS SpA (a)(c) | | 839,038 | 4,906,909 |
Industrie de Nora SpA | | 601,200 | 8,109,832 |
Recordati SpA | | 2,914,539 | 155,675,322 |
UniCredit SpA | | 6,576,500 | 241,386,243 |
TOTAL ITALY | | | 538,904,129 |
Japan - 14.5% | | | |
Ajinomoto Co., Inc. | | 2,742,200 | 101,959,035 |
BayCurrent Consulting, Inc. | | 1,032,000 | 21,968,356 |
Capcom Co. Ltd. | | 4,112,500 | 67,701,784 |
DENSO Corp. | | 5,944,800 | 101,317,956 |
FUJIFILM Holdings Corp. | | 8,304,500 | 176,657,374 |
Hoya Corp. | | 1,799,807 | 208,669,310 |
Mitsubishi Heavy Industries Ltd. | | 18,775,900 | 167,877,520 |
Renesas Electronics Corp. | | 5,235,026 | 84,994,584 |
Rohto Pharmaceutical Co. Ltd. | | 1,580,400 | 30,834,295 |
Shin-Etsu Chemical Co. Ltd. | | 6,658,400 | 257,739,605 |
Sony Group Corp. | | 2,918,800 | 241,242,817 |
Suzuki Motor Corp. | | 13,105,180 | 152,620,116 |
TIS, Inc. | | 2,142,076 | 45,747,409 |
Tokio Marine Holdings, Inc. | | 10,145,400 | 320,659,525 |
Tokyo Electron Ltd. | | 771,800 | 169,291,178 |
TOTAL JAPAN | | | 2,149,280,864 |
Netherlands - 8.1% | | | |
ASM International NV (Netherlands) | | 249,961 | 158,774,588 |
ASML Holding NV (Netherlands) | | 647,628 | 575,519,446 |
IMCD NV | | 1,062,051 | 161,229,113 |
Topicus.Com, Inc. | | 184,177 | 15,009,492 |
Wolters Kluwer NV | | 1,909,108 | 286,764,059 |
TOTAL NETHERLANDS | | | 1,197,296,698 |
Spain - 0.8% | | | |
CaixaBank SA (d) | | 23,530,100 | 124,087,373 |
Sweden - 2.5% | | | |
AddTech AB (B Shares) | | 1,731,419 | 36,575,292 |
Atlas Copco AB (A Shares) | | 9,929,600 | 173,927,748 |
Indutrade AB | | 6,947,075 | 162,764,942 |
Kry International AB (a)(b)(e) | | 4,451 | 135,521 |
TOTAL SWEDEN | | | 373,403,503 |
Switzerland - 5.0% | | | |
Alcon, Inc. (Switzerland) | | 1,954,120 | 151,142,705 |
Compagnie Financiere Richemont SA Series A | | 1,050,120 | 145,154,968 |
Galderma Group AG | | 707,590 | 52,727,675 |
Partners Group Holding AG | | 127,640 | 165,164,841 |
Sika AG | | 800,401 | 229,258,181 |
TOTAL SWITZERLAND | | | 743,448,370 |
Taiwan - 0.8% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 4,824,684 | 115,315,717 |
United Kingdom - 17.2% | | | |
3i Group PLC | | 5,501,391 | 196,550,681 |
AstraZeneca PLC (United Kingdom) | | 2,675,800 | 404,711,947 |
BAE Systems PLC | | 12,116,600 | 201,525,913 |
Beazley PLC | | 3,771,851 | 31,247,962 |
Compass Group PLC | | 9,824,187 | 273,247,258 |
Diageo PLC | | 6,662,247 | 230,245,113 |
Diploma PLC | | 1,455,331 | 65,975,501 |
Flutter Entertainment PLC (a) | | 190,902 | 35,602,333 |
Halma PLC | | 3,600,500 | 99,293,036 |
Hiscox Ltd. | | 3,511,072 | 53,963,298 |
InterContinental Hotel Group PLC | | 1,180,498 | 115,138,709 |
Lloyds Banking Group PLC | | 220,013,300 | 141,992,947 |
London Stock Exchange Group PLC | | 2,227,700 | 245,581,890 |
RELX PLC (London Stock Exchange) | | 7,490,355 | 307,755,324 |
Sage Group PLC | | 10,276,400 | 149,724,610 |
TOTAL UNITED KINGDOM | | | 2,552,556,522 |
United States of America - 10.9% | | | |
CBRE Group, Inc. (a) | | 83,027 | 7,214,216 |
CDW Corp. | | 453,800 | 109,756,068 |
Experian PLC | | 3,435,200 | 138,555,169 |
Ferguson PLC | | 934,700 | 198,085,065 |
ICON PLC (a) | | 449,400 | 133,867,272 |
Linde PLC | | 564,800 | 249,054,208 |
Marsh & McLennan Companies, Inc. | | 1,220,028 | 243,310,184 |
S&P Global, Inc. | | 489,251 | 203,445,243 |
Schneider Electric SA | | 988,931 | 225,489,428 |
Thermo Fisher Scientific, Inc. | | 197,900 | 112,549,688 |
TOTAL UNITED STATES OF AMERICA | | | 1,621,326,541 |
TOTAL COMMON STOCKS (Cost $10,825,985,732) | | | 14,724,037,265 |
| | | |
Nonconvertible Preferred Stocks - 0.0% |
| | Shares | Value ($) |
Sweden - 0.0% | | | |
Kry International AB Series E (a)(b)(e) (Cost $11,754,376) | | 25,711 | 1,064,899 |
| | | |
Money Market Funds - 0.7% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 75,903,525 | 75,918,705 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 17,398,260 | 17,400,000 |
TOTAL MONEY MARKET FUNDS (Cost $93,318,705) | | | 93,318,705 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $10,931,058,813) | 14,818,420,869 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 21,140,018 |
NET ASSETS - 100.0% | 14,839,560,887 |
| |
Legend
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $154,736,293 or 1.0% of net assets. |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,200,420 or 0.0% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Kry International AB | 5/14/21 | 1,933,095 |
| | |
Kry International AB Series E | 5/14/21 | 11,754,376 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 329,038,521 | 1,635,852,580 | 1,888,998,035 | 4,478,305 | 25,639 | - | 75,918,705 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 122,977,365 | 105,577,365 | 194,893 | - | - | 17,400,000 | 0.1% |
Total | 329,038,521 | 1,758,829,945 | 1,994,575,400 | 4,673,198 | 25,639 | - | 93,318,705 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 67,701,784 | - | 67,701,784 | - |
Consumer Discretionary | 1,503,745,851 | 158,209,997 | 1,345,535,854 | - |
Consumer Staples | 777,615,555 | 324,493,846 | 453,121,709 | - |
Energy | 186,410,213 | - | 186,410,213 | - |
Financials | 3,331,188,863 | 1,312,882,475 | 2,018,306,388 | - |
Health Care | 2,292,943,385 | 970,916,876 | 1,322,026,509 | - |
Industrials | 2,765,495,350 | 1,215,810,853 | 1,549,684,497 | - |
Information Technology | 2,823,671,737 | 1,464,323,848 | 1,358,147,461 | 1,200,428 |
Materials | 969,115,210 | 478,312,389 | 490,802,821 | - |
Real Estate | 7,214,216 | 7,214,216 | - | - |
|
Money Market Funds | 93,318,705 | 93,318,705 | - | - |
Total Investments in Securities: | 14,818,420,869 | 6,025,483,205 | 8,791,737,236 | 1,200,428 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $15,884,778) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $10,837,740,108) | $ | 14,725,102,164 | | |
Fidelity Central Funds (cost $93,318,705) | | 93,318,705 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $10,931,058,813) | | | $ | 14,818,420,869 |
Foreign currency held at value (cost $3,195,537) | | | | 3,195,536 |
Receivable for investments sold | | | | 26,331,210 |
Receivable for fund shares sold | | | | 307,516 |
Dividends receivable | | | | 34,182,282 |
Reclaims receivable | | | | 40,993,595 |
Distributions receivable from Fidelity Central Funds | | | | 781,958 |
Other receivables | | | | 83,444 |
Total assets | | | | 14,924,296,410 |
Liabilities | | | | |
Payable for investments purchased | $ | 4,593,417 | | |
Payable for fund shares redeemed | | 62,165,884 | | |
Other payables and accrued expenses | | 576,222 | | |
Collateral on securities loaned | | 17,400,000 | | |
Total liabilities | | | | 84,735,523 |
Net Assets | | | $ | 14,839,560,887 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 11,235,222,417 |
Total accumulated earnings (loss) | | | | 3,604,338,470 |
Net Assets | | | $ | 14,839,560,887 |
Net Asset Value, offering price and redemption price per share ($14,839,560,887 ÷ 1,100,854,383 shares) | | | $ | 13.48 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 134,842,655 |
Interest | | | | 341,768 |
Income from Fidelity Central Funds (including $194,893 from security lending) | | | | 4,673,198 |
Income before foreign taxes withheld | | | $ | 139,857,621 |
Less foreign taxes withheld | | | | (12,767,857) |
Total income | | | | 127,089,764 |
Expenses | | | | |
Custodian fees and expenses | $ | 485,397 | | |
Independent trustees' fees and expenses | | 35,788 | | |
Interest | | 52,691 | | |
Total expenses before reductions | | 573,876 | | |
Expense reductions | | (46) | | |
Total expenses after reductions | | | | 573,830 |
Net Investment income (loss) | | | | 126,515,934 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $4,933,904) | | 118,502,152 | | |
Redemptions in-kind | | 121,138,394 | | |
Fidelity Central Funds | | 25,639 | | |
Foreign currency transactions | | (565,748) | | |
Total net realized gain (loss) | | | | 239,100,437 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,799,217) | | 2,316,470,800 | | |
Assets and liabilities in foreign currencies | | (277,723) | | |
Total change in net unrealized appreciation (depreciation) | | | | 2,316,193,077 |
Net gain (loss) | | | | 2,555,293,514 |
Net increase (decrease) in net assets resulting from operations | | | $ | 2,681,809,448 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 126,515,934 | $ | 254,211,804 |
Net realized gain (loss) | | 239,100,437 | | 90,465,610 |
Change in net unrealized appreciation (depreciation) | | 2,316,193,077 | | 1,370,046,952 |
Net increase (decrease) in net assets resulting from operations | | 2,681,809,448 | | 1,714,724,366 |
Distributions to shareholders | | (237,159,964) | | (228,975,390) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 1,281,004,332 | | 1,971,571,393 |
Reinvestment of distributions | | 237,159,964 | | 228,975,390 |
Cost of shares redeemed | | (1,968,152,521) | | (3,158,640,518) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (449,988,225) | | (958,093,735) |
Total increase (decrease) in net assets | | 1,994,661,259 | | 527,655,241 |
| | | | |
Net Assets | | | | |
Beginning of period | | 12,844,899,628 | | 12,317,244,387 |
End of period | $ | 14,839,560,887 | $ | 12,844,899,628 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 97,450,070 | | 166,640,804 |
Issued in reinvestment of distributions | | 19,172,188 | | 20,554,344 |
Redeemed | | (150,261,847) | | (271,702,575) |
Net increase (decrease) | | (33,639,589) | | (84,507,427) |
| | | | |
Financial Highlights
Fidelity® Series Overseas Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 11.32 | $ | 10.10 | $ | 14.58 | $ | 10.62 | $ | 10.20 | $ | 10.00 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .11 | | .22 | | .21 | | .17 | | .14 | | .06 D |
Net realized and unrealized gain (loss) | | 2.26 | | 1.20 | | (4.27) | | 3.93 | | .32 | | .14 |
Total from investment operations | | 2.37 | | 1.42 | | (4.06) | | 4.10 | | .46 | | .20 |
Distributions from net investment income | | (.21) | | (.20) | | (.17) | | (.14) | | (.04) | | - |
Distributions from net realized gain | | - | | - | | (.25) | | - | | - | | - |
Total distributions | | (.21) | | (.20) | | (.42) | | (.14) | | (.04) | | - |
Net asset value, end of period | $ | 13.48 | $ | 11.32 | $ | 10.10 | $ | 14.58 | $ | 10.62 | $ | 10.20 |
Total Return E | | | | 14.05% | | (28.66)% | | 38.89% | | 4.51% | | 2.00% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
Expenses before reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% H |
Expenses net of fee waivers, if any | | | | .01% | | .01% | | .01% | | .01% | | .01% H |
Expenses net of all reductions | | .01% H | | .01% | | .01% | | .01% | | .01% | | .01% H |
Net investment income (loss) | | 1.73% H | | 1.90% | | 1.79% | | 1.29% | | 1.35% | | 1.69% D,H |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 14,839,561 | $ | 12,844,900 | $ | 12,317,244 | $ | 15,419,200 | $ | 11,508,376 | $ | 6,226,806 |
Portfolio turnover rate I | | | | 38% J | | 28% J | | 33% | | 50% | | 12% J,K |
AFor the period June 21, 2019 (commencement of operations) through October 31, 2019.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .98%.
ETotal returns for periods of less than one year are not annualized.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
KAmount not annualized.
For the period ended April 30, 2024
1. Organization.
Fidelity Series Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $4,043,856,279 |
Gross unrealized depreciation | (168,376,275) |
Net unrealized appreciation (depreciation) | $3,875,480,004 |
Tax cost | $10,942,940,865 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(514,624,302) |
Long-term | (96,973,062) |
Total capital loss carryforward | $(611,597,364) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4.Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Series Overseas Fund | 2,434,933,431 | 2,422,941,285 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Series Overseas Fund | 25,162,133 | 121,138,394 | 328,962,658 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Series Overseas Fund | 32,698,280 | 121,959,420 | 380,570,728 |
5.Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Series Overseas Fund | 1,239 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) |
Fidelity Series Overseas Fund | Borrower | 48,640,714 | 5.57% | 52,691 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Series Overseas Fund | 35,131,191 | 36,108,060 | 2,041,627 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Series Overseas Fund | 20,693 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $46.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Series Overseas Fund | | | | .01% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,211.20 | | $ .05 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,024.81 | | $ .05 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Series Overseas Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9894004.104
SOV-SANN-0624
Fidelity® Enduring Opportunities Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Microsoft Corp. | 4.3 | |
NVIDIA Corp. | 3.4 | |
Amazon.com, Inc. | 2.6 | |
Meta Platforms, Inc. Class A | 1.7 | |
Alphabet, Inc. Class A | 1.6 | |
Alphabet, Inc. Class C | 1.4 | |
Eli Lilly & Co. | 1.2 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1.1 | |
JPMorgan Chase & Co. | 1.1 | |
Tesla, Inc. | 0.9 | |
| 19.3 | |
|
Market Sectors (% of Fund's net assets) |
|
Information Technology | 21.9 | |
Consumer Discretionary | 15.7 | |
Industrials | 15.6 | |
Financials | 11.4 | |
Health Care | 9.3 | |
Communication Services | 8.5 | |
Consumer Staples | 5.1 | |
Materials | 4.2 | |
Real Estate | 4.1 | |
Energy | 1.8 | |
Utilities | 0.4 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 97.9% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 8.5% | | | |
Entertainment - 1.9% | | | |
Live Nation Entertainment, Inc. (a) | | 494 | 43,922 |
Netflix, Inc. (a) | | 171 | 94,159 |
Sea Ltd. ADR (a) | | 788 | 49,794 |
The Walt Disney Co. | | 701 | 77,881 |
| | | 265,756 |
Interactive Media & Services - 6.6% | | | |
Adevinta ASA Class B (a) | | 2,862 | 29,216 |
Alphabet, Inc.: | | | |
Class A | | 1,384 | 225,288 |
Class C | | 1,220 | 200,861 |
Hemnet Group AB | | 809 | 21,215 |
Kakao Corp. | | 572 | 19,809 |
LY Corp. | | 7,791 | 18,719 |
Match Group, Inc. (a) | | 956 | 29,464 |
Meta Platforms, Inc. Class A | | 563 | 242,186 |
NAVER Corp. | | 245 | 32,225 |
Rightmove PLC | | 3,529 | 22,710 |
Tencent Holdings Ltd. | | 2,268 | 99,527 |
| | | 941,220 |
TOTAL COMMUNICATION SERVICES | | | 1,206,976 |
CONSUMER DISCRETIONARY - 15.7% | | | |
Automobile Components - 0.5% | | | |
Aptiv PLC (a) | | 552 | 39,192 |
DENSO Corp. | | 2,140 | 36,472 |
| | | 75,664 |
Automobiles - 1.4% | | | |
BYD Co. Ltd. (H Shares) | | 1,258 | 34,485 |
Ferrari NV (Italy) | | 90 | 37,190 |
Tesla, Inc. (a) | | 718 | 131,595 |
| | | 203,270 |
Broadline Retail - 3.5% | | | |
Amazon.com, Inc. (a) | | 2,110 | 369,250 |
B&M European Value Retail SA | | 4,226 | 27,406 |
Dollarama, Inc. | | 412 | 34,369 |
MercadoLibre, Inc. (a) | | 28 | 40,844 |
Prosus NV | | 642 | 21,673 |
| | | 493,542 |
Diversified Consumer Services - 0.3% | | | |
Duolingo, Inc. (a) | | 199 | 44,924 |
Hotels, Restaurants & Leisure - 3.8% | | | |
Chipotle Mexican Grill, Inc. (a) | | 21 | 66,352 |
Churchill Downs, Inc. | | 393 | 50,697 |
Compass Group PLC | | 1,263 | 35,129 |
Domino's Pizza, Inc. | | 103 | 54,515 |
Doordash, Inc. (a) | | 382 | 49,377 |
Flutter Entertainment PLC (a) | | 146 | 27,228 |
Hilton Worldwide Holdings, Inc. | | 344 | 67,864 |
Oriental Land Co. Ltd. | | 1,008 | 27,812 |
Restaurant Brands Asia Ltd. (a) | | 19,425 | 23,211 |
Wingstop, Inc. | | 113 | 43,481 |
Yum! Brands, Inc. | | 322 | 45,483 |
Zomato Ltd. (a) | | 22,115 | 51,025 |
| | | 542,174 |
Household Durables - 0.5% | | | |
Berkeley Group Holdings PLC | | 397 | 23,385 |
NVR, Inc. (a) | | 7 | 52,072 |
| | | 75,457 |
Leisure Products - 0.3% | | | |
Roland Corp. | | 647 | 17,589 |
SHIMANO, Inc. | | 129 | 20,964 |
| | | 38,553 |
Specialty Retail - 3.6% | | | |
Carvana Co. Class A (a) | | 459 | 38,060 |
Fast Retailing Co. Ltd. | | 142 | 37,129 |
Five Below, Inc. (a) | | 225 | 32,927 |
Floor & Decor Holdings, Inc. Class A (a) | | 417 | 46,008 |
Lowe's Companies, Inc. | | 319 | 72,729 |
National Vision Holdings, Inc. (a) | | 2,205 | 38,411 |
Nitori Holdings Co. Ltd. | | 184 | 24,625 |
The Home Depot, Inc. | | 302 | 100,934 |
Ulta Beauty, Inc. (a) | | 102 | 41,294 |
Wayfair LLC Class A (a) | | 635 | 31,845 |
WH Smith PLC | | 1,154 | 15,819 |
Workman Co. Ltd. | | 659 | 16,190 |
ZOZO, Inc. | | 833 | 17,942 |
| | | 513,913 |
Textiles, Apparel & Luxury Goods - 1.8% | | | |
Hermes International SCA | | 16 | 38,436 |
lululemon athletica, Inc. (a) | | 196 | 70,678 |
LVMH Moet Hennessy Louis Vuitton SE | | 82 | 67,358 |
Moncler SpA | | 333 | 22,787 |
Prada SpA | | 2,910 | 23,732 |
Shenzhou International Group Holdings Ltd. | | 3,057 | 30,048 |
| | | 253,039 |
TOTAL CONSUMER DISCRETIONARY | | | 2,240,536 |
CONSUMER STAPLES - 5.1% | | | |
Beverages - 1.0% | | | |
Ambev SA | | 10,151 | 23,752 |
Davide Campari Milano NV | | 2,695 | 27,093 |
Kweichow Moutai Co. Ltd. (A Shares) | | 115 | 26,964 |
Monster Beverage Corp. (a) | | 806 | 43,081 |
Pernod Ricard SA | | 175 | 26,520 |
| | | 147,410 |
Consumer Staples Distribution & Retail - 2.7% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 541 | 29,985 |
Casey's General Stores, Inc. | | 169 | 54,009 |
Clicks Group Ltd. | | 1,582 | 24,614 |
Cosmos Pharmaceutical Corp. | | 273 | 25,114 |
Costco Wholesale Corp. | | 172 | 124,339 |
Wal-Mart de Mexico SA de CV Series V | | 8,849 | 33,018 |
Walmart, Inc. | | 1,497 | 88,847 |
| | | 379,926 |
Food Products - 0.7% | | | |
Freshpet, Inc. (a) | | 498 | 52,823 |
McCormick & Co., Inc. (non-vtg.) | | 660 | 50,200 |
| | | 103,023 |
Household Products - 0.2% | | | |
Unicharm Corp. | | 664 | 19,730 |
Personal Care Products - 0.5% | | | |
Hindustan Unilever Ltd. | | 930 | 24,831 |
L'Oreal SA | | 100 | 46,919 |
| | | 71,750 |
TOTAL CONSUMER STAPLES | | | 721,839 |
ENERGY - 1.8% | | | |
Energy Equipment & Services - 0.4% | | | |
Schlumberger Ltd. | | 1,053 | 49,996 |
Oil, Gas & Consumable Fuels - 1.4% | | | |
Cheniere Energy, Inc. | | 268 | 42,296 |
Hess Corp. | | 332 | 52,287 |
Parkland Corp. | | 761 | 23,444 |
PrairieSky Royalty Ltd. | | 2,270 | 43,251 |
Reliance Industries Ltd. | | 1,262 | 44,289 |
| | | 205,567 |
TOTAL ENERGY | | | 255,563 |
FINANCIALS - 11.4% | | | |
Banks - 3.0% | | | |
Bank of America Corp. | | 2,493 | 92,266 |
Credicorp Ltd. (United States) | | 263 | 43,555 |
FinecoBank SpA | | 1,536 | 23,670 |
JPMorgan Chase & Co. | | 806 | 154,542 |
KBC Group NV | | 396 | 29,541 |
PNC Financial Services Group, Inc. | | 287 | 43,986 |
PT Bank Central Asia Tbk | | 55,476 | 33,357 |
| | | 420,917 |
Capital Markets - 2.5% | | | |
Avanza Bank Holding AB | | 742 | 16,065 |
Banca Generali SpA | | 585 | 22,987 |
Bolsa Mexicana de Valores S.A.B. de CV | | 13,232 | 24,856 |
Brookfield Corp. (Canada) Class A | | 857 | 34,376 |
HUB24 Ltd. | | 1,195 | 30,704 |
Moody's Corp. | | 124 | 45,921 |
Morningstar, Inc. | | 159 | 44,941 |
Nordnet AB | | 1,221 | 22,070 |
Partners Group Holding AG | | 19 | 24,586 |
S&P Global, Inc. | | 151 | 62,790 |
VZ Holding AG | | 239 | 27,611 |
| | | 356,907 |
Financial Services - 3.0% | | | |
Adyen BV (a)(b) | | 21 | 25,158 |
BFF Bank SpA (b) | | 2,091 | 26,890 |
Edenred SA | | 403 | 19,121 |
Fiserv, Inc. (a) | | 421 | 64,274 |
Flywire Corp. (a) | | 1,341 | 27,491 |
MasterCard, Inc. Class A | | 261 | 117,763 |
Visa, Inc. Class A | | 481 | 129,201 |
Zenkoku Hosho Co. Ltd. | | 657 | 23,069 |
| | | 432,967 |
Insurance - 2.9% | | | |
American Financial Group, Inc. | | 324 | 41,391 |
Arch Capital Group Ltd. (a) | | 559 | 52,289 |
Arthur J. Gallagher & Co. | | 191 | 44,826 |
Assurant, Inc. | | 248 | 43,251 |
Chubb Ltd. | | 275 | 68,376 |
Hannover Reuck SE | | 148 | 36,707 |
Qualitas Controladora S.A.B. de CV | | 3,540 | 46,293 |
Steadfast Group Ltd. | | 5,820 | 21,181 |
The Travelers Companies, Inc. | | 259 | 54,949 |
| | | 409,263 |
TOTAL FINANCIALS | | | 1,620,054 |
HEALTH CARE - 9.3% | | | |
Biotechnology - 0.2% | | | |
Zai Lab Ltd. (a) | | 14,460 | 23,242 |
Health Care Equipment & Supplies - 4.1% | | | |
Align Technology, Inc. (a) | | 133 | 37,557 |
Boston Scientific Corp. (a) | | 1,073 | 77,117 |
Coloplast A/S Series B | | 165 | 19,893 |
Hoya Corp. | | 287 | 33,275 |
IDEXX Laboratories, Inc. (a) | | 86 | 42,377 |
Inspire Medical Systems, Inc. (a) | | 165 | 39,874 |
Intuitive Surgical, Inc. (a) | | 167 | 61,894 |
Masimo Corp. (a) | | 429 | 57,662 |
ResMed, Inc. | | 260 | 55,637 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 764 | 32,080 |
Shockwave Medical, Inc. (a) | | 162 | 53,491 |
Straumann Holding AG | | 201 | 26,895 |
The Cooper Companies, Inc. | | 468 | 41,680 |
| | | 579,432 |
Health Care Providers & Services - 1.2% | | | |
Apollo Hospitals Enterprise Ltd. | | 425 | 30,220 |
Surgery Partners, Inc. (a) | | 909 | 22,680 |
UnitedHealth Group, Inc. | | 253 | 122,376 |
| | | 175,276 |
Health Care Technology - 0.2% | | | |
Veeva Systems, Inc. Class A (a) | | 159 | 31,571 |
Life Sciences Tools & Services - 1.7% | | | |
10X Genomics, Inc. (a) | | 566 | 16,572 |
Danaher Corp. | | 294 | 72,506 |
Lonza Group AG | | 45 | 24,840 |
Thermo Fisher Scientific, Inc. | | 153 | 87,014 |
West Pharmaceutical Services, Inc. | | 135 | 48,260 |
| | | 249,192 |
Pharmaceuticals - 1.9% | | | |
Eli Lilly & Co. | | 210 | 164,031 |
Novo Nordisk A/S Series B | | 830 | 106,441 |
| | | 270,472 |
TOTAL HEALTH CARE | | | 1,329,185 |
INDUSTRIALS - 15.5% | | | |
Aerospace & Defense - 1.9% | | | |
General Electric Co. | | 562 | 90,943 |
HEICO Corp. | | 234 | 48,532 |
INVISIO AB | | 1,159 | 25,609 |
Northrop Grumman Corp. | | 112 | 54,323 |
Safran SA | | 223 | 48,354 |
| | | 267,761 |
Air Freight & Logistics - 0.9% | | | |
C.H. Robinson Worldwide, Inc. | | 444 | 31,524 |
Delhivery Private Ltd. (a) | | 4,535 | 24,374 |
DHL Group | | 752 | 31,486 |
ZTO Express, Inc. sponsored ADR | | 1,725 | 36,208 |
| | | 123,592 |
Building Products - 1.3% | | | |
ASSA ABLOY AB (B Shares) | | 1,243 | 32,842 |
Kingspan Group PLC (Ireland) | | 315 | 28,188 |
Simpson Manufacturing Co. Ltd. | | 195 | 33,909 |
The AZEK Co., Inc. (a) | | 1,102 | 50,295 |
Trex Co., Inc. (a) | | 522 | 46,223 |
| | | 191,457 |
Commercial Services & Supplies - 1.5% | | | |
Casella Waste Systems, Inc. Class A (a) | | 471 | 42,578 |
Cintas Corp. | | 87 | 57,276 |
Copart, Inc. | | 1,214 | 65,932 |
GFL Environmental, Inc. | | 625 | 19,944 |
Waste Connections, Inc. (Canada) | | 135 | 21,888 |
| | | 207,618 |
Construction & Engineering - 0.2% | | | |
Larsen & Toubro Ltd. | | 646 | 27,761 |
Electrical Equipment - 1.6% | | | |
AMETEK, Inc. | | 292 | 51,001 |
Eaton Corp. PLC | | 265 | 84,339 |
GE Vernova LLC | | 140 | 21,519 |
Generac Holdings, Inc. (a) | | 316 | 42,963 |
Nidec Corp. | | 724 | 33,907 |
| | | 233,729 |
Ground Transportation - 0.6% | | | |
Localiza Rent a Car SA | | 2,415 | 22,803 |
Old Dominion Freight Lines, Inc. | | 206 | 37,432 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 13,622 | 18,652 |
| | | 78,887 |
Industrial Conglomerates - 0.4% | | | |
Honeywell International, Inc. | | 291 | 56,084 |
Machinery - 2.0% | | | |
Atlas Copco AB (A Shares) | | 2,381 | 41,706 |
Fortive Corp. | | 573 | 43,130 |
Indutrade AB | | 1,261 | 29,544 |
Minebea Mitsumi, Inc. | | 1,199 | 22,458 |
Miura Co. Ltd. | | 820 | 12,901 |
Rational AG | | 33 | 28,315 |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 3,307 | 27,121 |
SMC Corp. | | 48 | 25,218 |
Spirax-Sarco Engineering PLC | | 231 | 25,531 |
VAT Group AG (b) | | 53 | 26,677 |
| | | 282,601 |
Marine Transportation - 0.2% | | | |
SITC International Holdings Co. Ltd. | | 15,027 | 32,587 |
Passenger Airlines - 0.2% | | | |
Ryanair Holdings PLC sponsored ADR | | 221 | 30,100 |
Professional Services - 2.8% | | | |
BayCurrent Consulting, Inc. | | 987 | 21,010 |
Centre Testing International Group Co. Ltd. (A Shares) | | 4,438 | 7,678 |
Dayforce, Inc. (a) | | 605 | 37,129 |
Equifax, Inc. | | 204 | 44,919 |
Experian PLC | | 915 | 36,906 |
Funai Soken Holdings, Inc. | | 1,334 | 20,182 |
Headhunter Group PLC ADR (a)(c) | | 622 | 7,962 |
Recruit Holdings Co. Ltd. | | 936 | 40,311 |
RELX PLC (London Stock Exchange) | | 972 | 39,936 |
Thomson Reuters Corp. | | 235 | 35,495 |
TriNet Group, Inc. | | 301 | 30,211 |
Verisk Analytics, Inc. | | 201 | 43,810 |
Wolters Kluwer NV | | 217 | 32,595 |
| | | 398,144 |
Trading Companies & Distributors - 1.5% | | | |
AddTech AB (B Shares) | | 979 | 20,681 |
Ashtead Group PLC | | 500 | 36,499 |
Azelis Group NV | | 826 | 19,957 |
Ferguson PLC | | 292 | 61,291 |
IMCD NV | | 158 | 23,986 |
Watsco, Inc. | | 108 | 48,354 |
| | | 210,768 |
Transportation Infrastructure - 0.4% | | | |
Athens International Airport SA | | 3,235 | 28,689 |
International Container Terminal Services, Inc. | | 5,594 | 32,021 |
| | | 60,710 |
TOTAL INDUSTRIALS | | | 2,201,799 |
INFORMATION TECHNOLOGY - 21.9% | | | |
Communications Equipment - 0.4% | | | |
Arista Networks, Inc. (a) | | 202 | 51,825 |
Electronic Equipment, Instruments & Components - 1.7% | | | |
Amphenol Corp. Class A | | 540 | 65,216 |
Azbil Corp. | | 666 | 18,601 |
CDW Corp. | | 230 | 55,628 |
Keyence Corp. | | 88 | 38,700 |
Lagercrantz Group AB (B Shares) | | 2,284 | 33,969 |
Murata Manufacturing Co. Ltd. | | 1,494 | 27,299 |
| | | 239,413 |
IT Services - 1.8% | | | |
Cloudflare, Inc. (a) | | 630 | 55,062 |
Kainos Group PLC | | 1,700 | 20,839 |
Nagarro SE (a) | | 231 | 17,614 |
SHIFT, Inc. (a) | | 109 | 10,027 |
Shopify, Inc. Class A (a) | | 364 | 25,553 |
Softcat PLC | | 1,104 | 21,644 |
Tata Consultancy Services Ltd. | | 872 | 39,787 |
Twilio, Inc. Class A (a) | | 535 | 32,036 |
VeriSign, Inc. (a) | | 198 | 33,557 |
| | | 256,119 |
Semiconductors & Semiconductor Equipment - 7.5% | | | |
Advantest Corp. | | 692 | 21,660 |
ASM International NV (Netherlands) | | 58 | 36,841 |
ASML Holding NV (Netherlands) | | 111 | 98,641 |
BE Semiconductor Industries NV | | 189 | 25,313 |
Disco Corp. | | 98 | 27,915 |
eMemory Technology, Inc. | | 516 | 34,620 |
Monolithic Power Systems, Inc. | | 91 | 60,909 |
NVIDIA Corp. | | 557 | 481,259 |
Silicon Laboratories, Inc. (a) | | 339 | 41,185 |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 6,528 | 156,027 |
Teradyne, Inc. | | 369 | 42,922 |
Tokyo Electron Ltd. | | 200 | 43,869 |
| | | 1,071,161 |
Software - 10.1% | | | |
Adobe, Inc. (a) | | 150 | 69,425 |
ANSYS, Inc. (a) | | 124 | 40,285 |
Atlassian Corp. PLC (a) | | 149 | 25,673 |
ATOSS Software AG | | 90 | 24,204 |
Bill Holdings, Inc. (a) | | 662 | 41,282 |
Confluent, Inc. (a) | | 1,109 | 31,185 |
Constellation Software, Inc. | | 17 | 43,768 |
Constellation Software, Inc. warrants 3/31/40 (a)(c) | | 17 | 0 |
Dassault Systemes SA | | 787 | 30,891 |
Fortnox AB | | 3,520 | 20,883 |
HubSpot, Inc. (a) | | 101 | 61,092 |
Lumine Group, Inc. (a) | | 1,386 | 37,966 |
Microsoft Corp. | | 1,569 | 610,856 |
Money Forward, Inc. (a) | | 614 | 21,380 |
Procore Technologies, Inc. (a) | | 607 | 41,531 |
Salesforce, Inc. | | 379 | 101,928 |
SAP SE | | 341 | 61,573 |
ServiceNow, Inc. (a) | | 90 | 62,400 |
Synopsys, Inc. (a) | | 102 | 54,120 |
Topicus.Com, Inc. | | 259 | 21,107 |
Workday, Inc. Class A (a) | | 185 | 45,275 |
| | | 1,446,824 |
Technology Hardware, Storage & Peripherals - 0.4% | | | |
Seagate Technology Holdings PLC | | 614 | 52,749 |
TOTAL INFORMATION TECHNOLOGY | | | 3,118,091 |
MATERIALS - 4.2% | | | |
Chemicals - 2.5% | | | |
Air Products & Chemicals, Inc. | | 229 | 54,122 |
Ecolab, Inc. | | 229 | 51,788 |
Givaudan SA | | 8 | 34,341 |
Linde PLC | | 163 | 71,876 |
Shin-Etsu Chemical Co. Ltd. | | 1,120 | 43,354 |
Sika AG | | 124 | 35,517 |
Solar Industries India Ltd. | | 455 | 48,777 |
Symrise AG | | 185 | 19,881 |
| | | 359,656 |
Construction Materials - 0.9% | | | |
Martin Marietta Materials, Inc. | | 116 | 68,100 |
Vulcan Materials Co. | | 240 | 61,831 |
| | | 129,931 |
Metals & Mining - 0.8% | | | |
Freeport-McMoRan, Inc. | | 1,160 | 57,930 |
Press Metal Aluminium Holdings | | 28,872 | 32,455 |
Ternium SA sponsored ADR | | 583 | 24,544 |
| | | 114,929 |
TOTAL MATERIALS | | | 604,516 |
REAL ESTATE - 4.1% | | | |
Equity Real Estate Investment Trusts (REITs) - 2.7% | | | |
American Tower Corp. | | 262 | 44,949 |
Big Yellow Group PLC | | 1,993 | 26,896 |
Embassy Office Parks (REIT) | | 6,240 | 26,677 |
Equinix, Inc. | | 65 | 46,222 |
Equity Lifestyle Properties, Inc. | | 537 | 32,376 |
Extra Space Storage, Inc. | | 322 | 43,238 |
National Storage REIT unit | | 15,992 | 22,052 |
Prologis, Inc. | | 494 | 50,413 |
Safestore Holdings PLC | | 2,266 | 21,902 |
Segro PLC | | 1,591 | 16,859 |
Sun Communities, Inc. | | 258 | 28,721 |
Warehouses de Pauw | | 822 | 21,878 |
Warehouses de Pauw rights (a)(d) | | 822 | 983 |
| | | 383,166 |
Real Estate Management & Development - 1.4% | | | |
Ayala Land, Inc. | | 36,338 | 18,029 |
CBRE Group, Inc. (a) | | 470 | 40,838 |
Colliers International Group, Inc. | | 176 | 18,328 |
CoStar Group, Inc. (a) | | 506 | 46,314 |
Grainger Trust PLC | | 6,723 | 21,548 |
Katitas Co. Ltd. | | 1,802 | 21,710 |
Oberoi Realty Ltd. | | 1,813 | 32,156 |
| | | 198,923 |
TOTAL REAL ESTATE | | | 582,089 |
UTILITIES - 0.4% | | | |
Electric Utilities - 0.4% | | | |
Constellation Energy Corp. | | 316 | 58,757 |
TOTAL COMMON STOCKS (Cost $10,551,068) | | | 13,939,405 |
| | | |
Nonconvertible Preferred Stocks - 0.1% |
| | Shares | Value ($) |
INDUSTRIALS - 0.1% | | | |
Passenger Airlines - 0.1% | | | |
Azul SA (a) (Cost $24,344) | | 9,633 | 18,088 |
| | | |
Money Market Funds - 2.2% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (e) (Cost $309,521) | | 309,460 | 309,521 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $10,884,933) | 14,267,014 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (22,944) |
NET ASSETS - 100.0% | 14,244,070 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $78,725 or 0.6% of net assets. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 160,448 | 1,635,355 | 1,486,282 | 7,325 | - | - | 309,521 | 0.0% |
Total | 160,448 | 1,635,355 | 1,486,282 | 7,325 | - | - | 309,521 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 1,206,976 | 1,036,696 | 170,280 | - |
Consumer Discretionary | 2,240,536 | 1,755,152 | 485,384 | - |
Consumer Staples | 721,839 | 600,586 | 121,253 | - |
Energy | 255,563 | 211,274 | 44,289 | - |
Financials | 1,620,054 | 1,486,585 | 133,469 | - |
Health Care | 1,329,185 | 1,059,194 | 269,991 | - |
Industrials | 2,219,887 | 1,653,166 | 558,759 | 7,962 |
Information Technology | 3,118,091 | 2,585,742 | 532,349 | - |
Materials | 604,516 | 479,930 | 124,586 | - |
Real Estate | 582,089 | 461,465 | 120,624 | - |
Utilities | 58,757 | 58,757 | - | - |
|
Money Market Funds | 309,521 | 309,521 | - | - |
Total Investments in Securities: | 14,267,014 | 11,698,068 | 2,560,984 | 7,962 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $10,575,412) | $ | 13,957,493 | | |
Fidelity Central Funds (cost $309,521) | | 309,521 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $10,884,933) | | | $ | 14,267,014 |
Cash | | | | 24,768 |
Foreign currency held at value (cost $1,115) | | | | 1,113 |
Receivable for fund shares sold | | | | 148 |
Dividends receivable | | | | 17,327 |
Distributions receivable from Fidelity Central Funds | | | | 1,699 |
Prepaid expenses | | | | 4 |
Receivable from investment adviser for expense reductions | | | | 578 |
Total assets | | | | 14,312,651 |
Liabilities | | | | |
Payable for investments purchased on a delayed delivery basis | $ | 983 | | |
Payable for fund shares redeemed | | 28,132 | | |
Accrued management fee | | 6,355 | | |
Deferred taxes | | 12,114 | | |
Audit fee payable | | 19,192 | | |
Other payables and accrued expenses | | 1,805 | | |
Total liabilities | | | | 68,581 |
Net Assets | | | $ | 14,244,070 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 11,851,132 |
Total accumulated earnings (loss) | | | | 2,392,938 |
Net Assets | | | $ | 14,244,070 |
Net Asset Value, offering price and redemption price per share ($14,244,070 ÷ 964,802 shares) | | | $ | 14.76 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 74,382 |
Income from Fidelity Central Funds | | | | 7,325 |
Income before foreign taxes withheld | | | $ | 81,707 |
Less foreign taxes withheld | | | | (4,486) |
Total income | | | | 77,221 |
Expenses | | | | |
Management fee | | | | |
Basic fee | $ | 42,789 | | |
Performance adjustment | | (15,094) | | |
Transfer agent fees | | 9,231 | | |
Accounting fees and expenses | | 1,543 | | |
Custodian fees and expenses | | 2,119 | | |
Independent trustees' fees and expenses | | 32 | | |
Registration fees | | 5,566 | | |
Audit | | 31,338 | | |
Legal | | 9 | | |
Miscellaneous | | 24 | | |
Total expenses before reductions | | 77,557 | | |
Expense reductions | | (13,590) | | |
Total expenses after reductions | | | | 63,967 |
Net Investment income (loss) | | | | 13,254 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $1,072) | | 82,228 | | |
Foreign currency transactions | | (188) | | |
Total net realized gain (loss) | | | | 82,040 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of increase in deferred foreign taxes of $8,291) | | 2,497,640 | | |
Assets and liabilities in foreign currencies | | (181) | | |
Total change in net unrealized appreciation (depreciation) | | | | 2,497,459 |
Net gain (loss) | | | | 2,579,499 |
Net increase (decrease) in net assets resulting from operations | | | $ | 2,592,753 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 13,254 | $ | 29,376 |
Net realized gain (loss) | | 82,040 | | (24,988) |
Change in net unrealized appreciation (depreciation) | | 2,497,459 | | 1,077,041 |
Net increase (decrease) in net assets resulting from operations | | 2,592,753 | | 1,081,429 |
Distributions to shareholders | | (40,077) | | - |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 2,154,995 | | 1,803,511 |
Reinvestment of distributions | | 37,070 | | - |
Cost of shares redeemed | | (1,634,274) | | (2,959,519) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 557,791 | | (1,156,008) |
Total increase (decrease) in net assets | | 3,110,467 | | (74,579) |
| | | | |
Net Assets | | | | |
Beginning of period | | 11,133,603 | | 11,208,182 |
End of period | $ | 14,244,070 | $ | 11,133,603 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 151,997 | | 142,807 |
Issued in reinvestment of distributions | | 2,733 | | - |
Redeemed | | (115,209) | | (242,007) |
Net increase (decrease) | | 39,521 | | (99,200) |
| | | | |
Financial Highlights
Fidelity® Enduring Opportunities Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 A |
Selected Per-Share Data | | | | | | | | | | |
Net asset value, beginning of period | $ | 12.03 | $ | 10.94 | $ | 16.69 | $ | 11.91 | $ | 10.00 |
Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .01 | | .03 | | .01 | | (.04) | | (.01) |
Net realized and unrealized gain (loss) | | 2.76 | | 1.06 | | (5.32) | | 4.82 | | 1.93 |
Total from investment operations | | 2.77 | | 1.09 | | (5.31) | | 4.78 | | 1.92 |
Distributions from net investment income | | (.04) | | - | | (.03) | | - | | - D |
Distributions from net realized gain | | - | | - | | (.41) | | - | | - |
Distributions from tax return of capital | | - | | - | | - | | - | | (.01) |
Total distributions | | (.04) | | - | | (.44) | | - | | (.01) |
Net asset value, end of period | $ | 14.76 | $ | 12.03 | $ | 10.94 | $ | 16.69 | $ | 11.91 |
Total Return E,F | | | | 9.96% | | (32.65)% | | 40.13% | | 19.22% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | |
Expenses before reductions | | 1.14% I | | 1.51% | | 1.41% | | 1.70% | | 2.63% I |
Expenses net of fee waivers, if any | | | | .94% | | .98% | | 1.08% | | 1.10% I |
Expenses net of all reductions | | .94% I | | .94% | | .98% | | 1.08% | | 1.09% I |
Net investment income (loss) | | .19% I | | .25% | | .05% | | (.25)% | | (.10)% I |
Supplemental Data | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 14,244 | $ | 11,134 | $ | 11,208 | $ | 21,492 | $ | 10,055 |
Portfolio turnover rate J | | | | 19% | | 15% | | 23% | | 17% I |
AFor the period November 5, 2019 (commencement of operations) through October 31, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity Enduring Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $4,227,012 |
Gross unrealized depreciation | (847,311) |
Net unrealized appreciation (depreciation) | $3,379,701 |
Tax cost | $10,887,313 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(472,242) |
Long-term | (556,513) |
Total capital loss carryforward | $(1,028,754) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Enduring Opportunities Fund | 1,653,543 | 1,290,514 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % |
Fidelity Enduring Opportunities Fund | 0.77 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| Total Management Fee Rate % |
Fidelity Enduring Opportunities Fund | .73 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .57%
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index |
Fidelity Enduring Opportunities Fund | MSCI ACWI (All Country World Index) Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.22) %.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of 0.20%.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .21% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023, to a fixed annual rate of average net assets as follows:
| % of Average Net Assets |
Fidelity Enduring Opportunities Fund | .0354 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Enduring Opportunities Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount($) |
Fidelity Enduring Opportunities Fund | 9 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Enduring Opportunities Fund | 105,053 | 17,798 | (4,700) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity Enduring Opportunities Fund | 12 |
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $12,862.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $128.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $600.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of outstanding shares as follows:
Fund | Affiliated % |
Fidelity Enduring Opportunities Fund | 20% |
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Enduring Opportunities Fund | | | | .94% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,230.80 | | $ 5.21 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,020.19 | | $ 4.72 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Enduring Opportunities Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9896222.104
IDF-SANN-0624
Fidelity® SAI Sustainable International Equity Fund
Semi-Annual Report
April 30, 2024
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 5.2 | |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 4.2 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 3.4 | |
Itochu Corp. (Japan, Trading Companies & Distributors) | 3.2 | |
Sony Group Corp. (Japan, Household Durables) | 3.2 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 2.9 | |
ORIX Corp. (Japan, Financial Services) | 2.8 | |
CRH PLC (United States of America, Construction Materials) | 2.5 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.4 | |
Schneider Electric SA (United States of America, Electrical Equipment) | 2.3 | |
| 32.1 | |
|
Market Sectors (% of Fund's net assets) |
|
Financials | 23.4 | |
Industrials | 16.6 | |
Health Care | 13.3 | |
Information Technology | 13.2 | |
Consumer Discretionary | 11.6 | |
Materials | 5.8 | |
Consumer Staples | 5.1 | |
Utilities | 3.7 | |
Communication Services | 2.1 | |
Real Estate | 1.3 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 96.1% |
| | Shares | Value ($) |
Australia - 1.5% | | | |
Brambles Ltd. | | 10,484 | 98,630 |
Macquarie Group Ltd. | | 3,375 | 404,117 |
TOTAL AUSTRALIA | | | 502,747 |
Austria - 1.0% | | | |
Wienerberger AG | | 9,668 | 346,262 |
Belgium - 1.9% | | | |
KBC Group NV | | 2,932 | 218,719 |
UCB SA | | 3,177 | 422,286 |
TOTAL BELGIUM | | | 641,005 |
Canada - 0.2% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,345 | 74,546 |
China - 0.3% | | | |
Chervon Holdings Ltd. | | 46,185 | 112,163 |
Denmark - 6.9% | | | |
Carlsberg A/S Series B | | 3,668 | 493,393 |
Novo Nordisk A/S Series B | | 13,813 | 1,771,412 |
Vestas Wind Systems A/S (a) | | 4,004 | 107,936 |
TOTAL DENMARK | | | 2,372,741 |
France - 10.8% | | | |
Air Liquide SA | | 1,988 | 388,810 |
Amundi SA (b) | | 5,726 | 401,784 |
AXA SA | | 21,320 | 738,098 |
BNP Paribas SA | | 7,351 | 528,992 |
EssilorLuxottica SA | | 1,381 | 295,940 |
L'Oreal SA | | 1,218 | 571,479 |
LVMH Moet Hennessy Louis Vuitton SE | | 934 | 767,222 |
TOTAL FRANCE | | | 3,692,325 |
Germany - 6.4% | | | |
adidas AG | | 877 | 211,896 |
DHL Group | | 6,278 | 262,859 |
Gerresheimer AG | | 735 | 79,224 |
Instone Real Estate Group BV (b) | | 24,351 | 225,311 |
Merck KGaA | | 3,332 | 529,653 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 926 | 407,347 |
SAP SE | | 1,502 | 271,212 |
Siemens AG | | 1,072 | 200,822 |
TOTAL GERMANY | | | 2,188,324 |
Hong Kong - 1.7% | | | |
AIA Group Ltd. | | 78,797 | 577,137 |
India - 0.9% | | | |
HDFC Bank Ltd. sponsored ADR | | 5,314 | 306,086 |
Ireland - 1.9% | | | |
Dalata Hotel Group PLC | | 65,985 | 297,169 |
Kingspan Group PLC (Ireland) | | 3,935 | 352,122 |
TOTAL IRELAND | | | 649,291 |
Italy - 3.2% | | | |
Prysmian SpA | | 7,182 | 392,276 |
UniCredit SpA | | 18,975 | 696,465 |
TOTAL ITALY | | | 1,088,741 |
Japan - 20.7% | | | |
Eisai Co. Ltd. | | 2,373 | 97,457 |
Fuji Electric Co. Ltd. | | 3,550 | 220,824 |
Hitachi Ltd. | | 12,487 | 1,152,059 |
Hoya Corp. | | 4,856 | 563,004 |
Itochu Corp. | | 24,630 | 1,111,177 |
Net One Systems Co. Ltd. | | 21,946 | 367,214 |
ORIX Corp. | | 46,455 | 950,721 |
Renesas Electronics Corp. | | 18,024 | 292,633 |
Sony Group Corp. | | 13,245 | 1,094,717 |
Sumitomo Mitsui Financial Group, Inc. | | 9,983 | 567,072 |
Tokio Marine Holdings, Inc. | | 6,827 | 215,777 |
Tokyo Electron Ltd. | | 2,105 | 461,723 |
TOTAL JAPAN | | | 7,094,378 |
Korea (South) - 1.0% | | | |
Samsung Electronics Co. Ltd. | | 3,492 | 193,565 |
SK Hynix, Inc. | | 1,326 | 163,178 |
TOTAL KOREA (SOUTH) | | | 356,743 |
Netherlands - 9.5% | | | |
ASML Holding NV (Netherlands) | | 1,637 | 1,454,732 |
BE Semiconductor Industries NV | | 1,252 | 167,685 |
ING Groep NV (Certificaten Van Aandelen) | | 32,390 | 512,095 |
Koninklijke KPN NV | | 195,110 | 709,055 |
Wolters Kluwer NV | | 2,662 | 399,855 |
TOTAL NETHERLANDS | | | 3,243,422 |
New Zealand - 1.0% | | | |
Contact Energy Ltd. | | 67,659 | 345,427 |
Norway - 0.0% | | | |
Schibsted ASA (A Shares) | | 231 | 6,609 |
Singapore - 0.9% | | | |
United Overseas Bank Ltd. | | 13,209 | 293,118 |
Spain - 1.5% | | | |
CaixaBank SA | | 29,921 | 157,790 |
EDP Renovaveis SA | | 955 | 13,117 |
Iberdrola SA | | 24,348 | 298,545 |
Puig Group SL Class B | | 1,300 | 33,990 |
TOTAL SPAIN | | | 503,442 |
Sweden - 0.7% | | | |
Investor AB (B Shares) | | 6,501 | 160,661 |
Lagercrantz Group AB (B Shares) | | 5,503 | 81,843 |
TOTAL SWEDEN | | | 242,504 |
Switzerland - 0.8% | | | |
Compagnie Financiere Richemont SA Series A | | 1,860 | 257,102 |
Taiwan - 2.9% | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | 41,769 | 998,329 |
United Kingdom - 12.4% | | | |
3i Group PLC | | 8,237 | 294,287 |
AstraZeneca PLC (United Kingdom) | | 5,444 | 823,399 |
Beazley PLC | | 12,531 | 103,813 |
Bellway PLC | | 12,004 | 379,490 |
Berkeley Group Holdings PLC | | 6,729 | 396,364 |
Big Yellow Group PLC | | 5,082 | 68,582 |
Compass Group PLC | | 16,884 | 469,607 |
Diageo PLC | | 7,907 | 273,263 |
Direct Line Insurance Group PLC | | 84,081 | 195,208 |
Grainger Trust PLC | | 41,629 | 133,425 |
London Stock Exchange Group PLC | | 1,494 | 164,699 |
National Grid PLC | | 21,060 | 276,247 |
RELX PLC (London Stock Exchange) | | 3,596 | 147,748 |
Renewi PLC (a) | | 9,781 | 68,809 |
Sage Group PLC | | 7,313 | 106,549 |
SSE PLC | | 17,162 | 356,736 |
TOTAL UNITED KINGDOM | | | 4,258,226 |
United States of America - 8.0% | | | |
CRH PLC | | 10,909 | 850,050 |
Ferguson PLC | | 1,757 | 372,350 |
Linde PLC | | 959 | 422,881 |
Nestle SA (Reg. S) | | 2,973 | 298,490 |
Schneider Electric SA | | 3,507 | 799,643 |
TOTAL UNITED STATES OF AMERICA | | | 2,743,414 |
TOTAL COMMON STOCKS (Cost $30,599,003) | | | 32,894,082 |
| | | |
Money Market Funds - 4.3% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (c) (Cost $1,480,022) | | 1,479,726 | 1,480,022 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $32,079,025) | 34,374,104 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (123,804) |
NET ASSETS - 100.0% | 34,250,300 |
| |
Legend
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $627,095 or 1.8% of net assets. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 712,258 | 10,049,092 | 9,281,316 | 30,537 | (12) | - | 1,480,022 | 0.0% |
Total | 712,258 | 10,049,092 | 9,281,316 | 30,537 | (12) | - | 1,480,022 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 715,664 | 6,609 | 709,055 | - |
Consumer Discretionary | 3,985,730 | 1,284,919 | 2,700,811 | - |
Consumer Staples | 1,745,161 | 646,025 | 1,099,136 | - |
Financials | 7,893,986 | 2,531,716 | 5,362,270 | - |
Health Care | 4,582,375 | 1,327,103 | 3,255,272 | - |
Industrials | 5,687,110 | 1,693,348 | 3,993,762 | - |
Information Technology | 4,558,663 | 1,810,809 | 2,747,854 | - |
Materials | 2,008,003 | 1,619,193 | 388,810 | - |
Real Estate | 427,318 | 427,318 | - | - |
Utilities | 1,290,072 | 13,117 | 1,276,955 | - |
|
Money Market Funds | 1,480,022 | 1,480,022 | - | - |
Total Investments in Securities: | 34,374,104 | 12,840,179 | 21,533,925 | - |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $30,599,003) | $ | 32,894,082 | | |
Fidelity Central Funds (cost $1,480,022) | | 1,480,022 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $32,079,025) | | | $ | 34,374,104 |
Cash | | | | 28,986 |
Foreign currency held at value (cost $26,330) | | | | 26,249 |
Receivable for fund shares sold | | | | 242,640 |
Dividends receivable | | | | 196,279 |
Distributions receivable from Fidelity Central Funds | | | | 6,673 |
Prepaid expenses | | | | 2 |
Receivable from investment adviser for expense reductions | | | | 6,372 |
Other receivables | | | | 2 |
Total assets | | | | 34,881,307 |
Liabilities | | | | |
Payable for investments purchased | $ | 462,357 | | |
Payable for fund shares redeemed | | 84,534 | | |
Accrued management fee | | 17,482 | | |
Custody fee payable | | 41,722 | | |
Other payables and accrued expenses | | 24,912 | | |
Total liabilities | | | | 631,007 |
Net Assets | | | $ | 34,250,300 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 32,070,742 |
Total accumulated earnings (loss) | | | | 2,179,558 |
Net Assets | | | $ | 34,250,300 |
Net Asset Value, offering price and redemption price per share ($34,250,300 ÷ 3,301,742 shares) | | | $ | 10.37 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 380,939 |
Income from Fidelity Central Funds | | | | 30,537 |
Income before foreign taxes withheld | | | $ | 411,476 |
Less foreign taxes withheld | | | | (41,218) |
Total income | | | | 370,258 |
Expenses | | | | |
Management fee | $ | 75,008 | | |
Custodian fees and expenses | | 34,183 | | |
Independent trustees' fees and expenses | | 40 | | |
Registration fees | | 20,701 | | |
Audit | | 26,794 | | |
Legal | | 8 | | |
Miscellaneous | | 23 | | |
Total expenses before reductions | | 156,757 | | |
Expense reductions | | (72,786) | | |
Total expenses after reductions | | | | 83,971 |
Net Investment income (loss) | | | | 286,287 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (131,241) | | |
Fidelity Central Funds | | (12) | | |
Foreign currency transactions | | 4,297 | | |
Total net realized gain (loss) | | | | (126,956) |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | 2,631,043 | | |
Assets and liabilities in foreign currencies | | (2,737) | | |
Total change in net unrealized appreciation (depreciation) | | | | 2,628,306 |
Net gain (loss) | | | | 2,501,350 |
Net increase (decrease) in net assets resulting from operations | | | $ | 2,787,637 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 286,287 | $ | 85,246 |
Net realized gain (loss) | | (126,956) | | (148,535) |
Change in net unrealized appreciation (depreciation) | | 2,628,306 | | (15,876) |
Net increase (decrease) in net assets resulting from operations | | 2,787,637 | | (79,165) |
Distributions to shareholders | | (117,788) | | (17,379) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 23,179,101 | | 8,192,591 |
Reinvestment of distributions | | 98,381 | | 16,766 |
Cost of shares redeemed | | (1,401,988) | | (593,538) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | 21,875,494 | | 7,615,819 |
Total increase (decrease) in net assets | | 24,545,343 | | 7,519,275 |
| | | | |
Net Assets | | | | |
Beginning of period | | 9,704,957 | | 2,185,682 |
End of period | $ | 34,250,300 | $ | 9,704,957 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 2,330,324 | | 892,144 |
Issued in reinvestment of distributions | | 10,323 | | 1,851 |
Redeemed | | (139,734) | | (64,420) |
Net increase (decrease) | | 2,200,913 | | 829,575 |
| | | | |
Financial Highlights
Fidelity SAI Sustainable International Equity Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 A |
Selected Per-Share Data | | | | | | |
Net asset value, beginning of period | $ | 8.82 | $ | 8.06 | $ | 10.00 |
Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .13 | | .17 | | .08 |
Net realized and unrealized gain (loss) | | 1.49 | | .65 D | | (2.02) |
Total from investment operations | | 1.62 | | .82 | | (1.94) |
Distributions from net investment income | | (.07) | | (.06) | | - |
Total distributions | | (.07) | | (.06) | | - |
Net asset value, end of period | $ | 10.37 | $ | 8.82 | $ | 8.06 |
Total Return E,F | | | | 10.12% | | (19.40)% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions | | 1.38% I | | 3.13% | | 5.78% I,J |
Expenses net of fee waivers, if any | | | | .75% | | .75% I |
Expenses net of all reductions | | .74% I | | .73% | | .68% I |
Net investment income (loss) | | 2.52% I | | 1.84% | | 1.79% I |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ | 34,250 | $ | 9,705 | $ | 2,186 |
Portfolio turnover rate K | | | | 27% | | 51% I |
AFor the period April 14, 2022 (commencement of operations) through October 31, 2022.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2024
1. Organization.
Fidelity SAI Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $2,985,082 |
Gross unrealized depreciation | (772,568) |
Net unrealized appreciation (depreciation) | $2,212,514 |
Tax cost | $32,161,590 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(157,729) |
Long-term | (42,315) |
Total capital loss carryforward | $(200,044) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity SAI Sustainable International Equity Fund | 28,313,203 | 7,046,827 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. Effective March 1, 2024, the Fund pays a monthly management fee that is based on an annual rate of .648% of the Fund's average net assets.
Prior to the March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased.
For the reporting period, the total annualized management fee rate was .66% of the Fund's average net assets.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity SAI Sustainable International Equity Fund | 3 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity SAI Sustainable International Equity Fund | 1,943,707 | 315,888 | (6,588) |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount ($) |
Fidelity SAI Sustainable International Equity Fund | 18 |
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $71,712
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $170.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $904.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® SAI Sustainable International Equity Fund | | | | .74% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,184.60 | | $ 4.02 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.18 | | $ 3.72 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity SAI Sustainable International Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure that eliminates the existing group fee schedule and fixes the management fee rate at the sum of the individual fee rate and the lowest marginal contractual group fee rate under the current management contract. The Board noted that shareholders in the affected funds are not currently impacted by changes in the group fee rates due to other arrangements such as fund expense caps or managed account fee crediting. The Board considered Fidelity's representations that the Management Contract would result in the same or lower fees for the fund.
Sub-Advisory Contracts. In connection with the Management Contract changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9904872.102
IEE-SANN-0624
Fidelity® Diversified International K6 Fund
Semi-Annual Report
April 30, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Top Holdings (% of Fund's net assets) |
|
ASML Holding NV (depository receipt) (Netherlands, Semiconductors & Semiconductor Equipment) | 3.7 | |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 3.3 | |
Hitachi Ltd. (Japan, Industrial Conglomerates) | 2.3 | |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 2.2 | |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) | 1.9 | |
SAP SE (Germany, Software) | 1.7 | |
RELX PLC (Euronext N.V.) (United Kingdom, Professional Services) | 1.6 | |
Shin-Etsu Chemical Co. Ltd. (Japan, Chemicals) | 1.6 | |
Wolters Kluwer NV (Netherlands, Professional Services) | 1.5 | |
| 21.9 | |
|
Market Sectors (% of Fund's net assets) |
|
Industrials | 21.9 | |
Financials | 21.0 | |
Information Technology | 17.2 | |
Health Care | 10.6 | |
Consumer Discretionary | 8.8 | |
Materials | 7.6 | |
Energy | 5.6 | |
Consumer Staples | 3.8 | |
Communication Services | 0.5 | |
Real Estate | 0.2 | |
|
Asset Allocation (% of Fund's net assets) |
|
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
|
Showing Percentage of Net Assets
Common Stocks - 96.8% |
| | Shares | Value ($) |
Australia - 0.6% | | | |
Aristocrat Leisure Ltd. | | 665,609 | 16,986,332 |
CAR Group Ltd. | | 253,234 | 5,491,004 |
Steadfast Group Ltd. | | 1,707,067 | 6,212,736 |
TOTAL AUSTRALIA | | | 28,690,072 |
Belgium - 0.4% | | | |
UCB SA | | 142,623 | 18,957,415 |
Canada - 6.9% | | | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 845,087 | 46,838,440 |
Cameco Corp. | | 485,335 | 22,143,531 |
Canadian Natural Resources Ltd. | | 701,290 | 53,142,464 |
Canadian Pacific Kansas City Ltd. (a) | | 262,269 | 20,569,758 |
Constellation Software, Inc. | | 17,847 | 45,948,328 |
Constellation Software, Inc. warrants 3/31/40 (b)(c) | | 23,796 | 2 |
Franco-Nevada Corp. | | 249,158 | 29,993,436 |
Imperial Oil Ltd. | | 434,683 | 29,886,134 |
Ivanhoe Mines Ltd. (a)(b) | | 2,273,271 | 30,813,378 |
Lumine Group, Inc. (b) | | 66,074 | 1,809,938 |
MEG Energy Corp. (b) | | 654,116 | 14,876,964 |
Thomson Reuters Corp. | | 134,084 | 20,252,124 |
TOTAL CANADA | | | 316,274,497 |
China - 1.1% | | | |
Chervon Holdings Ltd. | | 1,386,768 | 3,367,852 |
Li Ning Co. Ltd. | | 2,204,388 | 5,770,799 |
NXP Semiconductors NV | | 157,821 | 40,432,162 |
TOTAL CHINA | | | 49,570,813 |
Denmark - 4.2% | | | |
Carlsberg A/S Series B | | 150,213 | 20,205,581 |
DSV A/S | | 63,404 | 9,052,141 |
Novo Nordisk A/S Series B | | 1,182,823 | 151,687,954 |
Pandora A/S | | 79,267 | 12,130,100 |
TOTAL DENMARK | | | 193,075,776 |
France - 10.1% | | | |
Air Liquide SA | | 229,781 | 44,940,250 |
Airbus Group NV | | 193,663 | 31,868,750 |
ALTEN | | 31,141 | 3,678,968 |
AXA SA | | 1,013,033 | 35,071,170 |
BNP Paribas SA | | 459,030 | 33,032,650 |
Capgemini SA | | 238,825 | 50,196,494 |
EssilorLuxottica SA | | 232,081 | 49,733,510 |
Legrand SA | | 204,788 | 21,045,364 |
LVMH Moet Hennessy Louis Vuitton SE | | 118,677 | 97,485,600 |
Pernod Ricard SA | | 172,871 | 26,197,286 |
Safran SA | | 201,048 | 43,593,644 |
Sartorius Stedim Biotech | | 47,486 | 10,287,443 |
Thales SA | | 78,273 | 13,194,029 |
TOTAL FRANCE | | | 460,325,158 |
Germany - 7.6% | | | |
Allianz SE | | 226,100 | 64,163,763 |
Deutsche Borse AG | | 132,856 | 25,613,573 |
DHL Group | | 497,775 | 20,841,806 |
Hannover Reuck SE | | 130,474 | 32,359,807 |
Infineon Technologies AG | | 697,847 | 24,217,402 |
Merck KGaA | | 222,735 | 35,405,831 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 83,514 | 36,737,795 |
Rheinmetall AG | | 2,358 | 1,301,512 |
SAP SE | | 423,100 | 76,397,918 |
Siemens AG | | 75,675 | 14,176,468 |
Siemens Healthineers AG (d) | | 248,911 | 13,803,969 |
TOTAL GERMANY | | | 345,019,844 |
Greece - 0.1% | | | |
Piraeus Financial Holdings SA (b) | | 1,645,138 | 6,590,343 |
Hong Kong - 0.8% | | | |
AIA Group Ltd. | | 4,968,111 | 36,388,224 |
India - 2.2% | | | |
Axis Bank Ltd. | | 1,195,509 | 16,682,283 |
Fairfax India Holdings Corp. (b)(d) | | 586,271 | 8,688,536 |
HDFC Bank Ltd. | | 2,493,851 | 45,276,925 |
Reliance Industries Ltd. | | 896,211 | 31,451,878 |
TOTAL INDIA | | | 102,099,622 |
Indonesia - 1.0% | | | |
PT Bank Central Asia Tbk | | 40,826,669 | 24,548,448 |
PT Bank Rakyat Indonesia (Persero) Tbk | | 65,231,321 | 19,745,754 |
TOTAL INDONESIA | | | 44,294,202 |
Ireland - 0.7% | | | |
Kingspan Group PLC (Ireland) | | 322,525 | 28,861,059 |
Smurfit Kappa Group PLC | | 111,308 | 4,840,607 |
TOTAL IRELAND | | | 33,701,666 |
Italy - 2.1% | | | |
FinecoBank SpA | | 1,541,755 | 23,759,012 |
Ryanair Holdings PLC sponsored ADR | | 105,307 | 14,342,813 |
UniCredit SpA | | 1,551,194 | 56,935,588 |
TOTAL ITALY | | | 95,037,413 |
Japan - 17.4% | | | |
BayCurrent Consulting, Inc. | | 336,672 | 7,166,793 |
Capcom Co. Ltd. | | 470,830 | 7,751,011 |
Fast Retailing Co. Ltd. | | 96,156 | 25,141,820 |
Fuji Electric Co. Ltd. | | 388,332 | 24,155,778 |
FUJIFILM Holdings Corp. | | 1,494,081 | 31,782,820 |
Fujitsu Ltd. | | 1,026,099 | 15,851,335 |
Hitachi Ltd. | | 1,145,220 | 105,658,794 |
Hoya Corp. | | 498,351 | 57,778,728 |
Itochu Corp. | | 1,118,640 | 50,467,189 |
Keyence Corp. | | 98,195 | 43,183,201 |
Komatsu Ltd. | | 82,300 | 2,457,161 |
Marui Group Co. Ltd. | | 388,852 | 5,939,276 |
Minebea Mitsumi, Inc. | | 730,635 | 13,685,053 |
Mitsubishi Electric Corp. | | 1,407,385 | 24,530,617 |
Mitsubishi Heavy Industries Ltd. | | 3,611,008 | 32,286,445 |
ORIX Corp. | | 1,532,463 | 31,362,493 |
Persol Holdings Co. Ltd. | | 3,899,618 | 5,394,379 |
Renesas Electronics Corp. | | 1,780,159 | 28,902,220 |
Shin-Etsu Chemical Co. Ltd. | | 1,863,077 | 72,117,736 |
SMC Corp. | | 42,158 | 22,148,408 |
Sony Group Corp. | | 439,768 | 36,347,427 |
Sumitomo Mitsui Financial Group, Inc. | | 427,119 | 24,261,988 |
Suzuki Motor Corp. | | 1,767,124 | 20,579,547 |
Tokio Marine Holdings, Inc. | | 1,680,500 | 53,114,548 |
Tokyo Electron Ltd. | | 226,852 | 49,759,060 |
TOTAL JAPAN | | | 791,823,827 |
Korea (South) - 0.6% | | | |
Samsung Electronics Co. Ltd. | | 514,019 | 28,492,600 |
Luxembourg - 0.1% | | | |
CVC Capital Partners PLC | | 146,800 | 2,663,304 |
Netherlands - 6.2% | | | |
ASML Holding NV (depository receipt) | | 193,919 | 169,188,510 |
BE Semiconductor Industries NV | | 148,856 | 19,936,820 |
IMCD NV | | 179,924 | 27,314,119 |
Wolters Kluwer NV | | 448,125 | 67,312,140 |
TOTAL NETHERLANDS | | | 283,751,589 |
Portugal - 0.3% | | | |
Galp Energia SGPS SA Class B | | 534,902 | 11,531,118 |
Spain - 2.3% | | | |
Banco Santander SA (Spain) (a) | | 8,808,485 | 42,988,099 |
CaixaBank SA | | 6,222,122 | 32,812,728 |
Industria de Diseno Textil SA (a) | | 574,418 | 26,267,860 |
Puig Group SL Class B | | 171,700 | 4,489,337 |
TOTAL SPAIN | | | 106,558,024 |
Sweden - 3.0% | | | |
Atlas Copco AB (A Shares) | | 1,664,751 | 29,159,925 |
Autoliv, Inc. | | 104,756 | 12,548,721 |
Indutrade AB | | 1,788,607 | 41,905,768 |
Investor AB (B Shares) | | 2,060,201 | 50,914,281 |
Kry International AB (b)(c)(e) | | 663 | 20,187 |
TOTAL SWEDEN | | | 134,548,882 |
Switzerland - 2.9% | | | |
Alcon, Inc. (Switzerland) | | 202,014 | 15,624,907 |
Compagnie Financiere Richemont SA Series A | | 234,836 | 32,460,683 |
Galderma Group AG | | 139,104 | 10,365,650 |
Partners Group Holding AG | | 11,841 | 15,322,132 |
Sika AG | | 117,707 | 33,714,716 |
UBS Group AG | | 973,056 | 25,690,584 |
TOTAL SWITZERLAND | | | 133,178,672 |
Taiwan - 2.0% | | | |
ECLAT Textile Co. Ltd. | | 293,000 | 4,601,907 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 618,769 | 84,981,734 |
TOTAL TAIWAN | | | 89,583,641 |
United Kingdom - 12.5% | | | |
3i Group PLC | | 874,703 | 31,250,909 |
Ashtead Group PLC | | 149,419 | 10,907,394 |
AstraZeneca PLC (United Kingdom) | | 658,601 | 99,612,711 |
B&M European Value Retail SA | | 3,504,519 | 22,727,382 |
BAE Systems PLC | | 3,765,637 | 62,630,889 |
Big Yellow Group PLC | | 537,631 | 7,255,406 |
Compass Group PLC | | 1,291,939 | 35,933,639 |
Diageo PLC | | 1,234,195 | 42,653,382 |
Flutter Entertainment PLC (b) | | 93,510 | 17,439,179 |
Games Workshop Group PLC | | 73,413 | 9,090,762 |
InterContinental Hotel Group PLC | | 144,046 | 14,049,385 |
London Stock Exchange Group PLC | | 531,914 | 58,638,257 |
RELX PLC (Euronext N.V.) | | 1,795,276 | 74,146,048 |
Rolls-Royce Holdings PLC (b) | | 3,486,246 | 17,877,558 |
RS GROUP PLC | | 1,931,688 | 17,789,269 |
Sage Group PLC | | 1,939,941 | 28,264,461 |
Starling Bank Ltd. Series D (b)(c)(e) | | 2,406,800 | 9,052,325 |
WPP PLC | | 1,134,975 | 11,376,041 |
TOTAL UNITED KINGDOM | | | 570,694,997 |
United States of America - 11.7% | | | |
CRH PLC | | 565,470 | 44,062,518 |
Experian PLC | | 507,770 | 20,480,367 |
Ferguson PLC | | 266,901 | 56,562,642 |
GSK PLC | | 650,626 | 13,498,485 |
Holcim AG | | 212,607 | 17,796,860 |
ICON PLC (b) | | 16,771 | 4,995,745 |
Linde PLC | | 141,432 | 62,365,855 |
Marsh & McLennan Companies, Inc. | | 215,299 | 42,937,080 |
Marvell Technology, Inc. | | 511,205 | 33,693,522 |
MasterCard, Inc. Class A | | 78,057 | 35,219,318 |
Nestle SA (Reg. S) | | 367,462 | 36,893,258 |
S&P Global, Inc. | | 67,334 | 27,999,497 |
Schlumberger Ltd. | | 647,912 | 30,762,862 |
Schneider Electric SA | | 211,576 | 48,242,143 |
Shell PLC (London) | | 1,552,853 | 55,201,778 |
TOTAL UNITED STATES OF AMERICA | | | 530,711,930 |
TOTAL COMMON STOCKS (Cost $3,217,929,949) | | | 4,413,563,629 |
| | | |
Preferred Stocks - 0.4% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.4% | | | |
Estonia - 0.1% | | | |
Bolt Technology OU Series E (b)(c)(e) | | 21,668 | 2,660,889 |
United States of America - 0.3% | | | |
Wasabi Holdings, Inc.: | | | |
Series C (b)(c)(e) | | 743,562 | 9,785,276 |
Series D (b)(c)(e) | | 304,085 | 4,880,564 |
| | | 14,665,840 |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 17,326,729 |
Nonconvertible Preferred Stocks - 0.0% | | | |
Sweden - 0.0% | | | |
Kry International AB Series E (b)(c)(e) | | 3,828 | 158,548 |
TOTAL PREFERRED STOCKS (Cost $19,777,817) | | | 17,485,277 |
| | | |
Money Market Funds - 4.4% |
| | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (f) | | 116,541,305 | 116,564,613 |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | | 82,350,303 | 82,358,538 |
TOTAL MONEY MARKET FUNDS (Cost $198,922,529) | | | 198,923,151 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $3,436,630,295) | 4,629,972,057 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (73,047,483) |
NET ASSETS - 100.0% | 4,556,924,574 |
| |
Legend
(a) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,492,505 or 0.5% of net assets. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $26,557,789 or 0.6% of net assets. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost ($) |
Bolt Technology OU Series E | 1/03/22 | 5,629,271 |
| | |
Kry International AB | 5/14/21 | 287,945 |
| | |
Kry International AB Series E | 5/14/21 | 1,750,058 |
| | |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 4,642,638 |
| | |
Wasabi Holdings, Inc. Series C | 3/31/21 | 8,078,504 |
| | |
Wasabi Holdings, Inc. Series D | 9/09/22 | 4,319,984 |
| | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 177,740,739 | 405,756,829 | 466,932,131 | 5,248,044 | (824) | - | 116,564,613 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | 18,664,424 | 301,200,350 | 237,506,236 | 82,815 | - | - | 82,358,538 | 0.3% |
Total | 196,405,163 | 706,957,179 | 704,438,367 | 5,330,859 | (824) | - | 198,923,151 | |
| | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Equities: | | | | |
Communication Services | 24,618,056 | - | 24,618,056 | - |
Consumer Discretionary | 392,928,995 | 100,204,004 | 292,724,991 | - |
Consumer Staples | 177,277,284 | 73,035,726 | 104,241,558 | - |
Energy | 248,996,729 | 162,343,073 | 86,653,656 | - |
Financials | 961,973,426 | 380,350,615 | 572,570,486 | 9,052,325 |
Health Care | 481,752,348 | 145,370,501 | 336,381,847 | - |
Industrials | 1,001,378,347 | 403,510,816 | 597,867,531 | - |
Information Technology | 794,222,959 | 427,934,443 | 348,783,050 | 17,505,466 |
Materials | 340,645,356 | 205,790,510 | 134,854,846 | - |
Real Estate | 7,255,406 | 7,255,406 | - | - |
|
Money Market Funds | 198,923,151 | 198,923,151 | - | - |
Total Investments in Securities: | 4,629,972,057 | 2,104,718,245 | 2,498,696,021 | 26,557,791 |
Statement of Assets and Liabilities |
| | | | April 30, 2024 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value (including securities loaned of $73,859,602) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,237,707,766) | $ | 4,431,048,906 | | |
Fidelity Central Funds (cost $198,922,529) | | 198,923,151 | | |
| | | | |
| | | | |
Total Investment in Securities (cost $3,436,630,295) | | | $ | 4,629,972,057 |
Foreign currency held at value (cost $1,283,234) | | | | 1,283,234 |
Receivable for investments sold | | | | 2,566,078 |
Receivable for fund shares sold | | | | 3,246,591 |
Dividends receivable | | | | 13,261,344 |
Reclaims receivable | | | | 9,790,501 |
Distributions receivable from Fidelity Central Funds | | | | 603,865 |
Other receivables | | | | 122,577 |
Total assets | | | | 4,660,846,247 |
Liabilities | | | | |
Payable for investments purchased | $ | 15,365,082 | | |
Payable for fund shares redeemed | | 2,162,260 | | |
Accrued management fee | | 2,343,124 | | |
Other payables and accrued expenses | | 1,692,669 | | |
Collateral on securities loaned | | 82,358,538 | | |
Total liabilities | | | | 103,921,673 |
Net Assets | | | $ | 4,556,924,574 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 3,659,692,601 |
Total accumulated earnings (loss) | | | | 897,231,973 |
Net Assets | | | $ | 4,556,924,574 |
Net Asset Value, offering price and redemption price per share ($4,556,924,574 ÷ 322,801,567 shares) | | | $ | 14.12 |
Statement of Operations |
| | | | Six months ended April 30, 2024 (Unaudited) |
Investment Income | | | | |
Dividends | | | $ | 46,222,243 |
Income from Fidelity Central Funds (including $82,815 from security lending) | | | | 5,330,859 |
Income before foreign taxes withheld | | | $ | 51,553,102 |
Less foreign taxes withheld | | | | (4,569,606) |
Total income | | | | 46,983,496 |
Expenses | | | | |
Management fee | $ | 13,643,086 | | |
Independent trustees' fees and expenses | | 11,136 | | |
Total expenses before reductions | | 13,654,222 | | |
Expense reductions | | (797) | | |
Total expenses after reductions | | | | 13,653,425 |
Net Investment income (loss) | | | | 33,330,071 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of foreign taxes of $751,467) | | (44,974,421) | | |
Redemptions in-kind | | 57,811,254 | | |
Fidelity Central Funds | | (824) | | |
Foreign currency transactions | | (235,386) | | |
Total net realized gain (loss) | | | | 12,600,623 |
Change in net unrealized appreciation (depreciation) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers (net of decrease in deferred foreign taxes of $27,219) | | 690,901,155 | | |
Assets and liabilities in foreign currencies | | (97,029) | | |
Total change in net unrealized appreciation (depreciation) | | | | 690,804,126 |
Net gain (loss) | | | | 703,404,749 |
Net increase (decrease) in net assets resulting from operations | | | $ | 736,734,820 |
Statement of Changes in Net Assets |
|
| | Six months ended April 30, 2024 (Unaudited) | | Year ended October 31, 2023 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 33,330,071 | $ | 65,516,017 |
Net realized gain (loss) | | 12,600,623 | | (29,780,194) |
Change in net unrealized appreciation (depreciation) | | 690,804,126 | | 395,410,511 |
Net increase (decrease) in net assets resulting from operations | | 736,734,820 | | 431,146,334 |
Distributions to shareholders | | (69,972,907) | | (31,800,731) |
| | | | |
Share transactions | | | | |
Proceeds from sales of shares | | 514,016,519 | | 1,065,259,894 |
Reinvestment of distributions | | 69,972,898 | | 31,800,731 |
Cost of shares redeemed | | (685,434,309) | | (988,215,923) |
| | | | |
Net increase (decrease) in net assets resulting from share transactions | | (101,444,892) | | 108,844,702 |
Total increase (decrease) in net assets | | 565,317,021 | | 508,190,305 |
| | | | |
Net Assets | | | | |
Beginning of period | | 3,991,607,553 | | 3,483,417,248 |
End of period | $ | 4,556,924,574 | $ | 3,991,607,553 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 37,602,196 | | 84,964,159 |
Issued in reinvestment of distributions | | 5,378,392 | | 2,652,271 |
Redeemed | | (49,892,959) | | (77,852,831) |
Net increase (decrease) | | (6,912,371) | | 9,763,599 |
| | | | |
Financial Highlights
Fidelity® Diversified International K6 Fund |
|
| | Six months ended (Unaudited) April 30, 2024 | | Years ended October 31, 2023 | | 2022 | | 2021 | | 2020 | | 2019 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 12.11 | $ | 10.89 | $ | 15.45 | $ | 11.96 | $ | 11.08 | $ | 9.69 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .10 | | .20 | | .15 | | .10 | | .08 | | .16 |
Net realized and unrealized gain (loss) | | 2.12 | | 1.12 | | (4.56) | | 3.47 | | .98 | | 1.36 |
Total from investment operations | | 2.22 | | 1.32 | | (4.41) | | 3.57 | | 1.06 | | 1.52 |
Distributions from net investment income | | (.21) | | (.10) | | (.15) | | (.08) | | (.15) | | (.13) |
Distributions from net realized gain | | - | | - | | - | | - | | (.03) | | - |
Total distributions | | (.21) | | (.10) | | (.15) | | (.08) | | (.18) | | (.13) |
Net asset value, end of period | $ | 14.12 | $ | 12.11 | $ | 10.89 | $ | 15.45 | $ | 11.96 | $ | 11.08 |
Total Return C,D | | | | 12.12% | | (28.81)% | | 30.00% | | 9.70% | | 15.89% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .60% G | | .60% | | .60% | | .60% | | .60% | | .60% |
Expenses net of fee waivers, if any | | | | .60% | | .60% | | .60% | | .60% | | .60% |
Expenses net of all reductions | | .60% G | | .60% | | .60% | | .60% | | .59% | | .59% |
Net investment income (loss) | | 1.47% G | | 1.57% | | 1.21% | | .73% | | .73% | | 1.59% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 4,556,925 | $ | 3,991,608 | $ | 3,483,417 | $ | 3,961,936 | $ | 3,102,294 | $ | 2,977,388 |
Portfolio turnover rate H | | | | 25% I | | 31% I | | 30% I | | 34% I | | 48% I |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
For the period ended April 30, 2024
1. Organization.
Fidelity Diversified International K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,272,237,474 |
Gross unrealized depreciation | (82,115,534) |
Net unrealized appreciation (depreciation) | $1,190,121,940 |
Tax cost | $3,439,850,117 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(309,317,588) |
Long-term | (19,435,058) |
Total capital loss carryforward | $(328,752,646) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Diversified International K6 Fund | 906,938,141 | 881,821,348 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Diversified International K6 Fund | 11,523,901 | 57,811,254 | 155,413,531 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) |
Fidelity Diversified International K6 Fund | 4,900,825 | 64,963,792 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
Fidelity Diversified International K6 Fund | 4,361,678 | 20,002,624 | 56,570,957 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) |
Fidelity Diversified International K6 Fund | 26,855,137 | 332,235,591 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount ($) |
Fidelity Diversified International K6 Fund | 477 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
Fidelity Diversified International K6 Fund | 8,647,101 | 29,990,001 | (4,940,201) |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) |
Fidelity Diversified International K6 Fund | 9,084 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $797.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value November 1, 2023 | | Ending Account Value April 30, 2024 | | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 |
| | | | | | | | | | |
Fidelity® Diversified International K6 Fund | | | | .60% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,184.90 | | $ 3.26 |
Hypothetical-B | | | | | | $ 1,000 | | $ 1,021.88 | | $ 3.02 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
Fidelity Diversified International K6 Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9883986.106
DIFK6-SANN-0624
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Investment Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
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 (Principal Executive Officer) |
|
|
Date: | June 21, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | June 21, 2024 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer (Principal Financial Officer) |
|
|
Date: | June 21, 2024 |